Post by Franko10 ™ on Oct 7, 2004 18:21:49 GMT -5
NUGGETY GOLD ROUTINELY INTERSECTED BY MADSEN DRILLING
With its year-end report on the Madsen project expected before month’s end, Placer Dome has provided the following interim drill results to the property’s optionor, Claude Resources Inc. In 2003, Placer Dome drilled 49 holes totalling 29,047 metres on the Madsen property as part of its earn-in requirements. The results reported herein summarize assay data currently available from the Phase III infill drill program of the Treasure Box target from the north Russett Lake area. This program totalled 2,313 metres in five drill holes and two wedge-off holes.
As listed below, drilling of the Treasure Box target produced very high-grade gold assays from a swarm of thin quartz-tourmaline veins. Individual veins tend to be of narrow width, generally less than 0.30 metre (1 foot). Occurring as a series of folded, steeply dipping, parallel sheet veins, these brittle structures host coarse visible gold (VG) and assay from 2 to 116 grams per tonne. With few exceptions (see 92.07m to 93.87m in PDM03-903), gold values appear confined to the quartz-tourmaline veins with nuggety visible gold and pyrrhotite. Defining a 25- to 50-metre corridor, individual veins are separated by brittle metabasalt ranging from 20 centimeters to approximately 10 metres. This enveloping wallrock, although pervasively altered, returned only geochemically anomalous gold values (0.05 to 0.5 gpt).
The Treasure Box corridor is controlled by a steeply dipping folded ultramafic contact and bounded by iron carbonate-rich metabasalts.
RUSSETT NORTH/TREASURE BOX
Hole # From (m) To (m) Interval (m) Grade (gpt) VG
PDM03-901 14.02 14.32 0.30 3.22 Y
107.74 108.05 0.31 16.10 Y
PDM03-902 67.45 67.75 0.30 35.10 Y
100.58 100.88 0.30 22.20 N
103.32 103.63 0.31 11.15 Y
115.51 115.82 0.31 24.70 Y
120.09 120.39 0.30 5.66 Y
231.03 231.94 0.91 6.20 N
PDM03-902W 99.06 99.36 0.30 4.98 Y
104.54 104.85 0.31 15.95 Y
111.86 112.16 0.30 33.10 Y
116.73 117.04 0.31 8.50 Y
PDM03-903 56.08 56.39 0.31 5.13 Y
59.13 59.43 0.30 6.21 Y
61.11 61.41 0.30 8.73 Y
67.47 67.77 0.30 35.20
92.07 92.96 0.89 0.27
92.96 93.26 0.30 116.00 Y
93.26 93.60 0.34 1.28
93.57 93.87 0.30 1.72 Y
PDM03-904W 147.42 147.73 0.31 105.00 Y
151.78 152.09 0.31 4.74 Y
PDM03-905 139.29 139.59 0.30 53.90 Y
154.22 154.53 0.31 13.25 Y
182.57 183.02 0.45 52.60 Y
202.38 202.68 0.30 25.00 Y
224.60 224.90 0.30 42.40 Y
224.90 225.21 0.31 2.14 Y
PDM03-906 228.89 229.20 0.31 11.45 N
Following a Christmas shutdown, drilling resumed on the Treasure Box target. This phase includes an additional twelve drill holes totaling approximately 3,400 metres, exploring the quartz-tourmaline veining envelope and also several outstanding previously reported 2002 and 2003 gold intercepts, hosted in the ultramafics (PDM02-15 7.19gpt/0.79m and PDM03-27 7.59gpt/2.44m) and in the quartz-porphyry (PDM03-29 17.81gpt/4.24m). Concurrently, Placer is modeling the Treasure Box area and attempting to correlate its possible relation to the main Madsen mine trend. The ductile shear-hosted, sulfide replacement style of the mineralized Madsen Mine system (Austin “tuffs”) has an indicated mineral resource of 790,000 tonnes grading 12.3 grams per tonne and an inferred mineral resource of 740,000 tonnes grading 8.6 grams per tonne (Dr. D. Patrick, A.C.A. Howe International Limited audit 2000).
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. Assaying and associated quality control of the Madsen core was done by Chemex Laboratories under the supervision of Yuri Dobrotin, P. Geo., Campbell Mine Placer Dome Senior District Geologist.
For further information please contact:
Neil McMillan
President
306.668.7505
306.668.7500 Fax
info@clauderesources.com
With its year-end report on the Madsen project expected before month’s end, Placer Dome has provided the following interim drill results to the property’s optionor, Claude Resources Inc. In 2003, Placer Dome drilled 49 holes totalling 29,047 metres on the Madsen property as part of its earn-in requirements. The results reported herein summarize assay data currently available from the Phase III infill drill program of the Treasure Box target from the north Russett Lake area. This program totalled 2,313 metres in five drill holes and two wedge-off holes.
As listed below, drilling of the Treasure Box target produced very high-grade gold assays from a swarm of thin quartz-tourmaline veins. Individual veins tend to be of narrow width, generally less than 0.30 metre (1 foot). Occurring as a series of folded, steeply dipping, parallel sheet veins, these brittle structures host coarse visible gold (VG) and assay from 2 to 116 grams per tonne. With few exceptions (see 92.07m to 93.87m in PDM03-903), gold values appear confined to the quartz-tourmaline veins with nuggety visible gold and pyrrhotite. Defining a 25- to 50-metre corridor, individual veins are separated by brittle metabasalt ranging from 20 centimeters to approximately 10 metres. This enveloping wallrock, although pervasively altered, returned only geochemically anomalous gold values (0.05 to 0.5 gpt).
The Treasure Box corridor is controlled by a steeply dipping folded ultramafic contact and bounded by iron carbonate-rich metabasalts.
RUSSETT NORTH/TREASURE BOX
Hole # From (m) To (m) Interval (m) Grade (gpt) VG
PDM03-901 14.02 14.32 0.30 3.22 Y
107.74 108.05 0.31 16.10 Y
PDM03-902 67.45 67.75 0.30 35.10 Y
100.58 100.88 0.30 22.20 N
103.32 103.63 0.31 11.15 Y
115.51 115.82 0.31 24.70 Y
120.09 120.39 0.30 5.66 Y
231.03 231.94 0.91 6.20 N
PDM03-902W 99.06 99.36 0.30 4.98 Y
104.54 104.85 0.31 15.95 Y
111.86 112.16 0.30 33.10 Y
116.73 117.04 0.31 8.50 Y
PDM03-903 56.08 56.39 0.31 5.13 Y
59.13 59.43 0.30 6.21 Y
61.11 61.41 0.30 8.73 Y
67.47 67.77 0.30 35.20
92.07 92.96 0.89 0.27
92.96 93.26 0.30 116.00 Y
93.26 93.60 0.34 1.28
93.57 93.87 0.30 1.72 Y
PDM03-904W 147.42 147.73 0.31 105.00 Y
151.78 152.09 0.31 4.74 Y
PDM03-905 139.29 139.59 0.30 53.90 Y
154.22 154.53 0.31 13.25 Y
182.57 183.02 0.45 52.60 Y
202.38 202.68 0.30 25.00 Y
224.60 224.90 0.30 42.40 Y
224.90 225.21 0.31 2.14 Y
PDM03-906 228.89 229.20 0.31 11.45 N
Following a Christmas shutdown, drilling resumed on the Treasure Box target. This phase includes an additional twelve drill holes totaling approximately 3,400 metres, exploring the quartz-tourmaline veining envelope and also several outstanding previously reported 2002 and 2003 gold intercepts, hosted in the ultramafics (PDM02-15 7.19gpt/0.79m and PDM03-27 7.59gpt/2.44m) and in the quartz-porphyry (PDM03-29 17.81gpt/4.24m). Concurrently, Placer is modeling the Treasure Box area and attempting to correlate its possible relation to the main Madsen mine trend. The ductile shear-hosted, sulfide replacement style of the mineralized Madsen Mine system (Austin “tuffs”) has an indicated mineral resource of 790,000 tonnes grading 12.3 grams per tonne and an inferred mineral resource of 740,000 tonnes grading 8.6 grams per tonne (Dr. D. Patrick, A.C.A. Howe International Limited audit 2000).
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. Assaying and associated quality control of the Madsen core was done by Chemex Laboratories under the supervision of Yuri Dobrotin, P. Geo., Campbell Mine Placer Dome Senior District Geologist.
For further information please contact:
Neil McMillan
President
306.668.7505
306.668.7500 Fax
info@clauderesources.com