Claude Resources TSE.CRJ Undervalued Junior Gold Anyone? Message Board

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Gold/Mining/Energy : Claude Resources TSE.CRJ Undervalued Junior Gold Anyone?

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To: Enigma who wrote (203)	5/27/1999 10:43:00 AM
From: Gord Bolton	Read Replies (1) of 359

Claude's Madsen Drilling Positive SASKATOON, May 27 /CNW/ - Claude Resources Inc. is pleased to announce the following results from the second phase of its ongoing diamond drill program at the Madsen property in northwestern Ontario. Since the issuance of the Company's March 12th 1999 release, assay results have been returned from an additional thirteen drill holes targeting ore shoots within the West McVeigh area of the Madsen mine. These holes, drilled between the 2nd and 4th level, not only outlined the ore shoots within the McVeigh zone but extended the ore zone an additional 30 metres along strike to the west with a marked improvement in grade. While three of the reported holes did not return significant assays they do assist in delineating the ore shoots in the zone. Significant intervals have been tabulated below and their pierce-points are included on the attached composite longitudinal section: << Intersection Co-ordinates ------------------------- Core Grade Hole No. Easting (m) Northing (m) Elev. Length (m) (g/t) Zone ------- ---------- ----------- ----- --------- ----- ---- 4m-145 4061.8 2664.6 1346.6 0.40 4.1 FW 4m-155 4020.8 2661.0 1374.0 0.61 7.2 Main 4m-156 4010.2 2658.7 1362.3 2.59 13.4 Main 4006.5 2670.3 1369.5 0.76 8.6 FW 4m-157 4017.0 2668.0 1345.5 3.93 18.9 FW 4014.5 2678.0 1349.3 0.91 5.1 FW1 4m-161 3988.2 2674.1 1328.6 0.43 9.9 FW1 4m-162 3997.5 2654.9 1318.6 2.16 4.8 FW 4m-171 3882.8 2625.3 1326.1 1.31 10.6 HW 3898.5 2695.2 1334.7 0.61 33.9 FW1 4m-176 3870.3 2672.1 1342.1 0.30 6.2 FW 4m-184 3834.3 2620.8 1341.5 3.05 8.5 HW 4m-185 3832.3 2665.6 1333.4 0.46 12.0 FW >> In addition to the West McVeigh targets, surface exploration of a segment of the structure to the northeast of the mine encountered strongly disseminated sulphides coincident with the northeast extension of the McVeigh zone. While preliminary results in this part of the McVeigh zone were not significant, three holes which intersected the footwall of the parallel Austin zone (2.45 million ounces mined) returned excellent grade. The area drilled has been untested in the past and indicates that the Austin zone remains open on strike. These holes are listed below: << Intersection Co-ordinates ------------------------- Core Grade Hole No. Easting (m) Northing (m) Elev. (m) length (m) (g/t) Zone ------- ---------- ----------- -------- --------- ----- ---- 16300B 4969.5 2655.5 1437.5 4.4 9.6 FW Austin 16500A 5030.5 2779.0 1314.0 2.4 7.2 FW Austin 16500B 5027.1 2625.9 1405.5 1.1 14.7 FW Austin >> Drill programs on the West McVeigh and Austin footwall zones will continue and remain important aspects of Claude's program to expand the Madsen reserve base. The Company is also preparing to dewater the Madsen shaft to below the 16th level to establish a drill base to target quartz-carbonate structures similar to Madsen's No. 8 zone, a high-grade structure at the contact of the mafic/ultramafics, which was mined briefly in the mid 1970's. Note to Editors: A map of the Madsen Mine accompanies this release. To receive a copy call Canada NewsWire at (403) 269-7605. %SEDAR: 00000498E -30-

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