Claude Resources (CRJ)

[uneven]

Press Release Source: Claude Resources Inc.


Claude Drills Porky Lake Gold Discovery
Wednesday May 7, 10:00 am ET


SASKATOON, SK, May 7 /CNW/ - Following up on its 2002 West Porky discovery (press release May 8/02), Claude Resources completed 5,775 metres in 28 holes of infill drilling on the West Porky main zone, complemented by 2,913 metres in 13 holes testing the structure to the west-northwest. Claude's 2003 drill program was successful in confirming continuity within the main zone and in discovering a new arenite-hosted high-grade zone one kilometre to the west-northwest. The West Porky project is approximately two kilometres north of the Company's wholly-owned Seabee mine. Significant drill intersections from 2002 and 2003 are detailed in the ensuing table.

2002 Drill Results - West Porky Main Zone
------------------------------------------------------------------------
Hole No. Map From To Interval Grade Host Rock
ref. (m) (m) (m) (g/t)
------------------------------------------------------------------------

PKY02-01 M1 69.25 72.30 3.05 54.33 Fault in calc-silicate
122.70 125.70 3.00 14.12 Silicified arenite

PKY02-02 M2 35.00 36.70 1.70 2.69 Calc-silicate

PKY02-03 M3 36.50 39.30 2.80 1.83 Calc-silicate
50.95 52.30 1.35 8.90 Silicified arenite
62.20 64.40 2.20 8.46 Silicified arenite

PKY02-04 M4 37.90 39.80 1.90 4.62 Calc-silicate
73.55 77.40 3.85 15.79 Silicified arenite

PKY02-05 M5 15.30 16.40 1.10 2.43 Calc-silicate
18.30 19.50 1.20 2.87 Calc-silicate

PKY02-06 M6 12.00 13.00 1.00 3.74 Calc-silicate
67.20 70.70 3.50 6.04 Silicified arenite
------------------------------------------------------------------------
Hole No. Map From To Interval Grade Host Rock
ref. (m) (m) (m) (g/t)
------------------------------------------------------------------------
PKY02-07 M7 128.80 130.20 1.40 10.70 Calc-silicate
152.60 155.00 2.40 1.32 Silicified arenite

PKY02-08 M8 107.10 111.40 4.30 3.06 Silicified arenite

PKY02-09 M9 64.95 66.80 1.85 6.90 Calc-silicate
117.10 118.70 1.60 2.37 Silicified arenite

PKY02-10 M10 25.40 26.50 1.10 1.10 Calc-silicate

PKY02-11 M11 37.00 37.50 0.50 54.96 Calc-silicate
101.30 104.90 3.60 12.44 Calc-silicate

PKY02-12 M12 87.50 88.20 0.70 1.49 Silicified arenite

PKY02-14 M14 179.60 182.00 2.40 7.44 Calc-silicate
188.90 191.75 2.85 4.34 Calc-silicate

PKY02-15 M15 239.80 241.20 1.40 1.98 Calc-silicate
246.90 248.50 1.60 2.37 Silicified arenite

PKY02-16 M16 202.15 204.10 1.95 9.98 Calc-silicate
227.70 229.45 1.75 3.51 Silicified arenite

PKY02-17 M17 191.10 191.60 0.50 1.71 Calc-silicate
257.10 257.80 0.70 1.65 Silicified arenite

PKY02-18 M18 333.55 335.20 1.65 1.83 Calc-silicate
338.70 340.70 2.00 4.00 Silicified arenite

2003 Drill Results - West Porky Main Zone
------------------------------------------------------------------------
Hole No. Map From To Interval Grade Host Rock
ref. (m) (m) (m) (g/t)
------------------------------------------------------------------------
PK03-19 M19 199.15 200.30 1.15 3.67 Calc-silicate
PK03-19 259.00 259.40 0.40 7.44 Arenite

PK03-20 M20 145.60 164.60 19.00 3.00 Calc-silicate
Includes 145.60 149.45 3.85 7.26 Calc-silicate
And 161.90 164.60 2.70 6.36 Mafic volcanics
PK03-20 227.70 229.45 1.75 7.24 Arenite

PK03-21 M21 217.05 217.30 0.25 17.23 Arenite

PK03-22 M22 196.20 197.20 1.00 5.06 Calc-silicate
PK03-22 218.30 219.75 1.45 4.60 Calc-silicate
------------------------------------------------------------------------
Hole No. Map From To Interval Grade Host Rock
ref. (m) (m) (m) (g/t)
------------------------------------------------------------------------
PK03-22 227.30 229.35 2.05 4.69 Mafic volcanics
PK03-22 248.30 250.40 2.10 5.90 Calc-silicate
PK03-22 270.25 279.30 7.95 7.15 Arenite + felsite
PK03-22 290.20 292.50 2.30 9.24 Arenite

PK03-23 M23 159.25 160.10 0.85 7.26 Calc-silicate
PK03-23 208.55 209.40 0.85 5.82 Arenite

PK03-24 M24 92.65 95.45 2.80 11.77 Mafic volcanics
PK03-24 105.90 107.60 1.70 3.68 Calc-silicate
PK03-24 116.80 118.30 1.50 6.17 Calc-silicate
PK03-24 121.45 122.95 1.50 3.66 Calc-silicate

PK03-25 M25 130.50 134.10 3.60 1.44 Mafic volcanics
PK03-25 179.40 180.45 1.05 8.86 Arenite

PK03-26 M26 166.55 170.50 3.95 1.47 Mafic volcanics

PK03-27 M27 115.10 120.00 4.90 7.16 Quartz calc-silicate
Includes 115.10 117.50 2.40 12.50
And 119.40 120.00 0.60 7.68 Quartz vein in mafic
volcanics
PK03-27 164.00 165.65 1.65 3.79 Quartz vein in mafic
volcanics

PK03-28 M28 19.80 21.50 1.70 4.08 Mafic volcanics
PK03-28 93.95 94.56 0.61 8.50 Arenite

PK03-29 M29 147.30 149.10 1.80 1.74 Calc-silicate
PK03-29 243.30 245.65 2.35 3.56 Arenite
PK03-29 260.15 264.45 4.30 3.62 Arenite

PK03-30 M30 77.30 79.50 2.20 11.08 Mafic volcanics
PK03-30 144.20 161.30 17.10 3.62 Arenite
Includes 146.90 148.65 1.75 9.49
And 156.55 159.15 2.60 6.99

PK03-31 M31 66.30 67.50 1.20 2.98 Mafic volcanics
PK03-31 109.95 111.65 1.70 2.54 Calc-silicate
PK03-31 130.15 132.15 2.00 1.97 Arenite
PK03-31 151.00 153.50 2.50 8.57 Arenite

PK03-33 M33 191.75 194.25 2.50 2.09 Mafic volcanics
------------------------------------------------------------------------
Hole No. Map From To Interval Grade Host Rock
ref. (m) (m) (m) (g/t)
------------------------------------------------------------------------
PK03-34 M34 108.05 109.60 1.55 3.83 Calc-silicate
PK03-34 158.95 160.90 1.95 3.01 Arenite

PK03-36 M36 53.35 57.30 3.95 2.06 Calc-silicate
PK03-36 90.53 91.98 1.45 3.99 Calc-silicate

PK03-40 M40 109.50 111.25 1.75 2.24 Mafic volcanics

2003 New Discovery - West Zone
------------------------------------------------------------------------
Hole No. Map From To Interval Grade Host Rock
ref. (m) (m) (m) (g/t)
------------------------------------------------------------------------
GA03-1 W1 89.60 91.85 2.25 5.57 Mafic volcanics

GA03-4 W4 210.00 211.80 1.80 10.54 Arenite

GA03-6 W6 96.85 99.80 2.95 33.22 Arenite
GA03-6 119.20 121.60 2.40 11.81 Arenite
GA03-6 157.10 162.20 5.10 6.12 Quartz vein in arenite
Includes 157.10 158.75 1.65 14.66 Hanging Wall contact
of vein

GA03-10 W10 202.75 210.03 7.28 2.73 Quartz vein in arenite
Includes 203.75 206.00 2.25 5.88

GA03-12 W12 205.60 207.35 1.75 9.05 Arenite

GA03-13 W13 256.95 258.60 1.65 6.86 Arenite

The West Porky discovery comprises two principal styles of mineralization; shear-related sulfide-replacement in calc-silicate altered, mafic volcanic rocks and free gold associated with silicification of a feldspathic arenite. As shown on the accompanying plan map and longitudinal sections, both styles appear as planar surfaces that substantially parallel the SSE-trending, steeply dipping metamorphosed volcano-sedimentary contact. Both mineralized structures appear to plunge moderately to the southeast and either pinch-out or are truncated by a felsite dike along their eastern margin. Drilling confirmed continuity over 400 metres of strike length, routinely to a depth of 250 metres on approximately 50-metre centres.
The dominant sulfide phases in the replacement style of mineralization are pyrite and pyrrhotite. Arsenopyrite is a constituent of both the calc-silicate and arenite-hosted mineralization. However, metallic assays indicate that the gold contents in both rock types are typically in the coarser fraction and only weakly correlative with arsenopyrite.

The new discovery to the west-northwest is hosted by the feldspathic arenite. Drilling to date has returned several very encouraging intervals. Although constrained near surface by shallow drilling, the depth potential of this zone and its relationship to the West Porky system are recognized as substantive, high priority drill targets. Induced polarization and ground magnetometer surveys have been conducted to facilitate zonal modeling.

Both the West Porky and West zones outcrop on the Currie Rose property in which Claude Resources has a 100% working interest, subject to a 30% Net Profits Interest in favour of Currie Rose Resources.

The core from the Porky Lake project was logged and split at the Company's logging facility at the Seabee mine. Initial assaying was done by the mine's assay laboratory. The pulps and rejects from all samples that assayed over one gram per tonne were shipped out and reassayed by TSL Laboratories in Saskatoon. Total metallic assays were routinely performed on samples that exceeded five grams per tonne by conventional assaying methods. The qualified person on the project is Philip E. Olson, P. Geo. (Sask).

Additional plan view and long sections of the drill hole locations has been posted as the most recent news release on the Claude Resources' web-site at www.clauderesources.com.


%CIK: 0001173924
For further information

Philip E. Olson, P.Geo., Vice-President, Exploration, [phone]
To request a free copy of this organization's annual report, please go to http://www.newswire.ca and click on reports@cnw.



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Source: Claude Resources Inc.