West Vancouver, British Columbia – February 25, 2014 – Columbia Yukon Explorations Inc. (the “Company” or “Columbia Yukon”) is pleased to announce receipt of an updated independent National Instrument 43-101 Technical Review and Mineral Resource estimate, for the Company’s “Storie” molybdenum property located in the Liard Mining Division, British Columbia, Canada, dated December 23, 2013 (the “Report”). The Report has been prepared for the Company by Watts, Griffis & McOuat Limited Consulting Geologists and Engineers (“WGM”) of Toronto, Ontario, Moose Mountain Technical Services (“Moose Mountain”) of Cranbrook, British Columbia and Mintec, Inc. (“Mintec”) of Tucson, Arizona.
The Report was commissioned to update the Company’s previously reported Mineral Resource estimate on the Storie Deposit (as summarized in the Company’s news release dated March 4, 2009) and incorporates new analytical data from previously drilled holes, as well as updated survey information. The Company intends to use the Report and its findings as necessary background to advance to a Preliminary Economic Assessment (“PEA”) of the Storie Deposit.
The following tables present a summary of the 2013 estimate in all Mineral Resource categories, calculated using the Inverse Distance Cubed Weighting method (“ID3”) at incremental cutoffs, confined within a Lerchs-Grossman (“LG”) optimized open pit shell to ensure reasonable prospects of economic extraction. The assumptions for the LG pit were: Mo price $US 15/lb, exchange rate 1:1 ($US/$CDN), processing + G&A costs $12/tonne, mining costs $1.75/tonne, metallurgical recovery 85%, pit slope angles 45 degrees.
|
Class |
Cutoff |
|
In Situ |
|
|
Mo
(%) |
Tonnage
(ktonnes) |
Mo
(%) |
Metal
(Mlbs) |
|
Measured |
0.02 |
42,000 |
0.073 |
67.5 |
|
0.03 |
39,000 |
0.076 |
65.8 |
|
0.04 |
34,000 |
0.082 |
62.0 |
|
0.05 |
28,000 |
0.090 |
56.4 |
|
0.075 |
16,000 |
0.111 |
39.7 |
|
Indicated |
0.02 |
103,000 |
0.054 |
123.2 |
|
0.03 |
78,000 |
0.064 |
109.7 |
|
0.04 |
58,000 |
0.073 |
94.2 |
|
0.05 |
44,000 |
0.083 |
79.9 |
|
0.075 |
21,000 |
0.106 |
50.0 |
|
Measured+Indicated |
0.02 |
145,000 |
0.060 |
190.6 |
|
0.03 |
117,000 |
0.068 |
175.5 |
|
0.04 |
92,000 |
0.077 |
156.2 |
|
0.05 |
72,000 |
0.086 |
136.2 |
|
0.075 |
38,000 |
0.108 |
89.8 |
|
Inferred |
0.02 |
71,000 |
0.049 |
77.2 |
|
0.03 |
48,000 |
0.061 |
64.6 |
|
0.04 |
33,000 |
0.073 |
53.3 |
|
0.05 |
24,000 |
0.083 |
44.6 |
|
0.075 |
11,000 |
0.109 |
26.7 |
|
The Report endorses the Company’s proposal of a 42-hole, 10,500 metre ($Cdn 1.7 million) drill budget for the next stage of drilling, the purpose of which is to upgrade current Inferred Mineral Resources to the Indicated or, perhaps, Measured categories. Additionally, the Company has outlined four potential drill target areas east of and beyond the presently defined limits of the Storie Deposit, two based on geophysical (IP) anomalies and two based on known molybdenum occurrences.
Ronald A. Coombes, President of Columbia Yukon stated: “We are pleased that the Report outlines a resource of 117 million tonnes (Measured and Indicated) grading 0.068% Mo at a 0.03% Mo cutoff within an optimized open pit shell, at a restated molybdenum price of $US 15/lb. The Company is optimistic that the upcoming PEA will demonstrate that the Storie Deposit is viable for production, especially as the world molybdenum price recovers to pre-2009 levels. In the event of higher Mo prices the new open pit design will afford us the opportunity to expand development up to the reported 2009 resource of 140 million tonnes (Measured and Indicated) grading 0.064% Mo at a 0.03% Mo cutoff.”
The 2013 Report will be filed on www.sedar.com and on the Company’s website on www.columbiayukon.com.
About Columbia Yukon Explorations Inc.:
Columbia Yukon is a Canadian mineral exploration company focused on the development of its Storie Property molybdenum deposit. The Storie Property is situated about 6 km southwest of Cassiar, British Columbia. Cassiar is located 15 km (by paved 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 Gordon Gibson P.Geo., who is acting as the Company’s Qualified Person for the Storie property project, in accordance with regulations under NI 43-101.
For further information, contact us at 604-922-2030, or visit the Company’s website at www.columbiayukon.com
Columbia Yukon Explorations Inc.
Ronald A. Coombes, President
The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this release. This news release includes certain statements that may be deemed “forward-looking statements”. All statements, other than statements of historical facts, that address such matters as future exploration, drilling, exploration activities, potential mineralization and resources and events or developments that the Company expects, are forward looking statements and, as such, are subject to risks, uncertainties and other factors of which are beyond the reasonable control of the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as market prices, exploitation and exploration results, continued availability of capital and financing, and general economic, market or business conditions. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date. |
