Claude Resources Inc. (TSX: T.CRJ, Stock Forum) has intercepted over 29.74 metres of 14.58 grams per tonne gold at its Seabee project in Canada.
The 14,400 hectare Seabee Gold project, in northern Saskatchewan, currently hosts an inferred resource of 495,000 ounces at 6.63 grams of gold per tonne.
According to the press release, the system remains open in most directions and underground development from the existing Santoy 8 infrastructure has been initiated.
Highlights of the 2012 Santoy Gap drilling include over 1.82 metres at a grading of 41.88 grams per tonne gold in hole JOY-12-643, over 1.00 metre at a grading of 49.50 grams per tonne gold in hole JOY-12-674 and over one metre of 50.30 grams per tonne gold in hole JOY-12-678.
"Through the first half of 2012, drilling at Santoy Gap has yielded excellent results, confirming continuity within our resource model and successfully expanding the mineralized system,” said Brian Skanderbeg, Vice President of Exploration. "The advancement of underground development towards Santoy Gap and updating of the Seabee Life of Mine are critical steps in the growth of the Seabee Operation."
Gold mineralization at Santoy Gap is hosted within a system of sheeted, shear-hosted quartz veins, silicified biotite-diopside schist and silicified granitic to dioritic dykes.
Claude is engaged in the exploration and development of gold mineral reserves and mineral resources.
On Monday, Claude’s stock was up 2.90% and was trading at $0.71 a share. The company has a market cap of $123.4 million, based on 174 million shares outstanding. The 52-week high and low was $2.36 and $0.55 respectively.