Storie Project One-pager (German)
Columbia Yukon Explorations Inc. acquired the rights to explore the Storie Molybdenum Deposit from a private Calgary-based exploration company (Eveready Resources Corporation) by agreement dated March 20th - 2006. The deposit was last drilled by Shell Canada in the late 1970s and early 1980s, and has been archived from exploration over the last 25 years.
The Storie Deposit is located immediately south of the former Cassiar Asbestos mine townsite in northwestern British Columbia, has paved road and two-wheel drive dirt road access and is in close proximity to power, telephone and an airstrip.
The historical resource estimate for the Storie Deposit, publicly released by Columbia Yukon (see news release dated February 22, 2006), taken from Shells historical reports is:
100,500,000 tonnes @ 0.077% Mo or 0.129 % MoS2
This resource estimate does not meet NI 43-101 standards and is based on historical records from previous project operators.
Shells internal resource estimate was based on 86 diamond drill holes, covering an approximate 1000-meter strike length, over a 300 - 400 meter width (plan view) and to a vertical depth of 150 meters. The deposit is open along strike to the east, north, west and to depth. Historical IP and ground magnetics show the mineralized system to be open for an additional 400-meters to the east, toward the host monzonitic intrusive contact to bounding calcareous sedimentary rocks. Random historical deep drill holes show mineralization does continue to at least 200-meters depth.
Columbia Yukon intends to re-drill the deposit sequentially along strike and to an approximate depth of 300-meters, on 100-meter drill centers to fully delineate the deposit.
Given the size of the geophysical target and the location of mineralized drill intersections outside of the resource area, there appears to be potential to significantly increase the size of the deposit.
Historical records show that there is little, if any, analysis of metals other than for molybdenum.
Numerous silver-lead-zinc-gold replacement skarn-type occurrences occur throughout the project area (15 in total) along the margins of the Cassiar Stock, which can be common peripheral to large porphyry molybdenum systems. The Magno Deposit has seen the most historical exploration work and has a (non NI Rule 43-101) historical resource estimate of: Magno Deposit: 446,684 tonnes @ 141.7 grams Ag, 4.84% Pb, 4.59% Zn. Columbia Yukon does not have the exploration rights from Eveready to earn an interest in these showings.
Columbia Yukon signed a letter of intent with a private Calgary-based exploration company (Eveready Resource Corp.) on March 20th - 2006, granting it the right to earn up to a 100% in the Storie Molybdenum project, by completing an aggregate of $4,000,000 in work expenditures, issuing 600,000 shares of the Company, and paying Eveready $1,150,000 in cash payments over a 5 year period. On completion of the earn-in, Eveready would retain a 2.5% NSR in the project, which is subject to buy-out provisions.
LOCATION AND ACCESS
The Storie Molybdenum property is located immediately south of the former Cassiar Asbestos Mine town site in northwestern British Columbia, 125 kilometers north of Dease Lake, 145 kilometers south of Watson Lake Yukon and 480 kilometers north of the port at Stewart BC. There is highway access to the immediate project area, with two-wheel drive dirt road access to the deposit. An airstrip, telephone and power are nearby.
HISTORY OF EXPLORATION
- 1959 1961: Cominco; 12 drill holes.
- 1964 1968: Casmo Mining; 58 drill holes.
- 1971: Levana; 4 drill holes.
- 1968 1975: Consolidated Coast Silver; 50 drill holes on the Magno, M and D Zones and 666 meters of underground development on a lead zinc silver discovery.
- 1976: Balfour Mining; trenching and diamond drilling.
- 1978 1981: Shell Canada: extensive diamond drill program on Storie Molybdenum Deposit.
- 1997 - 2003: Eveready Resource Corporation: Project acquisition, data compilation, trenching and road rehabilitation.
- 2006: Project optioned to Columbia Yukon Explorations Inc.
STORIE MOLYDENUM DEPOSIT
Porphyry molybdenum +/- tin-tungsten mineralization is associated with the Cassiar Stock and a quartz feldspar porphyry body that can be followed along a 10 km northerly trend. The host intrusive body is of quartz monzonite composition that is reported to have 4 discrete intrusive phases, including a QFP phase where most of the mineralization is concentrated. All units have been intruded by post-mineral intrusive dykes.
Mineralization occurs as fracture controlled molybdenite +/- quartz pyrite, along a 100 meter wide, northeast dipping structural zone, historically referred to as the Crone Fault. Alteration consists of sericite, clay and K-feldspar.
Two drill sections, as shown in the attached Company prepared power point presentation, show some of the historical drill results.
From south to north, (Section B-B) on approximate 100 meter drill centers.
DDH 79-4: 0.095% Mo or 0.158 % MoS2 / 85 meters
DDH 71-1: 0.095 % Mo or 0.158 % MoS2 / 146 meters
DDH 79-3: 0.051 % Mo or 0.085 % MoS2 / 67 meters
0.096 % Mo or 0.160 % MoS2 / 21 meters
0.120 % Mo or 0.200 % MoS2 / 128 meters
DDH 80-7: 0.069 % Mo or 0.115 % MoS2 / 260 meters
From south to north, (Section ** ) on approximate 100 meter drill centers
DDH 80-5: 0.071 % Mo or 0.118 % MoS2 / 52 meters
DDH 80-6: 0.060 % Mo or 0.100 % MoS2 / 64 meters
DDH 80-8: 0.074 % Mo or 0.123 % MoS2 / 125 meters
DDH 80-21: 0.060 % Mo or 0.100 % MoS2 / 110 meters
Based on the data presented by Columbia Yukon:
- There appears to be reasonable consistency of grade between drill holes
- The deposit is open for expansion down dip to the north and along strike to the east to and west.
- Surrounding silver-rich lead-zinc skarn occurrences are indicative of large porphyry molybdenum systems.
- Historical drill holes focused on the Crone Fault Zone. Historical drill results and regional prospecting suggests a possible stacking of the molybdenum-bearing structural zones both in the immediate deposit area as well to the east.
- In 1968, Coast Silver is reported to have drilled the M-Zone, located 1 kilometer to the east of Storie Moly, and reported a drill hole grading 0.23% MoS2 over 130 meters. This location is to be drill tested for verification in the pending drill program.
- Float samples grading up to 0.50% MoS2 occur 500 meters south of the deposit.
- Molybdenum anomalies in soil samples intermittently continue for another 2500 meters east of the main deposit.
- Potential exists to significantly increase the size of the Storie Deposit.
- There has been no historical systematic sampling of the deposit for any metal other than molybdenum.