Claude Resources Inc. - Nuggety Gold Routinely Intersected By Madsen Drilling
VANCOUVER, Feb. 11 /CNW Telbec/ - With its year-end report on the Madsen
project expected before month's end, Placer Dome has provided the following
interim drill results to the property's optionor, Claude Resources Inc. In
2003, Placer Dome drilled 49 holes totalling 29,047 metres on the Madsen
property as part of its earn-in requirements. The results reported herein
summarize assay data currently available from the Phase III infill drill
program of the Treasure Box target from the north Russett Lake area. This
program totalled 2,313 metres in five drill holes and two wedge-off holes.
As listed below, drilling of the Treasure Box target produced very high-
grade gold assays from a swarm of thin quartz-tourmaline veins. Individual
veins tend to be of narrow width, generally less than 0.30 metre (1 foot).
Occurring as a series of folded, steeply dipping, parallel sheet veins, these
brittle structures host coarse visible gold (VG) and assay from 2 to 116 grams
per tonne. With few exceptions (see 92.07m to 93.87m in PDM03-903), gold
values appear confined to the quartz-tourmaline veins with nuggety visible
gold and pyrrhotite. Defining a 25- to 50-metre corridor, individual veins are
separated by brittle metabasalt ranging from 20 centimeters to approximately
10 metres. This enveloping wallrock, although pervasively altered, returned
only geochemically anomalous gold values (0.05 to 0.5 gpt).
The Treasure Box corridor is controlled by a steeply dipping folded
ultramafic contact and bounded by iron carbonate-rich metabasalts.
<<
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RUSSETT NORTH/TREASURE BOX
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Hole No. From (m) To (m) Interval (m) Grade (gpt) VG
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PDM03-901 14.02 14.32 0.30 3.22 Y
107.74 108.05 0.31 16.10 Y
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PDM03-902 67.45 67.75 0.30 35.10 Y
100.58 100.88 0.30 22.20 N
103.32 103.63 0.31 11.15 Y
115.51 115.82 0.31 24.70 Y
120.09 120.39 0.30 5.66 Y
231.03 231.94 0.91 6.20 N
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PDM03-902W 99.06 99.36 0.30 4.98 Y
104.54 104.85 0.31 15.95 Y
111.86 112.16 0.30 33.10 Y
116.73 117.04 0.31 8.50 Y
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PDM03-903 56.08 56.39 0.31 5.13 Y
59.13 59.43 0.30 6.21 Y
61.11 61.41 0.30 8.73 Y
67.47 67.77 0.30 35.20
92.07 92.96 0.89 0.27
92.96 93.26 0.30 116.00 Y
93.26 93.60 0.34 1.28
93.57 93.87 0.30 1.72 Y
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PDM03-904W 147.42 147.73 0.31 105.00 Y
151.78 152.09 0.31 4.74 Y
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PDM03-905 139.29 139.59 0.30 53.90 Y
154.22 154.53 0.31 13.25 Y
182.57 183.02 0.45 52.60 Y
202.38 202.68 0.30 25.00 Y
224.60 224.90 0.30 42.40 Y
224.90 225.21 0.31 2.14 Y
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PDM03-906 228.89 229.20 0.31 11.45 N
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>>
Following a Christmas shutdown, drilling resumed on the Treasure Box
target. This phase includes an additional twelve drill holes totaling
approximately 3,400 metres, exploring the quartz-tourmaline veining envelope
and also several outstanding previously reported 2002 and 2003 gold
intercepts, hosted in the ultramafics (PDM02-15 7.19gpt/0.79m and PDM03-27
7.59gpt/2.44m) and in the quartz-porphyry (PDM03-29 17.81gpt/4.24m).
Concurrently, Placer is modeling the Treasure Box area and attempting to
correlate its possible relation to the main Madsen mine trend. The ductile
shear-hosted, sulfide replacement style of the mineralized Madsen Mine system
(Austin "tuffs") has an indicated mineral resource of 790,000 tonnes grading
12.3 grams per tonne and an inferred mineral resource of 740,000 tonnes
grading 8.6 grams per tonne (Dr. D. Patrick, A.C.A. Howe International Limited
audit 2000).
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., Campbell Mine
Placer Dome Senior District Geologist.
A map of the work area is available on Claude's website at
www.clauderesources.com .
%SEDAR: 00000498E
For further information: Philip E. Olson, P. Geo., Vice-President,
Corporate Development, (306) 668-7505 or Neil McMillan, President,
(306) 668-7505; Renmark Financial Communications: Edith English,
eenglish@renmarkfinancial.com; Neil Murray-Lyon,
nmurraylyon@renmarkfinancial.com; Media: Colette Saulnier:
csaulnier@renmarkfinancial.com, (514) 939-3989, www.renmarkfinancial.com
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