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Claude Resources (CRJ.TSX, AMEX: CGR) announced results from its 2011 drill program at the Santoy Gap within the Company’s 100%-owned Seabee Gold Project in northern Saskatchewan, Canada. The Company reported that the results have confirmed grade continuity and intercepted economic mineralization at depths in excess of 500 meters as well as step-out holes along strike to the north and south.
Claude also noted that the system remains open in all directions and is located just 300 meters from the existing Santoy 8 resource. The results will be integrated into an NI 43-101 compliant gold resource for the Santoy Gap deposit, which is expected to be completed during the first quarter of 2012.
Highlights:
*35.00 grams per tonne (g/t) of gold over 9.78 meters (m) at hole JOY-11-588
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* 27.65 g/t of gold over 1.46m at hole JOY-11-565
* 46.44 g/t of gold over 1.97m at hole JOY-11-589
Brian Skanderbeg, Vice President Exploration of Claude
“Throughout 2011, Santoy Gap has continued to expand, demonstrating excellent continuity, grade and width. With aggressive and focused drilling in 2011, both the L62 and Santoy Gap deposits will move from discovery to resource in less than a year. This reinforces the potential for discovery in the Seabee Gold Project and bodes well for future mine expansion.”
Paolo Lostritto, National Bank Financial:
“Management is focused on completing development work and capital projects to increase production in 2013. We believe the market is likely to assess this transition effort and may consider rewarding for 2013 cash flow growth in the second half of 2012.”
