Columbia Yukon Resources - VBE 1, VBE 2 exploration to begin, Voisey's Bay, Labrador.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--June 18, 1996-- Columbia Yukon Resources Ltd. (the "Company") is pleased to announce, together with International CanAlaska Resources, its joint venture partner, that the 1996 exploration programs are to begin on the strategically positioned VBE See VESA BIOS Extension. 1 and VBE 2 properties in Voisey's Bay. The VBE 1 property, the first claim block outside of and due east of Diamond Fields Resources' "Eastern Deeps Discovery", will be the focus of a detailed program, after establishment of a base camp within the next 2-3 weeks. Phase One exploration will consist of approximately 60 kilometres of line installation/chaining followed by proton magnetometer A proton magnetometer measures very small variations in the earth's magnetic field allowing ferrous objects on land and at sea to be detected. They are used in land-based archaeology to map the positions of demolished walls and buildings and at sea to locate wrecked ships deep-penetrating gravity, and electromagnetic surveys. Detailed ground geological mapping will be carried out, focusing on known areas of fracture-type mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. (1.1 percent Ni, 0.94 percent Cu, 0.05 percent Co) and the contact characteristics of the property's anorthosite anorthosite Type of igneous rock composed predominantly of calcium-rich feldspar. It is considerably less abundant than either basalt or granite, but the complexes in which it occurs are often immense. and granite intersections. Upon establishment of drill targets, an archaeological evaluation will be conducted to ensure that no heritage sites are disturbed. Current drill plans also include the utilization of downhole EM pulse equipment to survey for deep targets. The VBE 2 property, situated outside of and due south of Diamond Fields Resources' ovoid o·void or o·voi·dal n. Something that is shaped like an egg. adj. Shaped like an egg; oviform. ovoid having the oval shape of an egg. ovoid body colloid body. Discovery, will receive approximately 20 kilometres of line installation/chaining and geophysical surveys Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. concentrating on areas where several airborne electromagnetic anomalies were detected in the 1995 field season, as well as areas where promising anomalous a·nom·a·lous adj. 1. Deviating from the normal or common order, form, or rule. 2. Equivocal, as in classification or nature. gold values were obtained. The initial joint venture budget will be approximately $450,000 and is to be funded by the successful completion of the proposed $2,000,000 flow- through funding previously announced by the Company. Negotiations are underway with a major third party mining company to joint venture or option these claim blocks. Columbia Yukon Resources Ltd. can earn a 70 percent interest in the VBE 1 and VBE 2 claims under the terms and conditions as outlined in the Company's news release of February 23, 1995. International CanAlaska Resources will be the operator. ON BEHALF OF THE BOARD OF DIRECTORS Douglas L. Mason, Director The Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). nor any other regulatory body has reviewed this news release and therefore do not accept responsibility for the adequacy or accuracy of this release. CONTACT: Columbia Yukon Resources Limited Douglas L. Mason, 604/683-3070 |
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