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November 3, 1997
VBE-1 LABRADOR 1997 Columbia Yukon Resources (the "Company") as operator along with International CanAlaska Resources Ltd. and Falconbridge Ltd. reports that the 1997 Summer/Fall Drill Program comprised of 7 holes for a total of 9701 metres has now been completed on the Voisey's Bay Labrador VBE-1 Project. Drill hole V97-7 was terminated at a final depth of 1418.8 metres on October 28. Below 1043 metres the hole intersected mostly leuconorite and anorthosite cut by numerous thin quartz monzonite sills. Intervals of diorite were also cored. At a depth of 1369.2 metres two massive magnetite horizons totalling 12.1 metres in thickness were intersected. These magnetite layers contained minor disseminated pyrrhotite and will be sampled for Ni, Co and platinum group elements. Further results from additional sampling of massive sulphide horizons associated with noritic sub-units have been received. A 30cm pod of massive pyrrhotite and 1-2% chalcopyrite at 838.6 metres returned 0.48% Ni, 0.32% Cu and 0.089% Co. A 20cm pod of massive pyrrhotite at 864.9 metres gave 0.62% Ni 0.15% Cu and 0.115% Co. These massive sulphide accumulations are both located at the base of a noritic interval immediately above anorthosite and show high nickel and cobalt ratios. A down-hole EM Survey of hole V97-7 will be completed in the next ten days. This probe will test for the presence of massive sulphides in an envelope of over 200m (660 Feet) around the drill hole. Results from the entire program will be reviewed and discussed with the participating partners to decide upon the next course of action.
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