A high-grade intercept lifted Claude Resources’ (CRJ-T, CGR-X) shares on a day when the yellow metal itself was climbing high.
With gold reaching the US$1,525 per oz. level, news of Claude’s intercept lifted the company’s shares by 3% or 6¢ to $2.21 on 787,000 shares traded in Toronto on May 25.
Results were highlighted by one hole returning 84.66 grams gold per tonne across 3.2 metres. That hole came out of a follow-up drill program at what is known as the Neptune target.
The target sits within the Saskatoon-based company’s wholly owned, 144 sq. km, Seabee Project. The project, which sits 110 km northeast of La Ronge in northern Saskatchewan, also hosts the currently producing Seabee and Santoy 8 Gold deposits.
Those two deposits have combined proven and probable reserves of 949,637 tonnes grading 6.82 grams gold for 208,000 oz.
Since beginning production at the site in 1991, the company has turned out 930,000 oz. of gold.
As for Neptune, the zone was only discovered in 2010 and sits 6-km north of the actual Seabee mine site.
A total of 13 holes for 4,051 metres were drilled over the winter in the area, which outlined a gold-bearing structure over a strike length of 1,200 metres and to depths of over 250 metres.
“To date, we have only tested the Neptune target on widely spaced centres and are yet to determine the limits. These results demonstrate the potential for significant new discoveries and resource definition in the Seabee Camp,” Brian Skanderbeg, Claude’s VP of exploration said in a statement.
Skanderbeg also said that the system remains open along strike to the northeast and southwest and at depth.
With 10 of 15 holes at Neptune hosting visible gold it is little wonder that the company has expanded this year’s exploration program to include 26,500 metres of surface drilling.
Claude says it will focus much of that drilling on testing the 1.8 km strike length of Neptune as well as other targets on the property.
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