TORONTO, ONTARIO–(Marketwired – July 20, 2017) – Eastmain Resources Inc. (“Eastmain” or the “Company”) (TSX:ER)(OTCQX:EANRF) is pleased to announce the 2017/2018 exploration program on the Éléonore South JV Property. Managed by Azimut Exploration, the program includes 8,000 m of drilling for a total budget of $3.9 million, where each JV partner is contributing pro rata (FIGURES 1-3). The Éléonore South JV Property is adjacent to Goldcorp’s Éléonore Gold Mine property in James Bay, Québec.
On the back of the strong results from the 2016/2017 exploration program, the new budget increased by 90% to target those areas that would best lead to potential discovery. The partners intend to initiate a two-phase program, where the first phase will begin early next month, and the second phase will begin early in the new year.
The 3 main objectives of the 2017/2018 exploration program include:
- Drilling to test the grade and continuity from previous drilling;
- Continue drill testing the prospective corridor stretching east approximately 4 km from the JT Prospect to the Moni Prospect on the Cheechoo property boundary; and
- Conduct a property-wide geochemical survey (lake bottom) followed by focused prospecting to identify additional drill targets.
This comprehensive program includes the following planned work:
- 8,000 metres of diamond drilling: Phase 1 totalling 4,400 metres from August to October, Phase 2 totalling 3,600 metres from January to March;
- Heliborne high-definition magnetic survey: 980 line-km at 25-m line spacing over the prospective corridor and its surroundings;
- Stripping of the Moni Prospect: to better assess the geometry and grade continuity of gold-bearing pegmatites and the gold mineralized altered tonalite intrusion;
- Property-scale lake-bottom sediment geochemical survey: collecting approximately 130 samples to better identify and rank new targets; and
- Property-scale prospecting.
The 2016/2017 exploration program demonstrated the presence of a 4.0 km long by 0.5 km wide gold-bearing prospective corridor related to a hydrothermally altered tonalite intrusion and its contact with metasediments within the property. The most significant results included a drill intercept of 4.9 g/t Au over 45.0 m, and 49.2 g/t Au over 4.0 m in channel sampling (see press releases,11/03/16, 11/12/16, 05/02/17 and 05/30/17).
Further west, at the JT Prospect, this corridor may extend another 4 km north along the tonalite/metasediment contact to the FD Prospect, potentially doubling its length on the Property. Gold mineralization hosted in metasediments have been located, but remain under-explored and will be subject to systematic field assessment, which may lead to new drilling targets.
Main target types on the Property include:
- Shallow-depth/sub-cropping kilometre-scale large stockwork zones, or disseminated mineralization, hosted in a tonalite intrusion; and
- Gold-bearing high-grade pegmatite dykes, or pegmatite dyke swarms, hosted in the tonalite intrusion.
About the ESJV Property
The Éléonore South Property is being explored as a three-way Joint Venture between Eastmain Resources Inc. (36.7%), Azimut Exploration Inc. (TSX VENTURE:AZM) (26.6%), and Les Mines Opinaca Ltée (“Opinaca”) (36.7%), a wholly-owned subsidiary of Goldcorp Inc. (TSX:G)(NYSE:GG). Azimut is the operator of the current program.
This press release and information provided by the operator of the Éléonore South JV, was reviewed by William McGuinty, P. Geo., Eastmain’s VP Exploration and a Qualified Person under National Instrument 43-101.
To view FIGURES 1-3, please click on the following link: www.eastmain.com/_resources/news/Images/ER_170720_Figures1-3.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.
Claude Lemasson
President and CEO
+1 647-347-3765
lemasson@eastmain.com
Eastmain Resources Inc.
Alison Dwoskin
Manager Investor Relations
+1 647-347-3735
dwoskin@eastmain.com
www.eastmain.com