Columbia Yukon to begin drilling in Labrador

With $5 million in preliminary exploration work completed, Columbia Yukon Resources (ASE) is eager to begin drilling on 12 claim blocks in the Nain-Okak Inlet area of Labrador.

Three of the claim blocks are under option from Yanks Peak Resources (VSE), while the remainder are wholly owned by Columbia Yukon. Four of these latter blocks have been individually optioned to four companies: Silverstone Resources (VSE), Agarwal Resources (VSE), Consolidated Venturex Holdings (VSE) and Hyder Gold (VSE).

Immediate plans call for a drill to be moved onto the ML 1506 property for a 1,000-metre program.

Silverstone Resources can earn a half interest in ML 1506; drilling had been planned for last fall, but bad weather forced the companies to delay the work.

Several strong conductors are present on ML 1506 within troctolitic rocks, and surface showings returned grades of up to 2% copper and 0.7% nickel.