TORONTO, ONTARIO–(Marketwired – May 16, 2017) – Eastmain Resources Inc. (“Eastmain” or the “Company”)(TSX:ER) is pleased to announce new assay results from its 55,700 m mineral resource definition drill program at the Eau Claire deposit, located in James Bay, Québec (see FIGURES 1-5). The Company’s 100%-owned Clearwater Project hosts the Eau Claire gold deposit.

Assay results are from 16 drill holes (5,825 m), including infill and step-out drill holes in the 450W Zone (4,520 m) and the 850W Zone (1,305 m). The drilling continues to build continuity within the deposit, while helping to define the limits of an open pit and shallow underground mining concept. A total of 149 exploration and infill drill holes (47,258 m) have been reported. SGS Geostat has been engaged to complete the updated mineral resource estimate for the Eau Claire deposit, with an expected completion of 3Q17.

Highlights from Eau Claire intercepts include:

• Near surface (maximum vertical depth of 100 m) results:
  • ER17-718 – 30.6 g/t Au over 4.9 m, incl. 254 g/t Au over 0.5 m
  • ER17-713 – 20.7 g/t Au over 2.2 m, and 46.4 g/t Au over 0.7 m
  • ER17-736 – 72.6 g/t Au over 0.5 m
  • ER17-717 – 37.7 g/t Au over 0.9 m, and 32.8 g/t Au over 0.5 m and 3.44 g/t Au over 4.3 m
• Shallow underground (vertical depth 100 – 300 m) results:
  • ER17-723 – 42.3 g/t Au over 3.7 m, incl. 206 g/t Au over 0.5 m
  • ER17-723 – 51.8 g/t Au over 0.5 m
  • ER17-734 – 5.66 g/t Au over 6.8 m, incl. 17.9 g/t Au over 1.0 m
  • ER16-725 – 63.4 g/t Au over 0.5 m, and 31.6 g/t Au over 0.7 m

Growth-focused exploration continues with 3 drills, around and near, the Eau Claire deposit. Drilling is focused below the 400 m elevation level, beneath the 450W Zone’s known measured and indicated resources, and in the 850W Zone, below mineralization identified in the 2015 mineral resource estimate. In addition, drilling is targeting the extension of Eau Claire along the Clearwater Deformation Zone, towards the Snake Lake target.

Claude Lemasson, Eastmain’s President & CEO commented, “These drilling results demonstrate some of the highest grades our current Eau Claire drill program has encountered. We continue to be encouraged by the drilling, and are eager to receive the remaining 15% resource definition program results.”

The focus of the 2016/early 2017 drill program, consisting mainly of infill drilling, is to generate additional data to:

• expand our understanding of the mineralizing controls at Eau Claire,
• confirm our current geological interpretation and test the limits of mineralized envelope, and
• improve drill spacing to show continuity between veins and increase overall confidence in the deposit.

High-Grade Schist (HGS)

Three holes intersected the interpreted HGS veins supporting continuity within these structures. Hole ER17-723 intercepted 42.3 g/t Au over 3.7 m including 206 g/t Au over 0.5 m at a vertical depth of 155 m in HGS-01. HGS-02 was intersected by hole ER17-742 returning 10.7 g/t Au over 2.0 m at approximately 266 m vertical depth. In addition, ER17-734 intersected HGS-04 at a depth of 197 m, returning 5.66 g/t Au over 6.8 m.

Shallow Drilling – 10 – 100 m vertical depth

Drilling in the 450W Zone encountered mineralization interpreted as extensions of veins identified from surface outcroppings. Holes ER17-713 and ER17-718 drilled the main east-west trending QT (Quartz-Tourmaline) veins. ER17-713 and ER17-718 both intersected the JQ vein (3.19 g/t Au over 1.0 m and 9.19 g/t Au over 2.2 m, respectively). Hole ER17-713 also intersected the R vein (1.57 g/t Au over 3.1 m) and the S vein (20.7 g/t Au over 2.2 m). An interpreted extension of the S2 vein was encountered in ER-718, returning 30.6 g/t Au over 4.9 m (see FIGURE 5).

Hole ER-717, drilled further south and east within the deposit, intersected several shallow veins including the C vein (37.7 g/t Au over 0.9 m), D vein (32.8 g/t Au over 0.5 m) and F vein (16.0 g/t Au over 0.5 m).

Drilling – 100 – 300 m vertical depth

Holes ER17-723 and ER17-736 tested QT veins to a depth of 200 m vertically (see FIGURES 3 and 4), intersecting the JQ vein as well as interpreted intercepts of QT veins C, D and G, as well as numbered QT veins 4, 7 and 15. Narrow intercepts ranging up to 72.6 g/t Au over 0.5 m in hole ER17-736, were recorded.

Holes ER17-740, ER17-734 and ER17-742 explored the deeper section of the 450W Zone, between 200 m and 300 m intersecting several intervals, including 9.27 g/t Au over 2.0 m in ER17-740.

Three step out holes also tested an area located between 50 m to 250 m to the east of the 450W Zone intersecting several 0.5 m to 1.0 m intervals ranging from 1.0 to 4.0 g/t Au.

850W Zone

Three drill holes tested veins ranging in vertical depth from 20 m to 350 m vertical depth in the 850W Zone intersecting several QT veins. Shallow highlights include QT 28 in hole ER17-743 returning 17.7 g/t Au over 1.5 m. Hole ER17-716 intersected 23.7 g/t Au over 1.0 m at 315 m vertical depth, approximately 50 m west, and 60 m down-dip of ER17-697 (43.7 g/t Au over 2.0 m including 73.4 g/t Au over 1.0 m, see press release April 26, 2017). The presence of QT vein 18 on the same section as hole ER17-716 (approximately 50 m up dip) suggest both intercepts may be extensions of this vein below the known 850W Zone resources. Further results from this zone are pending and follow-up drilling is being planned.

A summary of selected high grade assay results from Eau Claire are presented in Table 1 below. TABLE 2 represents the complete set of significant results.

TABLE 1: Highlights from Eau Claire Drilling Results

GOLD MINERALIZATION

Gold mineralization at the Eau Claire gold deposit is generally located within approximately EW trending structurally-controlled, high-grade en-echelon quartz-tourmaline QT veins (formerly named HGV) and adjacent altered wall rocks, as well as variable width ESE trending sheared and foliated schist zones, HGS veins, of altered gold-bearing rock. HGS zones are aligned parallel to the host rock foliation and interpreted to parallel the southern, or hanging-wall side of the deposit. The vein systems are predominantly hosted within a thick sequence of massive and locally pillowed mafic volcanic flows, interbedded with narrow intervals of volcaniclastic meta-sedimentary rocks. Both flows and sediments have been intruded by multiple phases of felsic and porphyry dykes. Host rocks have been folded and deformed (sheared) through several deformation events. Both gold bearing vein sets may occur with as narrow intervals with tourmaline and develop into thick quartz-tourmaline veins with zoned tourmaline+/-actinolite+/-biotite+/-carbonate alteration halos which can measure up to several metres in thickness.

Table 3: Hole Location Information

The design of the Eastmain Resources’ drilling programs, Quality Assurance/Quality Control and interpretation of results is under the control of Eastmain’s geological staff, including qualified persons employing a strict QA/QC program consistent with NI 43-101 and industry best practices. The Clearwater project is supervised by Eastmain’s Project Geologist, Michel Leblanc P. Geo.

Drill core is logged and split with half-core samples packaged and delivered to ALS Minerals laboratory. Samples are dried and subsequently crushed to 70% passing a 2 mm mesh screen. A 1,000 g subsample is pulverized to a nominal 85% passing 75 micron mesh screen. The remaining crushed sample (reject) and pulverized sample (pulp) are retained for further analysis and quality control. All samples are analysed by Fire Assay with an Atomic Absorption (AA) finish using a 50 g aliquot of pulverized material. Assays exceeding 5 g/t Au are re‐assayed by Fire Assay with a Gravimetric Finish. Eastmain regularly inserts 3rd party reference control samples and blank samples in the sample stream to monitor assay performance and performs duplicate sampling at a second certified laboratory. For 2016, approximately 10% of samples submitted are part of the Company’s laboratory sample control protocols.

SRK Consulting (Canada) Inc. (“SRK”) completed “Technical Report and Mineral Resource Estimate for the Eau Claire deposit”, which reported Measured and Indicated Mineral Resources of 7.225 Million tons grading 4.09 g/t Au (951,000 ounces) of gold and Inferred resources of 3.88 Million tons grading 3.88 g/t Au (633,000 ounces) of gold. The report has an effective date of April 27, 2015 and is filed on Eastmain’s SEDAR profile dated June 11, 2015.

This press release was compiled and approved by William McGuinty, P. Geo., Eastmain’s VP Exploration and Qualified Person under National Instrument 43-101.

To view FIGURES 1-5, please click on the following link: www.eastmain.com/_resources/news/Images/ER-170516_Figures1-5.pdf

To view TABLE 2, please click on the following link: www.eastmain.com/_resources/news/Images/ER-170516_-ClearwaterDrillingTable2.pdf

About Eastmain Resources Inc. (TSX:ER)

Eastmain is a Canadian exploration company with 100% interest in the Eau Claire and Eastmain Mine gold deposits, both of which are located within the James Bay District of Quebec. Clearwater, host of the Eau Claire deposit, is the Company’s core asset with access to superior infrastructure in a favourable mining jurisdiction. Eastmain also holds a pipeline of exploration projects in this new Canadian mining district, including being a partner in the Éléonore South Joint Venture.

Forward- Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or timing of future plans, and include, but not limited to, statements with respect to the potential success of the Company’s future exploration and development strategies. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Eastmain, including, but not limited to the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, the availability of financing, timely completion of proposed studies and technical reports, and risks associated with the exploration, development and mining industry generally such as economic factors as they affect exploration, future commodity prices, changes in interest rates, safety and security, political, social or economic developments, environmental risks, insurance risks, capital expenditures, operating or technical difficulties in connection with development activities, personnel relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of Mineral Resources, contests over property title, and changes in project parameters as plans continue to be refined. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information, except as may be required by law.

Alison Dwoskin
Manager Investor Relations
+1 647-347-3735
[email protected]