More moly at Storie for Columbia Yukon

Vancouver – The Storie molybdenum deposit in northern British Columbia keeps growing for owner Columbia Yukon Explorations (CYU-V).

Following a 49-hole drill campaign in 2008, a new resource estimate for Storie has pegged measured and indicated resources at 140 million tonnes grading 0.064% molybdenum. The new measured and indicated count adds some 42 million tonnes to the previous estimate.

In the inferred category Storie is now home to 58 million tonnes grading 0.059% molybdenum, an increase of roughly 27 million tonnes.

The numbers are based on a 0.03% molybdenum grade cut-off. In total, the resource estimate used data from 165 drill holes. Columbia Yukon says the deposit, which sits within a hill, remains open in three directions.

The property is located immediately south of the former mining town of Cassiar, which sits along Highway 37.

Columbia Yukon signed an earn-in agreement for the Storie property from Eveready Resource, a private Calgary-based exploration company, in early 2006. Columbia Yukon accelerated its payment schedule and by late 2007 owned the property outright, subject to a 2.5% net smelter return.

On news of the updated resource estimate Columbia Yukon gained a penny to close at 15.5¢. The company has a 52-week trading range of 10¢ to 77¢ and has 41 million shares issued.