Claude Resources Inc. Intercepts 261.28 Grams of Gold per Tonne Over 3.6 Metres True Width in Newly Discovered L62 Zone at Seabee Gold Operation
SASKATOON, Sept. 6, 2011 /CNW/ --
Trading Symbols
TSX - CRJ
NYSE Amex - CGR
SASKATOON, Sept. 6, 2011 /CNW/ - Claude Resources Inc. (TSX-CRJ) (NYSE
Amex-CGR) ('Claude' or the 'Company') today reported exploration
results from its newly discovered L62 Zone at its 100 percent owned and operated Seabee Gold Operation. The L62 Zone is located approximately 200 metres away from existing development and
operations on multiple levels in the hanging wall of the Seabee Mine.
Highlights from the diamond drill program include:
-- 10.68 grams of gold per tonne over 2.5 metres true width
(U11-354);
-- 14.01 grams of gold per tonne over 5.0 metres true width
(U11-637); and
-- 261.28 grams of gold per tonne over 3.6 metres true width
(U11-638), including 1,563 grams of gold per tonne over 0.5
metres
Speaking today in Saskatoon, Philip Ng, Senior Vice President, Mining
Operations stated that, 'these high grade results from the L62 Zone will have a significant and material impact on Seabee Mine's Mineral
Resources, Mineral Reserves and production outlook in the coming
years. This new intercept from hole U11-638 is approximately 45 metres
away from hole U11-629 which reported 39.75 grams of gold per tonne
over 10.0 metres true width. In just three months of drilling since
initial discovery, the L62 Zone is now outlined to have an estimated strike length of 75 metres and a
dip length of 300 metres. The geological structure is considered open
in all directions. The Company's plan is to start development towards
the L62 Zone late in the fourth quarter of 2011 with development ore anticipated by
the second quarter of 2012.'
___________________________________________________________________
| | ZONE INTERSECTION |MIDPOINT COORDINATES| | |
| |_____________________|____________________| GRADE |TRUE |
| HOLE # | NAME |FROM | |NORTH |EAST |ELEV. | g/T |WIDTH |
| |(Target)| (m) |TO (m)| (m) | (m) | (m) |(uncut) | (m) |
| | | | | | | | | |
|________|________|_____|______|______|_____|_______|________|______|
|U11-353 | L62 |192.2|195.7 | 939 |1080 | -596| 0.16| 3.0 |
|________|________|_____|______|______|_____|_______|________|______|
|U11-354 | L62 |165.1|168.2 | 953 |1037 | -621| 10.68| 2.5 |
|________|________|_____|______|______|_____|_______|________|______|
|U11-355 | L62 |167.4|170.1 | 948 |1039 | -571| 0.05| 2.2 |
|________|________|_____|______|______|_____|_______|________|______|
|U11-356 | L62 |170.0|171.9 | 949 |1035 | -547| 0.13| 1.6 |
|________|________|_____|______|______|_____|_______|________|______|
|U11-358 | L62 |277.5|280.8 | 905 |1109 | -731| 0.10| 1.8 |
|________|________|_____|______|______|_____|_______|________|______|
|U11-633 | L62 |204.7|208.8 | 945 |1071 | -450| 3.30| 3.2 |
|________|________|_____|______|______|_____|_______|________|______|
|U11-634 | L62 |213.5|217.7 | 963 |1052 | -469| 1.92| 3.3 |
|________|________|_____|______|______|_____|_______|________|______|
|U11-635 | L62 |210.5|220.7 | 959 |1042 | -422| 4.78| 8.4 |
|________|________|_____|______|______|_____|_______|________|______|
|U11-636 | L62 |208.2|213.5 | 960 |1046 | -404| 1.92| 4.4 |
|________|________|_____|______|______|_____|_______|________|______|
|U11-637 | L62 |215.6|220.8 | 954 |1043 | -378| 14.01| 5.0 |
|________|________|_____|______|______|_____|_______|________|______|
| including |219.8|220.8 | | | | 65.35| 1.0 |
|_________________|_____|______|______|_____|_______|________|______|
|U11-638| L62 |218.3|222.3 | 972 |1026 | -404| 261.28| 3.6 |
|_______|_________|_____|______|______|_____|_______|________|______|
| including |219.5|220.0 | | | | 433.87| 0.5 |
|_________________|_____|______|______|_____|_______|________|______|
| including |220.5|221.1 | | | | 67.47| 0.5 |
|_________________|_____|______|______|_____|_______|________|______|
| including |221.1|221.6 | | | |1,562.94| 0.5 |
|_________________|_____|______|______|_____|_______|________|______|
|U11-629*| L62 |207.4|220.5 | 942 |1057 | -399| 39.75| 10.0 |
|________|________|_____|______|______|_____|_______|________|______|
| including |208.4|209.3 | | | | 528.10| 0.5 |
|_________________|_____|______|______|_____|_______|________|______|
*Hole U11-629 was previously released, Hole U11-357 was a geotechnical
hole, no assays
Claude is now planning to drill an additional 20,000 metres this year at
its Seabee Gold Operation, bringing year end drilling to approximately
100,000 metres. Exploration targets include the Seabee Gold Mine, the Santoy 8 Gold Mine, Santoy Gap, L62 Zone and
Neptune.
Please visit www.clauderesources.com for longitudinal and regional maps of the Seabee Gold Project.
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 approximately 950,000 ounces of
gold from its Seabee Gold 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.
Samples were assayed by Claude Resources Inc.'s non-accredited assay lab
at the Seabee mine site. Duplicate, blank and standard check assays are
conducted at site as well as duplicate assays at TSL Laboratories in
Saskatoon. Sampling interval was established by minimum or maximum
sampling lengths and geological and/or structural criteria. Minimum
sampling length was 0.3 metres while the maximum was 1.0 metre. 200
gram samples were pulverized until greater than 80 percent passes
through 150 mesh screen. 30 gram pulp samples were then analyzed for
gold by fire assay with gravimetric finish (0.01 grams per tonne
detection limit). There is insufficient data at present to establish a
top cut for the L62 and all assays presented herein are uncut. Philip
Ng, P.Eng, Vice President, Mining Operations and Brian Skanderbeg,
P.Geo., Vice President, Exploration, Qualified Persons, have reviewed
the contents of this news release for accuracy.
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/September2011/06/c8527.html
Philip Ng, P.Eng, Senior Vice President, Mining Operations
Phone: (306) 668-7505
or
Brian Skanderbeg P. Geo, Vice President, Exploration
Phone: (306) 668-7505
Email: ir@clauderesources.com
Website: www.clauderesources.com