History is kind to Claude

Claude Resources (CRJ-T, CGR-X) is riding high on the back of recently released historical assays from its Amisk gold property.

The Saskatoon-based company announced that a section of historical drill core returned 241 metres of 2.16 grams gold and 18.9 grams silver.

The news furthered the company’s recent upward momentum sending its shares up another 18% to $2.13 in Toronto on Dec. 16. Since Dec. 13 Claude’s shares have climbed 33% making a new 52-week high in the process.

“These impressive results in conjunction with geological compilation and modeling outline an extensive, bulk-mineable gold system,” Brian Skanderbeg, vice president of exploration at Claude said in a statement. “The system remains open along strike to the northeast, southwest, southeast and down-dip.”

The previous holders of the property failed to detect such wide stretches of mineralization, according to Claude, because they focused on high grade vein systems leaving broad envelopes of mineralization largely unsampled.

Now that Claude has uncovered such broad envelopes it plans to push hard on getting an initial 43-101 resource estimate at Amisk done by the end of the first quarter next year. The estimate will be based both on the historic holes and the 21 holes that the company drilled this year.

Claude recently wrapped up a 10 hole, 3,300 metre fall exploration program and it says that assay results are pending.

That program tested the northeastern, southwestern and southeastern strike extensions as and drilled several infill holes within the western portion of the deposit.

But it is clearly the older core that is driving the company’s current market valuation.

In all the Claude has assayed 22,000 metres of drill core from a total of 278 historic drill holes on the 139 sq. km property which sits 20-km southwest of Flin Flon, Manitoba.

The company felt it was on to something earlier this year when its analysis of historical data revealed 244 intervals of previously undetected significant gold grades.

Claude is the operator at Amisk by virtue of its 65% stake in the project with St. Eugene Mining holding the remaining 35%. Claude in turn has a 12% stake in St. Eugene.

The company describes mineralization at Amisk as within a rhyolite flow-dome complex and overlying pyroclastic tuffs of the Amisk Volcanic Assemblage, Flin Flon Greenstone Belt.

Gold and silver mineralization is hosted within a series of moderately to shallowly-dipping, pyrite, chalcopyrite-sphalerite-tetrahedrite-galena-bearing sulphide vein systems.

It also notes that high grade vein systems are typically flanked by wide intervals of low grade disseminated and stringer mineralization within a broad sericite alteration envelope.

Since 1991, Claude has produced 915,000 oz. of gold from its Seabee mining operation in northeastern Saskatchewan. The Company also owns the Madsen property in the Red Lake gold camp of northwestern Ontario.