Owner
Post by Franko10 ™ on Oct 7, 2004 13:16:53 GMT -5
Placer Intersects New Large Gold-bearing System
at Claude’s Madsen property, Red Lake, Ontario
With the current program approximately 40% complete, Claude Resources is pleased to report that Placer Dome, the operator, has intersected a broad gold-bearing alteration corridor approximately 1.5 kilometres north of the Madsen gold mine on Claude’s 10,500 acre property in the Red Lake area of northwestern Ontario. To date, 8 holes, totaling 14,709 feet, out of a total 15 to 20 hole program, have been drilled to completion with complete assays for the first four holes (#’s 9,10,11 & 12) and partial assays for the next three (#’s 13,14 & 15) received to date.
All holes intersected a wide quartz-Fe-carbonate veining system hosted in the metabasalts above the structural contact with the large komatiite unit. The lithological control is the same as the A1-K1 ore control at Placer’s Campbell mine and Goldcorp’s adjoining Red Lake mine which combined have produced nearly 15 million ounces of gold.
Significant pyrite-pyrrhotite mineralization was recorded in multiple locations with visible gold observed in three holes.
As summarized in the table below twenty-one samples from the first seven holes returned significant gold values from .06 to 2.60 ounces per ton in 15 separate intervals.
Sample # Hole # From To Length (ft) Grade (oz/t)
M094283 PDM02-09 914.6 915.4 0.8 1.41
M094293 PDM02-09 939.4 940.5 1.1 1.0
M094294 PDM02-09 940.5 943.5 3 0.01
M094295 PDM02-09 943.5 946.5 3 0.01
M094296 PDM02-09 946.5 950.1 3.6 0
M094297 PDM02-09 950.1 952.1 2 0.35
M094298 PDM02-09 952.1 955.7 3.6 0.01
M094299 PDM02-09 955.7 957.4 1.7 0.14
M094300 PDM02-09 957.4 959.5 2.1 0.01
M094301 PDM02-09 959.5 962.5 3 0.1
--------------------------------------------------------------------------------
23.1 0.1
M094318 PDM02-09 1010.3 1010.8 0.5 0.12
M094325 PDM02-09 1024.8 1026.5 1.7 0.15
M094326 PDM02-09 1026.5 1027.7 1.2 0
M094327 PDM02-09 1027.7 1028.8 1.1 0.45
M094328 PDM02-09 1028.8 1031.8 3 0.06
--------------------------------------------------------------------------------
7 0.14
M094336 PDM02-09 1053.8 1055.7 1.9 0.11
M094457 PDM02-10 1.0 0.08
M094458 PDM02-10 352.3 353.7 1.4 0.17
--------------------------------------------------------------------------------
2.4 0.1
M094691 PDM02-11 769.8 771.4 1.6 0.07
M094692 PDM02-11 771.4 773.7 2.3 0.03
M094693 PDM02-11 773.7 774.6 0.9 0.03
M094694 PDM02-11 774.6 777.6 3 0.0
M094695 PDM02-11 777.6 778.8 1.2 0.28
--------------------------------------------------------------------------------
9 0.06
M094838 PDM02-11 1178.7 1180 1.3 0.15
M094877 PDM02-11 1288.6 1289.4 0.8 0.13
M098498 PDM02-12 1276.7 1278 1.3 0.11
M098533 PDM02-12 1383 1385.6 2.6 0.12
M098534 PDM02-12 1385.6 1389.6 4 0.00
M098535 PDM02-12 1389.6 1392.6 3 0.23
--------------------------------------------------------------------------------
9.6 0.11
M099808 PDM02-14 491.7 492.8 1.1 0.21
M098498 PDM02-13 234.5 238.5 4.0 0.05
M098533 PDM02-13 312.9 316.9 4.0 0.12
M100582 PDM02-13 2456.7 2457.7 1.0 0.15
M100731 PDM02-15 792.3 793.5 1.2 0.04
M100737 PDM02-15 809.0 811.6 0.26 2.6
Gold intercepts are located in the quartz-iron-carbonate-tourmaline folded and disrupted veins as well as in the carbonate veinlets and coliform quartz veins. The encountered mineralized system is approximately 1,000 feet wide and already more than 3,000 feet long and open in all directions. The explored vertical extent of the system is approximately 1,200 feet.
The current exploration program with hole spacing from 600 to 900 feet is designed to determine the dimensions of the mineralized corridor. The detailed analysis of the drill data in combination with the air mag survey, surface mapping and soil/MMI geochemistry will lead to the identification of the structural traps where the economical ore bodies can be found. In-fill drilling on the encountered mineralized system will be initiated after the 30,000 foot program is completed about the end of October, 2002. The remaining 8 to 10 holes in the current program will target additional anomalies in the same area.
Placer Dome is extremely encouraged by results to date and is enthusiastic about the potential of the structure to host economic gold reserves.
A plan view of the drill hole locations has been posted as the most recent news release on the Claude Resources' web site at www.clauderesources.com.
Placer Dome has the right to earn a 55% interest in Claude’s 10,500 acre Madsen property by spending CDN $8.2 million prior to the end of 2004 and delivering a bankable feasibility study over the following two years.
All assays were completed at the Xral Laboratory in Red Lake, Ontario, under the direct supervision of Dan Gagnon (Qualified Person - Chief Geologist, H.BSc., P.Geo.).
For further information please contact:
Dan Gagnon Philip Olson
Chief Geologist, Campbell Mine V.P. Exploration
Placer Dome
Red Lake, ON
807.735.2075 ext.144 Claude Resources Inc.
Saskatoon, SK
306.668.7505
at Claude’s Madsen property, Red Lake, Ontario
With the current program approximately 40% complete, Claude Resources is pleased to report that Placer Dome, the operator, has intersected a broad gold-bearing alteration corridor approximately 1.5 kilometres north of the Madsen gold mine on Claude’s 10,500 acre property in the Red Lake area of northwestern Ontario. To date, 8 holes, totaling 14,709 feet, out of a total 15 to 20 hole program, have been drilled to completion with complete assays for the first four holes (#’s 9,10,11 & 12) and partial assays for the next three (#’s 13,14 & 15) received to date.
All holes intersected a wide quartz-Fe-carbonate veining system hosted in the metabasalts above the structural contact with the large komatiite unit. The lithological control is the same as the A1-K1 ore control at Placer’s Campbell mine and Goldcorp’s adjoining Red Lake mine which combined have produced nearly 15 million ounces of gold.
Significant pyrite-pyrrhotite mineralization was recorded in multiple locations with visible gold observed in three holes.
As summarized in the table below twenty-one samples from the first seven holes returned significant gold values from .06 to 2.60 ounces per ton in 15 separate intervals.
Sample # Hole # From To Length (ft) Grade (oz/t)
M094283 PDM02-09 914.6 915.4 0.8 1.41
M094293 PDM02-09 939.4 940.5 1.1 1.0
M094294 PDM02-09 940.5 943.5 3 0.01
M094295 PDM02-09 943.5 946.5 3 0.01
M094296 PDM02-09 946.5 950.1 3.6 0
M094297 PDM02-09 950.1 952.1 2 0.35
M094298 PDM02-09 952.1 955.7 3.6 0.01
M094299 PDM02-09 955.7 957.4 1.7 0.14
M094300 PDM02-09 957.4 959.5 2.1 0.01
M094301 PDM02-09 959.5 962.5 3 0.1
--------------------------------------------------------------------------------
23.1 0.1
M094318 PDM02-09 1010.3 1010.8 0.5 0.12
M094325 PDM02-09 1024.8 1026.5 1.7 0.15
M094326 PDM02-09 1026.5 1027.7 1.2 0
M094327 PDM02-09 1027.7 1028.8 1.1 0.45
M094328 PDM02-09 1028.8 1031.8 3 0.06
--------------------------------------------------------------------------------
7 0.14
M094336 PDM02-09 1053.8 1055.7 1.9 0.11
M094457 PDM02-10 1.0 0.08
M094458 PDM02-10 352.3 353.7 1.4 0.17
--------------------------------------------------------------------------------
2.4 0.1
M094691 PDM02-11 769.8 771.4 1.6 0.07
M094692 PDM02-11 771.4 773.7 2.3 0.03
M094693 PDM02-11 773.7 774.6 0.9 0.03
M094694 PDM02-11 774.6 777.6 3 0.0
M094695 PDM02-11 777.6 778.8 1.2 0.28
--------------------------------------------------------------------------------
9 0.06
M094838 PDM02-11 1178.7 1180 1.3 0.15
M094877 PDM02-11 1288.6 1289.4 0.8 0.13
M098498 PDM02-12 1276.7 1278 1.3 0.11
M098533 PDM02-12 1383 1385.6 2.6 0.12
M098534 PDM02-12 1385.6 1389.6 4 0.00
M098535 PDM02-12 1389.6 1392.6 3 0.23
--------------------------------------------------------------------------------
9.6 0.11
M099808 PDM02-14 491.7 492.8 1.1 0.21
M098498 PDM02-13 234.5 238.5 4.0 0.05
M098533 PDM02-13 312.9 316.9 4.0 0.12
M100582 PDM02-13 2456.7 2457.7 1.0 0.15
M100731 PDM02-15 792.3 793.5 1.2 0.04
M100737 PDM02-15 809.0 811.6 0.26 2.6
Gold intercepts are located in the quartz-iron-carbonate-tourmaline folded and disrupted veins as well as in the carbonate veinlets and coliform quartz veins. The encountered mineralized system is approximately 1,000 feet wide and already more than 3,000 feet long and open in all directions. The explored vertical extent of the system is approximately 1,200 feet.
The current exploration program with hole spacing from 600 to 900 feet is designed to determine the dimensions of the mineralized corridor. The detailed analysis of the drill data in combination with the air mag survey, surface mapping and soil/MMI geochemistry will lead to the identification of the structural traps where the economical ore bodies can be found. In-fill drilling on the encountered mineralized system will be initiated after the 30,000 foot program is completed about the end of October, 2002. The remaining 8 to 10 holes in the current program will target additional anomalies in the same area.
Placer Dome is extremely encouraged by results to date and is enthusiastic about the potential of the structure to host economic gold reserves.
A plan view of the drill hole locations has been posted as the most recent news release on the Claude Resources' web site at www.clauderesources.com.
Placer Dome has the right to earn a 55% interest in Claude’s 10,500 acre Madsen property by spending CDN $8.2 million prior to the end of 2004 and delivering a bankable feasibility study over the following two years.
All assays were completed at the Xral Laboratory in Red Lake, Ontario, under the direct supervision of Dan Gagnon (Qualified Person - Chief Geologist, H.BSc., P.Geo.).
For further information please contact:
Dan Gagnon Philip Olson
Chief Geologist, Campbell Mine V.P. Exploration
Placer Dome
Red Lake, ON
807.735.2075 ext.144 Claude Resources Inc.
Saskatoon, SK
306.668.7505
