|
February 19, 1997
COLUMBIA YUKON 1997 $4.0 MILLION VBE-1 and VBE-2 Columbia Yukon Resources Ltd. and International CanAlaska Resources Ltd. ("the Companies") are pleased to announce that plans for the 1997 Labrador exploration program are currently being finalized. Columbia Yukon has earned a 50 percent in VBE-1 and VBE-2, the properties east and south of Inco's Voisey's Bay deposits, by making cash and stock payments to CanAlaska and spending $900,000 on exploration during the past two years. The VBE-1 and VBE-2 projects will now be funded by a 50-50 joint venture agreement. VBE-1, the nearest property to the east of the Eastern Deeps zone, is fully permitted for the drilling of six holes. These targets were selected during the 1996 field program. To explore for an extension of the Eastern Deeps, the companies will utilize a drill rig rated for a minimum depth of 1,500 metres. In October 1996, a 30 metre piece of drill stem was lost at a depth of 871 metres during drilling on the first of the six targets. This first hole was capped and will be re-entered during the 1997 program. The drill will be wedged around the obstruction and continue to the target depth of 1500 metres. Although no massive sulphide mineralization was intersected in the 1996 drill hole, petrographic analysis of a core sample taken from near the bottom of the hole indicated that traces of pentlandite and chalcopyrite are present. Additional petrographic studies are planned on other samples prior to the 1997 drill program. Plans call for the drilling of a minimum of six holes on the VBE-1 and up to 12 holes. As well, VBE-2, south of the Ovoid discovery zone, will be drilled to test the gold discovery made in August of 1996. Assays from gneissic rocks collected on VBE-2 returned gold values as high as 18.9 grams/tonne (0.55opt). An EM survey conducted on the prospect delineated a strong conductor extending over the entire 300 metre limit of the survey. Simultaneous with the drill programs, exploration will be conducted to set further drill targets on both properties. The minimum budget for 1997 drill and exploration programs on VBE-1 and VBE-2 will be $3,000,000. The drilling contract will be tendered and finalized shortly. The programs will commence when weather conditions are favourable. ML 1506 Alliger Lake and ML 904 (Yaco Claim) Columbia Yukon has regained 100 percent interest in the ML 1506 block where massive sulphide horizons intersected in 1996 returned potentially ore grade nickel-copper-cobalt assays (0.67 percent Ni, 0.63 percent Cu, 0.124 percent Co). The ML 1506 drill results from the 1996 work suggest potential for deeper mineralization. Recent mapping by the Newfoundland Geological Survey suggests that the claims cover a deeper section of the anorthosite-troctolite system, closer to the basal units where larger accumulations of sulphides could occur. Further work is planned by Columbia Yukon for 1997 includes drilling to depths in excess of 1000 metres supported by down-hole electromagnetic surveys. Further work is planned on the Yaco claim (under option from Yanks Peak: VSE-YPR), due south of Voisey's Bay, where 1996 drilling returned a 2.4 metre (7.9 feet) intersection of core with elevated nickel, copper and cobalt values associated with geochemically anomalous platinum, palladium and silver values. This mineralization was hosted by metasediments with stringer and disseminated sulphides. A second larger anomaly just to the east will be drill tested in 1997. Columbia Yukon is also planning to review targets in the Lac Long area of SW Labrador and the Harp Lake area 60 kms south of Voisey's Bay. Work carried out in 1995 discovered copper-nickel showings on several claim blocks and these will be prioritized for further work.
THE ALBERTA STOCK EXCHANGE NOR ANY REGULATORY BODY HAS REVIEWED THIS NEWS RELEASE AND THEREFORE DO NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. |