Shares of Claude Resources (CRJ-T, CGR-X) gained 17% a day after updating its gold reserves and resources on its wholly-owned Seabee gold operation in Saskatchewan.
The project is located in the La Ronge Mining district at the north portion of Laonil Lake, 125 km northeast of the town of La Ronge.
It contains the two producing gold mines – Seabee and Santoy 8 – and several deposits and regional exploration targets.
Reserves, net of mining depletion, at the combined mines increased slightly over the previous 2010 estimate to 2 million tonnes grading 5.37 grams gold per tonne for 355,600 oz. gold.
Claude says reserves jumped 18% at the Seabee mine, while decreasing 19% at the Santoy 8 mine, but overall managed to gain 1% or another 2, 900 oz.
The junior bulked up its measured and indicated category by 43% or 21,100 oz. compared to 2010’s estimate. Measured and indicated resources stand at 410, 900 tonnes grading 5.35 grams gold for 70,700 oz. compared to the previous estimate of 49,600 oz. from 271,000 tonnes at 5.70 grams gold.
But the real improvement came in the inferred category. Claude reported a 236% year-over-year increase or an addition of 613,300 oz. Inferred resources now amount to 4.1 million tonnes grading 6.48 grams for 873,400 oz.
Pleased with the overall growth, the company’s president and CEO Neil McMillan said in a press release that the increase in ounces last year outlines the potential that exists at the Seabee gold operation.
He added the inclusion of the L62 and Santoy Gap deposits into reserves and resources came only six and nine months after their respective discoveries.
McMillan notes that the deposits will be added to an updated mine plan for Seabee, which should be out in the third quarter.
For 2012, the company has budgeted $7.5 million for a 130,000-metre drill program to continue expanding resources and reserves at Seabee.
As part of the program, it will have eight rigs turning on the property.
On March 16, the company closed up 17% to $1.25 apiece on 2.02 million shares traded.
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