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Claude Resources Inc. Expands 8 Zone at Depth and Provides Exploration Update on Madsen

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SASKATOON, Nov. 20, 2012 /PRNewswire/ - Claude Resources Inc. ("Claude" and or the "Company") today provided a summary of 2012 exploration activities at the Company's 100 percent-owned Madsen Project in Red Lake, Ontario.  2012 drilling continued to expand the 8 Zone plunge at depth and demonstrated significant depth extension to the Austin and McVeigh Tuff.

Highlights from the 2012 drill results are summarized below and in Figures 1 and 2.

  • 14.30 grams Au per tonne over 2.00 metres in AD-11-01 
  Austin Tuff
  • 6.52 grams Au per tonne over 2.00 metres in MUG-12-18d 
  8 Zone Main
  • 26.50 grams Au per tonne over 2.00 metres in MUG-12-20 
  8 Zone Main
  • 9.53 grams Au per tonne over 2.00 metres in MUG-11-21 
  Austin Tuff
  • 14.55 grams Au per tonne over 2.00 metres in MUG-12-25b 
  8 Zone FW
  • 12.00 grams Au per tonne over 1.50 metres in MUG-12-26 
  8 Zone Main
  • 29.60  grams Au per tonne over 1.50 metres in MUG-12-28 
  8 Zone Main
  • 17.70 grams Au per tonne over 2.00 metres in MUG-12-29 
  McVeigh Tuff
  • 7.77 grams Au per tonne over 1.00 metres in MUG-12-30  
  8 Zone FW

In 2012, Phase II underground and surface drilling completed 19,100 metres and 16 holes, targeting the 8 Zone plunge and strike continuity as well as the Austin and McVeigh Tuff plunge continuity.  The 2012 program was completed in late-September and included two underground rigs active on the 16th level and one surface rig.

8 Zone

Nine drill holes targeted the down plunge continuity of the 8 Zone (Figure 2).  Drill holes MUG-12-20, -26, -28 and -30 confirmed plunge continuity, returning visible-gold bearing intercepts of up to 26.50 g/t over 2.00 metres. Drill hole MUG-12-25b intercepted a strong footwall zone returning 14.55 g/t over 2.00 metres. These intercepts confirmed the 8 Zone system 250 metres down plunge from historic mining as well as indicate potential for high grade, sub-parallel lenses.  The system continues to remain open down plunge and along strike to the east.

Drill holes targeting the western strike continuity of the 8 Zone include MUG-11-19, MUG-12-21, -22, -23 and -24 (Figure 2). Drill hole 21 intercepted silicified, biotite-altered basalt and returned gold assays of 9.53 g/t over 2.00 metres, approximately 850 metres below surface.  This intercept is in the hanging-wall of the 8 Zone system and interpreted to correlate with and be an extension of the Austin Tuff. Importantly, 2011 drilling in this area intercepted several high grade intervals within the McVeigh Tuff. The combination of well-mineralized Austin and McVeigh intercepts, 500 metres along strike and west from historic stopes, indicates the potential for a new shoot development.

Austin and McVeigh Tuffs

In addition to Phase II underground drilling, the Company completed three deep surface drill holes to evaluate the Austin Tuff at elevations of 1,200 to 2,000 metres below surface. Drill holes AD-11-01, AD-12-01b and -02a intercepted widespread alteration and mineralization, returning gold assays of up to 14.3 g/t over 2.00 metres (Figure 1). These holes are the deepest completed to date on the property and confirm the development of the Austin Tuff 700 metres below historic mine stopes.  The Austin Tuff continues to remain open down plunge and along strike to the east.

The Madsen Mine property currently hosts a National Instrument 43-101 compliant Indicated Resource of 928,000 ounces at 8.93 g/tonne and an Inferred Resource of 297,000 ounces at 11.74 g/tonne (see December 7th, 2009 press release, 'Claude Resources Inc. Reports Independent NI 43-101 Resource at Madsen Mine'). The property also hosts significant surface and underground infrastructure including a permitted tailings facility, 500 tonne per day mill and a 1,250 metre deep shaft.  Stemming from a four year advanced exploration program and moving into 2013, Claude plans to advance the Madsen project into a scoping study as well as evaluate further surface exploration targets.

"Phase I and II drill programs at Madsen were very successful in confirming and extending the 8 Zone and Austin and McVeigh systems.  We have demonstrated that Madsen is a high grade gold project that has strong vertical continuity, remaining open at depth and along strike to the northeast.  Based on these results, the significant existing resource base and advanced infrastructure, the Company believes that the Madsen Project warrants scoping level analysis," stated Brian Skanderbeg, Senior Vice President and COO.