On January 17, 2008, Columbia Yukon released the assays from six
additional holes drilled in its 2007 exploration program in a News Release
titled 'Columbia Yukon Discovers New High Grade Moly Zone.Including 344 feet averaging
0.245% MoS2.' The results from drill holes ST07-50 and ST07-51 are
of particular interest and provide further evidence of a high grade zone
within the 'Storie' Property molybdenum deposit that is illustrated in more
detail below.
To date, assay results for 31 of the 76 holes drilled in 2007 have
been reported. Results for 45 holes are pending and will be released as they
become available. The results for ST07-50 and ST07-51 are given in the table
below with earlier reported results for previously drilled holes that appear
to identify a higher grade zone. By comparison, the NI 43-101 compliant
Mineral Resource estimate, as prepared by Watts Griffis & McOuat and
announced on July 5, 2007, was 101.6 million tonnes of 0.067% Mo (or 0.112%
MoS2) inferred mineral resource.
The table below provides background information on the specific holes
and assay results that point to a higher grade zone. The map that follows
indicates the location of each hole in the order shown in the table.
HOLE Number
|
FROM
(metres)
|
TO
(metres)
|
INTERVAL
(metres)
|
INTERVAL
(feet)*
|
Mo
(%)
|
MoS2
(%)**
|
ST06-02
|
192
|
336
|
144
|
472
|
0.084
|
0.140
|
ST07-40
|
42
|
191
|
149
|
488
|
0.051
|
0.085
|
including
|
42
|
153
|
111
|
364
|
0.053
|
0.088
|
And
|
165
|
191
|
26
|
85
|
0.060
|
0.100
|
And
|
260
|
446
|
186
|
610
|
0.075
|
0.125
|
including
|
260
|
362
|
102
|
334
|
0.090
|
0.150
|
And
|
389
|
446
|
57
|
187
|
0.076
|
0.127
|
ST07-38
|
87
|
195
|
108
|
354
|
0.094
|
0.157
|
including
|
87
|
126
|
39
|
128
|
0.102
|
0.170
|
including
|
150
|
195
|
45
|
137
|
0.120
|
0.200
|
ST06-01
|
122
|
287
|
165
|
541
|
0.080
|
0.133
|
ST07-36
|
87
|
195
|
108
|
354
|
0.094
|
0.157
|
ST06-05
|
117
|
276
|
159
|
522
|
0.104
|
0.173
|
ST06-04
|
201
|
330
|
130
|
426
|
0.092
|
0.153
|
ST06-08
|
33
|
219
|
186
|
610
|
0.098
|
0.163
|
ST07-45
|
82
|
319
|
237
|
777
|
0.106
|
0.177
|
ST07-51
|
35
|
251
|
216
|
708
|
0.107
|
0.178
|
including
|
77
|
251
|
174
|
571
|
0.112
|
0.187
|
including
|
146
|
251
|
105
|
344
|
0.147
|
0.245
|
ST06-10
|
24
|
165
|
141
|
462
|
0.081
|
0.135
|
ST06-03
|
162
|
297
|
135
|
443
|
0.087
|
0.145
|
ST07-50
|
17
|
288
|
271
|
889
|
0.070
|
0.117
|
including
|
83
|
206
|
123
|
403
|
0.114
|
0.189
|
ST06-07
|
87
|
171
|
84
|
276
|
0.080
|
0.133
|
*conversion factor: 1 metre = 3.28 feet
** conversion factor 1% MoS2 = 0.5999 % Mo
The map on the
following page shows the location of these holes on the Storie Property and
appears to indicate a higher grade zone approximately 200 - 300 metres in width
and over 400 metres
in length running south to north along the western edge of the NI 43-101
compliant initial resource area. As the higher grade zone covers
approximately half of the initial resource area, Columbia Yukon believes that
these results may have a favourable impact on the next round of resource
calculations expected this spring.
The area in red
illustrates the possible size and location of the high grade zone. It should
be noted that some historical data from holes drilled by Shell in 1979 and
1980 are also indicated within this area. There are also several holes that
were drilled in 2007 that remain to be reported, which may provide additional
evidence of a high grade zone.
At this point in time,
the Company is planning a significant exploration program for 2008. Planning
is underway for proposed holes to be drilled to the west of the NI 43-101
resource deposit with the goal of extending the high grade zone and/or the
total resource. The proposed drill program will include holes to be targeted
to the south and east of the deposit to test each side of the X-fault and the
easterly extent of the initial resource area.
A higher grade zone
may be an important factor if the Storie Property goes into production. The
ability to mine a high grade zone in the early years of production can have a
significant impact on the net present value and may greatly reduce the
capital payback period.
This is a summary only
and, accordingly, we refer you to the Company's news release of January 17,
2008 and the Company website at www.columbiayukon.com
for more complete information and details.
Prepared by Ted
Ohashi, CFA (604)-922-2030
Reviewed by John Kowalchuk (604)-922-2030
January 24, 2008