Storie Moly Deposit Drill Plot - May 2008
SUMMARY
 Storie Project One-pager (German) - June 2008
Columbia Yukon Explorations Inc. (CYU) acquired the rights to explore the Storie Molybdenum Deposit from Eveready Resources Corporations, a private Calgary-based exploration company by agreement dated March 20, 2006. In October 2007, CYU announced it had accelerated the payments, expenditures and share issuances under this agreement and now owns a 100% interest in the property subject to a 2.5% net smelter return. CYU’s obligations under the five year agreement were completed in less than two years.
The Storie Deposit is located immediately south of the former Cassiar mining camp in northwestern British Columbia and access is provided by a five kilometre two-wheel drive dirt road. Cassiar is connected to the Provincial highway system by paved road. The Storie property is also in close proximity to telephone service and an airstrip.
The deposit was last actively drilled by Shell Canada in the early 1980’s. After CYU’s drilling during the 2006 season, a report issued in July 2007 by Watts, Griffis and McOuat, consulting geologists and engineers identified an NI 43-101 compliant inferred mineral resource of 101.6 M/T 0.067% Mo or 0.112% MoS2. The deposit is open along strike to the east, north, west and to depth.
In 2007, Columbia Yukon drilled an additional 76 holes of which 59 were infill holes and 17 were extensions. The results from this program are being released in a series of news releases as assay results become available and can be found in the “News Releases” section under the “Investors” section on the website.
Based on the additional results from CYU’s 2007 drilling program, an updated engineering report from Watts, Griffis and McOuat is expected in the spring of 2008. Drilling results to date indicate a possible increase in both the quality and quantity of the NI 43-101 compliant resource. |
