Trading Symbols: TSX: CRJ; OTCQB: CLGRF
SASKATOON, SK, Sept. 10, 2014 /PRNewswire/ - Claude
Resources Inc. ("Claude" and or the "Company") continues to
achieve excellent results from the underground drill program at the
Santoy Gap including an intersection of 26.77 grams of gold per
tonne over 8.7 metres true width. In addition, long-hole production
at the Santoy Gap deposit has been initiated ahead of schedule and
is expected to have a positive impact on future production.
2014 Santoy Gap Underground Drill Program
The underground drilling program is designed to define and
expand the current Mineral Reserves and Mineral Resources at the
Santoy Gap. Results show high grade and excellent widths that are
hosted within three distinct vein systems, namely the Santoy Gap
9A, 9B and 9C.
Select highlight holes that have intercepted multiple vein
systems are presented in Table 1. Table 2, which is located
at the end of the news release, provides further highlights and
information specific to each intercept. All results are reported as
cut grade and true width.
Table 1: Highlight Holes Intercepting Multiple Vein
Systems Within the Santoy Gap Deposit.
HOLE
#
|
VEIN
SYSTEM
|
9A
|
9B
|
9C
|
GRADE g/t
(cut)
|
TRUE
WIDTH (m)
|
GRADE g/t
(cut)
|
TRUE
WIDTH (m)
|
GRADE g/t
(cut)
|
TRUE
WIDTH (m)
|
SUG-14-027
|
33.56
|
4.57
|
7.71
|
2.52
|
4.28
|
10.21
|
SUG-14-028
|
15.35
|
7.51
|
4.84
|
3.42
|
6.71
|
7.13
|
SUG-14-029
|
50.00
|
1.88
|
10.91
|
10.47
|
15.17
|
4.80
|
SUG-14-034
|
13.29
|
2.58
|
22.54
|
9.62
|
4.93
|
1.72
|
SUG-14-038
|
9.87
|
8.22
|
20.20
|
0.87
|
28.36
|
2.02
|
SUG-14-044
|
8.03
|
3.39
|
-
|
-
|
11.33
|
7.63
|
SUG-14-048
|
6.06
|
6.34
|
6.23
|
4.69
|
26.77
|
8.70
|
"These results and the fact that we are now in production
demonstrate why we anticipate the Santoy Gap deposit will have a
positive impact on our production profile," stated Mike Sylvestre, Interim President and CEO. "The
significance of these results is that all three structures hosted
within the Santoy Gap continue to demonstrate economic grades and
widths. The Santoy Gap deposit contains more gold ounces per
vertical metre than other ore bodies in the camp and, based on
that, we have the opportunity to improve productivity and
margins."
Santoy Gap Development Update
The Santoy Gap development is currently ahead of schedule with
long-hole production now underway. Long-hole production was
originally expected to begin in the fourth quarter of 2014. From
May through July, the Santoy Gap produced approximately 13,000
tonnes at 7.1 grams of gold per tonne. Thus far, the average grade
has been 8% higher than the Santoy Gap Mineral Reserve grade of 6.4
grams of gold per tonne. Year to date, the Santoy Gap has had a
positive impact on production from the Santoy Mine Complex with
overall grades improving to 5.65 grams of gold per tonne in the
second quarter versus the 3.66 grams of gold per tonne during the
first quarter of this year.
Production ramp up at the Santoy Gap is well ahead of schedule
and will become the main contributor of tonnes and ounces mined
from the Santoy Mine Complex for the remainder of 2014. Production
tonnage from Santoy Gap is expected to average 300 to 400 tonnes
per day during the fourth quarter, which is well above the budgeted
throughput of 200 tonnes per day. The increase in tonnage and grade
from Santoy Gap is expected to drive unit cost improvements going
forward.
During the third quarter, the Company engaged an engineering
firm to update sections of the Santoy Gap mine plan, focusing on
mine design, ventilation and future power requirements. Once
completed, the Company will move forward with development to
achieve a full production rate of 500 to 700 tonnes per day.
Capital expenditures required to achieve the future production ramp
up are expected to be minimal and the Company expects to fund its
organic growth through internal cash flows.
To view longitudinal sections and plan maps of the Santoy Mine
Complex please visit the Company's website at
www.clauderesources.com.
Table 2: Highlights of Santoy Gap Year to Date 2014
Underground Drilling Results.
HOLE
#
|
ZONE
INTERSECTION
|
GRADE g/t
(uncut)
|
GRADE g/t
(cut)
|
TRUE
WIDTH
(m)
|
NAME
(Target)
|
FROM
|
TO
|
SUG-14-001
|
9C
|
118.50
|
127.50
|
4.84
|
4.84
|
7.60
|
SUG-14-001
|
9B
|
129.00
|
132.50
|
20.74
|
15.82
|
2.96
|
SUG-14-001
|
9A
|
138.60
|
140.50
|
28.82
|
23.86
|
1.61
|
SUG-14-002
|
9A
|
155.40
|
165.00
|
9.37
|
9.37
|
6.96
|
SUG-14-003
|
9C
|
144.00
|
149.60
|
4.51
|
4.51
|
3.78
|
SUG-14-003
|
9A
|
171.00
|
177.00
|
19.31
|
19.31
|
3.99
|
SUG-14-004
|
9C
|
158.10
|
163.80
|
7.41
|
7.41
|
3.49
|
SUG-14-004
|
9B
|
173.50
|
181.40
|
15.55
|
15.55
|
4.97
|
SUG-14-007
|
9C
|
136.80
|
139.40
|
21.05
|
21.05
|
1.91
|
SUG-14-007
|
9A
|
165.00
|
173.90
|
5.99
|
5.42
|
6.72
|
SUG-14-008
|
9A
|
171.70
|
174.40
|
36.23
|
22.39
|
1.95
|
SUG-14-009
|
9C
|
133.80
|
137.10
|
9.03
|
9.03
|
2.48
|
SUG-14-010
|
9A
|
153.00
|
157.00
|
5.77
|
5.77
|
3.11
|
SUG-14-016
|
9C
|
153.50
|
157.50
|
10.16
|
10.16
|
2.66
|
SUG-14-017
|
9C
|
131.80
|
140.20
|
5.24
|
5.24
|
6.19
|
SUG-14-019
|
9B
|
166.50
|
169.50
|
17.93
|
17.93
|
1.92
|
SUG-14-020
|
9A
|
144.00
|
151.50
|
3.51
|
3.51
|
6.14
|
SUG-14-022
|
9C
|
120.00
|
121.50
|
21.19
|
21.19
|
1.23
|
SUG-14-025
|
9C
|
113.10
|
114.30
|
67.03
|
50.00
|
1.05
|
SUG-14-026
|
9C
|
139.00
|
147.20
|
11.95
|
11.95
|
5.73
|
SUG-14-026
|
9A
|
156.00
|
160.50
|
25.01
|
25.01
|
3.16
|
SUG-14-027
|
9C
|
129.10
|
142.50
|
4.28
|
4.28
|
10.21
|
SUG-14-027
|
9B
|
147.00
|
150.30
|
7.71
|
7.71
|
2.52
|
SUG-14-027
|
9A
|
157.50
|
163.50
|
45.49
|
33.56
|
4.57
|
SUG-14-028
|
9C
|
127.30
|
136.50
|
6.71
|
6.71
|
7.13
|
SUG-14-028
|
9B
|
144.90
|
149.30
|
4.84
|
4.84
|
3.42
|
SUG-14-028
|
9A
|
151.50
|
161.20
|
16.44
|
15.35
|
7.51
|
SUG-14-029
|
9C
|
119.50
|
125.40
|
27.51
|
15.17
|
4.80
|
SUG-14-029
|
9B
|
127.30
|
140.00
|
14.75
|
10.91
|
10.47
|
SUG-14-029
|
9A
|
145.50
|
147.80
|
91.58
|
50.00
|
1.88
|
SUG-14-030
|
9C
|
114.40
|
117.50
|
5.55
|
5.55
|
2.66
|
SUG-14-031
|
9B
|
117.00
|
123.00
|
16.31
|
13.63
|
5.42
|
SUG-14-031
|
9A
|
128.70
|
133.50
|
11.95
|
11.95
|
4.33
|
SUG-14-032
|
9A
|
131.90
|
135.50
|
5.66
|
5.66
|
3.26
|
SUG-14-033
|
9C
|
148.40
|
152.90
|
6.86
|
6.86
|
2.93
|
SUG-14-033
|
9B
|
160.00
|
163.30
|
10.58
|
10.58
|
2.18
|
SUG-14-034
|
9B
|
118.30
|
129.50
|
36.96
|
22.54
|
9.62
|
SUG-14-034
|
9A
|
130.60
|
133.60
|
13.29
|
13.29
|
2.58
|
SUG-14-035
|
9C
|
116.70
|
120.20
|
16.57
|
16.57
|
3.07
|
SUG-14-036
|
9C
|
133.20
|
138.50
|
11.13
|
11.13
|
3.96
|
SUG-14-037
|
9B
|
132.00
|
136.00
|
6.89
|
6.89
|
3.20
|
SUG-14-038
|
9C
|
112.40
|
114.70
|
28.36
|
28.36
|
2.02
|
SUG-14-038
|
9B
|
120.00
|
121.00
|
20.20
|
20.20
|
0.87
|
SUG-14-038
|
9A
|
132.40
|
141.80
|
14.97
|
9.87
|
8.22
|
SUG-14-039
|
9C
|
120.00
|
122.00
|
9.29
|
9.29
|
1.64
|
SUG-14-039
|
9A
|
146.80
|
149.50
|
9.84
|
9.84
|
2.20
|
SUG-14-041
|
9C
|
143.20
|
148.10
|
10.57
|
10.57
|
3.51
|
SUG-14-041
|
9B
|
151.40
|
155.40
|
5.59
|
5.59
|
3.05
|
SUG-14-042
|
9C
|
133.90
|
139.20
|
53.11
|
11.89
|
3.94
|
SUG-14-044
|
9C
|
128.80
|
139.10
|
11.33
|
11.33
|
7.63
|
SUG-14-044
|
9A
|
156.20
|
160.80
|
19.18
|
8.03
|
3.39
|
SUG-14-045
|
9C
|
141.30
|
152.10
|
8.91
|
8.91
|
7.57
|
SUG-14-045
|
9B
|
153.00
|
156.00
|
11.58
|
11.58
|
2.08
|
SUG-14-047
|
9C
|
159.30
|
172.50
|
11.06
|
11.06
|
7.36
|
SUG-14-048
|
9C
|
154.00
|
168.30
|
30.16
|
26.77
|
8.70
|
SUG-14-048
|
9B
|
171.30
|
179.20
|
7.04
|
6.23
|
4.69
|
SUG-14-048
|
9A
|
185.40
|
196.20
|
6.06
|
6.06
|
6.34
|
SUG-14-049
|
9C
|
160.80
|
165.00
|
13.50
|
13.50
|
2.60
|
SUG-14-049
|
9B
|
174.40
|
178.70
|
12.49
|
12.49
|
2.66
|
SUG-14-049
|
9A
|
193.50
|
199.00
|
4.93
|
4.93
|
3.36
|
SUG-14-056
|
9C
|
150.40
|
168.00
|
7.35
|
7.35
|
10.88
|
SUG-14-308
|
9A
|
131.20
|
139.50
|
37.04
|
14.71
|
4.86
|
SUG-14-310
|
9A
|
107.50
|
109.00
|
19.38
|
19.38
|
1.00
|
SUG-14-314
|
9A
|
74.20
|
77.80
|
5.37
|
5.37
|
3.46
|
SUG-14-316
|
9A
|
162.60
|
169.60
|
5.76
|
5.76
|
3.28
|
SUG-14-318
|
9A
|
137.10
|
144.80
|
6.47
|
6.47
|
4.39
|
SUG-14-328
|
9A
|
70.20
|
73.80
|
12.19
|
12.19
|
3.59
|
SUG-14-329
|
9A
|
74.60
|
78.00
|
6.38
|
6.38
|
3.23
|
SUG-14-334
|
9A
|
159.90
|
161.30
|
166.87
|
50.00
|
0.73
|
SUG-14-337
|
9A
|
72.20
|
73.50
|
48.30
|
48.30
|
1.27
|
Note: Composites are calculated at a 3.5 g/t cut-off and a
50.0 g/t top-cut and may include internal dilution.
Qualified Persons
Brian Skanderbeg, P.Geo. and
M.Sc., Senior Vice-president and Chief Operating Officer, is the
Qualified Person who has reviewed and approved the contents of this
news release. Samples were assayed by Claude's onsite
non-accredited assay lab at the Seabee Gold Operation. Duplicate
check assays were conducted on site as well as at TSL Laboratories
in Saskatoon. Results of the spot
checks were consistent with those reported. Sampling interval was
established by minimum or maximum sampling lengths and geological
and/or structural criteria. 200 gram samples were pulverized
until greater than 80 percent passes through 150 mesh screen. 30
gram pulp samples were then analyzed for gold by fire assay with
gravimetric finish (0.01 grams per tonne detection limit).
Claude Resources Inc. is a public company based in
Saskatoon, Saskatchewan, whose
shares trade on the Toronto Stock Exchange (TSX: CRJ) and the OTCQB
(OTCQB: CLGRF). Claude is a gold exploration and mining company
with an asset base located entirely in Canada. Since 1991, Claude has produced over
1,000,000 ounces of gold from its Seabee Gold Operation in
northeastern Saskatchewan. The
Company also owns 100 percent of the Amisk Gold Project in
northeastern Saskatchewan.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
All statements, other than statements of historical fact,
contained or incorporated by reference in this news release
and constitute "forward-looking information" within the
meaning of applicable Canadian securities laws and "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 (referred to herein as
"forward-looking statements"). Forward-looking statements
include, but are not limited to, statements with respect to the
future price of gold, the estimation of mineral reserves and
resources, the realization of mineral reserve estimates, the timing
and amount of estimated future production, costs of production,
capital expenditures, costs and timing of the development of new
deposits, success of exploration activities, permitting time lines,
currency exchange rate fluctuations, requirements for additional
capital, government regulation of mining operations, environmental
risks, unanticipated reclamation expenses, title disputes or claims
and limitations on insurance coverage. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate" or
"believes", or the negative connotation thereof or variations of
such words and phrases or state that certain actions, events or
results, "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved" or the negative connotation
thereof.
All forward-looking statements are based on various assumptions,
including, without limitation, the expectations and beliefs of
management, the assumed long-term price of gold, that the Company
will receive required permits and access to surface rights, that
the Company can access financing, appropriate equipment and
sufficient labour, and that the political environment within
Canada will continue to support
the development of mining projects in Canada.
Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of Claude
to be materially different from those expressed or implied by such
forward-looking statements, including but not limited to:
actual results of current exploration activities; environmental
risks; future prices of gold; possible variations in ore reserves,
grade or recovery rates; mine development and operating risks;
accidents, labour issues and other risks of the mining industry;
delays in obtaining government approvals or financing or in the
completion of development or construction activities; and other
risks and uncertainties, including but not limited to those
discussed in the section entitled "Business Risk" in the Company's
Annual Information Form. These risks and uncertainties are
not, and should not be construed as being, exhaustive.
Although Claude has attempted to identify important factors that
could cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements.
Forward-looking statements in this news release are made as of
the date of this news release and accordingly, are subject to
change after such date. Except as otherwise indicated by
Claude, these statements do not reflect the potential impact of any
non-recurring or other special items that may occur after the date
hereof. Forward-looking statements are provided for the
purpose of providing information about management's current
expectations and plans and allowing investors and others to get a
better understanding of our operating environment.
Claude does not undertake to update any forward-looking
statements that are incorporated by reference herein, except in
accordance with applicable securities laws.
CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING RESOURCES
ESTIMATES
The resource estimates in this document were prepared in
accordance with National Instrument 43-101, adopted by the Canadian
Securities Administrators. The requirements of National Instrument
43-101 differ significantly from the requirements of the United
States Securities and Exchange Commission (the "SEC"). In this
document, we use the terms "measured", "indicated" and "inferred"
resources. Although these terms are recognized and required in
Canada, the SEC does not recognize
them. The SEC permits U.S. mining companies, in their filings with
the SEC, to disclose only those mineral deposits that constitute
"reserves". Under United States
standards, mineralization may not be classified as a reserve unless
the determination has been made that the mineralization could be
economically and legally extracted at the time the determination is
made. United States investors
should not assume that all or any portion of a measured or
indicated resource will ever be converted into "reserves". Further,
"inferred resources" have a great amount of uncertainty as to their
existence and whether they can be mined economically or legally,
and United States investors should
not assume that "inferred resources".
SOURCE Claude Resources Inc.