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Gold/Mining/Energy : Claude Resources TSE.CRJ Undervalued Junior Gold Anyone? -- Ignore unavailable to you. Want to Upgrade?

To: Enigma who wrote (311)	5/8/2002 5:48:40 PM
From: Al Collard	Respond to of 359

Claude Reports New Gold Discovery SASKATOON, SK, May 8 /CNW/ - During the 2002 winter exploration season, Claude Resources Inc. completed 3,355 metres of BQ core drilling in 18 holes on the West Porky project approximately two kilometres north of the Company's wholly-owned Seabee mine. The discovery is on the Currie Rose property in which Currie Rose has a 30% Net Profits Interest. Following up from previous programs, prospectors in 2000 discovered visible gold in outcrop coincident with a two-kilometre geochemical anomaly. >> Drill results are as follows: Table One --------- Hole No. From (m) To (m) Length (m) Au (g/t) Host Rock ------------------------------------------------------------------------- PKY02-01 69.25 72.30 3.05 54.33 Fault in calc-silicate 122.70 125.70 3.00 14.12 Silicified arenite PKY02-02 35.00 36.70 1.70 2.69 Calc-silicate PKY02-03 36.50 39.30 2.80 1.83 Calc-silicate 50.95 52.30 1.35 8.90 Silicified arenite 62.20 64.40 2.20 8.46 Silicified arenite PKY02-04 37.90 39.80 1.90 4.62 Calc-silicate 73.55 77.40 3.85 15.79 Silicified arenite PKY02-05 15.30 16.40 1.10 2.43 Calc-silicate 18.30 19.50 1.20 2.87 Calc-silicate PKY02-06 12.00 13.00 1.00 3.74 Calc-silicate 67.20 70.70 3.50 6.04 Silicified arenite PKY02-07 128.80 130.20 1.40 10.70 Calc-silicate 152.60 155.00 2.40 1.32 Silicified arenite PKY02-08 107.10 111.40 4.30 3.06 Silicified arenite PKY02-09 64.95 66.80 1.85 6.90 Calc-silicate 117.10 118.70 1.60 2.37 Silicified arenite PKY02-10 25.40 26.50 1.10 1.10 Calc-silicate PKY02-11 37.00 37.50 0.50 54.96 Calc-silicate 101.30 104.90 3.60 12.44 Calc-silicate PKY02-12 87.50 88.20 0.70 1.49 Silicified arenite PKY02-14 179.60 182.00 2.40 7.44 Calc-silicate 188.90 191.75 2.85 4.34 Calc-silicate PKY02-15 239.80 241.20 1.40 1.98 Calc-silicate 246.90 248.50 1.60 2.37 Silicified arenite PKY02-16 202.15 204.10 1.95 9.98 Calc-silicate 227.70 229.45 1.75 3.51 Silicified arenite PKY02-17 191.10 191.60 0.50 1.71 Calc-silicate 257.10 257.80 0.70 1.65 Silicified arenite PKY02-18 333.55 335.20 1.65 1.83 Calc-silicate 338.70 340.70 2.00 4.00 Silicified arenite >> To date, the Company has drill-tested approximately 600 metres of this target's strike length for that portion that substantially parallels a major metamorphosed volcano-sedimentary rock contact. Gold values have been recorded in several rock types, with significant intersections encountered in both a feldspathic arenite (sedimentary unit) and a calc-silicate (altered mafic volcanic rock) over two-thirds of the strike length tested. The mineralized intervals (Table One) coincide with a SSE trending, steeply dipping (75 degrees SW) shear structure. This shear system appears to diverge from the arenite contact near the closure of the Porky Lake synform. The limited on-ice winter drill season did not permit sufficient time to evaluate the mineralized system's continuity to the southeast. This, as well as the structure's projection to the northwest will be the focus of the Company's next drill program. The strongest part of the system is a banded, altered diopside-bearing mafic volcanic shear zone that is well mineralized for at least 400 metres of strike length (shown on the accompanying plan map and longitudinal section - available on the Company's website: www.clauderesources.com). Gold values correlate positively with the presence of sulfides, principally pyrite and pyrrhotite with minor arsenopyrite. Gold values between 2 and 15 grams per tonne uncut were routinely recorded over intervals ranging from 1 to 3 metres. Appreciably higher gold values associated with arsenopyrite over comparable widths were returned from a silicified portion of the feldspathic arenite. Additionally, this drilling yielded very high-grade intersections associated with fault gouge that locally marks the volcano-sedimentary contact. The core from this program was logged and split at the Company's logging facility at the Seabee mine. Assaying has been done by TSL Laboratories of Saskatoon with random checks of pulps and rejects performed by Chemex Labs of Vancouver. All core intervals have been fire assayed with a gravimetric finish with samples that assayed greater than 10 grams per tonne checked by a total metallics assay. With few exceptions, metallic assays have returned higher values than those reported by conventional methods. The qualified person on this project is Philip E. Olson P.Geo. (Sask). The analogies between this new discovery and large tonnage well-known calc-silicate hosted deposits are deemed encouraging by the Company's management.