Dec 17 2010
Claude Resources Inc. (TSX-CRJ; NYSE Amex-CGR) has announced results from sampling in excess of 22,000 metres of drill core from a total of 278 historic drill holes on the 13,900 hectare Amisk Gold Property.
The Amisk Gold Project is located 20 kilometres southwest of Flin Flon, Manitoba and is a 65:35 Joint Venture between Claude and St. Eugene Mining Corporation; Claude is the operator of the Joint Venture. The 2010 exploration program was focused on the Amisk Gold Deposit, specifically evaluating the bulk mining potential of the system and expanding the deposit.
Initial evaluation and compilation of historic assays in early 2010 revealed 148 composite intervals greater than a 20 gram metre product. Geological modeling and analysis of the drill data indicated that historic sampling focused on high grade vein systems leaving a broad envelope of mineralization largely unsampled. Subsequent sampling of this drill core during 2010 confirmed grade continuity, expanded the mineralized system and yielded 244 composite intervals greater than a 20 gram metre product from the 278 historic drill holes.
"These impressive results in conjunction with geological compilation and modeling outline an extensive, bulk-mineable gold system. The system remains open along strike to the northeast, southwest, southeast and down-dip," stated Brian Skanderbeg, Vice President Exploration. "Based on continuing positive results, the Joint Venture has elected to pursue an initial 43-101 resource. This will be the first step in demonstrating the scope of the Amisk Gold Deposit."
This sampling and verification process will allow the Company to utilize the historic drill data as well as 21 drill holes completed during 2010 to generate a National Instrument 43-101 compliant Resource and Technical Report. SRK Consulting of Toronto has been engaged to complete the Resource Study and Technical Report. Completion of the resource study is anticipated late in the first quarter of 2011.
The Amisk Gold Deposit is hosted within a rhyolite flow-dome complex and overlying pyroclastic tuffs of the Amisk Volcanic Assemblage, Flin Flon Greenstone Belt. High grade gold and silver mineralization is hosted within a series of moderately to shallowly-dipping, pyrite +/- chalcopyrite-sphalerite-tetrahedrite-galena-bearing sulphide vein systems. High grade vein systems are typically flanked by wide intervals of low grade disseminated and stringer mineralization within a broad sericite alteration envelope.
In addition to the winter 2010 drill program and the summer historic core sampling, a 10 hole, 3,300 metre fall exploration program was completed in early November. Assay results are currently pending. The program was designed to evaluate the northeastern, southwestern and southeastern strike extensions as well as complete several infill holes within the western portion of the deposit.
In addition to advancing the Amisk Gold Project, Claude continues to focus on expanding the production profile and resource base at the Seabee Operation and plans to initiate Phase II underground drilling at the Madsen Property in Red Lake during the first quarter 2011. The program is designed to test depth and strike extensions to high grade mineralization within the 8 Zone Trend.
Claude Resources holds approximately 12 percent interest in St. Eugene's issued and outstanding common shares as of December 14, 2010.
Brian Skanderbeg, P.Geo. and M.Sc., Claude's Vice-President Exploration, is the Qualified Person who has reviewed and approved the contents of this news release. Drill core was halved and/or quartered with samples averaging 2.0 metres submitted to ALS Chemex in Vancouver and/or TSL Laboratories in Saskatoon, Saskatchewan, both ISO approved facilities. Rigorous quality assurance and quality control procedures have been implemented including the use of blanks, standards and duplicates. Core samples were analyzed by a 30 gram gold fire assay with an atomic absorption, conventional gravimetric and/or screen fire techniques.
Source: Claude Resources Inc.