West Vancouver, British Columbia – August 27, 2008 – Columbia Yukon Explorations Inc. (the “Company” or “Columbia Yukon”) is pleased to announce the initial assay results from its 2008 core drilling program on the Company’s “Storie” Molybdenum property deposit located near Cassiar in Northern British Columbia. The current drilling program is designed to significantly expand and further improve the confidence of the recently announced updated NI 43-101 Mineral Resource estimate of 98.3 million Indicated tonnes, grading 0.064% Mo at a cutoff grade of 0.030% Mo, with an additional 31 million Inferred tonnes, grading 0.059% Mo at the same cutoff grade of 0.030% (see News Release dated August 5, 2008). The updated NI 43-101 Report, as prepared by Watts, Griffis and McOuat Limited of Toronto, Ontario and Mintec, Inc. of Tuscon, Arizona, can be viewed on SEDAR (www.sedar.com) and on the Company’s website at www.columbiayukon.com.
“We are extremely pleased with the results to date from our 2008 drilling program which is continuing to indicate numerous and significant long intersections of excellent molybdenum mineralization outside the known resource area of the Storie property deposit”, said Ronald Coombes, President and CEO of Columbia Yukon.
By this news release, the Company is reporting assay result from the first 8 NQ drill core holes, which results are summarized as follows:
|
Hole Number |
From
(metres) |
To
(metres) |
Interval
(metres) |
Mo
(%) |
MoS2
(%)* |
|
ST08-97 |
7 |
407 |
400 |
<Below Cutoff> |
|
ST08-98 |
9 |
359 |
350 |
<Below Cutoff> |
|
ST08-99 |
258 |
492 |
234 |
0.070 |
0.117 |
|
Including |
426 |
486 |
60 |
0.107 |
0.178 |
|
ST08-100 |
213 |
507 |
294 |
0.061 |
0.101 |
|
ST08-101 |
63 |
473 |
410 |
0.060 |
0.100 |
|
Including |
290 |
320 |
30 |
0.115 |
0.191 |
|
Including |
407 |
473 |
66 |
0.155 |
0.258 |
|
ST08-102 |
270 |
390 |
120 |
0.058 |
0.096 |
|
ST08-103 |
9 |
466 |
457 |
0.065 |
0.108 |
|
Including |
262 |
331 |
69 |
0.095 |
0.158 |
|
Including |
385 |
466 |
81 |
0.140 |
0.233 |
|
ST08-104 |
63 |
441 |
378 |
0.061 |
0.101 |
|
Including |
228 |
441 |
213 |
0.082 |
0.137 |
*conversion factor: 1% MoS2 = 0.5999% Mo
Drill holes ST08-99 through ST08-104 are all outside of the current NI 43-101 Indicated and/or Inferred resource area. The Company expects the results from these mineralized intersections to significantly expand the known indicated resource. Additionally, the Company completed two exploration core drill holes (ST08-97 and ST08-98) within the claim boundaries, but well outside of the known mineral resource area. Both holes intersected mineralization, but below the cutoff grade of 0.030% Mo. Nonetheless, the known mineralized zone still remains open in three directions.
As part of its 2008 drill program, the Company plans to drill between 20,000 to 25,000 metres of NQ diamond drilling, which is being laid out on 50m x 50m centres to delineate the deposit further to the west where there has only been very little (historic) drilling.
In addition, as referred to in the updated NI 43-101 Report, there is a higher grade zone that seems to be continuous through the center of the deposit. In the NI 43-101 Report, Mintec, Inc. specifically noted that if this zone can be better defined geologically or structurally with further drilling, the block grade smoothing that occurs from the interpolation can be minimized and the grade and confidence of the Mineral Resource estimates can be improved. As a result, the Company is currently core drilling several infill holes at 25 metre spacing in an effort to better define the higher grade zone.
All of the above holes were drilled using hydraulic drills producing NQ size core. The core was sawn in half by a diamond bit rock saw and half of the core was retained and stored in the core box for permanent record or later reference. The other half was bagged and sent to Loring Labs of Calgary, Alberta, where it was crushed and pulverized. A one gram sample was then split out and dissolved in a four acid complete dissolution and analyzed for molybdenum using an “AA” (atomic absorption) finish. In addition to both Loring Labs’ and Columbia Yukon's internal QA/QC, every 20th sample reject pulp is being sent to Acme Analytical Laboratories of Vancouver, B.C. for inter-laboratory analysis.
About Columbia Yukon Explorations Inc.:
Columbia Yukon is a Canadian mineral exploration company focused on the development of its Storie molybdenum property deposit. The Storie property is situated about 6 km southwest of Cassiar, British Columbia. Cassiar is located 15 km (by road) west of Highway 37 which provides access to Watson Lake, Yukon, to the north and Dease Lake and Stewart, British Columbia, to the south.
This news release has been reviewed and approved by John Kowalchuk, P.Geo., who is acting as Qualified Person for the Storie Property Project in accordance with regulations under NI 43-101.
For further information, contact Mr. Clive Shallow, investor communications at 604-922-2030 or visit the Company’s website at www.columbiayukon.com.
Columbia Yukon Explorations Inc.
“Ronald A. Coombes”
_________________________________
Ronald A. Coombes, President & CEO
The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this release. |
