Eastmain Resources Inc.
TSX : ER

Eastmain Resources Inc.

March 01, 2017 06:30 ET

Eastmain and Partners Begin Drilling Phase 2 at Eleonore South

TORONTO, ONTARIO--(Marketwired - March 1, 2017) - Eastmain Resources Inc. (TSX:ER) ("Eastmain" or the "Company") is pleased to announce drilling has begun on Phase 2 of the 5,000 m diamond drilling program at the Eléonore South Joint Venture Property in the James Bay region of Québec. This phase of drilling, totalling 2,500 m (12 holes) will continue assessing high potential gold targets along a 4 km long by 500 m wide corridor, located east of the JT Prospect and to the east and west of the JV's recently discovered Moni Prospect (FIGURE 1).

The Phase 2 drilling program has three (3) objectives:

1. Follow-up of encouraging results obtained in the corridor during the Phase 1 program, within an altered tonalite intrusive, including:

  • 76.1 g/t Au over 1.55 m (hole ES16-57);
  • 4.57 g/t Au over 2.7 m and 0.59 g/t Au over 28.5 m (hole ES16-55);
  • 0.62 g/t Au over 79.1 m including 5.0 g/t Au over 4.0 m (hole ES16-51);

2. Testing the eastern extensions of the corridor along the tonalite - metasedimentary contact, immediately south of the Cheechoo Discovery (Sirios Resources Inc.); and,

3. Testing the western extension of the corridor toward the JT Prospect.

The targets are defined by a combination of drilling and prospecting results, elevated gold-arsenic anomalies in soils and results of geophysical reprocessing of magnetic data.

The Eléonore South's prospective corridor is interpreted to correspond to a late-stage hydrothermal-magmatic mineralized system emplaced along the margins of the tonalite intrusion, close to, or at the contact with surrounding metasediments (see Phase 1 drilling location and results in the press release of November 21, 2016).

The Eléonore South Property is being explored as a three-way Joint Venture between Eastmain Resources (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 Joint Venture 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 gold deposits, both of which are located within the James Bay District of Québec. Clearwater, the Company's core asset and host of the Eau Claire deposit, has superior infrastructure within a favourable jurisdiction and is royalty free. 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. 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 details and timing of exploration programs of Eastmain currently proposed for 2016, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals and the availability of financing. 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.

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