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.