Claude Resources Inc. intercepts 86.70 metres @ 1.03 g/tonne at the Amisk Gold Project, Saskatchewan
'Historic Drilling of 2.39 g/tonne over 165.12 metres demonstrates bulk potential'
Trading Symbols
TSX - CRJ
NYSE Amex - CGR
CALGARY, May 12 /PRNewswire-FirstCall/ - Claude Resources Inc. (TSX-CRJ; NYSE Amex-CGR) ("Claude" or the "Company") is pleased to announce that winter drilling results, as well as historic drill data, demonstrate the bulk potential of the Amisk Gold Property. The 12,000 hectare property is located 20 kilometres southwest of Flin Flon, Manitoba and hosts the Amisk-Laurel Gold Deposit.
As a first Phase, an eleven hole, 2,300 metre, winter drill program was completed. Results received for the first five holes of the 2010 winter drill program are presented in Table 1.
Table 1: Summary of 2010 Amisk-Laurel Gold Deposit intercepts received to
date.
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From Length Au Ag
Hole Easting Northing Az/Dip (m) To (m) (m) (g/t) (g/t)
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AL-10-271 9648 5045 180/-55 190.73 200.30 9.57 1.02 5.4
AL-10-272 9726 5151 180/-55 196.02 212.10 16.08 1.24 15.2
AL-10-273 9654 5223 180/-55 300.65 334.95 34.30 0.49 2.9
AL-10-275 9921 4925 64/-45 10.65 45.50 34.85 2.91 4.3
incl 12.18 13.00 0.82 13.27 8.0
incl 15.27 16.11 0.84 39.22 15.2
incl 32.00 33.00 1.00 28.89 26.5
AL-10-278 9976 5059 180/-45 11.30 98.00 86.70 1.03 6.0
incl 44.00 46.00 2.00 14.94 4.4
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Note: Intervals noted are intercepted width not true width, have been
calculated using a 0.3 g/tonne cut-off and are uncut. They may include
internal dilution.
The Amisk Gold Project is a 65:35 joint venture between Claude and St. Eugene Mining Corporation. The 2010 exploration program is focused on the Amisk-Laurel Gold Deposit, specifically evaluating the bulk mining potential of the system and expanding the deposit.
The Amisk Gold Project has been the subject of significant historic exploration, with advanced exploration and underground bulk sampling completed in the late 1980's by Cameco Corporation. Based on historical exploration and underground development, a 1988 prefeasibility study indicated mineable reserves of 185,000 tons at 0.44 oz/ton Au and 1.75 oz/ton Ag to a depth of 130 metres. A 0.15 oz/ton cut-off grade was utilized in the calculations. These estimates are historical in nature and should not be viewed as National Instrument 43-101 compliant. Results from subsequent drilling programs by Cameco and SMDC were not considered in any resource calculations.
The Amisk-Laurel Gold Deposit is hosted within a rhyolite flow-dome complex and overlying pyroclastic tuffs and flows. 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. A compilation and analysis of historic drill data reveals that high grade vein systems are typically flanked by wide intervals of low grade mineralization associated with disseminated and stringer pyrite. Sampling within these lower grade domains is incomplete with all unsampled intervals composited at zero grade. Table 2 presents highlights from historic drilling. A complete list of significant composites for all historic drilling is available on the Company's website.
Table 2: Highlights of historic drill results from the Amisk-Laurel Gold
deposit.
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Unsampled
inter-
Hole East- North- Az/Dip From To Au Ag vals
ing ing (m) (m) Length (g/t)(g/t) (m)
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AL96-219 9800 5175 176/-48 165.00 244.00 79.00 5.41 46.4 27.00
incl 237.00 239.00 2.00 192.60 1600.0
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AL8-159 9937.5 5075 180/-66 6.00 202.77 196.77 2.09 7.6 85.86
incl 142.00 155.50 13.50 24.95 68.8
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AL8-176 9937.5 5075 158/-65 13.80 178.92 165.12 2.39 14.6 2.80
incl 18.50 19.25 0.75 287.66 2019.4
incl 29.80 30.80 1.00 29.90 51.0
incl 99.00 100.00 1.00 43.92 164.6
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AL6-44 10000 5125 180/-45 85.40 222.75 137.35 2.12 18.9 63.35
incl 142.00 160.75 18.75 10.95 100.8
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AL5-05 10000 4952 180/-45 28.53 77.60 49.07 5.32 9.0 30.19
incl 29.26 31.09 1.83 112.43 144.6
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AL7-096 10002 4937.5 0/-55 33.61 175.97 142.36 1.68 6.9 53.12
incl 56.63 57.13 0.50 23.35 134.1
incl 105.80 106.30 0.50 199.89 394.3
incl 108.80 110.30 1.50 16.14 63.1
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AL6-54 9675 9975 180/-45 10.10 83.50 73.40 3.23 19.7 0.00
incl 16.00 17.00 1.00 17.69 136.1
incl 59.25 59.75 0.50 92.91 586.3
incl 73.00 74.30 1.30 44.23 139.2
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AL7-108 9980 5175 171/-45 114.00 236.50 122.50 1.76 5.0 0.00
incl 163.25 164.25 1.00 24.79 42.9
incl 180.25 182.75 2.50 20.24 48.0
incl 211.25 211.75 0.50 152.57 68.9
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AL97-259 10200 5075 270/-50 213.00 361.78 148.78 1.43 7.5 57.90
incl 253.00 254.00 1.00 76.55 340.0
incl 273.00 274.00 1.00 34.80 73.0
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AL7-123 9975 5062.5 180/-45 16.72 158.90 142.18 1.38 7.7 21.43
incl 40.00 51.00 11.00 7.80 4.7
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AL7-089 9975 5075 180/-45 10.10 146.03 135.93 1.41 6.0 23.25
incl 105.19 111.69 6.50 6.42 25.1
incl 144.03 145.03 1.00 81.60 181.0
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AL96-243 9749.7 5299.8 180/-50 293.00 355.23 62.23 3.03 6.0 23.39
incl 305.55 306.00 0.45 25.31 66.0
incl 343.42 346.00 2.58 47.19 16.5
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AL7-124 10000 5062.5 180/-47 36.00 124.00 88.00 1.85 11.4 0.00
incl 39.00 40.00 1.00 12.86 74.0
incl 93.00 93.50 0.50 36.69 92.9
incl 101.25 102.25 1.00 11.18 41.0
incl 117.75 118.25 0.50 40.80 142.3
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AL98-266 10025 5200 180/-50 132.50 262.00 129.50 1.23 8.3 66.72
incl 177.60 178.41 0.81 28.17 150.0
incl 251.00 255.40 4.40 18.17 119.5
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AL98-263 9825 5300 202/-50 323.70 392.90 69.20 2.23 7.9 30.60
incl 382.30 389.30 7.00 18.33 44.3
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AL6-37 9975 5050 180/-45 30.25 149.80 119.55 1.25 3.7 41.71
incl 78.40 79.40 1.00 49.44 56.2
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AL7-084 10025 5087.5 185/-45 24.16 149.13 124.97 1.17 9.0 31.92
incl 24.66 25.16 0.50 21.02 153.6
incl 89.40 90.40 1.00 29.35 102.2
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AL8-151 9995 4875 58/-45 51.95 74.95 23.00 6.26 30.9 6.00
incl 61.33 67.33 6.00 20.39 73.3
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AL7-105 9950 5075 180/-45 8.68 133.70 125.02 1.09 3.5 22.92
incl 132.20 132.70 0.50 141.60 30.0
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AL7-107 10000 5075 180/-55 34.00 148.35 114.35 1.19 10.6 1.00
incl 50.50 52.00 1.50 15.69 209.0
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AL8-156 10012 5000 180/-45 36.50 80.00 43.50 2.90 8.7 25.00
incl 38.00 38.50 0.50 28.15 319.5
incl 60.00 61.50 1.50 65.51 41.8
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AL3-15 9921.5 4925 64/-45 20.29 156.53 136.24 0.82 0.9 21.61
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AL8-168 10027 4908 13/-45 25.00 83.00 58.00 1.80 18.8 33.00
incl 77.00 81.00 4.00 18.42 191.7
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AL9-203 9800 5275 180/-45 318.05 378.48 60.43 1.70 15.9 29.73
incl 376.48 377.48 1.00 48.10 223.9
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AL6-28 10025 4925 180/-45 50.30 60.80 10.50 8.82 24.4 7.30
incl 52.60 53.05 0.45 63.09 131.3
incl 58.30 58.40 0.10 562.29 1584.0
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Note: Intervals noted are intercepted width not true width, have been
calculated using a 0.3 g/tonne cut-off and are uncut. They may include
internal dilution and/or unsampled intervals. Unsampled intervals have
been treated at zero grade for the purpose of composite calculation.
Total width of unsampled intervals are noted. Historic assay results have
been verified to the original assay certificate where possible; however,
Quality Assurance and Quality Control procedures have not been verified.
"These initial drill results in conjunction with the historic drilling data outline an extensive, potentially bulk-mineable gold system. Infill sampling of historic drilling can only improve these composites," stated Brian Skanderbeg, Vice President Exploration. "The system comes to surface and remains open at depth as well as along strike to the west and southeast."
A summer exploration program, inclusive of resampling of historic core and further diamond drilling, is scheduled to begin in June.
A plan map of the Amisk Gold Property and detailed map showing historic and current drill collar locations can be viewed at Claude's website. www.clauderesources.com.
Claude Resources holds a 16.3% interest in St. Eugene's issued and outstanding common shares as of May 12th, 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 samples averaging 1.0 to 1.5 meters were submitted to TSL Laboratories in Saskatoon, Saskatchewan, an ISO approved facility. Rigorous quality assurance and quality control procedures have been implemented including the use of blanks, standards and duplicates (1 in 20 samples). Core samples were analyzed by a 30 gram gold fire assay with an atomic absorption, conventional gravimetric and/or screen fire techniques.
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 880,000 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.
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".
SOURCE CLAUDE RESOURCES INC.
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