Claude Resources Inc. - Placer Dome Ramps Up Exploration At Madsen
SASKATOON, Sept. 5 /CNW/ - Placer Dome Canada Limited ("Placer") has
significantly increased exploration activity on Claude Resources Inc.
("Claude") Madsen property in Red Lake, Ontario as a result of a number of
high grade intersections. To date in 2003, thirty-six holes totalling about
20,000 metres have been drilled on multiple target areas (Russett North,
Devilliers, Creek, Footwall Tuff and Mine East).
Results from the Russett North zone are particularly encouraging with
quartz-tourmaline, quartz-carbonate and colliform carbonate veining being
intersected routinely. Visible gold ("VG") was observed in a number of holes
with several returning assays that confirm the high-grade nature of this
carbonatized mafic-ultramafic terrain. The Phase II expansion drilling
(100-metre centres) of the Russett North zone started to vector in on a
segment of this terrain referred to as the Treasure Box. Building on
encouraging results from the 2002 drill program (see March 24th, 2003 press
release on Claude's website), another three holes within this corridor
encountered significant intersections in terms of both grade and width (see
table below).
<<
RUSSETT NORTH/TREASURE BOX
Drill Hole From (m) To (m) Interval Grade (gpt) VG Comments
------------------------------------------------------------------------
PDM03-27 107.04 108.29 1.25 3.22 Quartz-tourmaline
veining
------------------------------------------------------------------------
PDM03-27 111.04 112.26 1.22 9.86 Quartz-tourmaline
veining
------------------------------------------------------------------------
PDM03-27 332.62 335.06 2.44 7.59 Yes Quartz-carbonate
veining
------------------------------------------------------------------------
PDM03-27 343.17 344.39 1.22 4.07 Quartz-carbonate
veining
------------------------------------------------------------------------
PDM03-29 74.45 75.52 1.07 4.31 Colliform carbonate
veining
------------------------------------------------------------------------
PDM03-29 80.70 84.94 4.24 17.81 Yes Quartz-tourmaline
veining
------------------------------------------------------------------------
PDM03-30 321.01 322.10 1.10 1.12 Quartz-epidote
stringer
------------------------------------------------------------------------
PDM03-30 344.48 346.03 1.55 21.10 Yes Quartz-pyrite
------------------------------------------------------------------------
PDM03-32 164.63 165.85 1.22 1.13 Yes Vein
------------------------------------------------------------------------
PDM03-32 510.76 511.52 0.76 3.63 Yes Vein, tourmaline
------------------------------------------------------------------------
PDM03-33 328.51 329.15 0.64 1.09 Quartz veining
------------------------------------------------------------------------
Elsewhere on the property, Phase I drilling near the past-producing
Starratt-Olsen mine, intersected known Devillier & Creek zones as well as a
new sheared and altered sulfide replacement zone in the mine's footwall which
was named the Footwall Tuff zone. Results from this target area are listed in
the ensuing table. The significance of this new zone will be assessed in
subsequent drill phases.
Zone From To Grade
Project Drill Hole (m) (m) Interval (gpt) VG Comments
------------------------------------------------------------------------
Devilliers PDM03-150 131.71 132.84 1.13 1.51 Sulfide
replacement
------------------------------------------------------------------------
Devilliers PDM03-150 137.86 146.52 8.66 1.24 Sulfide
replacement
------------------------------------------------------------------------
including PDM03-150 137.86 140.43 2.56 3.26 Yes Quartz
veining
------------------------------------------------------------------------
Footwall PDM03-150 455.61 456.52 0.91 3.27 Sulfide
Tuff replacement
------------------------------------------------------------------------
Footwall PDM03-150 458.66 460.00 1.34 1.27 Sheared
Tuff Tuff/sulfide
------------------------------------------------------------------------
Creek PDM03-151 112.84 113.14 0.30 1.55 Sulfide
replacement
------------------------------------------------------------------------
Footwall PDM03-151 326.62 327.23 0.61 2.87 Epidote
Tuff veining
------------------------------------------------------------------------
Footwall PDM03-151 339.94 345.09 5.15 1.63 Yes Sulfide
Tuff replacement
------------------------------------------------------------------------
including PDM03-151 343.90 344.81 0.91 5.13 Yes Sulfide
replacement
------------------------------------------------------------------------
Devilliers PDM03-154 166.55 167.77 1.22 8.55 Yes Quartz
veining
------------------------------------------------------------------------
Creek PDM03-156 122.71 123.57 0.86 1.78 Sulfide
replacement
------------------------------------------------------------------------
>>
Momentum for the Madsen project is building as evidenced by a number of
key infrastructure improvements including the construction of a 5.5-kilometre,
all season, access road to the Russett North area and by increasing project
personnel to 14 geologists and support staff to handle the enormous volume of
core generated by the project. In excess of twenty kilometres of core has been
drilled in 2003, however, about one third of the drill holes have yet to be
logged, assayed and reported in their entirety.
Placer has undertaken extensive geophysics and 3D modeling of the Madsen
property and will initiate a major trenching program shortly on the Treasure
Box area prior to beginning Phase III drilling (25-50 metre centers) later
this fall.
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., Placer
Dome District Geologist.
Maps of the work area are available on Claude's website at
www.clauderesources.com.
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For further information: Philip E. Olson, P. Geo., Vice-President,
Exploration, (306) 668-7505, Neil McMillan, President, (306) 668-7505
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