Claude Resources (CRJ.TSX, AMEX: CGR) announced the release of an updated NI 43-101 gold resource from the Santoy Gap deposit at its 100% owned Seabee Gold Operation in Saskatchewan. The Canadian gold mining company reported that the updated estimate includes Indicated Resources of 281,000 ounces at 8.80 grams per tonne (g/t) of gold and Inferred Resources of 357,000 at 5.92 g/t of gold.
Claude Resources went on to note that it has evaluated at a preliminary level the potential capital and operating costs at Santoy Gap. The results of the evaluation suggest that the deposit has the potential to provide significant economic value to the Seabee Operation. Claude added that it has commenced more detailed feasibility studies on the deposit to bring it into production as soon as possible.
* Gold mineralization domain extends for approximately 800 meters along strike and to 690 meters below surface
* The core of the Santoy Gap resource is approximately 600 meters away from the Santoy 8 Mine
* Approximately 265 meters have been developed of the planned 800 meter exploration drift project
* The Santoy Gap resource update is based on 194 holes and 71,600 meters of drilling
Brian Skanderbeg, Senior Vice President and COO of Claude Resources:
“During 2012, we were able to effectively upgrade a significant portion of our inferred resource into the indicated category while continuing to grow the Santoy Gap deposit. Our infill drill program demonstrated that a high grade core exists with widths of up to 20 meters. The Santoy Gap deposit represents a great opportunity for the Company due to its proximity to permitted mine infrastructure, low development cost, near-term production potential and impressive grade.”
Neil Mcmillan, President and CEO Of Claude Resources:
“The Seabee Gold Operation delivered positive earnings and higher grade ore from Seabee Deep and the L62 Zone.”