Columbia Yukon Releases 2009 Updated NI 43-101 Mineral Resource Estimate
March 04 2009 - 11:57AM
Marketwired Canada
Columbia Yukon Explorations Inc. (the "Company" or "Columbia Yukon") (TSX
VENTURE:CYU)(FRANKFURT:VOR) is extremely pleased to announce an impressive
increase in the resource estimate of both Measured and Indicated Resources for
the Company's "Storie" Property molybdenum deposit. The current estimated total
of both the Measured and Indicated Resource categories is 139.82 million tonnes
grading 0.064% Mo. at a cutoff of 0.030%. In addition, the 2008 drilling program
identified an Inferred Resource of 58.39 million tonnes grading 0.059% Mo. at a
cutoff of 0.030%. Further infill drilling is required in order to potentially
reclassify the Inferred Resource into a NI 43-101 Measured or Indicated Resource
category. Columbia Yukon is also pleased to point out that the deposit remains
open in three directions. The Company's positive exploration efforts during the
past three years have resulted in the Storie Property molybdenum project
becoming one of the largest primary molybdenum deposits in Canada. The Storie
Property is located near the former town site of Cassiar, British Columbia.
Mintec, Incorporated of Tucson, Arizona, ("Mintec"), was retained by Columbia
Yukon to prepare a further updated NI 43-101 Mineral Resource Estimate for the
Storie Property molybdenum deposit. The 2009 updated NI 43-101 Mineral Resource
Estimate was commissioned to reclassify, and in part, to confirm the increase in
the size of the previously reported 2008 NI 43-101 Mineral Resource Estimate for
the Storie Property molybdenum deposit. The 2008 drilling program successfully
outlined a very significant increase in the tonnage of resources for the Storie
Property. As well, these efforts served to reclassify the previous mineral
resources of Indicated and Inferred Resources to Measured, Indicated and
Inferred Resource categories. The Company has retained Watts, Griffis and McOuat
Limited ("WGM"), Consulting Geologists and Engineers of Toronto, Ontario, to
incorporate the Mintec Mineral Resource Estimate into a 2009 updated NI 43-101
report ("the WGM report") which will also review the results of metallurgical
studies by SGS Canada. The 2009 WGM report is currently being prepared by Robert
M. Kuehnbaum, P.Geo., Senior Associate Geologist with WGM and Abdullah Arik,
AusIMM, Principal MineSight Specialist with Mintec.
2009 MINERAL RESOURCE ESTIMATE
Mintec was also retained by Columbia Yukon to further update the 3-D modeling of
the Storie Property deposit. The purpose of the modeling is to assist the
Company in further exploration. The work completed by Mintec included:
- Collection of all available drilling and topographic information;
- Development of a 3-D solid of mineralized domain;
- Geostatistical analysis of the data;
- Development of a 3-dimensional exploration block model; and
- Resource estimation and classification.
The number of drill holes used by Mintec in the evaluation was 165, including 49
drill holes from the 2008 drilling campaign. Based upon the mineralized solid
(3-D wireframe model) and the geostatistical analysis of the assay data, a 3-D
model of the deposit was built with 10x10x10 metre-sized blocks for Mineral
Resource estimation. The block grades were interpolated for all items using the
Inverse Distance Cubed Weighting ("ID3") method. Molybdenum ("Mo") grade was
also interpolated using Ordinary Kriging ("OK") and Polygonal methods for
checking and comparison. Outlier high grade intervals were capped for Mo within
the mineralized domain during the interpolation to restrict the smearing effect
of very high grades. The capping was based on the cumulative probability plot
and statistical analysis of Mo grade distribution.
Based on the 2009 updated NI 43-101 Report, the total Indicated and Measured
Mineral Resource in the deposit at 0.030% Mo cutoff is approximately 140 million
tonnes grading 0.064% Mo, which represents an increase of 42 million tonnes in
this category. In addition, the Inferred Mineral Resource at the same cutoff is
approximately 58 million tonnes grading 0.059% Mo, which represents an increase
of 27 million tonnes in this category.
The Measured, Indicated and Inferred Mineral Resources for Mo at incremental
cutoffs from the different methods are shown as follows:
Summary of the Measured Mo Mineral Resources at Incremental Mo Cutoffs
--------------------------------------------------------------------------
MOID3 MOKRG MOPLY
----------------- ----------------- -----------------
Cutoff Grade Grade Grade
(Mo%) Tonnage (Mo%) Tonnage (Mo%) Tonnage (Mo%)
--------------------------------------------------------------------------
greater than or 35,588.8 0.0691 38,217.8 0.0644 35,153.8 0.0704
equal to 0.030
--------------------------------------------------------------------------
greater than or 30,864.3 0.0747 33,119.9 0.0693 30,597.5 0.0761
equal to 0.035
--------------------------------------------------------------------------
greater than or 27,083.4 0.0799 28,768.0 0.0742 27,097.4 0.0811
equal to 0.040
--------------------------------------------------------------------------
greater than or 20,900.8 0.0903 21,746.7 0.0837 20,572.4 0.0926
equal to 0.050
--------------------------------------------------------------------------
greater than or 11,154.2 0.1159 10,999.0 0.1060 11,260.3 0.1186
equal to 0.075
--------------------------------------------------------------------------
greater than or 6,235.5 0.1394 5,236.1 0.1278 6,534.5 0.1425
equal to 0.100
--------------------------------------------------------------------------
Summary of the Indicated Mo Mineral Resources at Incremental Mo Cutoffs
--------------------------------------------------------------------------
MOID3 MOKRG MOPLY
----------------- ----------------- -----------------
Cutoff Grade Grade Grade
(Mo%) Tonnage (Mo%) Tonnage (Mo%) Tonnage (Mo%)
--------------------------------------------------------------------------
greater than or 104,230.3 0.0628 107,501.7 0.0612 95,249.5 0.0698
equal to 0.030
--------------------------------------------------------------------------
greater than or 89,757.2 0.0677 92,349.0 0.0660 82,322.8 0.0756
equal to 0.035
--------------------------------------------------------------------------
greater than or 77,313.0 0.0726 79,133.6 0.0707 72,199.0 0.0810
equal to 0.040
--------------------------------------------------------------------------
greater than or 57,846.7 0.0821 58,549.1 0.0799 54,784.3 0.0926
equal to 0.050
--------------------------------------------------------------------------
greater than or 28,492.4 0.1037 28,202.4 0.1001 29,873.8 0.1189
equal to 0.075
--------------------------------------------------------------------------
greater than or 13,032.6 0.1248 11,567.1 0.1205 17,124.0 0.1435
equal to 0.100
--------------------------------------------------------------------------
Summary of the Inferred Mo Mineral Resources at Incremental Mo Cutoffs
--------------------------------------------------------------------------
MOID3 MOKRG MOPLY
----------------- ----------------- -----------------
Cutoff Grade Grade Grade
(Mo%) Tonnage (Mo%) Tonnage (Mo%) Tonnage (Mo%)
--------------------------------------------------------------------------
greater than or 58,386.1 0.0593 59,556.9 0.0582 53,541.9 0.0661
equal to 0.030
--------------------------------------------------------------------------
greater than or 48,450.7 0.0648 49,154.6 0.0637 44,392.8 0.0731
equal to 0.035
--------------------------------------------------------------------------
greater than or 40,726.4 0.0700 41,448.4 0.0686 37,909.2 0.0792
equal to 0.040
--------------------------------------------------------------------------
greater than or 29,084.2 0.0802 29,159.9 0.0788 27,698.3 0.0922
equal to 0.050
--------------------------------------------------------------------------
greater than or 13,221.6 0.1033 13,218.1 0.1004 13,744.4 0.1237
equal to 0.075
--------------------------------------------------------------------------
greater than or 5,698.4 0.1258 5,040.3 0.1232 8,090.2 0.1493
equal to 0.100
--------------------------------------------------------------------------
Notes:
- Tonnage times 1000;
- The blocks outside the Economic Pit Design ($30 Mo pit) and the blocks
below 1,220m elevation were excluded and not considered in the Mineral
Resources;
- MOID3 represents Mo grades calculated using ID3 method;
- MOKRG represents Mo grades calculated using Ordinary Kriging;
- MOPLY represents Mo grades calculated using Polygonal method;
- Variable density applied.
Columbia Yukon's 2006, 2007 and 2008 work focused on increasing, verifying and
upgrading resources which were previously known. Further, to the deposit
remaining open, there is at least one untested molybdenum occurrence (the "M"
Zone) which merits further investigation.
The WGM Report is currently being prepared in compliance with NI 43-101
requirements and presents a review of the geology and Mineral Resources of
Columbia Yukon's Storie Property molybdenum deposit. The Company will be filing
the 2009 updated NI 43-101 Report on www.SEDAR.com and on its website at
www.columbiayukon.com.
This news release has been reviewed and approved by Robert M. Kuehnbaum, M.Sc.,
P.Geo., for WGM and Abdullah Arik, B.Sc., M.S., Aus IMM, for Mintec, who are
acting as independent Qualified Persons for the Company's Storie Property
molybdenum project in accordance with regulations under NI 43-101.
About Columbia Yukon Explorations Inc.:
Columbia Yukon is a Canadian mineral exploration company focused on the
development of its Storie Property molybdenum deposit. The Storie Property is
situated about 6 km southwest of Cassiar, British Columbia. Cassiar is located
15 km (by road) west of Highway 37 which provides access to Watson Lake, Yukon,
to the north and Dease Lake and Stewart, British Columbia, to the south.
Columbia Yukon Explorations Inc.
Ronald A. Coombes, President & CEO
This news release includes certain statements that may be deemed
"forward-looking statements". All statements, other than statements of
historical facts, that address such matters as future exploration, drilling,
exploration activities, potential mineralization and resources and events or
developments that the Company expects, are forward looking statements and, as
such, are subject to risks, uncertainties and other factors of which are beyond
the reasonable control of the Company. Although the Company believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future performance
and actual results or developments may differ materially from those in
forward-looking statements. Factors that could cause actual results to differ
materially from those in forward-looking statements include such matters as
market prices, exploitation and exploration results, continued availability of
capital and financing, and general economic, market or business conditions. Any
forward-looking statements are expressly qualified in their entirety by this
cautionary statement. The information contained herein is stated as of the
current date and subject to change after that date.
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