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Post by Franko10 ™ on Oct 7, 2004 18:21:15 GMT -5
Pioneer Metals and Claude Resources Sign Nokomis Lake Gold Project Agreement
Pioneer Metals Corporation (“Pioneer”) announced today that an agreement (the “Agreement”) has been signed with Claude Resources Inc. (“Claude”) on Pioneer’s Nokomis Lake Gold Project (“Nokomis”). Nokomis consists of thirty contiguous mineral claims totaling 630 hectares. It is located 7.5 kilometres north of Pioneer’s 100%-owned Puffy Lake Gold Mine and mill (“Puffy Lake”), approximately 70 kilometres northeast of Flin Flon, Manitoba.
Pioneer is a public company located in Vancouver, British Columbia, whose shares trade on the Toronto Stock Exchange (TSX-PSM). Pioneer is a past gold producer now involved primarily in precious and base metals exploration. In addition to Puffy Lake, Pioneer owns 100% of the Bonito Gold-Silver Project in New Mexico, USA, and the Grace Gold-Copper Project at Galore Creek, British Columbia.
Claude is a public company based in Saskatoon, Saskatchewan, whose shares trade on the Toronto Stock Exchange (TSX-CRJ) and the American Stock Exchange (AMEX-CGR). Claude is a gold mining and exploration company with producing oil and gas assets. Since 1991, Claude has produced over 600,000 ounces of gold from its Seabee mine in northeastern Saskatchewan, translating into 50,000 ounces of annualized production. Claude is an active gold explorer with properties in Saskatchewan and Manitoba. Claude also owns the Madsen property in the Red Lake camp of northwestern Ontario, currently under option to Placer Dome.
Under the terms of the Agreement, Pioneer has granted to Claude the sole and exclusive right to earn a 50% working interest in Nokomis for consideration that includes a cash payment of $35,000 and a firm exploration expenditure commitment of at least $215,000 on or before August 1st, 2004. Claude shall have the exclusive right to manage and operate the exploration programs during the earn-in period. At its option, Claude may make a cash payment equal to any exploration expenditure deficiency. Upon receipt of the consideration, Pioneer will transfer a 50% right, title and interest in Nokomis to Claude. Thereafter, Claude and Pioneer will proceed as joint venturers on Nokomis with Claude serving as the initial operator. The Nokomis property is subject to an underlying 2% Net Smelter Returns royalty.
The Nokomis project is a shear-related intrusive-hosted (tonalite) lode gold system. It hosts a historic mineral resource of 349,110 tonnes grading 6.10 grams per tonne Au (gpt). A scoping study by Kilborn Engineering Pacific Ltd. in 1996 modeled a potentially economic, near surface mineral resource of 100,000 tonnes grading in excess of 13 gpt. Most recently (2000), Eckart Buhlmann, P. Geo., an independent consultant for Pioneer, estimated this mineral resource at approximately 80,000 tonnes grading 10 gpt with an average width of 4 metres.
(Note: The mineral resources cited are historical estimates that may not conform to the standards outlined in sections 1.3 and 1.4 of National Instrument 43-101).
Assay results for significant intersections of Pioneer’s 1997 and 2000 drill programs are summarized below in Table One. Assaying for the 1997 program was done by Eco-Tech Laboratories of Kamloops, B.C., and assays from the 2000 program were done by the Saskatchewan Research Council of Saskatoon.
TABLE ONE
March 1997 Diamond Drill Program Results
DDH No. From (m) To (m) Width (m) Grade (gpt) Grade (opt)
1997-87 182.00 186.00 4.00 10.89 0.320
1997-88 18.90 20.90 2.00 42.61 1.240
1997-89 37.20 44.40 7.10 10.38 0.300
1997-90 36.20 42.80 6.60 7.04 0.210
1997-91 32.10 37.20 5.10 5.86 0.170
1997-92 42.80 43.80 1.00 3.28 0.100
1997-93 53.40 59.30 5.90 8.74 0.250
1997-94 57.00 60.00 3.00 4.04 0.120
1997-95 56.50 59.50 3.00 6.87 0.200
March 2000 Diamond Drill Program Results
DDH No. From (m) To (m) Width (m) Grade (gpt) Grade (opt)
2000-97 197.75 199.25 1.50 8.81 0.257
2000-99 35.20 38.20 3.00 6.24 0.182
2000-100 32.85 34.85 2.00 6.30 0.184
2000-104 33.06 34.00 0.94 8.52 0.248
*(opt) = ounces of gold per ton
Negotiations between the companies are ongoing regarding Claude’s future participation in the reactivation of Puffy Lake. Both companies acknowledge there may be synergies between the Nokomis property and Pioneer’s 100%-owned, past-producing Puffy Lake. Subsequent to Claude’s successful 50% earn-in on Nokomis and should the companies conclude a second agreement on Pioneer’s Puffy Lake whereby Claude acquires greater than a 50% working interest in the latter, Claude’s working interest in Nokomis would be increased to the same proportionate level without requiring further exploration expenditures on Nokomis.
Claude has agreed to a 2004 work program on Nokomis as recommended by Eckart Buhlmann, P. Geo. The work program includes line-cutting, geological mapping and sampling over the known mineralized zones with concurrent stepout diamond drilling on the existing mineral resource base.
New claims totaling approximately 1600 hectares have been acquired to the north and south of Nokomis. The claims cover the northern extension of the mineralized Host Horizon, which in one area contains a historical gold showing in outcrop that assayed 3.0 grams/tonne gold. To the south, the new claims protect the geographic corridor between Nokomis and Puffy Lake and cover the southern projection of the Host Horizon, and other prospective geological features.
To access Pioneer’s Nokomis Lake Gold Project location map, click on: files.newswire.ca/314/Nokomis_Lake.pdf
or request a faxed copy from Canada News Wire at 604.669.7764.
ON BEHALF OF THE BOARD OF DIRECTORS OF PIONEER METALS CORPORATION
Stephen H. Sorensen President & C.E.O. ON BEHALF OF THE BOARD OF DIRECTORS OF CLAUDE RESOURCES INC.
William R. MacNeill
Chairman
For further information please contact:
Neil McMillan
President
306.668.7505
306.668.7500 Fax
info@clauderesources.com
Pioneer Metals Corporation (“Pioneer”) announced today that an agreement (the “Agreement”) has been signed with Claude Resources Inc. (“Claude”) on Pioneer’s Nokomis Lake Gold Project (“Nokomis”). Nokomis consists of thirty contiguous mineral claims totaling 630 hectares. It is located 7.5 kilometres north of Pioneer’s 100%-owned Puffy Lake Gold Mine and mill (“Puffy Lake”), approximately 70 kilometres northeast of Flin Flon, Manitoba.
Pioneer is a public company located in Vancouver, British Columbia, whose shares trade on the Toronto Stock Exchange (TSX-PSM). Pioneer is a past gold producer now involved primarily in precious and base metals exploration. In addition to Puffy Lake, Pioneer owns 100% of the Bonito Gold-Silver Project in New Mexico, USA, and the Grace Gold-Copper Project at Galore Creek, British Columbia.
Claude is a public company based in Saskatoon, Saskatchewan, whose shares trade on the Toronto Stock Exchange (TSX-CRJ) and the American Stock Exchange (AMEX-CGR). Claude is a gold mining and exploration company with producing oil and gas assets. Since 1991, Claude has produced over 600,000 ounces of gold from its Seabee mine in northeastern Saskatchewan, translating into 50,000 ounces of annualized production. Claude is an active gold explorer with properties in Saskatchewan and Manitoba. Claude also owns the Madsen property in the Red Lake camp of northwestern Ontario, currently under option to Placer Dome.
Under the terms of the Agreement, Pioneer has granted to Claude the sole and exclusive right to earn a 50% working interest in Nokomis for consideration that includes a cash payment of $35,000 and a firm exploration expenditure commitment of at least $215,000 on or before August 1st, 2004. Claude shall have the exclusive right to manage and operate the exploration programs during the earn-in period. At its option, Claude may make a cash payment equal to any exploration expenditure deficiency. Upon receipt of the consideration, Pioneer will transfer a 50% right, title and interest in Nokomis to Claude. Thereafter, Claude and Pioneer will proceed as joint venturers on Nokomis with Claude serving as the initial operator. The Nokomis property is subject to an underlying 2% Net Smelter Returns royalty.
The Nokomis project is a shear-related intrusive-hosted (tonalite) lode gold system. It hosts a historic mineral resource of 349,110 tonnes grading 6.10 grams per tonne Au (gpt). A scoping study by Kilborn Engineering Pacific Ltd. in 1996 modeled a potentially economic, near surface mineral resource of 100,000 tonnes grading in excess of 13 gpt. Most recently (2000), Eckart Buhlmann, P. Geo., an independent consultant for Pioneer, estimated this mineral resource at approximately 80,000 tonnes grading 10 gpt with an average width of 4 metres.
(Note: The mineral resources cited are historical estimates that may not conform to the standards outlined in sections 1.3 and 1.4 of National Instrument 43-101).
Assay results for significant intersections of Pioneer’s 1997 and 2000 drill programs are summarized below in Table One. Assaying for the 1997 program was done by Eco-Tech Laboratories of Kamloops, B.C., and assays from the 2000 program were done by the Saskatchewan Research Council of Saskatoon.
TABLE ONE
March 1997 Diamond Drill Program Results
DDH No. From (m) To (m) Width (m) Grade (gpt) Grade (opt)
1997-87 182.00 186.00 4.00 10.89 0.320
1997-88 18.90 20.90 2.00 42.61 1.240
1997-89 37.20 44.40 7.10 10.38 0.300
1997-90 36.20 42.80 6.60 7.04 0.210
1997-91 32.10 37.20 5.10 5.86 0.170
1997-92 42.80 43.80 1.00 3.28 0.100
1997-93 53.40 59.30 5.90 8.74 0.250
1997-94 57.00 60.00 3.00 4.04 0.120
1997-95 56.50 59.50 3.00 6.87 0.200
March 2000 Diamond Drill Program Results
DDH No. From (m) To (m) Width (m) Grade (gpt) Grade (opt)
2000-97 197.75 199.25 1.50 8.81 0.257
2000-99 35.20 38.20 3.00 6.24 0.182
2000-100 32.85 34.85 2.00 6.30 0.184
2000-104 33.06 34.00 0.94 8.52 0.248
*(opt) = ounces of gold per ton
Negotiations between the companies are ongoing regarding Claude’s future participation in the reactivation of Puffy Lake. Both companies acknowledge there may be synergies between the Nokomis property and Pioneer’s 100%-owned, past-producing Puffy Lake. Subsequent to Claude’s successful 50% earn-in on Nokomis and should the companies conclude a second agreement on Pioneer’s Puffy Lake whereby Claude acquires greater than a 50% working interest in the latter, Claude’s working interest in Nokomis would be increased to the same proportionate level without requiring further exploration expenditures on Nokomis.
Claude has agreed to a 2004 work program on Nokomis as recommended by Eckart Buhlmann, P. Geo. The work program includes line-cutting, geological mapping and sampling over the known mineralized zones with concurrent stepout diamond drilling on the existing mineral resource base.
New claims totaling approximately 1600 hectares have been acquired to the north and south of Nokomis. The claims cover the northern extension of the mineralized Host Horizon, which in one area contains a historical gold showing in outcrop that assayed 3.0 grams/tonne gold. To the south, the new claims protect the geographic corridor between Nokomis and Puffy Lake and cover the southern projection of the Host Horizon, and other prospective geological features.
To access Pioneer’s Nokomis Lake Gold Project location map, click on: files.newswire.ca/314/Nokomis_Lake.pdf
or request a faxed copy from Canada News Wire at 604.669.7764.
ON BEHALF OF THE BOARD OF DIRECTORS OF PIONEER METALS CORPORATION
Stephen H. Sorensen President & C.E.O. ON BEHALF OF THE BOARD OF DIRECTORS OF CLAUDE RESOURCES INC.
William R. MacNeill
Chairman
For further information please contact:
Neil McMillan
President
306.668.7505
306.668.7500 Fax
info@clauderesources.com
