Post by Franko10 ™ on Oct 7, 2004 11:05:21 GMT -5
Claude Resources Announces $5 Million Exploration Program
Claude Resources Inc., a Canadian junior gold producing company listed on the Toronto Stock Exchange, is budgeting $5 million for exploration in 2000. The Company has initiated significant exploration programs at its Madsen mine in the Red Lake area of Ontario and its Seabee mine in northern Saskatchewan.
A 7000m surface drill program has commenced at the Company's Currie Rose property that adjoins the Seabee mine approximately 120 kilometres northeast of La Ronge. The primary focus of this program will be to undertake step out drilling west of the existing 2C mine workings. Previous drilling identified a mineralized parallel structure, the 2D zone, which was drilled down to the 190m level. Sill development of this zone at the 140m level graded an average of 18.6 g/t gold over three metres. Current reserve estimates of 85,800 tonnes exist in two stoping blocks in the 2D zone between the 80m and 190m levels with high-grade mineralization drill intersected above the 80m level. The zone is open along strike and at depth. These results provide the impetus to step out for a further 2000m to the west to test the continuation of the 2C and 2D zones and explore for additional parallel structures.
At Madsen, the Company is in the process of dewatering the mine to below the 16th level to be followed by a diamond drilling program that will result in the drill testing of the mine's quartz-carbonate No. 8 zone between the 16th and 22nd levels. The No. 8 zone is considered to have similarities with the prolific high-grade "snowbank" veins that exist in the Campbell and Goldcorp deposits at Red Lake. The zone has experienced limited historic production between the 24th and 27th levels. An indicated resource of 79,900 tonnes grading 18.2 g/t gold remains in place between the 22nd and 24th levels. The Company believes this grade is understated due to of the historic practice of removing all visible gold prior to assaying drill cores. Over twenty-five percent of historic drill logs record visible gold. Coincident with a mafic-ultramafic contact, this quartz-carbonate No. 8 structure is open both up-dip and down-dip.
The Madsen work program in 2000 includes driving access and drill drifts followed by sectional drilling between the 16th and 22nd levels. Holes will be fan drilled commencing with the steepest hole targeting mineralization near the 22nd level with successive holes testing the system at progressively shallower levels. Cost projections for the work program to be completed in 2000 total $4.3 million with this phase of the drill program expected to be completed in the first quarter of 2001.
Claude currently produces 55-60,000 ounces of gold annually from its Seabee gold mine with cash costs of under US $200 per ounce. The Company is debt free and has in excess of $10 million in working capital.
For further information please contact:
Neil McMillan, President
Phone: (306) 668-7505
Claude Resources Inc., a Canadian junior gold producing company listed on the Toronto Stock Exchange, is budgeting $5 million for exploration in 2000. The Company has initiated significant exploration programs at its Madsen mine in the Red Lake area of Ontario and its Seabee mine in northern Saskatchewan.
A 7000m surface drill program has commenced at the Company's Currie Rose property that adjoins the Seabee mine approximately 120 kilometres northeast of La Ronge. The primary focus of this program will be to undertake step out drilling west of the existing 2C mine workings. Previous drilling identified a mineralized parallel structure, the 2D zone, which was drilled down to the 190m level. Sill development of this zone at the 140m level graded an average of 18.6 g/t gold over three metres. Current reserve estimates of 85,800 tonnes exist in two stoping blocks in the 2D zone between the 80m and 190m levels with high-grade mineralization drill intersected above the 80m level. The zone is open along strike and at depth. These results provide the impetus to step out for a further 2000m to the west to test the continuation of the 2C and 2D zones and explore for additional parallel structures.
At Madsen, the Company is in the process of dewatering the mine to below the 16th level to be followed by a diamond drilling program that will result in the drill testing of the mine's quartz-carbonate No. 8 zone between the 16th and 22nd levels. The No. 8 zone is considered to have similarities with the prolific high-grade "snowbank" veins that exist in the Campbell and Goldcorp deposits at Red Lake. The zone has experienced limited historic production between the 24th and 27th levels. An indicated resource of 79,900 tonnes grading 18.2 g/t gold remains in place between the 22nd and 24th levels. The Company believes this grade is understated due to of the historic practice of removing all visible gold prior to assaying drill cores. Over twenty-five percent of historic drill logs record visible gold. Coincident with a mafic-ultramafic contact, this quartz-carbonate No. 8 structure is open both up-dip and down-dip.
The Madsen work program in 2000 includes driving access and drill drifts followed by sectional drilling between the 16th and 22nd levels. Holes will be fan drilled commencing with the steepest hole targeting mineralization near the 22nd level with successive holes testing the system at progressively shallower levels. Cost projections for the work program to be completed in 2000 total $4.3 million with this phase of the drill program expected to be completed in the first quarter of 2001.
Claude currently produces 55-60,000 ounces of gold annually from its Seabee gold mine with cash costs of under US $200 per ounce. The Company is debt free and has in excess of $10 million in working capital.
For further information please contact:
Neil McMillan, President
Phone: (306) 668-7505