An option agreement will see Claude Resources (ASE) help the Amisk Lake joint venture (consisting of Husky Oil and Toronto-listed Cameco) explore and develop a gold property in northeastern Saskatchewan.
Claude will spend $2.5 million to earn a 35% working interest in the Amisk-Laurel Lake property. It can earn an additional 35% by spending a further $14 million or by bringing the property into commercial production, although the Amisk Joint Venture would retain the right to participate in the project, repurchase a 10% interest or sell its interest to Claude.
The 18,800-hectare property covers the northern portion of Amisk Lake, situated 20 km southwest of Flin Flon, Man., and shares the same Aphebian greenstone belt as that town’s mines. In the Amisk Lake area, the belt consists of a conformable assemblage of mafic volcanic flows and related pyroclastics, felsic to intermediate volcanic rocks, and clastic sediments of the Amisk group. Sedimentary rocks of the Missi group lie uncomfortably on the Amisk series.
According to Claude geologists, the various rock types with known carbonatized and intensely sericitized and argillic alteration zones, when combined with the numerous mesothermal and epithermal gold vein showings within lower greenschist facies rocks, make this property one of the major, underexplored gold camps in Canada. Past work by the Amisk Lake joint venture found reserves to be 426,375 tonnes grading 11.3 grams gold per tonne. The zones remain open along strike and at depth.
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