Claude Resources Inc. Reports Positive Metallurgical Testwork Results at the Amisk Gold Project, SK
SASKATOON, Aug. 8, 2011 /CNW/ --
Trading Symbols
TSX - CRJ
NYSE Amex - CGR
SASKATOON, Aug. 8, 2011 /CNW/ - Claude Resources Inc. (TSX-CRJ; NYSE Amex-CGR) ('Claude') is pleased to announce positive
metallurgical and engineering results from testwork at the 15,400
hectare Amisk Gold Project in northeastern Saskatchewan, Canada. 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 initial metallurgical testing indicates that gold and silver
mineralization is amenable to conventional cyanide leaching. Results
from testing on three composite samples from the Amisk Gold Deposit
have returned an average of 89.4% recovery for gold, ranging from 85.2%
to 91.7% and an average of 80.8% recovery for silver, ranging from
66.4% to 92.8%. Finer grinds resulted in higher recoveries for all
metals, with peak recoveries for the medium grade composite of 91% for
gold and 92.8% for silver. Details of the metallurgical results are
presented in Table 1.
Table 1: Metallurgical Testwork Results, Amisk Gold Project.
Grade Recovery Size
(Cyanidation) Fraction
Composite ID Au Ag Au (%) Ag (%) P 80 (um)*
(g/T) (g/T)
Low Grade 0.50 7.4 89.8 70.9 72
Medium Grade 0.85 9.2 85.2 88.9 146
Medium Grade 0.85 9.2 89.1 84.8 117
Medium Grade 0.85 9.2 91.0 92.8 72
High Grade 1.68 8.4 91.7 66.4 92
* Denotes size fraction of grind that eighty percent of material
passed.
Based on the work done and described herein, Amisk ore should be treated
by conventional SAG and ball mill grinding to achieve a final grind not
finer than 80% passing 75 microns. Present mill sizing was done at 75
microns to correspond with maximum Au and Ag recoveries. Further
economic studies and more tests should be done to optimize the grind
required. It is suggested that this optimized grind will lie between 72
and 117 microns. The correct process to recover gold and silver is
direct whole ore cyanidation with carbon-in-pulp technology used to
recover the leached gold and silver values. Reagent consumption in
cyanidation was reasonable. About 1 kg/t of NaCN (sodium cyanide) and
0.5 kg/t of lime will be required. Further cyanidation test work was
recommended to identify optimum operating conditions.
In addition to cyanidation, flotation and gravity concentration were
also evaluated. Rougher and scavenger flotation yielded gold and silver
recoveries of 80.1% and 92.8% respectively in a pyrite concentrate
containing 9.1% of the weight. The corresponding sulphur recovery was
99%. Flotation is not recommended as there are insufficient base metal
values present to justify flotation. Gravity concentration was also not
recommended.
In addition to metallurgical test work, SAGDesign Communition tests were
completed on the three composite samples. Results demonstrated moderate
ore grindability in the SAG mill and soft-to-moderate hardness in the
ball mill. Testing for the three composite samples showed low
variability, with an average SAG pinion energy requirement for a 1.7 mm
product of 10.07 kWh/t and a Bond Work Index of 10.71 kWh/t.
The initial metallurgical and grinding mill engineering tests were
conducted on 215 kg collected from half split core. Representative core
intervals from eight drill holes were combined to create low, medium
and high grade composites that assayed 0.50, 0.85 and 1.68 g/t gold and
7.4, 9.2 and 8.4 g/t silver. This mineralization is representative of
the Amisk Gold Deposit and consists of trace to 10% disseminated pyrite
and stringers with minor sphalerite, chalcopyrite, galena and
tetrahedrite hosted in a sericitized quartz porphyry.
As outlined in Claude's News Release dated February 17(th), 2011 ('Claude Reports Initial Open Pit Resource at Amisk Gold Project'), results from previous exploration have been incorporated into a
National Instrument 43-101 ('NI 43-101') compliant Resource and
Technical Report. SRK Consulting of Toronto completed the Resource
Study and Technical Report during the first quarter of 2011. The
testwork results reported herein were not considered in the February 7(th) Resource Statement.
Table 2: Consolidated Mineral Resource Statement* Amisk Gold Project,
Saskatchewan, February 9, 2011.
Quantity Grade (g/tonne) Contained Ounces (000's)
Resource Class (000's tonnes)
Au Ag Au Eq Au Ag Au Eq
Indicated 30,150 0.85 6.17 0.95 827 5,978 921
Inferred 28,653 0.64 4.01 0.70 589 3,692 645
* Reported at a cut-off of 0.40 grams of gold equivalent (Au Eq) per
tonne using a price of U.S. $1,100 per ounce of gold and U.S. $16 per
ounce of silver inside a conceptual pit shell optimized using
metallurgical and process recovery of eight-seven percent, overall ore
mining and processing costs of U.S.$15 per tonne and overall pit slope
of fifty degrees. All figures are rounded to reflect the relative
accuracy of the estimates. Mineral resources are not mineral reserves
and do not have demonstrated economic viability.
A plan map of the Amisk Gold Project and a detailed map showing location
of metallurgical samples drill collar can be viewed at Claude's website
www.clauderesources.com.
Metallurgical and grinding mill engineering test work was conducted by
Inspectorate Metallurgical Division of Richmond, British Columbia and
was managed by John Starkey, P.Eng, a Qualified Person under National
Instrument 43-101.
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 is conducting Phase II underground drilling at the
Madsen Property in Red Lake. The Madsen program is designed to test
depth and strike extensions to high grade mineralization within the 8
Zone Trend.
Brian Skanderbeg, P.Geo. and M.Sc., Claude's Vice-President Exploration
and John Starkey, P. Eng, are the Qualified Persons who have reviewed
and approved the contents of this news release. Representative drill
core was halved with samples averaging 2.0 metres submitted to
Inspectorate of Richmond, British Columbia, an ISO approved facility.
Claude Resources Inc. is a public company based in Saskatoon,
Saskatchewan, whose shares trade on the Toronto Stock Exchange
(TSX-CRJ) and the NYSE Amex (NYSE Amex-CGR). Claude is a gold
exploration and mining company with an asset base located entirely in
Canada. Since 1991, Claude has produced over 938,000 ounces of gold
from its Seabee mining operation in northeastern Saskatchewan. The
Company also owns 100 percent of the 10,000 acre Madsen property in the
prolific Red Lake gold camp of northwestern Ontario and has a 65
percent working interest in the Amisk Gold Project in northeastern
Saskatchewan.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This Press Release may contain 'forward-looking' statements regarding
the plans, intentions, beliefs and current expectations of the Company,
its directors, or its officers with respect to the future business
activities and operating performance of the Company. The words 'may',
'would', 'could', 'will', 'intend', 'plan', 'anticipate', 'believe',
'estimate', 'expect' and similar expressions, as they relate to the
Company, or its management, are intended to identify such
forward-looking statements. Investors are cautioned that any such
forward-looking statements are not guarantees of future business
activities or performance and involve risks and uncertainties, and that
the Company's future business activities may differ materially from
those in the forward-looking statements as a result of various
factors. Such risks, uncertainties and factors are described in the
periodic filings with the Canadian securities regulatory authorities,
including the Company's Annual Information Form and quarterly and
annual Management's Discussion & Analysis, which may be viewed on SEDAR
at www.sedar.com. Should one or more of these risks or uncertainties materialize, or
should assumptions underlying the forward-looking statements prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, believed, estimated or
expected. Although the Company has attempted to identify important
risks, uncertainties and factors which could cause actual results to
differ materially, there may be others that cause results not
anticipated, estimated or intended. The Company does not intend, and
does not assume any obligation, to update these forward-looking
statements.
CAUTIONARY NOTE TO US INVESTORS CONCERNING RESOURCES ESTIMATES
The resource estimates in this document were prepared in accordance with
National Instrument 43-101, adopted by the Canadian Securities
Administrators. The requirements of National Instrument 43-101 differ
significantly from the requirements of the United States Securities and
Exchange Commission (the 'SEC'). In this document, we use the terms
'measured', 'indicated' and 'inferred' resources. Although these terms
are recognized and required in Canada, the SEC does not recognize them.
The SEC permits US mining companies, in their filings with the SEC, to
disclose only those mineral deposits that constitute 'reserves'. Under
United States standards, mineralization may not be classified as a
reserve unless the determination has been made that the mineralization
could be economically and legally extracted at the time the
determination is made. United States investors should not assume that
all or any portion of a measured or indicated resource will ever be
converted into 'reserves.' Further, 'inferred resources' have a great
amount of uncertainty as to their existence and whether they can be
mined economically or legally, and United States investors should not
assume that 'inferred resources'.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/August2011/08/c2158.html
Neil McMillan, President & CEO
Phone: (306) 668-7505
or
Brian Skanderbeg, P.Geo, Vice President, Exploration
Phone: (306) 668-7505
Email: ir@clauderesources.com
Website: www.clauderesources.com