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Claude Resources Inc. Extends Gold Mineralization at the Santoy Gap and Discovers New Zone

November 27, 2012

Trading Symbols
TSX – CRJ
NYSE MKT – CGR

‘Intersects 8.16 g/t over 5.93 metres at Santoy Gap’

SASKATOON, Nov. 27, 2012 /PRNewswire/ – Claude Resources Inc. (TSX-CRJ; NYSE
MKT-CGR) (“Claude” and or the “Company”) today provided a summary of
results from its recently completed 2012 drill program at Santoy Gap
within the Company’s 100 percent-owned, 14,400 hectare Seabee Gold
Project. Newly released results have extended the mineralized system
down-dip to 650 metres depth and along strike to the south toward the
Santoy 8 Mine. In addition, the program has discovered a sub-parallel
lens to the Santoy Gap, approximately 150 metres to the east. These
latest drill intercepts continue to affirm the high prospectivity of
the Santoy Regional Shear Zone, hosting multiple deposits over a three
kilometre strike length.

Recent highlights from the 2012 drill results are summarized below.

Table 1: Highlights from 2012 Santoy Gap drilling.


       Hole ID  Easting Northing  From  To (m) Grade (g/t) Width Zone
                                  (m)                       (m)

    JOY-12-686* 599287  6170925  642.40 648.33        8.16  5.93  GAP

    JOY-12-688* 599481  6170719  416.20 422.20        5.07  6.00   HW

    JOY-12-689* 599537  6170658  382.84 387.37        3.51  4.53   HW

                           And   603.00 604.32        4.68  1.41  GAP

                           And   607.50 609.08        5.03  1.58  GAP

    JOY-12-630  598791  6170890  272.27 272.77       13.60  0.50  GAP

    JOY-12-636  599035  6170957  415.77 432.50        6.91 16.73  GAP

    JOY-12-638  599035  6170957  398.00 400.30       13.94  2.30  GAP

    JOY-12-643  598950  6170670  181.75 183.57       41.88  1.82  GAP

    JOY-12-648  599073  6170506   61.92  62.42       17.25  0.50 Other

                           And   158.00 159.00       11.45  1.00  GAP

    JOY-12-665  599094  6170889  378.25 380.00       13.84  1.75  GAP

    JOY-12-667  599000  6170595  124.57 126.24       10.75  1.67  GAP

    JOY-12-670  599010  6170745  253.59 255.97       11.50  2.38  GAP

    JOY-12-674  599207  6170942  520.15 526.45        4.67  6.30  GAP

                           And   566.25 567.25       49.50  1.00   FW

    JOY-12-677  599154  6170781  321.04 350.78       14.58 29.74  GAP

    JOY-12-678  598827  6170985  230.50 231.50       50.30  1.00  GAP

    JOY-12-679  599155  6170775  343.99 364.28       13.81 20.29  GAP

    JOY-12-682  599155  6170775  374.60 375.60       27.20  1.00  GAP

                           And   400.80 405.50       11.07  4.70  GAP

    Note:* Newly released drill hole intercept. Composites were
    calculated
    using a 3.0 g/t Au cut-off grade and may include internal
    dilution. True
    widths are interpreted to be 75 to 95 percent of drilled width.
    Assay
    results are uncut.

The final five drill holes of the 2012 program targeted the down-dip
extension of the Santoy Gap deposit. (Click here to view: Long section of Santoy Region; Plan map of Santoy Region) Of these, four drill holes returned visible gold-bearing intercepts,
including JOY-12-688 and JOY-12-689, which contained both hanging-wall
and Santoy Gap mineralized intervals. Recent Santoy Gap intercepts are
highlighted by drill hole JOY-12-686 that returned 8.16 grams of gold
per tonne over 5.93 metres and JOY-12-689 that returned 4.68 grams of
gold per tonne over 1.41 metres and 5.03 grams of gold per tonne over
1.58 metres. Drill hole JOY-12-686 extended economic mineralization 150
metres down-dip to a depth of 650 metres below surface. Drill hole
JOY-12-689 is of particular significance as it implies continuity of
the Santoy Gap structure along strike towards the Santoy 8 Mine.

A sub-parallel, hanging-wall structure was discovered with JOY-12-688
and JOY-12-689 returning 5.07 grams of gold per tonne over 6.00 metres
and 3.51 grams of gold per tonne over 4.53 metres, respectively.  Both
intercepts contained coarse visible-gold associated with silicified
granodiorite and quartz veining. The intercepts lie between 375 and 425
metres below surface, remain open in all directions and represent a new
discovery.

“The 2012 drill program at Santoy Gap has yielded a new hanging wall
discovery as well as expanded and confirmed resource continuity. 
Infill intercepts of 13.81 grams of gold per tonne over 20.29 metres
and 14.58 grams of gold per tonne over 29.74 metres have outlined a
significant high-grade core to the Santoy Gap deposit,” stated Brian
Skanderbeg, Senior Vice President and COO. “We look forward to
integrating these results into an updated National Instrument 43-101
resource and the Seabee Life of Mine Plan.”

A total of 71 holes and 35,100 metres were completed at Santoy Gap
during 2012 (See Claude website for a table of all intercepts from 2012).  The Santoy Gap system remains open down plunge to the north, along
strike to the south and at depth. These recent intercepts at depth may
link with the existing Santoy 8 resource 300 metres to the south. All
2012 drill results will be incorporated into an updated National
Instrument 43-101 compliant resource statement to be released by the
end of 2012. At December 31, 2011, Santoy Gap hosted an inferred
resource of 495,000 ounces at 6.63 grams of gold per tonne. The fourth
quarter update will consider all drilling completed to date and focus
on resource expansion and conversion to an indicated status.

Based on the Santoy Gap inferred resource, positive exploration results
and proximity to the existing Santoy 8 infrastructure, the Company has
initiated an 850 metre long exploration drift to allow for infill
drilling and upgrading of the inferred resource. As of November 18,
2012, 265 metres of the drift have been completed and its development
continues to be prioritized.

Gold mineralization at Santoy Gap is hosted within a system of sheeted,
shear-hosted quartz veins, silicified biotite-diopside schist and
silicified granitic to dioritic dykes. Visible gold is typically
observed along vein contacts, associated with trace to five percent,
disseminated pyrrhotite, pyrite, chalcopyrite and rarely tellurides.
Vein sets are interpreted to dip moderately, 45 to 60 degrees to the
east, and are interpreted to be amenable to bulk underground mining
techniques. The system shows very similar structural controls and
geometry to the Santoy 8 deposit. Preliminary observations of the
hanging-wall structure to the Santoy Gap reveal locally schistose
granitic to dioritic dykes characterized by visible-gold hosted in
quartz veins with trace to five percent disseminated and blebby
sulphide.

Please visit www.clauderesources.com for longitudinal and plan maps of the Santoy Gap deposit, a complete
list of 2012 drill results and location map of the Seabee Project.

About Claude Resources Inc.:
Claude Resources Inc. is a gold producer with shares listed on both the
Toronto Stock Exchange (TSX-CRJ) and the NYSE Amex (NYSE Amex-CGR). The
Company is also engaged in the exploration and development of gold
mineral reserves and mineral resources. The Company’s entire asset base
is located in Canada. Its main revenue generating asset is the 100
percent owned Seabee Gold Project, located in northern Saskatchewan.
Since 1991, Claude has produced over 1,010,000 ounces of gold from the
Seabee Gold Project. Claude also owns 100 percent of the Madsen
property near Red Lake, Ontario and 100 percent interest in the Amisk
Gold Property in northeastern Saskatchewan.

Brian Skanderbeg, P.Geo. and M.Sc., Senior Vice-president and Chief
Operating Officer, is the Qualified Person who has reviewed and
approved the contents of this news release. Drill core was halved with
samples averaging 1.5 metres and was submitted to ALS Chemex in
Vancouver, an ISO approved facility. Rigorous quality assurance and
quality control procedures have been implemented including the use of
blanks, standards and duplicates. Core samples were analyzed by a 30
gram gold fire assay with an atomic absorption, conventional
gravimetric and/or screen fire techniques.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

All statements, other than statements of historical fact, contained or
incorporated by reference in this news release and  constitute
“forward-looking information” within the meaning of applicable Canadian
securities laws and “forward-looking statements” within the meaning of
the United States Private Securities Litigation Reform Act of 1995
(referred to herein as “forward-looking statements”).  Forward-looking
statements include, but are not limited to, statements with respect to
the future price of gold, the estimation of mineral reserves and
resources, the realization of mineral reserve estimates, the timing and
amount of estimated future production, costs of production, capital
expenditures, costs and timing of the development of new deposits,
success of exploration activities, permitting time lines, currency
exchange rate fluctuations, requirements for additional capital,
government regulation of mining operations, environmental risks,
unanticipated reclamation expenses, title disputes or claims and
limitations on insurance coverage.  Generally, these forward-looking
statements can be identified by the use of forward-looking terminology
such as “plans”, “expects” or “does not expect”, “is expected”,
“budget”, “scheduled”, “estimates”, “forecasts”, “intends”,
“anticipates” or “does not anticipate” or “believes”, or the negative
connotation thereof or variations of such words and phrases or state
that certain actions, events or results, “may”, “could”, “would”,
“might” or “will be taken”, “occur” or “be achieved” or the negative
connotation thereof.

All forward-looking statements are based on various assumptions,
including, without limitation, the expectations and beliefs of
management, the assumed long-term price of gold, that the Company will
receive required permits and access to surface rights, that the Company
can access financing, appropriate equipment and sufficient labour, and
that the political environment within Canada will continue to support
the development of mining projects in Canada.

Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Claude to be
materially different from those expressed or implied by such
forward-looking statements, including but not limited to:  actual
results of current exploration activities; environmental risks; future
prices of gold; possible variations in ore reserves, grade or recovery
rates; mine development and operating risks; accidents, labour issues
and other risks of the mining industry; delays in obtaining government
approvals or financing or in the completion of development or
construction activities; and other risks and uncertainties, including
but not limited to those discussed in the section entitled “Business
Risk” in the Company’s Annual Information Form.  These risks and
uncertainties are not, and should not be construed as being,
exhaustive.

Although Claude has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended.  There can be
no assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements.  Accordingly, readers should not place
undue reliance on forward-looking statements.

Forward-looking statements in this news release are made as of the date
of this news release, being November 14, 2012 and, accordingly, are
subject to change after such date.  Except as otherwise indicated by
Claude, these statements do not reflect the potential impact of any
non-recurring or other special items that may occur after the date
hereof.  Forward-looking statements are provided for the purpose of
providing information about management’s current expectations and plans
and allowing investors and others to get a better understanding of our
operating environment.

Claude does not undertake to update any forward-looking statements that
are incorporated by reference herein, except in accordance with
applicable securities laws.

CAUTIONARY NOTE TO US INVESTORS CONCERNING RESOURCES ESTIMATES

The resource estimates in this document were prepared in accordance with
National Instrument 43-101, adopted by the Canadian Securities
Administrators. The requirements of National Instrument 43-101 differ
significantly from the requirements of the United States Securities and
Exchange Commission (the “SEC”). In this document, we use the terms
“measured”, “indicated” and “inferred” resources. Although these terms
are recognized and required in Canada, the SEC does not recognize them.
The SEC permits U.S. mining companies, in their filings with the SEC,
to disclose only those mineral deposits that constitute “reserves”.
Under United States standards, mineralization may not be classified as
a reserve unless the determination has been made that the
mineralization could be economically and legally extracted at the time
the determination is made. United States investors should not assume
that all or any portion of a measured or indicated resource will ever
be converted into “reserves”. Further, “inferred resources” have a
great amount of uncertainty as to their existence and whether they can
be mined economically or legally, and United States investors should
not assume that “inferred resources”.

 

 

 

 

SOURCE CLAUDE RESOURCES INC.


Source: PR Newswire