Claude Resources

Exploration

Amisk Lake Gold Project

Map | Regional and Property Geology | Exploration Results | Exploration History

The Amisk Lake property, totaling 12,100 hectares, is a gold and silver exploration property located in the province of Saskatchewan 20 kilometres southwest of Flin Flon, Manitoba. The property consists of 85 mineral dispositions in the Amisk Lake area. Claude owns a 65 percent interest while St. Eugene Mining owns the remaining 35 percent. The Flin Flon mining district where the Amisk Gold Project is located is home of Hud Bay Minerals. Hud Bay Minerals has several projects in the area such as the 777 Mine, Trout Lake Mine, a zinc plant and concentrator and a copper smelter. Also the Konuto Lake Mine located near the Amisk Gold Project operated from 1998 to 2005. The Flin Flon mining district has state of the art infrastructure as well as a mining friendly community.

Amisk Gold Property Map

 

Figure 1: Amisk Gold Property, Flin Flon Regional Location Map

Regional and Property Geology

The Amisk Lake property area lies within the Laurel Lake Rhyolite Complex within the Flin Flon-Snow Lake Greenstone Belt.

Precious metal mineralization is associated with pyrite and quartz, along with copper, lead, zinc, and antimony sulphides, small quantities of bismuth and antimony tellurides. Sericite altered wallrock forms an envelope about the sulphide dominant mineralization. Quartz veins on the property have been observed to be deformed, boudinaged and folded, which is consistent with the overall deformation style.

Exploration Results

New and historical drill results are presented below. Table 1 outlines drill results from the 2010 winter drill program where intercepts tested from surface to approximately 300 metres depth with mineralization intercepted in all holes.  Table 2 highlights a number of historic drill results.

Table 1: Summary of 2010 Amisk-Laurel Gold Deposit Intercepts Received to Date

Hole	Easting	Northing	Az/Dip	From (m)	To (m)	Length (m)	Au (g/t)	Ag (g/t)
AL-10-271	9648	5045	180/-55	190.73	200.30	9.57	1.02	5.4
AL-10-272	9726	5151	180/-55	196.02	212.10	16.08	1.24	15.2
AL-10-273	9654	5223	180/-55	300.65	334.95	34.30	0.49	2.9
AL-10-274	9783	5102	180/-45	23.50	29.45	5.95	3.32	7.5
			incl	28.00	29.45	1.45	11.83	20.4
AL-10-274	9783	5102	180/-45	106.80	189.30	82.50	0.72	6.8
			incl	187.30	188.10	0.80	16.44	145.6
AL-10-275	9921	4925	64/-45	10.65	45.50	34.85	2.91	4.3
			incl	12.18	13.00	0.82	13.27	8.0
			incl	15.27	16.11	0.84	39.22	15.2
			incl	32.00	33.00	1.00	28.89	26.5
AL-10-276	10004	5097	180/-65	39.60	92.60	53.00	0.55	3.3
AL-10-276	10004	5097	180/-65	97.10	193.30	96.20	1.05	7.8
			incl	175.55	177.05	1.50	9.76	20.1
AL-10-277	10002	5097	215/-65	22.90	260.30	237.40	0.98	8.5
			incl	126.90	128.80	1.90	9.99	86.8
			incl	211.60	214.60	3.00	13.29	56.6
AL-10-278	9976	5059	180/-45	11.30	98.00	86.70	1.03	6.0
			incl	44.00	46.00	2.00	14.94	4.4
AL-10-279	9978	5059	215/-45	10.40	129.50	119.10	0.92	5.1
			incl	23.70	25.20	1.50	13.12	14.7
AL-10-280	9932	5009	180/-45	10.55	43.25	32.70	0.86	4.0
AL-10-281	9944	5082	180/-65	6.14	56.98	50.84	0.80	4.7
AL-10-281	9944	5082	180/-65	87.14	249.00	161.86	1.29	8.0
			incl	112.67	114.23	1.56	10.44	13.1
			incl	195.00	203.81	8.81	8.41	42.8
			incl	211.64	215.74	4.10	8.08	13.7
Note: Intervals noted are intercepted width not true wide, have been calculated using a 0.3 g/tonne cut-off and are uncut.  They may include internal dilution.

These 11 holes from the winter drill program have successfully confirmed near-surface, potentially bulk-mineable gold and silver mineralization. A significant number of the holes ended in mineralization. To date we have tested a strike length of 550 metres, with the potential to expand the system to the west, southwest and down dip to the northeast. These results are very encouraging and we look to expand on them through the summer program which, inclusive of resampling of historic core and further diamond drilling, is scheduled to begin in June.

Figure 2: Amisk Laurel Gold Deposit Surface Projection

Table 2: Highlights of Historic Drill Results from the Amisk-Laurel Gold Deposit

Hole	Easting	Northing	Az/Dip	From (m)	To (m)	Length (m)	Au (g/t)	Ag (g/t)	Unsampled Intervals (m)
AL96-219	9800	5175	176/-48	165.00	244.00	79.00	5.41	46.4	27.00
			incl	237.00	239.00	2.00	192.60	1600.0
AL8-159	9937.5	5075	180/-66	6.00	202.77	196.77	2.09	7.6	85.86
			incl	142.00	155.50	13.50	24.95	68.8
AL8-176	9937.5	5075	158/-65	13.80	178.92	165.12	2.39	14.6	2.80
			incl	18.50	19.25	0.75	287.66	2019.4
			incl	29.80	30.80	1.00	29.90	51.0
			incl	99.00	100.00	1.00	43.92	164.6
AL6-44	10000	5125	180/-45	85.40	222.75	137.35	2.12	18.9	63.35
			incl	142.00	160.75	18.75	10.95	100.8
AL5-05	10000	4952	180/-45	28.53	77.60	49.07	5.32	9.0	30.19
			incl	29.26	31.09	1.83	112.43	144.6
AL7-096	10002	4937.5	0/-55	33.61	175.97	142.36	1.68	6.9	53.12
			incl	56.63	57.13	0.50	23.35	134.1
			incl	105.80	106.30	0.50	199.89	394.3
			incl	108.80	110.30	1.50	16.14	63.1
Note: Intervals noted are intercepted width not true width, have been calculated using a 0.3 g/tonne cut-off and are uncut.  They may include internal dilution.

Figure 3: Amisk Gold Property Cross Section A - A'

Previous Exploration History

Free gold was discovered in quartz veins on the northwest shore of Amisk Lake in 1913. Since then, many claims have been staked at different times covering various parts of the area. Exploration activity in the area remained somewhat sporadic and geophysically-oriented for base metals until Saskatchewan Mining Development Corporation (a predecessor of Cameco Corporation) began assembling a land package through staking and options in the late 1970s. Cameco continued with geophysical and geochemical programs which resulted in the discovery of gold on the Laurel Lake property and a number of other significant gold showings in the area.

Husky and a predecessor company of Cameco entered into an agreement effective November 1, 1987 whereby a joint venture (the "Amisk Joint Venture") was established to prospect for and locate minerals within the Amisk property. Each of Husky and Cameco had a 50 percent participating interest in the Amisk Joint Venture.

In October of 1995, Claude entered into an option agreement (the "Amisk Lake Option Agreement") with Husky and Cameco, whereby it could acquire a 35 percent participating interest in the Amisk Joint Venture by spending an aggregate of $2.5 million on the property by October, 1999.

In the first three years of its option, Claude completed four phases of diamond drilling totaling 18,000 metres in 57 holes as well as geological mapping during the summers of 1997 through 1999. In 2000, Claude conducted mapping and prospecting of those claims to fulfill assessment obligations. This field program resulted in the discovery of a gold-bearing shear system on Lookout Island.

In 2001, work programs on the Amisk property focused on meeting assessment requirements as part of the option agreement obligations.   In 2002,

field crews mapped and resampled the margins of the Laurel Lake rhyolite dome.  The work confirmed the existence of elevated gold values as

discontinuous stockwork fractures proximal to the rhyolite's margins.  The program also included further stripping / sampling of the Lookout Island gold-bearing shear system and two silicified / pyritized corridors south of the Laurel Lake zone on Hyslin Bay.

Claude had spent approximately $3.4 million on this property and earned a 35 percent participating interest under the Amisk Lake Option Agreement.

Late in 2009, the Company re-evaluated the potential of the Amisk Gold Property.  Further to this initiative, Claude acquired the balance of the interests held by Cameco and Husky in early 2010.  In January 2010, the Company then finalized a sale agreement with St. Eugene Mining Corporation Limited (“St. Eugene”) to sell to St. Eugene a 35 percent interest in the property.  Following the closing of such transaction, Claude holds a 65 percent interest in the property. The acquisition of controlling interest in the Amisk Lake property is consistent with Claude’s strategy to focus on exploration and developing gold assets in mining friendly jurisdictions.

Brian Skanderbeg, P.Geo. and M.Sc., Claude's Vice-President Exploration, is the Qualified Person who has reviewed and approved the contents of this webpage. Drill core was halved and samples averaging 1.0 to 1.5 metres were submitted to TSL Laboratories in Saskatoon, Saskatchewan, an ISO approved facility. Rigorous quality assurance and quality control procedures have been implemented including the use of blanks, standards and duplicates (1 in 20 samples). Core samples were analyzed by a 30 gram gold fire assay with an atomic absorption, conventional gravimetric and/or screen fire techniques.