Columbia Yukon Explorations Inc.
TSX VENTURE : CYU

Columbia Yukon Explorations Inc.

January 18, 2007 13:04 ET

Columbia Yukon Explorations Inc.: More Significant Moly Assays Received

WEST VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 18, 2007) - Columbia Yukon Explorations Inc. (the "Company") (TSX VENTURE:CYU) is pleased to announce that it has received the assay results for the final 8 remaining core drill holes of its recently completed 20-hole (5,000 metres) core drilling program on the Company's "Storie" molybdenum property located in northern British Columbia. The Storie Property lies south of the former Cassiar Mine townsite. The property is accessible by paved highway to Cassiar and then 5 kilometres of all weather gravel road.

The Company's 2006 drill program was designed to twin many of the holes that were drilled by Shell Canada Resources Ltd ("Shell") in 1979 and 1980 and the holes that were drilled by New Jersey Zinc Co in 1970 and 1971. The Company's 2006 drill program has given a level of confidence to the historical drilling such that the Company believes that the new drill holes and historical holes can be used to calculate a NI 43-101 compatible mineral resource. In this regard, the Company has engaged Watts, Griffis and McOuat to calculate the new resource in accordance with NI 43-101 standards.

The assay results for the first 12 holes were announced by the Company in its news releases dated November 24, 2006, December 11, 2006 and January 9, 2007. The assay results for the final 8 remaining drill holes are as follows:



--------------------------------------------------------------
HOLE FROM TO INTERVAL INTERVAL Mo
Number (metres) (metres) (metres) (feet)(i) %
--------------------------------------------------------------
ST06-13 27 155 128 419.8 0.063
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Including 27 114 87 285.4 0.070
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ST06-14 3 99 96 314.9 0.056
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Including 3 102 78 255.8 0.060
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ST06-15 72 154 82 269.0 0.041
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ST06-16 12 177 155 508.4 0.060
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Including 60 177 117 383.8 0.066
--------------------------------------------------------------
ST06-17 36 159 123 403.4 0.067
--------------------------------------------------------------
Including 90 159 69 226.3 0.082
--------------------------------------------------------------
ST06-18 99 183 84 275.5 0.061
--------------------------------------------------------------
ST06-19 111 180 69 226.3 0.052
--------------------------------------------------------------
Including 111 162 51 167.3 0.059
--------------------------------------------------------------
ST06-20 27 114 87 285.4 0.056
--------------------------------------------------------------
Including 42 114 72 236.2 0.103
--------------------------------------------------------------
(i) conversion factor: 1 metre equals 3.28 feet


Drill holes STO6-13, 14 and 15 were all drilled south of and below the "Crone Fault" which is the footwall to the higher grade of mineralization intersected in other holes. These three drill holes were drilled to test and were successful in intersecting equivalent mineralization. The remaining drill holes (ST06-16 to 20) intersected the Crone Fault with good results. However, in reviewing the data received, the Company believes that, as a result of mineral loss in the drilling process, the core recovery in drill holes ST06-16 to 20 had slightly lower molybdenum results.

Of particular interest, drill hole ST06-20 twinned the holes that were previously drilled by New Jersey Zinc. The holes drilled by New Jersey Zinc were drilled with a smaller core diameter, which resulted in poor core recovery. As a result, the drill results from New Jersey Zinc's holes in this location were below the "cut off" grade (0.04% Mo) and therefore were not included in the historical resource calculations. However, the results from the Company's drill hole ST06-20 demonstrates that the mineralization is continuous and open to the east.



The assay results from the first 12 drill holes (as previously reported)
are as follows:

--------------------------------------------------------------
HOLE FROM TO INTERVAL INTERVAL Mo
Number (metres) (metres) (metres) (feet)(i) %
--------------------------------------------------------------
ST06-01 122 287 165 541 0.080
--------------------------------------------------------------
ST06-02 192 336 144 472 0.084
--------------------------------------------------------------
STO6-03 162 297 135 443 0.087
--------------------------------------------------------------
STO6-04 201 330 130 426 0.092
--------------------------------------------------------------
ST06-05 117 176 169 554 0.104
--------------------------------------------------------------
ST06-06 127 181 54 177 0.056
--------------------------------------------------------------
STO6-06 202 244 42 138 0.057
--------------------------------------------------------------
ST06-07 87 171 84 276 0.080
--------------------------------------------------------------
STO6-08 33 219 186 610 0.098
--------------------------------------------------------------
ST06-09 9 204 195 640 0.054
--------------------------------------------------------------
ST06-10 24 165 141 462 0.081
--------------------------------------------------------------
ST06-11 36 84 48 157 0.067
--------------------------------------------------------------
STO6-12 18 123 105 344 0.066
--------------------------------------------------------------
including 18 36 18 59 0.117
--------------------------------------------------------------


The intervals in both of the above tables reflect a zone of mineralization greater than 0.04% Mo. All of the holes intersected molybdenite mineralization from top to bottom. The results are similar in thickness and grade to the holes that were drilled by Shell in 1979 and 1980.

The historical resource estimate for the Storie Property molybdenum deposit is 100,500,000 tonnes @ 0.077% Mo or 0.129 % MoS2. The resource calculated by Shell in 1981, is a historical resource and does not meet National Instrument 43-101 standards and as such can not be relied upon. The Company's Qualified Person, John Kowalchuk, P.Geo., has not reviewed the calculation for the historical resource; however, believes that it has been calculated by competent engineers to the standards of the period. The historical resource estimate was based on 86 drill holes, covering an approximate 1000-metre (3,280 feet) strike length, over a 300-400 metre (980-1,310 feet) width and to a vertical depth of 150 metres (492 feet).

The Company is extremely pleased with its assay results to date, which appear to confirm the historical resource calculations. Accordingly, the Company is planning an aggressive drill program of 20,000 metres (65,000 feet) for 2007. The 2007 drill program will further test the strike extent of the mineralization as well as the northern and southern structural and geophysical targets. The Company raised in excess of $4.4 million in the summer of 2006 for the Company's planned exploration of the Storie Property and has sufficient financing to conduct its intended 2007 program.

John Kowalchuk, P.Geo., has reviewed this release and is acting as the Qualified Person for this project.

Columbia Yukon Explorations Inc.

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.

Contact Information

  • Columbia Yukon Explorations Inc.
    Mr. Clive Shallow
    Investor Communications
    (604) 922-2030
    (604) 922-2037 (FAX)
    Website: www.columbiayukon.com