Owner
Post by Franko10 ™ on Oct 7, 2004 11:13:49 GMT -5
Claude Reports Madsen Results
Placer Dome has completed Phase II of its ongoing exploration program at Claude Resources’ Madsen, Red Lake property.
Phase II was designed to test for an up-dip extension of the high-grade #8 zone and undertake geochemical work on the property as a whole.
The drill program involved 4,432 metres of drilling in two pilot holes from surface with one wedged navigational cut from each pilot hole. The four drill holes covered 500 metres of strike length at depths half-way between surface and the known #8 zone workings.
The drill program intersected four separate mineralized structures that returned significant gold values. Three of the four zones discovered returned grades in the 4 to 5 grams per tonne range over 1 to 3 metres. The fourth zone included two intervals that assayed 3 grams per tonne over 1.2 metres and 1.2 grams per tonne over .9 metres.
Concurrent with the drill program Placer Dome initiated geological and geochemical studies to cover the north-east strike extension of the mafic/ultramafic stratigraphy. This work outlined ten kilometres of strike length and will be used to define future drill targets.
Based on the numerous intervals hosting elevated gold grades, Phase III of the exploration program will continue the extensive geological and geophysical work.
Additionally, in Phase III Placer Dome intends to drill the down-dip extension of the #8 zone from surface. This drill program will involve a long pilot hole with three or four "wedges" providing four or five pierce points in this high-grade target. Drilling is expected to commence early in 2002.
Placer Dome has an option to earn a 55% interest in the Madsen project by spending $8.2 million in the first three years of the option agreement and delivering a positive bankable feasibility study by December 2005. Under the terms of the option agreement Placer Dome must spend at least $1.5 million on the project during 2002.
For further information please contact:
Neil McMillan, President
Claude Resources Inc.
(306) 668-7505
Placer Dome has completed Phase II of its ongoing exploration program at Claude Resources’ Madsen, Red Lake property.
Phase II was designed to test for an up-dip extension of the high-grade #8 zone and undertake geochemical work on the property as a whole.
The drill program involved 4,432 metres of drilling in two pilot holes from surface with one wedged navigational cut from each pilot hole. The four drill holes covered 500 metres of strike length at depths half-way between surface and the known #8 zone workings.
The drill program intersected four separate mineralized structures that returned significant gold values. Three of the four zones discovered returned grades in the 4 to 5 grams per tonne range over 1 to 3 metres. The fourth zone included two intervals that assayed 3 grams per tonne over 1.2 metres and 1.2 grams per tonne over .9 metres.
Concurrent with the drill program Placer Dome initiated geological and geochemical studies to cover the north-east strike extension of the mafic/ultramafic stratigraphy. This work outlined ten kilometres of strike length and will be used to define future drill targets.
Based on the numerous intervals hosting elevated gold grades, Phase III of the exploration program will continue the extensive geological and geophysical work.
Additionally, in Phase III Placer Dome intends to drill the down-dip extension of the #8 zone from surface. This drill program will involve a long pilot hole with three or four "wedges" providing four or five pierce points in this high-grade target. Drilling is expected to commence early in 2002.
Placer Dome has an option to earn a 55% interest in the Madsen project by spending $8.2 million in the first three years of the option agreement and delivering a positive bankable feasibility study by December 2005. Under the terms of the option agreement Placer Dome must spend at least $1.5 million on the project during 2002.
For further information please contact:
Neil McMillan, President
Claude Resources Inc.
(306) 668-7505
