West Vancouver, British Columbia – October 10, 2008 – Columbia Yukon Explorations Inc. (the “Company” or “Columbia Yukon”) is extremely pleased to announce a major expansion of the known mineralized zone at the Company’s “Storie” property molybdenum deposit located near Cassiar in northern British Columbia.
Drilling of the potential extensions to the resource (identified in the 3-D modeling completed earlier this year by Mintec, Inc.) has been successful in intersecting molybdenum mineralization up to 450 metres west of the indicated resource area with one of three additional drill holes.
Drill hole ST08-110 (located 250 metres west of the known Indicated resource) intersected 342 metres grading 0.064% Mo, including 153 metres grading 0.098% Mo.
Drill hole ST08-111 (located 350 metres west of the known Indicated resource) intersected 365 metres grading 0.041% Mo, including 30 metres grading 0.158% Mo.
Drill hole ST08-112 (located 450 metres west of the known Indicated resource) intersected 264 metres grading 0.033% Mo.
As previously reported, drill hole ST08-108 (located 150 metres west of the known Indicated resource) intersected 362 metres grading 0.060% Mo. Further grid drilling will be required, to qualify this potential increase in the resource, however, all of these mineralized drill holes substantiate the presence of molybdenum mineralization well beyond the known deposit and should significantly increase the size of the resource over that referred to in the Company’s recently 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% at the same cutoff grade of 0.030% Mo (see News Release dated August 5, 2008).This 450 metre extension to the west will contribute to an increase in the inferred resource.
The Company is pleased to announce the assay results for the following 3 drill holes, which drill holes are all outside of the known deposit:
Hole
Number |
From
(metres) |
To
(metres) |
Interval
(metres) |
Average Grade
(Mo%) |
Average Grade
(MoS2%) |
|
ST08-110 |
183 |
525 |
342 |
0.064 |
0.107 |
|
including |
350 |
503 |
153 |
0.098 |
0.163 |
|
ST08-111 |
123 |
488 |
365 |
0.041 |
0.068 |
|
including |
195 |
225 |
30 |
0.158 |
0.263 |
|
ST08-112 |
186 |
450 |
264 |
0.033 |
0.056 |
“We are extremely pleased with these assay results which indicate molybdenum mineralization well beyond the boundaries of the known resource area. The Company believes that these results will expand the deposit size significantly and substantially increase the overall mineral resource for the Storie property project,” said Ronald Coombes, President and CEO of Columbia Yukon Exploration.
The current NI 43-101 Mineral Resource estimate report, as prepared by Watts, Griffis and McOuat Limited, Consulting Geologists and Engineers of Toronto, Ontario, and Mintec, Inc. of Tucson, Arizona, has been prepared in compliance with NI 43-101 and presents a review of the geology and Mineral Resources of Columbia Yukon’s Storie property molybdenum deposit. The Company has filed the NI 43-101 report on www.SEDAR.com and on its website at www.columbiayukon.com.
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.
This news release has been reviewed and approved by John Kowalchuk P.Geo., who is acting as an independent Qualified Person for the Company’s Storie molybdenum project in accordance with regulations under NI 43-101.
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 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.
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 this release.
