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Columbia Metals
Report - December 20, 2007
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Columbia Files NI
43-101 Technical Report For PII, 2005-2007
Aggressive Phase II Recommended
Toronto, Ontario -
Columbia Metals Corporation Limited (TSX-V: COL) is pleased to announce that the Technical Report
covering the exploration activities on the Company's 100% owned, unencumbered PII Colorado Property for 2005-2007
has been SEDAR filed and will be posted to the Company's Website.
* Anomalous gold (Au)
mineralization was intersected in two (2) drill holes at Buena Vista Hill
* Numerous induced
polarization/resistivity (IP/R) anomalies were delineated of which 13 discrete
IP/R zones have the characteristics suggestive of heavier skarn sulphides or
sulphide stringer mineralization.
* The potential source of
the north-eastern gold (Au), copper (Cu) soil anomaly and Induced
Polarization/Resistivity (IP/R) anomaly was located in drill holes DDH1106 and
DDH1206, the source being a copper-gold-silver (Cu-Au-Ag) bearing pyrrhotite
skarn.
* Significant Ag, lead (Pb)
and zinc (Zn) values were intersected within a mineralized structure in the
Zinc Zone area.
* Quartz-feldspar porphyry
intrusive rocks and mineralogical alteration zones, possibly indicative of the
presence of buried intrusive rocks were encountered.
* Numerous untested or
partially tested drill targets remain.
An excerpt from the summary
from the NI 43-101 compliant Technical Report entitled Technical Report on PII
Colorado Property by Gary Lohman, P. Geo. and Seymour Sears, P. Geo.,
independent qualified persons under NI 43-101, dated December 15, 2007 is
reproduced below:
Excerpt
"The PII Colorado Property of Columbia
Metals Corporation Limited is located within a Northwest trending belt of
Cenozoic aged volcanic and related porphyritic intrusive rocks that has been emplaced
within an older sequence of carbonates, calcareous sediments and granitic
rocks. The belt occurs along the extreme western side of the Sierra Madre
Occidental mountain range in the Eastern part of the State of Sonora Mexico.
In 2005, following the recommendations set
forth by S. Sears (43-101 Report, October, 2004), the Company embarked on an
exploration program consisting of detailed geological mapping, soil and rock
geochemistry, ground geophysics and the initiation of a 3,000 metre diamond drill
program. By the end of June 2006, the Company completed 3081 metres of diamond
drilling (18 drill holes), 41.5 kilometres of induced polarization (I.P.) and
ground magnetic surveys, 17.8 kilometres of gravity surveying in addition to
continued geological mapping and prospecting.
The results of the exploration programs were
successful in that:
* Quartz-feldspar porphyry
intrusive rocks and mineralogical alteration zones, possibly indicative of the
presence of buried intrusive rocks were encountered.
* Numerous induced
polarization/resistivity (IP/R) anomalies were delineated of which 13 discrete
IP/R zones have the characteristics suggestive of heavier skarn sulphides or
sulphide stringer mineralization.
* Anomalous gold (Au)
mineralization was intersected in two (2) drill holes at Buena Vista Hill
(DDH0105 and DDH0305).
* The potential source of
the north-eastern gold (Au), copper (Cu) soil anomaly and Induced
Polarization/Resistivity (IP/R) anomaly was located in drill holes DDH1106 and
DDH1206, the source being a Cu, Au, silver (Ag) bearing pyrrhotite skarn.
* Significant Ag, lead (Pb)
and zinc (Zn) values were intersected within a mineralized structure in the
Zinc Zone area.
* Geochemically anomalous
Cu, Ag and Au were returned from drill core in the area of the Creek Zone.
* Significant Cu, Ag +/- Au
mineralization was located in 2 drill holes in the central and south-central
portions of the property.
The geophysical program
identified 33 discrete IP anomalies characterized by moderately strong to
strong chargeability. Thirteen of these IP zones were classified as high
priority targets, having an IP signature accompanied by lower resisitivities,
suggestive of heavier skarn or stringer sulphide mineralization. Only 6 of
these targets were partially tested by the recent drill program.
Due the presence of favourable soil and rock
geochemistry, surface mineralization, drill intersections and untested,
delineated geophysical targets, additional work is recommended with a focus on:
* The Au potential of Buena
Vista Hill;
* The Cu/Au mineralization
associated with the pyrrhotite skarns in the northeast;
* The deep-seated porphyry
Cu potential of the Central zone; and
* The IP zones defined in
the geophysical program.
At Buena Vista Hill, drill
hole 1 intersected 5.73 metres assaying 1.24 g/t Au along the south western
edge of a well defined, extensive Au, Cu soil anomaly. In the central portion
of this feature, anomalous Au and Ag have been located in rock samples at
surface, returning assays up to 6.59 g/t Au and 54.5 g/t Ag. The results to
date are significant, indicating the presence of mineralization at both depth
and surface. This target should be followed up with geologic mapping, trenching
and additional geochemistry. Reverse circulation drilling should be conducted
on priority targets.
In the northeast, a massive Cu/Au bearing
pyrrhotite skarn was intersected by drill holes DDH1106 and DDH1206.
Defined by extensive gossans and iron stained soils at surface, the skarn
horizon intersected in drill hole DDH1206 returned 11.2 metres grading 2.25 g/t
Au, 1.9 g/t Ag and 0.22% Cu including 1 metre grading 13.65 g/t Au. 5.1 g/t Ag
and 0.29% Cu. Additional mapping and geochemical sampling are required to
better define the geology and geometry of the host skarn as well as the tenor
of the mineralization. Additional drilling is also recommended due to the
success achieved in the first drill program. Provision should be made for the
possibility of performing down hole geophysical surveying.
The Cu
potential of the Central zone has been demonstrated in drill holes DDH1006 and
DDH1706. In the northern portion of the Central zone, drill hole DDH1006
intersected andesite/andesite porphyry containing anomalous Cu throughout the
extent of the hole including 2.66 metres grading 0.38% Cu and 10.5 g/t Ag
between 96.18 - 98.84m. Drill hole DDH1706, located 1 kilometre south of
hole DDH1006, intersected a variably altered andesite containing 100.6 metres
grading 0.10% Cu and 5.5 g/t Ag. Where
locally brecciated or stockworked, results include 3.05 metres grading 0.65 g/t
Au, 20.26 g/t Ag and 0.57% Cu. These results are significant and this target
should be further investigated by geologic mapping, prospecting and geochemical
sampling. The priority targets identified in the induced polarization survey
should also be pursued and additional drilling conducted.
In addition to the above, the
re-interpretation of the geophysics by Stratagex Ltd. included the
identification of 33 IP/R anomalies, 13 of which were considered high priority.
To date, only 6 of these targets have been tested or partially tested by
diamond drilling. Priority targets include Zone A adjacent to the Zinc Zone
where drill hole DDH0806 intersected 53.96 metres grading 12.39 g/t Ag and 0.6%
Pb/Zn. Included in this interval was a 1.0 metre intersection grading 225.0 g/t
Ag and 10.52% Pb/Zn. Drill hole DDH1406 intersected IP zone D returning
geochemically elevated Cu, Ag and local Pb, Zn from a porphyry that contained
local, semi-massive pyrite, chalcopyrite and sphalerite veins. Located along
the southern edge of a multi-element (Cu, Pb, Zn, Ag) soil anomaly, IP zone D
may reflect a weak, southerly extension of the Zinc Zone mineralization and
should be investigated further. IP Zone M, coincident with drill hole DDH1706,
was also selected as a priority target in addition to 2 other IP targets within
the Central Zone. Recommendations also include the investigation of these
targets by prospecting, trenching and diamond drilling if warranted. The
geophysical interpretation further highlighted the structural complexity of the
PII Colorado property. To assist in interpreting the geology, a detailed review
of the satellite imagery and structural mapping is recommended.
Additionally, all of the metalliferrous
zones intersected in the drill program should be carefully re-logged and
representative samples from each zone taken and submitted for petrographic and
mineralogic analysis in order to provide a better description of the mineralogy
and alteration associated with the mineralization."
This release has been prepared by John E.
Steers, P. Eng., Qualified Person (QP) as defined by NI 43-101 of the Canadian
Securities Administrators. Mr. Steers is the QP for Columbia Metals.
For further information please contact Columbia Metals Corporation
Limited at (416) 364-6799.
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release. No stock exchange,
securities commission or other regulatory authority has approved or disapproved
the information contained herein. This News Release may include certain
"forward-looking statements". All statements in this release,
other than statements of historical fact including without limitation,
statements regarding potential mineralization and reserves, exploration
results, and future plans and objectives of the Company, are forward-looking
statements that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to differ
materially from the Company's expectations are mining, financing and commodity
market risks detailed herein and from filings made by the Company
with securities regulators.
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