2005
In the second half of 2004, Placer Dome (CLA) Ltd. completed fourteen diamond drill holes totaling 5,315 metres on the Madsen property near Red Lake, Ontario. With the completion of this drill program, Placer has met the $8.2 million exploration expenditure requirement of its option agreement with Claude Resources Inc. As per the agreement, Placer has until December of 2006 to deliver a positive feasibility study to fulfill its obligations and vest in the Madsen Joint Venture with a 55% working interest.
The current drill program vectored in on flexures along the contact of the main ultramafic unit, proximal to the main Madsen trend approximately 1,500 metres southwest of the Madsen headframe. It resulted in the discovery of two new high-grade zones along the ultramafic contact west of the Madsen mine. Collectively referred to as the ‘Fork Target’, the new zones are characterized by brecciated, veined and strongly altered basalt, appear to be structurally controlled and visually resemble the past-producing high-grade No. 8 Zone.
Six of the holes drilled on the Fork Target were on 20 metre to 50 metre centres and all intersected significant gold values in three zones, the AD, BC and McVeigh horizon. Intersections on the AD Zone ranged from 4.2 metres grading 1.1 grams per tonne Au (gpt) to 1.3 metres grading 47 gpt at depths below surface between 100 metres and 200 metres. The BC zone is interpreted as an en echelon offset, similar in appearance to the AD zone and returned a single intercept of 0.8 metres grading 81.9 gpt. Step-out holes to the west produced intercepts of 2.8 metres grading 6.1 gpt and 1.5 metres grading 7.5 gpt on a target called the WF zone. Intersections reported are cored intervals with the structures interpreted to be 50° to 70° to the core axis.
When coupled with the extensively drilled ‘Treasure Box’ zone, Placer has successfully identified a number of narrow, high-grade veins (zones) near surface. Their existence lends credence to the exploration model of high-grade lenses like the No. 8 Zone, in a brittle-ductile environment at depth.
Salient drill intersections are presented in the ensuing table.
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| Hole # |
Target
|
Zone
|
From
(m) |
To
(m) |
Interval (m)
|
Grade
(gpt) |
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| PDM04-106 |
NO. 8ZONE UPDIP
|
|
746.0
|
747.0
|
1.0
|
1.6
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| PDM04-302 |
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|
no significant assays
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| PDM04-303 | FORK WEST |
WF
|
194.9
|
197.7
|
2.8
|
6.1
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323.0
|
324.5
|
1.5
|
7.5
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| PDM04-304 | FORK WEST |
211.0
|
212.0
|
1.0
|
2.2
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| PDM04-305 |
no significant assays
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| PDM04-319 |
no significant assays
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| PDM04-311 | FORK SOUTHEAST | McVeigh |
175.5
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177.5
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2.0
|
6.0
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| AD |
202.0
|
205.0
|
3.0
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1.5
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||
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209.5
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210.5
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1.0
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17.4
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| PDM04-312 | McVeigh |
177.4
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179.8
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2.4
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1.0
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| AD |
213.0
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218.6
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5.6
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3.3
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includes
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214.5
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215.0
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0.5
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24.3
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| PDM04-313 | McVeigh |
151.8
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152.7
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0.9
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1.5
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| AD |
183.3
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187.5
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4.2
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1.1
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196.9
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198.1
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1.2
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11.1
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| PDM04-314 | McVeigh |
178.7
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181.2
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2.5
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2.5
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| PDM04-315 | McVeigh |
156.7
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157.7
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1.0
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1.6
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| AD |
221.3
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221.8
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0.5
|
4.1
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| BC |
256.7
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257.5
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0.8
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81.9
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| PDM04-316 | McVeigh |
158.8
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159.4
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0.6
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3.8
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| PDM04-318 | McVeigh - AD |
128.1
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129.4
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1.3
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47.0
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includes
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128.1
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128.8
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0.7
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85.7
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| AD |
135.4
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137.4
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2.0
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7.0
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includes
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136.8
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137.4
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0.6
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21.3
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| PDM03-300 | FORK NORTHEAST |
530.9
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532.1
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1.2
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4.0
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| PDM04-316 | McVeigh |
158.8
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159.4
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0.6
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3.8
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| PDM04-317 | McVeigh |
125.0
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126.0
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1.0
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1.2
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272.1
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272.5
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0.4
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1.3
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SUMMARY OF THE 2004 MADSEN DRILL PROGRAM.
Co-ordinates in UTM NAD27
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DH
ID |
Madsen
Target |
GPS-500
Easting |
GPS-500
Northing |
geodetic
elevation |
Horizontal
Projection |
Length
metres |
Az
|
Dip
|
|
PDM04-302
|
Fork Northeast
|
434,453
|
5,645,592
|
376
|
386
|
600
|
346.00
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-50.0
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PDM04-317
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Fork Southeast
|
434,666
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5,645,347
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379
|
224
|
317
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298.09
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-44.9
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PDM04-106
|
8 Zone updip
|
434,931
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5,646,354
|
404
|
474
|
826
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279.50
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-55.0
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PDM04-303
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Fork West
|
434,330
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5,645,461
|
376
|
254
|
395
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300.00
|
-50.0
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PDM04-304
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Fork West
|
434,328
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5,645,430
|
371
|
267
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377
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300.80
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-45.0
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PDM04-305
|
Fork West
|
434,314
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5,645,435
|
371
|
172
|
407
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300.80
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-65.0
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PDM04-319
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Fork West
|
434,357
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5,645,514
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379.3
|
251
|
350
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295.11
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-44.3
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PDM04-311
|
Fork Southeast
|
434,685
|
5,645,295
|
379
|
276
|
390
|
255.00
|
-45.0
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PDM04-312
|
Fork Southeast
|
434,685
|
5,645,295
|
379
|
180
|
275
|
259.20
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-49.0
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PDM04-313
|
Fork Southeast
|
434,676
|
5,645,317
|
379
|
156
|
245
|
265.90
|
-50.3
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PDM04-314
|
Fork Southeast
|
434,685
|
5,645,295
|
379
|
176
|
311
|
257.00
|
-55.5
|
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PDM04-315
|
Fork Southeast
|
434,676
|
5,645,317
|
379
|
180
|
312
|
256.80
|
-54.8
|
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PDM04-316
|
Fork Southeast
|
434,676
|
5,645,317
|
379
|
136
|
271
|
268.40
|
-60.0
|
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PDM04-318
|
Fork Southeast
|
434,627
|
5,645,288
|
379
|
171
|
239
|
261.35
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-44.4
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A plan map of the Madsen area showing the drill targets and hole locations is posted on Claude’s website at www.clauderesources.com.
For further information please contact:
Neil McMillan
President and CEO
or
Patrick Hannon
M.A.Sc., P.Eng.
Exploration Manager
| Claude Resources Inc. 200, 224 - 4th Avenue South Saskatoon, Saskatchewan S7K 5M5 306.668.7505 P 306.668.7500 F |
Toronto Stock Exchange Trading Symbol CRJ American Stock Exchange Trading Symbol CGR |
