I own Claude CRJ TO and soon-to-become Claude shares of SEM.V for one main reason: Its 10,000 acre wholly owned Madsen project with existing permitted mill and freshly rehabbed deep shaft all in the shadow of goldcorp red lake complex.
Madsen will be the subject of a 29,000 meter drill campaign both from surface and from inside existing previously under-water tunnels this year. I have been waiting for this patiently.
That is a lot of drilling. 29,000 meters = 18 miles.
This December 2011 release alludes to the potential. But the market is simply not hearing mining stories very well right now. To every thing its season.
CLAUDE RESOURCES EXTENDS 8 ZONE AT DEPTH AND DISCOVERS EXTENSION TO MCVEIGH TUFF AT MADSEN
Claude Resources Inc. (TSX-CRJ; NYSE Amex-CGR)("Claude" and or the "Company") today provided an interim update from on-going exploration activities at the Company's 100 percent-owned, Madsen Project in Red Lake, Ontario. Drilling has successfully extended the 8 Zone plunge to approximately 250 metres down plunge of previous drilling as well as discovered significant depth extensions to the McVeigh Tuff. Based on these encouraging results, the Company has approved a 29,000 metre, underground and surface-based drill program for 2012.
Highlights from the latest drill results are summarized below and in Table 1 and Figures 1 and 2.
15.70 grams Au per tonne over 2.00 metres in MUG-11-13 - McVeigh Tuff6.27 grams Au per tonne over 2.00 metres in MUG-11-14 - McVeigh Tuff8.06 grams Au per tonne over 2.02 metres in MUG-11-14b - 8 Zone5.69 grams Au per tonne over 2.14 metres in MUG-11-16 - 8 Zone53.70 grams Au per tonne over 0.70 metres in MUG-11-17 - McVeigh Tuff5.64 grams Au per tonne over 2.00 metres in MUG-11-17 - McVeigh TuffIn 2011, Phase II underground drilling has completed 12,700 metres and 9 holes, targeting the 8 zone plunge and strike continuity as well as sub-parallel footwall structures. Drill holes targeting the plunge continuity of the 8 Zone include MUG-11-12, 14 (14b) and 16 (Figure 2). Drill hole 14b and drill hole 16, the deepest hole ever completed on the Madsen property, intercepted silicified and visible gold-bearing, basalt and returned 8.06 g/t gold over 2.02 metres and 5.69 g/t gold over 2.14 metres, respectively. These intercepts extend the 8 Zone system 250 metres down plunge from previous drilling to approximately 1,600 metres below surface.
The system continues to remain open down plunge and will be the target of future drilling.
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If you read up on the history of neighbor you will find that mcEwen found the true bonanza down deep. |
