Canadian Mining Journal

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GOLD EXPLORATION NEWS More Activity at Former Madsen Mine

RED LAKE, Ontario PLACER DOME has bumped up exploration at the former Madsen gold mine, owned by CLAUDE RESOURCES...


RED LAKE, Ontario PLACER DOME has bumped up exploration at the former Madsen gold mine, owned by CLAUDE RESOURCES. Placer Dome can earn a 55% interest in the 10,500-acre property by spending $8.2 million prior to the end of 2004 and delivering a bankable feasibility study over the following two years.

Work earlier this year resulted in several high-grade intersections. Results from the Russett North zone are particularly encouraging with quartz-tourmaline, quartz-carbonate and colliform carbonate veining being intersected routinely. Visible gold was observed in a number of holes with several returning assays that confirm the high-grade nature of this carbonatized mafic-ultramafic terrain. Phase II expansion has started on an area of this terrain referred to as the Treasure Box. Elsewhere on the property, Phase I drilling near the past-producing Starratt-Olsen mine, intersected the already-known Devillier and Creek zones as well as a new sheared and altered sulphide replacement zone in the mine’s footwall which was named the Footwall Tuff zone.

Detailed assay results are posted in the News section at www.clauderesources.com.


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