Claude Resources Intercepts 84.66 g/tonne Gold Over 3.20 Metres at Neptune
TSX – CRJ
NYSE Amex – CGR
SASKATOON, May 25, 2011 /PRNewswire/ – (TSX-CRJ); (NYSE Amex-CGR) (“Claude”)
today announced that follow-up drilling at the Neptune target within
the Seabee Project has intersected high-grade gold within multiple
structures with assay results of up to 84.66 grams of gold per tonne across 3.20 metres or 2.47 ounces per ton across 10.5 feet. The 2011 winter drill program confirmed the gold-bearing structure
over a strike length of 1,200 metres to depths in excess of 250 metres
and, when combined with drilling completed in 2010, indicates strong
potential to grow the resource base at the Seabee Project.
The Neptune target was a grassroots discovery in 2010 and is located 6
kilometres north of the Seabee Minesite within the 14,400 hectare
Seabee Project. Located 110 kilometres northeast of La Ronge,
Saskatchewan, the Seabee Project hosts the currently producing Seabee
and Santoy 8 Gold Deposits.
A total of 13 holes and 4,051 metres were completed and assayed from the
2011 winter drill program (Figures 1, 2 and Table 1). Widely spaced
drilling targeted the Neptune trend whose gold-in-soil anomaly extends
for 1.8 kilometres. The gold-in soil anomaly exists along three
sub-parallel trends spanning a width of at least 200 metres. The system
remains open along strike to the northeast and southwest and at depth.
Multiple gold-bearing vein sets are situated proximal to the
arenite-basalt contact, a regional structure that hosts gold
mineralization at the Porky West and Porky Main deposits. Sheeted
quartz veins and associated alteration are hosted within both arenite
and basalt-derived, biotite-chlorite schist.
“Initial drill testing of the Neptune target has returned high grade
results with 10 of 15 holes hosting visible gold. To date, we have only
tested the Neptune target on widely spaced centres and are yet to
determine the limits. These results demonstrate the potential for
significant new discoveries and resource definition in the Seabee
Camp,” stated Brian Skanderbeg, Vice-President Exploration.
Based on these encouraging results from Neptune and in the Santoy
region, Claude has expanded the 2011 Seabee exploration program to
include 26,500 metres of surface drilling. The program will focus on
testing the 1.8 kilometre strike length of the Neptune target as well
as the Santoy Gap and depth continuity of the Santoy 8 and 8E systems.
The two rig program is anticipated to continue from early June through
to late October.
In addition to aggressive exploration efforts at the Seabee Project,
Claude has initiated Phase II underground drilling at the Madsen
Property in Red Lake and continues to advance the Amisk Gold Project.
The Phase II Madsen program is designed to test depth and strike
extensions to high grade mineralization within the 8 Zone Trend.
Please visit www.clauderesources.com for plan maps of the Seabee Project and the Neptune target.
Table 1: Neptune Target assay results for 2010 and 2011 drill programs. Hole ID Easting Northing Az/dip From Grade Width Visible (m) (g/t) (m) Gold NEP-10-001* 587851 6177720 130/-45 222.00 Anomalous 2.00 X NEP-10-002* 587851 6177720 130/-58 228.00 13.39 3.00 X NEP-11-003 587984 6177748 130/-45 60.00 3.78 1.00 X And 112.00 Anomalous 2.90 X And 124.00 Anomalous 1.00 X NEP-11-004 587950 6177671 130/-45 108.81 4.37 0.81 NEP-11-005 587938 6177652 130/-45 114.00 Anomalous 4.00 NEP-11-006 587865 6177584 130/-45 90.39 Anomalous 0.61 X NEP-11-007 587963 6177692 130/-45 4.05 Anomalous 2.95 X And 48.30 10.65 0.50 X And 84.80 84.66 3.20 X Incl. 84.80 218.00 1.20 X And 111.11 24.70 0.82 X NEP-11-008 588016 6177912 130/-45 159.00 8.38 1.00 X NEP-11-009 588113 6178080 130/-45 290.65 Anomalous 2.35 NEP-11-010 587933 6177839 130/-45 181.00 3.01 0.89 X NEP-11-011 587812 6177841 130/-58 308.82 Anomalous 2.00 X NEP-11-012 588067 6177801 130/-45 39.94 5.82 3.06 X NEP-11-013 588131 6177878 130/-45 NSI NEP-11-014 587374 6177159 130/-45 419.91 Anomalous 1.00 X NEP-11-015 587722 6177373 130/-45 NSI Note: Intercepts calculated using a 3 g/t Au cut-off, Anomalous (0.1-3 g/t Au), NSI (no significant intercepts),*(Previously released drill intercept).
Claude Resources Inc. is a public company based in Saskatoon,
Saskatchewan, whose shares trade on the Toronto Stock Exchange
(TSX-CRJ) and the NYSE Amex (NYSE Amex-CGR). Claude is a gold
exploration and mining company with an asset base located entirely in
Canada. Since 1991, Claude has produced over 930,000 ounces of gold
from its Seabee mining operation in northeastern Saskatchewan. The
Company also owns 100 percent of the 10,000 acre Madsen property in the
prolific Red Lake gold camp of northwestern Ontario and has a 65
percent working interest in the Amisk Gold Project in northeastern
Brian Skanderbeg, P.Geo. and M.Sc., Claude’s Vice-President Exploration,
is the Qualified Person who has reviewed and approved the contents of
this news release. Drill core was halved with samples averaging 2.0
metres 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
This Press Release may contain ‘forward-looking’ statements regarding
the plans, intentions, beliefs and current expectations of the Company,
its directors, or its officers with respect to the future business
activities and operating performance of the Company. The words “may”,
“would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”,
“estimate”, “expect” and similar expressions, as they relate to the
Company, or its management, are intended to identify such
forward-looking statements. Investors are cautioned that any such
forward-looking statements are not guarantees of future business
activities or performance and involve risks and uncertainties, and that
the Company’s future business activities may differ materially from
those in the forward-looking statements as a result of various
factors. Such risks, uncertainties and factors are described in the
periodic filings with the Canadian securities regulatory authorities,
including the Company’s Annual Information Form and quarterly and
annual Management’s Discussion & Analysis, which may be viewed on SEDAR
at www.sedar.com. Should one or more of these risks or uncertainties materialize, or
should assumptions underlying the forward-looking statements prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, believed, estimated or
expected. Although the Company has attempted to identify important
risks, uncertainties and factors which could cause actual results to
differ materially, there may be others that cause results not
anticipated, estimated or intended. The Company does not intend, and
does not assume any obligation, to update these forward-looking
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.