Tuesday 6th December 2016

Resource Clips


Posts tagged ‘Claude Resources Inc (CRJ)’

Gwen Preston looks back on PDAC and an exciting week

March 15th, 2016

by Gwen Preston | SmallCapPower.com | March 15, 2016

What a week it was! Another PDAC is in the books. And a good one. It was undoubtedly small—fewer booths, attendance of just 22,000 compared to an average of 29,000 over the last five years—but the buzz was inarguably better than last year.

Gwen Preston looks back on PDAC and an exciting week

Mining deals flowed with PDAC buzzing in the background.

I comment on my PDAC impressions after going through the mining news events of the week. As usual, news flow ramped up during the world’s biggest mining conference so there was lots to talk about, and all I got to were the four biggest stories.

Others also deserve comment. Canamex Resources (TSXV:CSQ), for example, published a PEA showing how they could turn their Bruner gold project into a 46,500-ounce-per-year producer for a capital cost of just US$33.4 million. If built, the mine should be able to generate a 39% after-tax internal rate of return and operate for six years. It would be a simple oxide heap leach operating on patented land, which eases permitting considerably.

Those are pretty good numbers. The asset and company are small for my tastes but Canamex deserves credit: it not only survived the bear market but advanced its asset to the point where it supports an economic PEA. If the team can now establish a path to production, starting with accessing the cash needed to take the next step, its share price may well respond. This is, after all, a simple gold project in Nevada, one of the most desirable mining jurisdictions in the world.

That’s one example of interesting news. There was no shortage: companies arrived at PDAC armed with new drill results, property deals, exploration plans, financings and resource estimates.

Deal flow was the most exciting part. I go through three new deals below (Silver Standard buying Claude, Endeavour buying True Gold and Lundin moving on Timok), but financings were also hot. Pretium raised US$130 million, Franco pulled in an oversubscribed US$920 million and Kinross raised US$250 million. I like to see money moving. This sector seizes up otherwise.

No wonder PDAC-ers were pumped. Or cautiously optimistic, in the very least…. Continue reading this article on SmallCapPower.com.

Geeks, diggers, geos and techies flock to Val-d’Or with Integra’s online gold rush

September 30th, 2015

by Greg Klein | September 30, 2015

Over 740 virtual prospectors from 65 countries have joined a search for Quebec gold, but from the comfort of their homes and offices. That was the tally by September 30, when Integra Gold TSXV:ICG announced the six Gold Rush Challenge judges who’ll assess submissions for a potential deposit on the company’s Abitibi region properties. The winner of the online exploration contest gets $500,000, while runners-up will share another half-million.

Geeks, diggers, geos and techies flock to Val-d’Or with Integra’s online gold rush

Integra acquired the Sigma/Lamaque mines and mill
adjacent to the company’s Lamaque South project last year.

Not limited to professionals, the contest grants competitors access to 25 gigabytes of data derived from a six-terabyte library representing 75 years of mining and exploration from Integra’s past-producing Sigma/Lamaque mines.

Sigma produced 4.45 million gold ounces from 1937 to 1997. Lamaque gave up another 4.58 million ounces between 1935 and 1985.

Saying he expects “a plethora of innovative and creative ideas from within and outside of the geoscientific community,” Integra president/CEO Stephen de Jong added, “We are convinced that the very best idea for the next discovery in the Sigma/Lamaque area is still in the hands of a researcher somewhere in the world.”

A “phenomenal team of world-renowned judges” consists of Neil Adshead, a geologist and investment strategist at Sprott Asset Management, Andrew Brown, western Africa chief geologist for B2Gold TSX:BTO, Benoit Dubé, senior research scientist with the Geological Survey of Canada, James Franklin, a retired chief scientist with the GSC, David Rhys, consulting geologist with Panterra Geoservices and Brian Skanderberg, a geologist and president/CEO of Claude Resources TSX:CRJ.

They’ll assess 20 semi-finalists chosen by WSP Group, Integra’s geoscience partner for the contest. Five finalists will present their findings to the judges and a panel of industry veterans at what the company calls a “Shark-Tank-style” charity event at PDAC next March.

Sign up for the contest here. December 1’s the deadline for submissions.

Saskatchewan fires suspend uranium shipments and gold mining

July 13th, 2015

by Greg Klein | July 13, 2015

Wildfires have disrupted another northern Saskatchewan operation as Claude Resources TSX:CRJ suspended underground work at its Seabee gold mine on July 13. The company cited potential danger from heavy smoke and ash caused by a forest fire about eight kilometres south. Non-essential staff have been relocated. Seabee’s mill, however, continues to churn through an ore stockpile of about 10,000 tonnes or 12 days of production.

Saskatchewan fires suspend uranium shipments and gold mining

On July 9 Cameco Corp TSX:CCO and AREVA Resources Canada suspended uranium shipments to reduce traffic on roads that have been periodically shut due to heavy smoke. Product is being stored safely, Cameco stated.

But with additional health and safety measures in place, operations continue at the McArthur River mine, Key Lake mill, Cigar Lake mine and Rabbit Lake mine and mill. The company expects to meet 2015 guidance of 25.3 million to 26.3 million pounds U3O8, along with the year’s sales target of 31 million to 33 million pounds.

At the time CBC reported that one in 10 people displaced by northern Saskatchewan fires works for Cameco. At one point evacuees were being housed at the Key Lake camp, CEO Tim Gitzel told the network.

Along with other partners the company has a travelling kids’ carnival visiting five evacuation centres across the province’s north, providing “a day of face-painting, bouncy castles, carnival games, balloon artists, free snacks and Disney princesses,” according to the Cold Lake Sun.

In addition Cameco supplied firefighters with a bulldozer, generator, firefighting equipment and skilled personnel, the paper added. Among other community-minded groups, Labatt Brewing Company joined the effort by sending Cold Lake a 48,000-can donation. That was water, by the way. For future donations the company will keep another 48,000 cans of the same stuff on standby at each of two breweries.

CBC also reported that a soldier was found in good condition on July 13, six hours after he went missing from a Canadian Forces firefighting team.

Saskatchewan’s core values

March 5th, 2013

La Ronge Gold hopes high grades will propel it into production

by Greg Klein

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According to the company, it’s “the best gold grade drilled to date” in northeastern Saskatchewan’s La Ronge gold camp. Expansion drilling by the eponymous La Ronge Gold TSXV:LAR on its Preview property hit an exceptional intercept shown by assays released on March 4:

La Ronge Gold hopes high grades will propel it into production

More drill results are pending from La Ronge Gold’s Preview property.

  • 633.61 grams per tonne gold over 4.08 metres
  • (including 1,123.25 g/t over 2.3 metres)
  • (which includes 5.14 g/t over 0.77 metres)
  • (and includes 13.03 over 0.9 metres)
  • (and includes 4,279 g/t over 0.6 metres).

True widths weren’t provided. No topcut was applied. The intercept began at a down-hole depth of 203.78 metres.

The hole was one of 20 drilled so far to test for northeast and southwest extensions of the Preview SW deposit, as well as near-surface potential within the deposit. Preview SW has a December 2012 resource estimate which uses a 0.5 g/t cutoff to show:

  • an indicated category of 1.96 million tonnes averaging 2.12 g/t gold for 138,100 gold ounces
  • an inferred category of 3.71 million tonnes averaging 2.09 g/t for 257,300 ounces.

Contained within 400 metres of strike and to a depth of 200 metres, the resource shows open pit potential, La Ronge stated, adding that the deposit remains open in all directions.

Assays from five other northeast and southwest expansion holes released February 26 show:

  • 2.57 g/t gold over 6.25 metres
  • (including 4.98 g/t over 2.99 metres)
  • 4.03 g/t over 2.27 metres
  • 3.28 g/t over 5.24 metres
  • 1.71 g/t over 6.95 metres
  • (including 2.4 g/t over 5.26 metres)
  • 8.06 g/t over 1.15 metres
  • 5.76 g/t over 12.59 metres
  • (including 12.35 g/t over 4.24 metres).

Again, true widths weren’t provided. The top-most intercept started at 77 metres while the deepest stopped at 177 metres down hole.

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Not today, thank you

November 27th, 2012

Investors remain aloof despite news from gold and silver producers

by Greg Klein

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Encouraging drill results and profitable production aren’t always enough to impress investors, as Claude Resources TSX:CRJ and SilverCrest Mines TSXV:SVL saw on November 27. Claude’s Saskatchewan gold assays and SilverCrest’s Mexican silver-gold-copper results each brought a slight but perceptible stock pullback.

Claude’s November 27 results came from its Santoy Gap deposit on the Seabee Gold Project, which includes two operating mines, Seabee and Santoy 8, in the La Ronge mining district of northeastern Saskatchewan. The assays show:

  • 8.16 grams per tonne gold over 5.93 metres
  • 5.07 g/t over 6 metres
  • 3.51 g/t over 4.53 metres
  • 5.03 g/t over 1.58 metres
  • 4.68 g/t over 1.41 metres
News from gold and silver producers

Claude Resources’ Seabee Gold Project in northeastern Saskatchewan features two operating mines as well as resource expansion.

True widths are estimated between 75% and 95%. A 3 g/t lower cutoff was applied, but no top cut. The deepest interval stopped at 649 metres’ depth.

These three holes extend the Santoy Gap mineralized system down dip and along strike toward Santoy 8, suggesting possible continuity, the company stated.

Results from this year’s 71-hole, 35,100-metre program will be used to update Santoy Gap’s December 2011 resource estimate, which sits at 2.32 million tonnes averaging 6.63 g/t for 495,000 ounces gold. The resource update, as well as an updated life-of-mine plan, comes due by year-end. Claude is now building an 850-metre-long exploration drift for further drilling.

The 14,400-hectare Seabee Gold Project’s five deposits come to:

  • proven and probable reserves totalling 2.1 million tonnes with an average 5.37 g/t for 355,600 gold ounces
  • indicated resources totalling 410,900 tonnes with an average 5.35 g/t for 70,700 ounces
  • inferred resources totalling 4.19 million tonnes with an average 6.48 g/t for 873,400 ounces.

In Ontario’s Red Lake mining camp, Claude’s 4,000-hectare Madsen gold project includes four past-producing mines, along with some modern infrastructure intact. The high-grade estimate for Madsen’s four zones shows:

  • indicated resources totalling 3.24 million tonnes averaging 8.93 g/t gold for 928,000 ounces gold
  • inferred resources totalling 788,000 tonnes averaging 11.74 g/t for 297,000 ounces.

A 16-hole, 19,100-metre program using one surface and two underground rigs wrapped up in September. The company plans further drilling, along with a PEA study, next year. Infrastructure includes a permitted tailings facility, 500 tpd mill and a 1,250-metre shaft.

Claude’s other northeastern Saskatchewan project, the 40,373-hectare Amisk Lake property, comes with resources that show:

  • an indicated category of 30 million tonnes averaging 0.85 g/t gold and 6.17 g/t silver for 827,000 ounces gold and 5.98 million ounces silver
  • an inferred category of 28.65 million tonnes averaging 0.64 g/t gold and 4.01 g/t silver for 589,000 ounces gold and 3.7 million ounces silver.

Amisk is slated for a resource update and PEA to be released next year.

Seabee’s November 27 drill results followed closely on Claude’s Q3 report, which announced a net profit of $3 million or $0.02 a share and 15,073 ounces of gold production with cash costs of $920 an ounce. The company projects increasing production and decreasing costs reaching an estimated 90,000 ounces annually at about $800 an ounce by 2017.

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Claude reports Saskatchewan Seabee Gold Operation Resource Estimate

March 14th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningClaude Resources Inc TSX:CRJ announced an updated NI 43-101 mineral resource estimate for its Seabee gold operation in Saskatchewan. The projects now has proven and probable reserves of 352,600 ounces gold, measured and indicated resources of 49,600 ounces and inferred resources of 260,100 ounces.

President/CEO Neil McMillan said, “We are extremely pleased with this reserve and resource growth. The increase in ounces in 2011 demonstrates the potential that exists at the Seabee Gold Operation. The inclusion of the L62 and Santoy Gap deposits into reserves and resources came only six and nine months after their respective discoveries. More importantly these discoveries are in close proximity to current mining infrastructure and will be integrated into an updated life of mine plan anticipated during the third quarter. We are confident that this resource and reserve growth and our $7.5 million, 130,000 metre drill program in 2012 will translate into a significantly expanded production profile at Seabee.”

View Company Profile

Contact:
Neil McMillan
President/CEO
306.668.7505

or Brian Skanderbeg
VP Exploration
306.668.7505

by Ted Niles

Claude reports Saskatchewan Gold Assays including 35 g/t over 9.8m

February 13th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningClaude Resources Inc TSX:CRJ announced assay results from the Santoy Gap deposit of its Seabee gold project in Saskatchewan. Highlights include

27.65 g/t gold over 1.5 metres
35 g/t over 9.8 metres (including 533 g/t over 0.5 metres)
46.44 g/t over 2 metres
14.75 g/t over 2.3 metres
16.14 g/t over 4 metres
56.23 g/t over 1.4 metres
12.95 g/t over 7.8 metres (including 23.44 g/t over 3.1 metres)
9.74 g/t over 3.8 metres (including 23.24 g/t over 1.1 metres)

VP Exploration Brian Skanderbeg commented, “Throughout 2011, Santoy Gap has continued to expand, demonstrating excellent continuity, grade and width. With aggressive and focused drilling in 2011, both the L62 and Santoy Gap deposits will move from discovery to resource in less than a year. This reinforces the potential for discovery in the Seabee Gold Project and bodes well for future mine expansion.”

View Company Profile

Contact:
Brian Skanderbeg
VP Exploration
306.668.7505

or Marc Lepage
Manager, Investor Relations
306.668.7505

by Ted Niles

Claude VP Brian Skanderbeg on Sask gold assays of 12.81 g/t over 6.7m

January 17th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningClaude Resources Inc TSX:CRJ announced assays from the L62 discovery of its Seabee gold mine in Saskatchewan. Results include

12.81 g/t gold over 6.7 metres
14.83 g/t over 5.2 metres
195.06 g/t over 2.3 metres
22.03 g/t over 4.4 metres
24.16 g/t over 5.7 metres
27.06 g/t over 4.8 metres

VP Exploration Brian Skanderbeg tells ResourceClips.com, “Seabee has been our sole-producing asset for the last 20 years. Claude has had approaching one million ounces of historic production and the current resource base is about 660,000 ounces. L62 is a new lens that we discovered in 2Q last year. It’s been the focus of quite a bit of exploration over the last six months, and these drill holes are really showing how it continues to grow. It’s proximal to our infrastructure; it’s a new discovery; and it’s open, so it has the potential to significantly change our resource base. Obviously, the grades are much higher than what we’re currently mining, so the grade of the lens is quite attractive to us.

“We will see mill feed [from the L62 discovery] this calendar year; we’ll have it in production. Because it’s so close to our infrastructure and it’s showing a pretty impressive grade, we’re definitely fast-tracking the development. By 3Q/4Q, we’ll see production out of it.

We will see mill feed [from the L62 discovery] this calendar year; we’ll have it in production—Brian Skanderbeg

“Right now, we’re looking at a pretty aggressive exploration budget this year,” Skanderbeg continues. “We’ll drill about 130,000 metres on the property. That’s surface and underground. Dollar-wise, we’ll spend $7.6 million at Seabee on the regional exploration. In terms of production, our guidance this year will be around 50,000 ounces. Moving forward, we see a mill expansion and certainly—driven by the resource growth we anticipate this year—we would look for much more during 2013, in terms of a production profile.

“We’ve traded like our peers in the market during the last two quarters, so we’re down about 40% from our 52-week high. We’re undervalued, but the entire sector is. I think companies with production assets and cash flow like ours have much more leverage to grow moving forward and are not at the risk of the market and the fundamentals, which can be quite challenging on the capital side. I think we’re in a very good position to go forward.” Skanderbeg adds, “Year-end we were around $35 million in the bank, so we’re financed fairly well. We are aggressively exploring and doing capital development for Seabee, so we’ve got a fairly high burn rate, but we’ve got good money in the bank for the interim.”

He concludes, “During the 20 years of its mine life it’s never looked brighter for Seabee. I think the resource growth that we’re seeing right now, driven by these exploration results, is going to really have a big impact on Seabee’s economics and growth. So I’m quite excited to see these deposits move into the production profile and feel their impact. I think Seabee’s got a very bright future, brighter than at any point in its past.”

View Company Profile

Contact:
Neil McMillan
President/CEO
306.668.7505

or Brian Skanderbeg
VP Exploration
306.668.7505

by Ted Niles

Claude reports Saskatchewan Gold Assays including 195.06 g/t over 2.3m

January 16th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningClaude Resources Inc TSX:CRJ announced assays from the L62 discovery of its Seabee gold mine in Saskatchewan. Results include

12.81 g/t gold over 6.7 metres
14.83 g/t over 5.2 metres
195.06 g/t over 2.3 metres
22.03 g/t over 4.4 metres
24.16 g/t over 5.7 metres
27.06 g/t over 4.8 metres

VP Exploration Brian Skanderbeg tells ResourceClips.com, “Seabee has been our sole-producing asset for the last 20 years. Claude has had approaching one million ounces of historic production and the current resource base is about 660,000 ounces. L62 is a new lens that we discovered in 2Q last year. It’s been the focus of quite a bit of exploration over the last six months, and these drill holes are really showing how it continues to grow. It’s proximal to our infrastructure; it’s a new discovery; and it’s open, so it has the potential to significantly change our resource base. Obviously, the grades are much higher than what we’re currently mining, so the grade of the lens is quite attractive to us.

“We will see mill feed [from the L62 discovery] this calendar year; we’ll have it in production. Because it’s so close to our infrastructure and it’s showing a pretty impressive grade, we’re definitely fast-tracking the development. By 3Q/4Q, we’ll see production out of it.

We will see mill feed [from the L62 discovery] this calendar year; we’ll have it in production—Brian Skanderbeg

“Right now, we’re looking at a pretty aggressive exploration budget this year,” Skanderbeg continues. “We’ll drill about 130,000 metres on the property. That’s surface and underground. Dollar-wise, we’ll spend $7.6 million at Seabee on the regional exploration. In terms of production, our guidance this year will be around 50,000 ounces. Moving forward, we see a mill expansion and certainly—driven by the resource growth we anticipate this year—we would look for much more during 2013, in terms of a production profile.

“We’ve traded like our peers in the market during the last two quarters, so we’re down about 40% from our 52-week high. We’re undervalued, but the entire sector is. I think companies with production assets and cash flow like ours have much more leverage to grow moving forward and are not at the risk of the market and the fundamentals, which can be quite challenging on the capital side. I think we’re in a very good position to go forward.” Skanderbeg adds, “Year-end we were around $35 million in the bank, so we’re financed fairly well. We are aggressively exploring and doing capital development for Seabee, so we’ve got a fairly high burn rate, but we’ve got good money in the bank for the interim.”

He concludes, “During the 20 years of its mine life it’s never looked brighter for Seabee. I think the resource growth that we’re seeing right now, driven by these exploration results, is going to really have a big impact on Seabee’s economics and growth. So I’m quite excited to see these deposits move into the production profile and feel their impact. I think Seabee’s got a very bright future, brighter than at any point in its past.”

View Company Profile

Contact:
Neil McMillan
President/CEO
306.668.7505

or Brian Skanderbeg
VP Exploration
306.668.7505

by Ted Niles

Claude, St Eugene report Sask Results of 6.24 g/t Gold, 23.5 g/t Silver over 12m

January 6th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningClaude Resources Inc TSX:CRJ in joint venture with St Eugene Mining Corp Ltd TSXV:SEM announced assays from their Amisk Gold Project in northeast Saskatchewan. Highlights include

6.24 g/t gold and 23.5 g/t silver over 12 metres
(including 62 g/t gold and 224 g/t silver over 1.2 metres)
0.6 g/t gold and 4 g/t silver over 71.7 metres
(including 1.64 g/t gold and 11.8 g/t silver over 14 metres)
1.95 g/t gold and 14.9 g/t silver over 19 metres
(including 7.38 g/t gold and 57.7 g/t silver over 3 metres)
1.28 g/t gold and 8.5 g/t silver over 21 metres
0.98 g/t gold and 7.1 g/t silver over 32 metres
(including 8.95 g/t gold and 39.7 g/t silver over 1 metre)
1.37 g/t gold and 5.7 g/t silver over 16.5 metres
(including 5.28 g/t gold and 22.4 g/t silver over 3 metres)

Claude currently holds a 65% interest in Amisk and acts as project operator. As of December 31, 2011, Claude held an approximate 9.7% interest in St. Eugene. Claude and St Eugene have entered into a definitive agreement in which Claude will acquire St Eugene’s remaining shares. On approval by St Eugene shareholders, the transaction is expected to close by January 24, 2012.

View Company Profile

Contact:
Claude Resources Inc
Brian Skanderbeg
VP of Exploration
or Marc Lepage
IR Manager
306.668.7505

St Eugene Mining Corp Ltd
Jennifer Boyle
President/CEO
647.344.3158
416.904.2714

by Greg Klein