"Outlines 2009 Exploration Plans at Madsen"
Toronto Stock Exchange Trading symbol - CRJ
AMEX - CGR
SASKATOON, Jan. 22 /CNW/ - Claude Resources Inc. (TSX-CRJ; AMEX-CGR) will
continue its underground drill program, targeted at the historic high grade 8
Zone, and concurrently execute its surface exploration program at the
Company's Madsen property located at Red Lake, Ontario.
Phase 1 of the underground program, launched from the 10th level in
December 2008, is targeting the 8 Zone system with 12,000 meters of drilling.
The program will utilize directional drilling technology and consist of a
minimum of 3 mother holes, with up to 20 daughter holes. Phase 1 will include
detailed testing (25 to 50 meter centers) of the plunge extension within 150
meters of infrastructure, widely-spaced testing (50 to 100 meter centers) of
the plunge and strike extensions to 400 meters and drilling of conceptual
targets along the 8 Zone shear system. It is envisaged the program will
operate through the second quarter of 2009.
Phase 2, to be launched in the second half of 2009, will target
infill-drilling of the 8 Zone to 250 meters on-plunge from infrastructure as
well as the testing of conceptual targets on strike and on plunge. The 10,000
meter Phase 2 component of the underground program is expected to operate
until the end of 2009.
The 8 Zone was discovered in 1969 and produced through to mine closure in
1976 between the 23rd and 27th levels. Underground mapping and historic
documentation shows a series of high-grade, quartz-vein systems and
silicification associated with a complexly-folded package of mafic and
ultramafic lithologies. Historic drilling immediately above and below the 27th
level, the deepest production level, returned drill intercepts including 0.81
oz/ton over 14.4 feet, 2.76 oz/ton over 6.6 feet, 2.22 oz/ton over 3 feet and
1.25 oz/ton over 3 feet.
"The launch of the 8 Zone underground drill program has been a critical
step in the ongoing advanced exploration project at Madsen. When combined with
existing discoveries from the 2008 surface drill program at the Fork Zone and
Starratt-Olsen, and the surface drill program planned for 2009, this promises
to be an exciting year at Madsen," stated Brian Skanderbeg, Vice-President
Exploration, Claude Resources Inc.
In addition to the underground program, Claude will undertake a 10,500
meter surface exploration program testing three target areas. Drilling at the
Fork Zone will include a 3,000 meter, 15-hole, infill program. 2008 drilling
indicated the target hosts two sub-parallel, moderately, southeast-dipping
shear systems that host southwest plunging ore-shoots. The potential of the
target is highlighted by drill intercepts including 0.61 oz/ton over 33.89
feet and 0.90 oz/ton over 8.86 feet (see Media Releases: April 16th and
December 11th, 2008). The mineralized shear systems have been intercepted over
a strike length in excess of 450 meters and remain open along strike and at
In addition, Claude Resources will undertake a five hole, 2,500 meter
surface program evaluating an up-plunge 8 Zone target as well as a 5,000
meter, 20-hole program at Starratt Olsen. The potential of the Starratt-Olsen
footwall environment was highlighted by the discovery of several, narrow
high-grade vein systems that returned intercepts of 5.97 oz/ton over 1.35 feet
and 0.86 oz/ton over 1.90 feet in hole ST-08-03 (see Media Release: April 8th,
2008). Assay results from 13 follow-up holes completed during late 2008 are
expected in early Q1.
Throughout the course of the 2009 Madsen exploration program, the
dewatering of the shaft will continue. The dewatering program was launched
from the sixth level and in December 2008, passed the twelfth level. Madsen is
an advanced exploration property containing extensive infrastructure including
a 500 tonne per day mill with expansion capacity, a permitted tailings
management facility and a five compartment 4,000 foot operating shaft.
"Claude's management is enthused about the potential of this major
drilling program. With the extensive infrastructure at the Madsen site and
strong working capital, we are well-positioned to take advantage of this
opportunity," stated Neil McMillan, President and Chief Executive Officer of
A Madsen property location map and schematic cross section of the Madsen
mine are available on the Claude website.
Brian Skanderbeg, P.Geo. and M.Sc., Claude's Vice-President Exploration,
is the Qualified Person under 43-101 and has reviewed and approved this news
release. Historic drill intercept data was composited using a 0.10 opt cut-off
and may include internal dilution. Intercepts are reported as drilled widths
and range from 70 to 95% of true width.
Claude Resources Inc. is a public company based in Saskatoon,
Saskatchewan, whose shares trade on the Toronto Stock Exchange (TSX-CRJ) and
the American Stock Exchange (AMEX-CGR). Claude is a gold exploration and
mining company. The Company's entire asset base is located in Canada. Since
1991, Claude has produced approximately 835,000 ounces of gold from its Seabee
mining operation in northeastern Saskatchewan. The Company also owns 100% of
the 10,000 acre Madsen property in the prolific Red Lake gold camp of
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking statements relating
but not limited to the Company's expectations, intentions, plans and beliefs.
Forward-looking information can often be identified by forward-looking words
such as "anticipate", "believe", "expect", "goal", "plan", "intent",
"estimate", "may" and "will" or similar words suggesting future outcomes or
other expectations, beliefs, plans, objectives, assumptions, intentions or
statements about future events or performance. Forward-looking information may
include reserve and resource estimates, estimates of future production, unit
costs, costs of capital projects and timing of commencement of operations, and
is based on current expectations that involve a number of business risks and
uncertainties. Factors that could cause actual results to differ materially
from any forward-looking statement include, but are not limited to, failure to
establish estimated resources and reserves, the grade and recovery of mined
ore varying from estimates, capital and operating costs varying significantly
from estimates, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, inflation, changes in
exchange rates, fluctuations in commodity prices, delays in the development of
projects and other factors. Forward-looking statements are subject to risks,
uncertainties and other factors that could cause actual results to differ
materially from expected results.
Potential shareholders and prospective investors should be aware that
these statements are subject to known and unknown risks, uncertainties and
other factors that could cause actual results to differ materially from those
suggested by the forward-looking statements. Shareholders are cautioned not to
place undue reliance on forward-looking information. By its nature,
forward-looking information involves numerous assumptions, inherent risks and
uncertainties, both general and specific, that contribute to the possibility
that the predictions, forecasts, projections and various future events will
not occur. Claude Resources undertakes no obligation to update publicly or
otherwise revise any forward-looking information whether as a result of new
information, future events or other such factors which affect this
information, except as required by law.
%SEDAR: 00000498E %CIK: 0001173924
For further information:
For further information: Brian Skanderbeg, Vice President Exploration,
Claude Resources Inc., Phone: (306) 668-7505 or Neil McMillan, President &
CEO, Claude Resources Inc., Phone: (306) 668-7505, Email:
email@example.com, Website: www.clauderesources.com