Claude Resources Inc. [CRJ-TSX; CLGRF-OTCQB] has released continued positive results from its 2015 underground and recently commenced 2016 surface drill programs at its 100-per-cent-owned Santoy Mine complex 125 km northeast of La Ronge, Saskatchewan. Santoy is 14 km from the Seabee Mine. In addition, the company announces an 83,000-metre drill program at the Seabee gold operation for 2016.
- Santoy Gap up-dip extension expanded with high-grade intercepts of 29.16 g/t gold (cut) over 6.26 metres true width and 52.8 g/t gold (cut) over 2.09 metres true width;
- Depth continuity at Santoy Gap demonstrated with high-grade intercepts of 137.58 g/t gold (uncut), or 41.99 g/t gold (cut), over 1.12 metres true width, 11.29 g/t gold (cut) over 9.47 metres true width and 22.77 g/t gold (uncut), or 16.23 g/t gold (cut) over 4.24 metres true width;
- Santoy 8A extension follow-up drilling was highlighted by an intercept of 7.44 g/t gold (cut) over 12.96 metres true width;
- 2016 drilling program to be approximately 83,000 metres (18,000 metres of surface exploration and 65,000 metres of underground infill and resource expansion drilling).
Brian Skanderbeg, President and CEO, said, “Our drill results continue to demonstrate the high-grade nature of the Santoy mine complex and the opportunity to expand the resource base. Our camp is underexplored and with the strength of our balance sheet, we are in a position to invest in exploration to extend the already-robust mine life at the Seabee gold operation. We are excited to initiate an aggressive 2016 drill program focusing on targets close to infrastructure, expanding our reserves and exploring greenfield targets such as Carr. The Carr target is the strike extension of the Santoy mine trend that has had minimal drilling and hosts similar characteristics to the Santoy mine complex. Having several prospective targets in front of us, we expect 2016 to be an exciting year on the exploration front.”
During 2016, the company forecasts annual gold production of 65,000 ounces to 72,000 ounces at an all-in sustaining cost per ounce of $1,125 to $1,245 (US $850-$935). At Dec. 31, 2015, the company had $39.8-million in cash and bullion.