Columbia Yukon Releases updated Resource Estimate for Storie Molybdenum Property
Published: 02:17 17 Apr 2009 BST
We had Columbia Yukon Explorations Inc. (TSX.V: CYU, Frankfurt: VOR.F) presenting at the Toronto One2One Investor forum on April 14th. Ronald A. Coombes, President and CEO gave an update of the progress the company is making at “Storie” Property molybdenum deposit. The story at “Storie” keeps getting better. The company has just received the finalized version of the Company’s 2009 updated NI 43-101 Mineral Resource Estimate Report dated April 15, 2009 for the “Storie” Property.
CYU has already provided a summary of the 2009 Updated NI 43-101 Report. As reported at that time, the current estimated total of both Measured and Indicated Resource categories is 139.82 million tonnes grading 0.064% Mo at a cutoff of 0.030% (which represents an increase of 42 million tonnes in these categories) and an Inferred Resource of 58.39 million tonnes grading 0.059% Mo at a cutoff of 0.030% (which represents an increase of 27 million tonnes in this category). Further infill drilling is required in order to potentially reclassify the Inferred Resource into a NI 43-101 Measured or Indicated Resource category.
The company has taken considerable efforts to develop the at “Storie” molybdenum deposit over the last three years. These efforts have indeed resulted in the Storie molybdenum project becoming one of the largest primary molybdenum deposits in Canada. Ron Coombes also pointed out that the deposit remains open in three directions.
While Moly prices remain relatively low at this stage, its diversity of applications is likely to help revive its fortunes. Moly is used in a wide variety of applications such as the manufacture of airline parts, bridge structures, pipelines and oil-rigs. It is also a major component in the manufacture of high-strength steel. Demand for all these applications may have suffered a minor hiccup but are bound to recover at some stage, thus bringing moly back to the fore.
About Columbia Yukon Explorations Inc.:
Columbia Yukon is a Canadian mineral exploration company focused on the development of its Storie Molybdenum Property deposit located in northern British Columbia, 5km south of the Hwy from the former Cassiar Mine townsite. www.columbiayukon.com .
