November 24, 2006 -Saskatoon, Saskatchewan – Shane Resources Ltd. (SEI – TSX Venture)
Claude Resources Inc. has provided results of the summer, 2006 exploration program on the Shane property in Northern Saskatchewan, Canada.
The Shane property is located approximately five kilometres east of Claude's operating Seabee gold mine. Claude owns a 75-per-cent interest in the property and Shane Resources Ltd. holds the remaining 25 per cent.
During the summer Claude conducted a comprehensive soil geochemistry program, prospecting, geological mapping and a core drill program totaling eight holes (2,444 metres). Results of the summer work detailed one main mineralized horizon, traceable through drilling and prospecting for approximately 1,300 metres. This horizon typically contained one to three metres, and up to eight to 10 metres, of gold- bearing quartz-tourmaline-sulphide flooding within an east-trending shear zone. It has been drill tested along approximately 500 to 600 metres of this 1,300-metre length.
This main mineralized horizon contains the following notable grades: 12.16 grams per tonne over 8.43 metres (6.46 metres true width) intersected in hole SHA 06-27 and 23.88 grams per tonne over 3.74 metres (2.86 metres true width) in hole SHA 06-31.
The drilling has also intersected two other quartz shear zones parallel to the main horizon. The first occurs 25 metres north of the main zone, and is fairly narrow and intermittent, but in places has visible gold (68.14 grams over 0.29 metre in SHA 06-25). The second occurs another 50 metres to the north and is larger and more consistent, but has lower values, generally below 6.0 grams.
The following lists significant intersections from the summer program:
SHANE PROPERTY 2006 SUMMER DRILL RESULTS
(1) Cutting factor of 30 grams per tonne applied
Mineralization along this structure is in the form of west-plunging lenses. The anomalous intersection of 23.88 grams per tonne over 3.74 metres in hole SHA 06-31 is the down-plunge extension of the 12.16 grams per tonne over 8.43 metres intersected in hole SHA 06-27, reflecting the strong mineral lineation measured in the field during the mapping program.
Exploration will continue on the Shane property with a drill program during the winter months to test the horizon both east and west of the mineralization defined to date.
Management of Shane is very pleased to see this property continue to produce excellent drill results. The fact that there is an all-weather road directly linking the property to Claude’s milling operation makes the logistics of any future extraction and processing of ore from the property extremely easy. Shane is looking forward to an extensive drill program this winter to further define the gold-bearing zones on the joint venture property. Claude has many years of experience working in this area and has an excellent understanding of how to develop deposits of this type.
The 2006 exploration program was under the direction of qualified person Judy Stoeterau, PGeo, exploration manager for Claude. A rigorous quality control and quality assurance program has been implemented on all company core drill programs including blank and reference samples with each batch of assays. All core samples are analyzed by fire assay with a gravimetric finish at TSL Laboratories in Saskatoon, Sask., an ISO approved facility.
October 31, 2006 -Saskatoon, Saskatchewan – Shane Resources Ltd. (SEI – TSX Venture)The Company is pleased to announce that it has signed a letter of intent with Golden Band Resources Inc. (TSX Venture – GBN) whereby Golden Band will acquire Shane’s 24.5% interest in the Greywacke gold property in northern Saskatchewan. In order to conclude the agreement, Golden Band will issue to Shane 125,000 shares and make a cash payment of $50,000. A further 125,000 shares will be issued to Shane on the first anniversary of the agreement. Shane will retain a 1% Net Smelter Royalty in the property, which Golden Band can buy down to 0.5% by making a payment of $500,000 to Shane.
The Company is pleased to become a shareholder in Golden Band and retain a royalty in the property, as Golden Band has a management team with a proven record of developing gold deposits into mines.
May 5, 2006 – Shane Resources Ltd. (TSX - SEI) wishes to provide the results of the winter 2006 exploration program carried out by Claude Resources Inc. (TSX: CRJ) on its property in Northern Saskatchewan, Canada. The property, which is held as to a 75% interest by Claude and 25% by Shane, is located approximately five kilometres east of Claude’s operating Seabee gold mine. In addition, Cameco Corp. has a 5-per-cent net profits interest on the property.The 2006 winter drill program consisted of 12 diamond drill holes totalling 2,940 metres. The gold mineralization is hosted by quartz veins and sheared metavolcanic rocks of the Pine Lake greenstone belt. The mineralized sections contain between 1 per cent and 10 per cent sulphides (pyrite and pyrrhotite). Drilling to date has outlined several distinct gold-bearing lenses ranging from one metre to several metres in thickness. Notable gold grades include: 6.11 grams per tonne over 3.31 metres (2.87 metres true width) intersected in SHA06-13; 7.91 grams per tonne over 5.08 metres (4.16 metres true width) intersected in SHA06-20; and 8.21 grams per tonne over 3.53 metres (2.99 metres true width) intersected in SHA06-23 (Table 1).
TABLE 1: SIGNIFICANT INTERSECTIONS FROM WINTER 2006 PROGRAM
This recent drilling on the property follows work recommendations from a previous drilling program that was conducted just to the west where the target was gold-bearing, altered, intrusive rock. Intersected zones ranged from one to five metres in width and graded from 0.5 to 6.6 grams per tonne.Exploration is still in the early stages and will be followed up this summer with a program of geochemistry and geophysics to extend the surface mineralization, currently open both to the east and west. A drill program will be defined pending the results of the summer work.
Assaying was completed at the TSL Laboratory in Saskatoon. Vice-president of exploration, Patrick Hannon, MASc, PEng, is Claude Resources’ qualified person.
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