Columbia Yukon infers 101.59 Mt of 0.067% Mo at Storie
Columbia Yukon Explorations Inc (2) (C:CYU)
Shares Issued 27,862,375
Last Close 7/4/2007 $1.43
Thursday July 05 2007 - News Release
Mr. Ronald Coombes reports
NI 43-101 REPORT VALIDATES HISTORICAL RESOURCE
Columbia Yukon Explorations Inc. has received a National Instrument 43-101 mineral resource estimate for its Storie property molybdenum deposit. The Storie deposit is situated in the Liard mining division, approximately six kilometres southwest of the town of Cassiar, B.C. Cassiar is 540 km from the port of Stewart, B.C., 125 km north of Dease Lake, B.C., and 137 km from the Alaska Highway west of Watson Lake, Yukon. Cassiar is 1,190 air kilometres from Vancouver.
In 1980, Shell Canada reported unclassified historical drill indicated reserves (alternatively drill indicated potential) of 100.5 million tonnes (Mt) grading 0.129 per cent MoS2 using a cut-off of 0.07 per cent MoS2. This is equivalent to 100.5 Mt grading 0.077 per cent Mo at a cut-off of 0.042 per cent Mo, a figure which has been reported in government and other technical documents since that time. This estimate predates NI 43-101 and is not compliant and should not be relied upon.
Watts Griffis and McOuat Ltd. (WGM), consulting geologist and engineer of Toronto, Ont., has prepared a mineral resource estimate for the Storie molybdenum deposit using 38 drill holes, primarily NQ (47.6-millimetre) diameter, from drilling programs completed in 1979, 1980 and 2006. Using a cut-off of 0.035 per cent Mo, a bulk rock density of 2.6 grams per cubic metre, a maximum open pit mining depth of 325 metres and an assumed 1.5 to 1 waste to "ore" stripping ratio, the Storie deposit has been estimated to contain an inferred mineral resource of 101.59 Mt grading 0.067 per cent Mo.
"WGM is of the opinion that a realistic drill hole spacing to upgrade the current mineral resources will likely be in the 50 m to 80 m range; however, this will require further detailed analysis after analytical data from more drill holes become available, and WGM will assess the drill spacing on an ongoing basis." The surface dimensions are slightly elongated with an east-west direction and, as currently defined by drilling, are approximately 700 m by 600 m. In generating the polygonal model, WGM noted that, although there is excellent evidence of continuous mineralization between drill holes, the thickness and grade vary even between drill holes less than 80 m apart.
Due to this variability and the current wide drill hole spacing, particularly between drill holes in the deeper north and west portions of the deposit, WGM has classified the mineral resource estimate as inferred at this time. The company anticipates that the planned 2007 infill drilling program, as recommended by WGM, will upgrade the resource classification.
WGM states that: "The Storie deposit warrants further work. The deposit is presently known to be open to the east, west and north, as well as at depth, and there are untested structures (the X fault) and molybdenum occurrences (M zone) which merit further investigation."
The X fault, a structure roughly parallel to the Crone fault, passes the southern edge of the Storie deposit in the area of the southernmost historic drill holes. No mention of the X fault is made in the two previous Shell Canada reports on the Storie deposit, but it may be significant since it appears to be in proximity to the M zone molybdenum occurrence. A third Shell Canada report had conflicting information of an intersection of 0.23 per cent MoS2 over 130 m and/or 0.23 per cent MoS2 over five m in one historical hole (M-2) at the M zone; only portions of the core were split and assayed.
Most recently, the company has completed the core drilling of nine holes to the east of the resource block and has extended the known zone of mineralization 125 m to the east (assays are currently pending). The company's previously reported 2007 drilling program of up to 40,000 metres continues, and the company will update results upon receipt and review of analyses.
The company's qualified person, John Kowalchuk, PGeo, has reviewed this release and is acting as the qualified person for this project.
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