SASKATCHEWAN - CLAUDE RESOURCES of Saskatoon has completed a $9-million private placement with which to begin bulk sampling at two potential new gold producers, Santoy Lake and Porky Lake. Both are located within a few kilometres of the company's Seabee gold mine that produced 41,200 oz of gold in 2004.
The Santoy Lake property is underlain by the Pine Lake greenstone belt. Mineralization occurs in chlorite-quartz-sulphide veins and silicified granitoid sills in mafic volcaniclastic rocks. The highest grade assays came from Zone 8 over an area 400 m long and two- to 15-m thick. One 3.03-m section of core assayed 35.0 g/t Au uncut, Claude reported in April 2005.
The gold mineralization at Porky Lake is part of a shear-related gold system hosted by altered mafic metavolcanic rocks and silicified, clastic metasedimentary rocks. Although hosted by different rock types, both Seabee and Porky Lake may have been derived from the same mineralized fluids and share a common deformational history. Drilling during 2004 returned intersections as high as 31.87 g/t Au (uncut)-- over 6.3 metres.
Detailed drilling results are posted at www.ClaudeResources.com.
The throughput of the Seabee mill has been doubled to 1,100 tonnes/day, providing treatment capacity for additional ore sources.
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