Toronto, Ontario — Eastmain Resources Inc. (“Eastmain” or the “Company”- TSX:ER) is pleased to announce a $7.7 million (63,300 metres) drilling program at the Clearwater Property, in Quebec’s James Bay gold district. Drilling is set to begin mid-August with a primary focus in and around the Eau Claire deposit (SEE FIGURE 1).
“Within the past quarter, we have been executing on our strategic plan by building a strong management team, increasing our institutional shareholder support, and with the recent $11 million financing, strengthening our balance sheet,” said Claude Lemasson, President and CEO, Eastmain. “With over $20 million cash in the bank, and robust exploration programs now established for our three key assets, we will continue to evolve the company. This year will mark the largest exploration program Eastmain has ever initiated on Clearwater, and the results will be used along with 2015 drilling results obtained since our last resource estimate to update Eau Claire’s mineral resources in early 2017.”
The proposed 63,300 metres of drilling is described below:
|Drilling (in metres)||Infill||Inferred Conversion||Step-out||Exploration||Total|
|Eau Claire Deposit|
|450 West Zone|
|Shallow Depth / Open Pit Potential||7,200||12,300||4,000||49,500|
|Pit Transition / Underground Potential||26,000|
|850 West Zone|
|Shallow Depth / Open Pit Potential||6,200||6,200|
|Total Eau Claire Deposit||55,700|
|Clearwater Property Exploration|
|Total Clearwater Property Exploration||7,600|
The Eau Claire deposit is a near-surface gold deposit, defined within two main zones, the 450 West Zone and the 850 West Zone to a depth of 400 metres. For more detail, please refer to the SRK Mineral Resource Statement within the NI 43-101 report entitled “Technical Report for the Eau Claire Gold Deposit, Clearwater Project, Quebec (June 2015)” posted on the Eastmain website or in Eastmain’s disclosure on SEDAR for more detail.
The 49,500-metre drill program in the 450 Zone is aimed at improving resource confidence using the following:
- Infill drilling at shallow, pit-accessible depths (surface to 150-metre depth);
- Testing the extensions of high-grade veins along strike and parallel to surface exposed system;
- Infill of deeper veins (150-400-metre depth); and
- Identifying and improving vein continuity in widely drilled portions of inferred mineral resource and on the deposit’s current limits.
Approximately 6,200 metres are planned to expand the 850 Zone mineralization as a result of step-out drilling and the infilling of inferred domains.
Elsewhere on the Clearwater property, exploration drilling will test six additional mineralized zones. This phase of drilling will target near-surface mineralization where grab and trench sampling has reported numerous results ranging from 5 g/t to 30 g/t . The Snake Lake and Clovis Lake zones are located 1.8 kilometres and 3 kilometres east of the Eau Claire deposit and 4,700 metres and 1,300 metres of drilling respectively are planned for these targets. An aggregate of 1,600 metres of proposed regional drilling includes testing three targets further east of the Eau Claire gold deposit, Natel (8 kilometres), Knight (13 kilometres) and Serendipity (16 kilometres), and the Beluga showing approximately 5 kilometres to the north.
Project Development Review
With engineering and resource assessment capacity added in recent weeks, the company is initiating a full review (“Review”) of the Clearwater Project. The Review will include an evaluation of the current resource model and related geological, drill and estimation data in preparation for the proposed mineral resource update. The review will also include planning for initial environmental and engineering studies, which will support future advanced exploration or development programs at the property. These activities are expected to be completed by the end of the 2016.
This press release was reviewed and approved by William McGuinty, P. Geo., Eastmain’s VP Exploration and Qualified Person under National Instrument 43-101.
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. Eau Claire, the Company’s core asset, has access to superior infrastructure within a favourable mining jurisdiction. Eastmain also holds a pipeline of exploration projects in this new Canadian mining district, and is a partner in the Éléonore South Joint Venture.
Alison Dwoskin, Manager Investor Relations
+1 647-725-2520 ext. 221
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.