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

To: que seria who wrote (348)	9/5/2003 3:13:08 PM
From: Gord Bolton	Respond to of 359

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. -30- For further information: Philip E. Olson, P. Geo., Vice-President, Exploration, (306) 668-7505, Neil McMillan, President, (306) 668-7505 newswire.ca