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Columbia Yukon Resources Ltd -
Mustang drilling temporarily suspended; warrants exercised
Columbia Yukon Resources Ltd
CYR
Shares issued 20286888
1998-04-01 close $0.255
Thursday Apr 2 1998
Mr Michael Gustavson reports
Columbia Yukon, as operator, along with its joint venture partner, International Butec, has been advised
by the Mustang project manager, M.P.H. Consulting, that the Alberta Public Lands office has
recommended that drill operations be temporarily suspended due to abnormally warm weather affecting
land conditions in the area. The Mustang drill program will continue as soon as more favourable drilling
conditions prevail, estimated to be two to four weeks.
M.P.H. has advised that the first drill target, PR24-1 in the northeast sector of the property, was
completed and the following geology was encountered. Hole PR24-1 was completed at a depth of 79.2
metres in upper cretaceous marine shale of the Shaftsbury formation. The overburden which is 67.1
metres, consists of glaciofluvial/glaciolacustrine deposits of clay, silt, sand and gravel. Sand and
gravelly material between 30 and 40 metres contains abundant magnetite and has magnetic
susceptibilities approximately 10 times that of the adjacent overburden units and approximately 20 times
that of the bedrock. The PR24 target has been satisfactorily explained as being caused by magnetic
concentrations in overburden. The target PR25, about 1km to the southwest, has the same signature and
has been discounted as a kimberlite target.
Drilling will continue, as soon as possible, on the two high priority cluster magnetic anomalies, one in
the central section of the property and the other in the southwest region.
Waterfront Capital, an ASE publicly traded company, has exercised 700,000 warrants at $0.15,
contributing $105,000 Columbia Yukon's treasury. |
