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Yukoterre Announces Results From its Phase 1 Exploration Program at the Division Mountain Property

TORONTO, June 25, 2020 (GLOBE NEWSWIRE) -- YUKOTERRE RESOURCES INC. (“Yukoterre”) (YT.CN), is pleased to announce the results of its Phase 1 exploration program at the Division Mountain Property located 90 kilometers north-northwest of Whitehorse in southwestern Yukon Territory (the “Phase 1 Exploration Program”) as recommended and outlined in the NI 43-101 Technical Report of Yukoterre dated June 4, 2019 (the “Technical Report”).

The objective and goal of the Phase 1 Exploration Program was to examine areas that could identify possible extensions of known coal extents. In the second half of 2019, Yukoterre completed all of its exploration objectives as recommended in the Technical Report, including primarily an extensive trenching program at the southeastern end of the proposed Pit 4.  Reconnaissance mapping in the southwestern portion of the Division Mountain Property where coal seams were previously reported were also conducted, but failed to identify any presence of coal in that area (See figure 1).

Figure 1: 2019 Phase 1 Exploration Program works is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4f533a1c-9157-4434-8448-4be06e823ade

Five trenches were completed in the southeastern area of Pit 4, of which four encountered coal seams (See figure 1) that were of wider intervals at surface than noted in other areas examined. Coal samples were collected from each of the four trenches in one meter sections for testing and currently stored in Whitehorse, Yukon Territory.  The Phase 1 Exploration Program expanded the known coal extents for an additional 50 meters in width and in excess of 150 meters in strike length at surface. Additional work was also performed to removed old camp buildings to reclaim the site at the Division Mountain Property. The Phase 1 Exploration Program was completed on-budget.

Since the completion of the Phase 1 Exploration Program, management has been reviewing the results from the Phase 1 Exploration Program to determine further exploration targets for coal deposits and the economic viability of commercializing the Division Mountain Property, especially in light of the current COVID-19 pandemic as well as market conditions. Due to the vast area at the Division Mountain Property, there remains additional areas at the Division Mountain Property that hold the potential for further expansion of coal mineralization that remain unexplored.

Qualified Person

The scientific and technical information contained in this press release has been reviewed, prepared and approved by Kevin Brewer, B.Sc (Hons) MBA, P. Geo, who is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About Yukoterre

Yukoterre is engaged in the business of mineral exploration and the acquisition of mineral property assets in the Yukon Territory. Its objective is to locate and develop mineral properties of merit and to conduct its exploration program on the Division Mountain Property. For more information, please refer to Yukoterre’s prospectus dated June 26, 2019 available on SEDAR (www.sedar.com).

Further Information

For further information, please contact:

Yukoterre Resources Inc.
Kenny Choi
CEO & Corporate Secretary
Tel: (416) 861-2262
E-mail: Kenny.choi@fmresources.ca

Forward-Looking Statements

This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the future plans or intentions of the Corporation. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Corporation to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of exploration activities; regulatory risks; risks inherent in foreign operations; and other risks of the oil and gas industry. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Corporation does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accept responsibility for the adequacy or accuracy of this release.