Gold shares continued their recent stretch of outperforming the yellow metal on Friday, as the AMEX Gold Bugs Index (HUI) held near unchanged at 635.04 while the spot price of gold fell $21.25 to $1,848.85 per ounce.
Three of the top performing gold equities this morning were AngloGold Ashanti (AU), Gold Fields (GFI), and Royal Gold (RGLD) – which climbed 0.6%, 2.2%, and 0.7%, respectively.
On the downside, Agnico-Eagle Mines (AEM), Harmony Gold (HMY), and Kinross Gold (KGC) retreated 0.4%, 0.8%, and 0.6%, respectively.
Gold equities as a group were also outperforming the broader markets, as the Dow Jones Industrial Average (DJIA) pared its losses but remained considerably lower – by 140.54 points, or 1.2%, at 11,155.27.
Claude Resources Hits High Grade Gold at Seabee
CLAUDE RESOURCES (CRJ.TSX, CGR: AMEX) announced exploration results from the newly discovered L62 Zone at its 100% owned and operated Seabee Gold Operation in Canada. The L62 Zone is located approximately 200 meters away from existing development and operations on multiple levels in the hanging wall of the Seabee Mine.
Claude is now planning to drill an additional 20,000m this year at its Seabee Gold Operation, bringing year end drilling to approximately 100,000m. Exploration targets include the Seabee Gold Mine, the Santoy 8 Gold Mine, Santoy Gap, L62 Zone and Neptune. Full Claude Resources Press Release.
Claude is now planning to drill an additional 20,000m this year at its Seabee Gold Operation, bringing year end drilling to approximately 100,000m. Exploration targets include the Seabee Gold Mine, the Santoy 8 Gold Mine, Santoy Gap, L62 Zone and Neptune. Full Claude Resources Press Release.
Highlights:
* 261.28 g/t of gold over 3.6m at hole U11-638, including 1,563 g/t of gold over 0.5m.
* 10.68 grams per tonne (g/t) of gold over 2.5m at hole U11-354.
* 14.01 g/t of gold over 5.0m at hole U11-637.
CLAUDE VS. S&P500, XAU
Philip Ng, Senior Vice President, Mining Operations:
“These high grade results from the L62 Zone will have a significant and material impact on Seabee Mine’s Mineral Resources, Mineral Reserves and production outlook in the coming years…The Company’s plan is to start development towards the L62 Zone late in the fourth quarter of 2011 with development ore anticipated by the second quarter of 2012."
Paolo Lostritto, National Bank Financial:
“Recent results suggest that there may be pockets of extremely high-grade material within the new L62 zone… We reiterate our Outperform rating and C$3.30 target on Claude Resources shares."
INTERACTIVE CLAUDE RESOURCES CHART
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