Columbia
Yukon Discovers New High Grade Moly Zone in Multiple Drill Holes Including
344 feet averaging 0.245% MoS2
West Vancouver,
British Columbia - January 17, 2008 - Columbia Yukon Explorations Inc. (the
"Company") is very pleased to announce that recently received assay
results from the Company's 2007 drilling program have identified significant
widths of high grade molybdenum in multiple new drill holes on the Company's
"Storie" Molybdenum Property. The Storie Property is located in
northern British Columbia, 5km south of the former Cassiar Mine
townsite.
In 2007, the Company completed 76 drill holes (23,000 metres of core
drilling) on the Storie Property. The Company is reporting assay results as
they are received. Prior to this news release, the Company has reported assay
results from 26 of the 76 drill holes. By this news release, the Company
reports the assay results from an additional 6 drill holes (ST07-46 to
ST07-51), which results are summarized as follows:
HOLE Number
|
FROM
(metres)
|
TO
(metres)
|
INTERVAL
(metres)
|
INTERVAL
(feet)*
|
Mo
(%)
|
MoS2
(%)**
|
ST07-46
|
40
|
208
|
168
|
551
|
0.032
|
0.053
|
including
|
40
|
52
|
12
|
39
|
0.052
|
0.087
|
and
|
130
|
157
|
27
|
89
|
0.043
|
0.072
|
and
|
178
|
208
|
30
|
98
|
0.074
|
0.123
|
ST07-47
|
192
|
313
|
121
|
397
|
0.055
|
0.092
|
including
|
192
|
258
|
66
|
216
|
0.072
|
0.120
|
ST07-48
|
93
|
240
|
147
|
482
|
0.064
|
0.107
|
ST07-49
|
235
|
339
|
104
|
341
|
0.045
|
0.075
|
including
|
235
|
293
|
58
|
190
|
0.047
|
0.079
|
and
|
308
|
339
|
31
|
102
|
0.054
|
0.090
|
ST07-50
|
17
|
288
|
271
|
889
|
0.070
|
0.117
|
including
|
83
|
206
|
123
|
403
|
0.114
|
0.189
|
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
|
*conversion factor: 1 metre = 3.28 feet
** conversion factor 1% MoS2 = 0.5999 %Mo
The above holes are
all infill drill holes which were completed with the intent of upgrading the
NI 43-101 resource from inferred to indicated or measured. Drill holes
STO7-46, STO7-47 and STO7-49 are on the northern edge of the NI 43-101
resource area and reflect lower grades, however, drill holes ST07-48, ST07-50
and ST07-51 (along with drill hole ST07-45, as reported in the Company's news
release of January 7, 2008) indicate a higher grade mineralization along the
western edge of the drilled area in a sheared zone above the Crone Fault. The
new high grade zone remains open to the west. Drill hole ST07-40, as
previously reported, intersected this high grade zone at depth. Drill
holes ST06-03, ST06-04 and ST06-08, as previously reported, also indicate
higher grades near the Crone Fault. The following table summarizes the
previous results which support the new high grade zone discovery:
HOLE Number
|
FROM
(metres)
|
TO
(metres)
|
INTERVAL
(metres)
|
INTERVAL
(feet)*
|
Mo
(%)
|
MoS2
(%)**
|
DDH
-79- 01
|
189
|
314
|
125
|
410
|
0.079
|
0.132
|
including
|
216
|
314
|
98
|
321
|
0.101
|
0.168
|
DDH
-79-02
|
159
|
277
|
118
|
387
|
0.067
|
0.112
|
including
|
192
|
277
|
85
|
279
|
0.074
|
0.123
|
DDH
- 80-14
|
250
|
449
|
199
|
653
|
0.094
|
0.157
|
DDH
-80 -15
|
56
|
203
|
147
|
482
|
0.050
|
0.083
|
including
|
145
|
203
|
58
|
190
|
0.081
|
0.135
|
DDH-
80 -16
|
177
|
347
|
170
|
558
|
0.052
|
0.087
|
ST06
- 01
|
122
|
287
|
165
|
541
|
0.080
|
0.133
|
ST06
- 02
|
192
|
336
|
144
|
472
|
0.084
|
0.140
|
ST06
- 03
|
162
|
297
|
135
|
443
|
0.087
|
0.145
|
STO6-04
|
201
|
330
|
130
|
426
|
0.092
|
0.153
|
ST06
- 07
|
87
|
171
|
84
|
276
|
0.080
|
0.133
|
ST06
- 08
|
33
|
219
|
186
|
610
|
0.098
|
0.163
|
ST06
- 10
|
24
|
165
|
141
|
462
|
0.081
|
0.135
|
ST07-36
|
168
|
318
|
150
|
482
|
0.094
|
0.157
|
ST07-38
|
87
|
195
|
108
|
354
|
0.094
|
0.157
|
ST07
- 40
|
42
|
191
|
149
|
489
|
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
|
335
|
0.090
|
0.150
|
and
|
389
|
446
|
57
|
187
|
0.076
|
0.127
|
ST07
- 45
|
82
|
319
|
237
|
777
|
0.106
|
0.177
|
A map of the Company's
2006 and 2007 drill hole locations for the Storie Property can be found on
the Company's website (www.columbiayukon.com).
The assay results from
the Company's 2007 drill program continues to improve the Company's
confidence of the NI 43-101 inferred resource of 101.6 million tonnes grading
0.067%Mo (0.112 % MoS2). All of the above holes were drilled using
hydraulic drills producing NQ sized core. The core was sawn in half by
a diamond bit rock saw and half of the core was retained and stored in the
core box for permanent record or later reference. The other half of the core
was bagged and sent to Acme Analytical Laboratories of Vancouver, B.C. where
it was crushed and pulverized. A one-gram sample was dissolved in aqua
regia and the solution was analysed for 30 elements using an inductively
coupled plasma emission spectrometer. Samples that ran greater than 350
ppm Mo were assayed using a larger sample size and greater dilution in order
to be able to read the higher grade values.
The Company's planned
2008 program is being designed in an effort to significantly expand the
currently known and sizeable resource. As well, the 2008 exploration program
will focus on further resource definition of the new high grade zone
discovery.
This news release has
been reviewed and approved by John Kowalchuk, P. Geo., who is acting as
Qualified Person for the Company's Storie Property Project in accordance with
regulations under NI 43-101.
For further
information, contact Mr. Clive Shallow, investor communications at
604-922-2030 or visit the Company's website at www.columbiayukon.com.
Columbia Yukon Explorations Inc.
"Ronald A. Coombes"
_________________________________
Ronald A. Coombes, President
The TSX Venture Exchange has not reviewed this news
release and does not accept responsibility for the adequacy or accuracy of
this release.
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