Claude Resources Inc. Increases Resource Base and Grade at Santoy
Gap
Trading Symbols
TSX - CRJ
NYSE Mkt - CGR
CALGARY,
Dec. 3, 2012 /PRNewswire/ - Claude
Resources Inc. (TSX-CRJ; NYSE Mkt - CGR) ("Claude" and or the
"Company") today reported an updated National Instrument 43-101
("NI 43-101") gold resource from the Santoy Gap deposit at its 100
percent owned Seabee Gold Operation, in Saskatchewan, Canada.
Highlights include the following:
- Indicated resource of 994,000 tonnes at 8.80 grams per tonne
for 281,000 ounces of gold.
- Inferred mineral resource of 1,875,000 tonnes at 5.92 grams per
tonne for 357,000 ounces of gold.
- Gold mineralization domain extends for approximately 800 metres
along strike and to 690 metres below surface.
- The core of the Santoy Gap resource is approximately 600 metres
away from the Santoy 8 Mine. Approximately 265 metres have been
developed of the planned 800 metre exploration drift project.
- The Santoy Gap resource update is based on 194 holes and 71,600
metres of drilling.
Brian Skanderbeg,
Senior Vice President and COO stated, "During 2012, we were able to
effectively upgrade a significant portion of our inferred resource
into the indicated category while continuing to grow the Santoy Gap
deposit. Our infill drill program demonstrated that a high grade
core exists with widths of up to 20 metres. The Santoy Gap deposit
represents a great opportunity for the Company due to its proximity
to permitted mine infrastructure, low development cost, near-term
production potential and impressive grade."
Table 1: Santoy Gap, Mineral
Resource Statement. |
|
2012 (Nov. 12) |
|
2011 (Dec. 31) |
|
Tonnes |
Grade
(g/t) |
Gold
Ounces |
|
Tonnes |
Grade
(g/t) |
Gold
Ounces |
Indicated Mineral
Resources |
|
|
|
994,000 |
8.80 |
281,000 |
|
|
|
|
Inferred Mineral Resources |
|
|
|
1,875,000 |
5.92 |
357,000 |
|
2,321,000 |
6.63 |
495,000 |
* Reported at cut-off grade of 3.0
grams of gold per tonne assuming an underground extraction
scenario, a gold price of US$1,475 per ounce, and metallurgical
recoveries of 95 percent. Mineral resources are not mineral
reserves and do not have a demonstrated economic viability. All
figured have been rounded to reflect the accuracy of the
estimates. |
The Santoy Gap resource has been defined to in
excess of 690 metres below surface and over a strike length of 800
metres. The deposit is located between 200 and 1,000 metres north
of the existing Santoy 8 resource and remains open down plunge to
the north and at depth. The Company is currently developing an
underground exploration drift towards the Santoy Gap from the
Santoy 8 Mine. The drift will be utilized as a drill platform
to test continuity between the Santoy Gap and Santoy 8 deposits, to
explore for sub-parallel, hanging wall structures as well as for
infill drilling (see November
27th, 2012 press release, 'Claude Resources Inc.
Extends Gold Mineralization at the Santoy Gap and Discovers New
Zone').
Claude has evaluated at a preliminary level the
potential capital and operating costs at Santoy Gap. The results
indicate that the deposit has the potential to provide significant
economic value to the Seabee Operation. The company has initiated
more detailed feasibility studies on the deposit to bring it into
production as soon as possible.
The Santoy 8 and Santoy Gap deposits are located
14 kilometres east of the Seabee Mine and Central Milling Facility,
along the north-south striking Santoy shear system. Gold
mineralization is hosted within a series of sheeted, shear-hosted
quartz veins, silicified biotite-diopside schist and silicified
granitic to dioritic dykes. Visible gold is typically observed
along vein contacts, associated with trace to five percent
disseminated pyrrhotite, pyrite, chalcopyrite and rarely
tellurides. Vein sets are interpreted to dip moderately, 45 to 60
degrees to the east, and are interpreted to be amenable to bulk
underground mining techniques.
Technical Parameters
Mineral resources for the Santoy Gap deposit
were estimated using a geostatistical block modeling approach using
a cut-off grade of 3.0 grams of gold per tonne, and were
constrained by mineralization wireframes. Block size was
established at 5 x 5 x 5 metres. Analysis of the cumulative
probability plots determined that capping of high-grade assays to
limit their influence during grade estimation was appropriate. For
the Santoy Gap deposit a capping value of 50 grams of gold per
tonne was applied to 1.5 metre composited assay data. The resource
is estimated using a gold price of $1,475 per ounce and metallurgical recoveries of
95 percent.
Samples were assayed by at ALS Chemex in
Vancouver, an ISO approved
facility. Rigorous quality assurance and quality control procedures
have been implemented including the use of blanks, standards and
duplicates. Core samples were analyzed by a 30 gram gold fire assay
with an atomic absorption, conventional gravimetric and/or screen
fire techniques.
Please visit www.clauderesources.com for a
detailed longitudinal and plan maps of the Santoy Gap deposit.
Mineral reserve and resource estimates for the
Seabee Gold Operation were prepared by Claude Resources Inc.
personnel and SRK Consulting (Canada) Inc., under the supervision of
Brian Skanderbeg, P. Geo., Senior
Vice President and Chief Operating Officer and Peter Longo, P. Eng., Vice President,
Operations. Both are a "qualified person" as defined by
National Instrument 43-101 and have reviewed the content of this
Media Release for accuracy.
About Claude Resources Inc.:
Claude Resources Inc. is a gold producer with
shares listed on both the Toronto Stock Exchange (TSX-CRJ) and the
NYSE Amex (NYSE Mkt-CGR). The Company is also engaged in the
exploration and development of gold mineral reserves and mineral
resources. The Company's entire asset base is located in
Canada. Its main revenue
generating asset is the 100 percent owned Seabee Gold Project,
located in northern Saskatchewan.
Since 1991, Claude has produced over 1,010,000 ounces of gold from
the Seabee Gold Project. Claude also owns 100 percent of the
Madsen property near Red Lake, Ontario and 100 percent interest in
the Amisk Gold Property in northeastern Saskatchewan.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
All statements, other than statements of
historical fact, contained or incorporated by reference in this
news release and constitute "forward-looking information"
within the meaning of applicable Canadian securities laws and
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 (referred
to herein as "forward-looking statements"). Forward-looking
statements include, but are not limited to, statements with respect
to the future price of gold, the estimation of mineral reserves and
resources, the realization of mineral reserve estimates, the timing
and amount of estimated future production, costs of production,
capital expenditures, costs and timing of the development of new
deposits, success of exploration activities, permitting time lines,
currency exchange rate fluctuations, requirements for additional
capital, government regulation of mining operations, environmental
risks, unanticipated reclamation expenses, title disputes or claims
and limitations on insurance coverage. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate" or
"believes", or the negative connotation thereof or variations of
such words and phrases or state that certain actions, events or
results, "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved" or the negative connotation thereof.
All forward-looking statements are based on
various assumptions, including, without limitation, the
expectations and beliefs of management, the assumed long-term price
of gold, that the Company will receive required permits and access
to surface rights, that the Company can access financing,
appropriate equipment and sufficient labour, and that the political
environment within Canada will
continue to support the development of mining projects in
Canada.
Forward-looking statements are subject to known
and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements
of Claude to be materially different from those expressed or
implied by such forward-looking statements, including but not
limited to: actual results of current exploration activities;
environmental risks; future prices of gold; possible variations in
ore reserves, grade or recovery rates; mine development and
operating risks; accidents, labour issues and other risks of the
mining industry; delays in obtaining government approvals or
financing or in the completion of development or construction
activities; and other risks and uncertainties, including but not
limited to those discussed in the section entitled "Business Risk"
in the Company's Annual Information Form. These risks and
uncertainties are not, and should not be construed as being,
exhaustive.
Although Claude has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking statements,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements.
Forward-looking statements in this news release
are made as of the date of this news release, being December 3, 2012 and, accordingly, are subject to
change after such date. Except as otherwise indicated by
Claude, these statements do not reflect the potential impact of any
non-recurring or other special items that may occur after the date
hereof. Forward-looking statements are provided for the
purpose of providing information about management's current
expectations and plans and allowing investors and others to get a
better understanding of our operating environment.
Claude does not undertake to update any
forward-looking statements that are incorporated by reference
herein, except in accordance with applicable securities laws.
CAUTIONARY NOTE TO US INVESTORS CONCERNING RESOURCES
ESTIMATES
The resource estimates in this document were
prepared in accordance with National Instrument 43-101, adopted by
the Canadian Securities Administrators. The requirements of
National Instrument 43-101 differ significantly from the
requirements of the United States Securities and Exchange
Commission (the "SEC"). In this document, we use the terms
"measured", "indicated" and "inferred" resources. Although these
terms are recognized and required in Canada, the SEC does not recognize them. The
SEC permits U.S. mining companies, in their filings with the SEC,
to disclose only those mineral deposits that constitute "reserves".
Under United States standards,
mineralization may not be classified as a reserve unless the
determination has been made that the mineralization could be
economically and legally extracted at the time the determination is
made. United States investors
should not assume that all or any portion of a measured or
indicated resource will ever be converted into "reserves". Further,
"inferred resources" have a great amount of uncertainty as to their
existence and whether they can be mined economically or legally,
and United States investors should
not assume that "inferred resources".
SOURCE CLAUDE RESOURCES INC.