Columbia Yukon Explorations Inc.
TSX VENTURE : CYU

Columbia Yukon Explorations Inc.

December 11, 2006 13:09 ET

Columbia Yukon Explorations Inc.: Additional Significant Moly Assays Received

WEST VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 11, 2006) - Further to its news release of November 24, 2006, Columbia Yukon Explorations Inc. (the "Company") (TSX VENTURE:CYU) is pleased to announce that it has received additional assay results for 3 more holes of its recently completed 20-hole 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 and is accessible by paved highway to Cassiar and then 5 kilometres of all weather gravel road.

In its 2006 drilling program, the Company completed 5,000 metres of core drilling in 20 holes. The Company has now received assay results for 7 of the 20 drill holes. The Company will report the rest of the assays when they are received, however, the results of the 3 additional drill holes are as follows:



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HOLE FROM TO INTERVAL INTERVAL
Number (metres) (metres) (metres) (feet)(i) Mo %
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ST06-05 117 276 159 522 0.104
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ST06-06 127 244 117 384 0.048
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STO6-08 33 219 186 610 0.098
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(i)conversion factor: 1 metre equals 3.28 feet


Drill hole STO6-06 was collared on the "Crone Fault" which is the footwall to the higher grade of mineralization intersected in the other holes. Drill hole ST06-06 was drilled to test the potential for mineralization below the Fault and was successful in locating good mineralization below the Crone Fault. The Company has only received partial results from drill hole ST06-07 and will release the results when the complete set of assays for hole ST06-07 are received.

As referred to in the Company's news release of November 24, 2006, the assay results for the first 4 drill holes were as follows:



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HOLE FROM TO INTERVAL INTERVAL
Number (metres) (metres) (metres) (feet)(i) Mo %
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ST06-01 122 287 165 541 0.080
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ST06-02 192 336 144 472 0.084
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STO6-03 162 297 135 443 0.087
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STO6-04 201 330 130 426 0.092
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The intervals in both of the above tables reflect a zone of mineralization greater than 0.04% Mo. All 7 holes intersected molybdenite mineralization from top to bottom. The results are similar in thickness and grade to the holes that were drilled by Shell Canada Resources Ltd. ("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. 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 to 400 metre (980 to 1,310 feet) width and to a vertical depth of 150 metres (492 feet).

The Storie deposit represents a 150 to 200 metre (500 to 660 feet) thick mineralized zone within and above the Crone Fault. The Crone Fault is a major north-east trending fault which dips 45 to 60 degrees to the north-west. The mineralized zone has been traced from surface down to at least 336 metres (472 feet) in depth. The zone contains remobilized molybdenite mineralization in a hydrothermally altered zone. The deposit is open along strike to the east and west and to depth. Results from Induced Polarization ("IP") surveys trace the known mineralized zone and also extend the zone 400 metres (1,300 feet) to the east beyond the historical drill holes. The IP surveys also suggest the presence of a parallel hydrothermal system to the north of the historic drilling. The fault to the south of the drilling (known as the "X-fault") has been trenched and contains similar hydrothermally concentrated molybdenite mineralization. The X- fault and the northern IP target have not been tested with drilling, but the Company believes, from the work completed to date, that the overall size of the resource may be increased, when compared with Shell's calculation of the historical resource.

The Company's 2006 drill program was designed to twin many of the holes that were drilled by 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 and support 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 Company is very encouraged by its results to date and is planning an aggressive drill program of between 10,000 to 20,000 metres (33,000 to 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.

For a map of the drill collar locations, please refer to this news release on our website.

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