Eastmain Resources Inc.
TSX : ER

Eastmain Resources Inc.

March 06, 2017 06:30 ET

Eastmain Drilling Intersects High Grade Schist Veins Returning up to 8.31 g/t Au over 13.3 m

TORONTO, ONTARIO--(Marketwired - March 6, 2017) - Eastmain Resources Inc. ("Eastmain" or the "Company") (TSX:ER) is pleased to announce new infill drilling assay results from its ongoing 63,300 m drill program at its 100%-owned Clearwater Project, located in James Bay, Québec (see FIGURES 1-4). Reported results are from the Eau Claire gold deposit.

Eastmain is reporting on assay results from 19 drill holes (6,135 m), which continue to establish continuity while testing the limits of an open pit and shallow underground mining concept. A total of 94 exploration and infill drill holes totalling (28,535 m) have been reported to date, with approximately two-thirds (44,500 m) of our planned drill program now complete. Assays are pending on 48 holes. Drilling continues within the deposit with 5 rigs on site. Completion of the drill program is expected in early Q2/2017.

William McGuinty, Eastmain's VP Exploration commented, "We're pleased with the assay data demonstrating continuity of the underground potential of the deposit, particularly between 200 - 300 m depth. In particular, we're encouraged by our new understanding of two high grade schist veins ("HGS"), HGS-02 and HGS-04, which are believed to be an early ESE trending vein system in the deposit, later cross-cut by extensive east-west trending gold bearing quartz-tourmaline veins. These HGS veins stand out due to their broad widths, high grades and identifiable continuity."

He continued, "With the final leg of our drill program now underway, Eastmain intends to focus on further defining the lateral and vertical extent of these broad HGS veins in conjunction with the narrower en-echelon vein sets and continue to further define consistency of mineralization within the deposit."

Highlights from Eau Claire intercepts with visible gold include:

ER17-674 8.31 g/t Au over 13.3 m, incl. 11.4 g/t Au over 8.8 m, and 4.28 g/t Au over 2.3 m at a vertical depth of 233 m
11.4 g/t Au over 2.5 m, incl. 45.5 g/t Au over 0.5 m at a vertical depth of 245 m
ER16-666 8.95 g/t Au over 4.6 m, incl. 20.4 g/t Au over 1.8 m at a vertical depth of 296 m
ER16-658 5.6 g/t Au over 11.3 m, incl. 11.9 g/t Au over 2.3 m and incl. 7.82 g/t Au over 3.9 m, at a vertical depth of 366 m
ER17-681 3.02 g/t Au over 11.0 m, incl. 4.48 g/t Au over 6.0 m at a vertical depth of 122 m

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
  • improve drill spacing to show continuity between veins and increase overall confidence in the deposit

To date, the program has been successful in defining grades and establishing continuity characteristic of Eau Claire's current resource model. This enhanced understanding is expected to play a key role in supporting a Preliminary Economic Assessment ("PEA") expected around year-end.

A short summary of selected high grade assay results from Eau Claire are presented in Table 1 below and a more complete summary of significant results is available by following the link to TABLE 2.

TABLE 1: Highlights from Eau Claire Drilling Results

Drill Hole From To Interval(1) Gold Assay(2) Vertical Depth(3) Interpreted Zone
ER16-658 341.6 342.1 0.5 20.6 296 450W
381.8 393.1 11.3 5.60 336
incl. 381.8 384.1 2.3 11.9
with 383.5 384.1 0.5 34.6
and incl. 389.2 393.1 3.9 7.82
with 390.0 390.6 0.6 16.8
and incl. 392.1 393.1 1.0 17.3
433.0 435.0 2.0 8.49 376
ER16-666 323.8 328.0 4.3 5.37 274 450W
incl. 323.8 325.4 1.7 8.94
350.0 354.6 4.6 8.95 296
incl. 350.0 350.8 0.8 19.4
and 352.8 354.6 1.8 20.4
ER16-668 327.4 328.3 0.9 20.6 281 450W
346.8 348.3 1.5 9.93 298
ER16-669 251.0 252.0 1.0 23.6 225 450W
ER16-671 65.9 67.2 1.3 15.8 46 450W
incl. 66.4 67.2 0.8 23.2
ER17-672 105.6 106.6 1.0 4.05 80 450W
118.4 119.9 1.5 6.80 90
incl. 118.9 119.4 0.5 19.2
ER17-673 352.0 357.9 5.9 3.63 315 450W
incl. 352.6 354.0 1.4 9.12
ER17-674 313.5 326.8 13.3 8.31 233 450W
incl. 313.5 315.8 2.3 4.28
incl. 318.0 326.8 8.8 11.4
335.2 337.7 2.5 11.4 245
incl. 335.7 336.2 0.5 45.5
ER17-681 134.0 138.4 4.4 2.59 93 450W
incl. 134.0 134.5 0.5 11.8
and 137.4 138.4 1.0 5.50
174.0 185.0 11.0 3.02 122
incl. 179.0 185.0 6.0 4.48
and 183.5 185.0 1.5 8.80
ER17-690 374.6 375.1 0.5 16.7 353 450W
ER17-692 238.3 239.3 1.0 6.76 196 450W
incl. 238.3 238.8 0.5 10.5
306.5 310.0 3.5 2.64 249
incl. 307.0 309.0 2.0 4.08
(1) Intervals are presented in core length; true width will vary depending on the intersection angle of the hole with the targeted zone. Holes are generally planned to intersect vein structures as close to perpendicular as possible and true widths are estimated to be 75%-85% of downhole widths.
(2) For known mineralized zones, intervals are based on geological observations and limited compositing of veins. Assays presented are not capped. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time.
(3) Vertical depth is measured from the surface to the mid-point of the reported interval.

DRILLING RESULTS - EAU CLAIRE

Drilling completed and reported herein focused on the 200-300 m vertical depth range across the deposit and supports continuity in the two HGS vein domains intersected. Similar to the east-west trending, high-grade gold veins identified at Eau Claire, the HGS veins also host high-grade, gold mineralization. However, the HGS veins differ due to their extensive alteration widths and their particular east-southeast trend. The HGS-02 and HGS-04 veins consist of wide ESE trending corridors of sheared and altered, gold-bearing metavolcanic rock. The zones are parallel to the host rock foliation and are interpreted to parallel the southern or hanging-wall boundary of the deposit.

On the HGS-02 vein, the results show continuous mineralization over 100 m of strike length, within a broader vein extent of approximately 350 m along strike and 339 m of dip extent. Interpreted intercepts of the HGS-02 vein were identified in holes ER17-674 (8.31 g/t Au over 13.3 m), ER16-658 (5.6 g/t Au over 11.3 m), ER16-666 (8.9 g/t Au over 4.6 m) and ER16-668 (9.93 g/t Au over 1.5 m).

Drilling on the HGS-04 vein currently demonstrates 300 m of strike length continuity, within a broader strike extent of 650 m and dip extent of 310 m. Interpreted intercepts of the HGS-04 vein are reported from east to west at approximately 300 m depth in holes ER16-666 (5.37 g/t Au over 4.3 m) and ER17-673 (9.1 g/t Au over 1.4 m); and at 50 to 100 m depth in holes ER16-670 (4.5 g/t Au over 0.5 m); ER16-671 (15.8 g/t Au over 1.3 m) and ER16-665 (8.6 g/t Au over 0.6 m).

Holes ER17-672, ER17-675, ER17-677, and ER17-679 tested shallow veins in the central area of the Eau Claire deposit intersecting interpreted infill intercepts for veins HGS-03, HGV-01, B and C.

Holes ER16-665, ER-670 and ER-671 continue to explore the eastern edge of the deposit with shallow holes extending the interpreted HGS-04 vein by approximately 25 m up-dip from previous intersections on their respective sections.

GOLD MINERALIZATION - EAU CLAIRE

Gold mineralization at the Eau Claire gold deposit is generally located within structurally-controlled, high-grade en-echelon quartz-tourmaline veins and adjacent altered rocks. The vein system is predominantly hosted within a thick sequence of massive and pillowed mafic volcanic flows, interbedded with narrow intervals of volcaniclastic 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. The gold bearing veins may occur as thin fracture fill with tourmaline and develop along an easterly strike and a southerly dip (450W zone) into thick quartz-tourmaline veins with zoned tourmaline+/-actinolite+/-biotite+/-carbonate alteration halos which can measure up to several metres in thickness.

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.

Table 3: Hole Location Information

Target Zone Drill Hole Azimuth Inclin. UTM Coordinates Zone 18 Total Length Elevation
Number Deg. Deg. Easting Northing (m) (m)
450W ER16-658 355 -62 444,626 5,784,895 447 264
450W ER16-664 355 -75 445,307 5,784,840 501 269
450W ER16-665 355 -45 444,905 5,785,240 201 301
450W ER16-666 355 -58 444,677 5,784,891 423 263
450W ER16-668 355 -61 444,702 5,784,891 402 265
450W ER16-669 355 -67 445,006 5,784,836 330 266
450W ER16-670 355 -45 444,830 5,785,236 213 295
450W ER16-671 355 -45 444,879 5,785,252 150 300
450W ER17-672 355 -49 444,685 5,785,151 204 290
450W ER17-673 355 -65 444,981 5,784,844 402 262
450W ER17-674 355 -52 444,727 5,784,890 417 266
450W ER17-675 355 -45 444,760 5,785,156 201 296
450W ER17-676 355 -72 444,906 5,784,839 378 262
450W ER17-677 355 -50 444,688 5,785,101 231 283
450W ER17-679 355 -53 444,664 5,785,090 249 282
450W ER17-680 355 -53 444,393 5,785,007 399 277
450W ER17-681 355 -47 444,787 5,785,121 225 292
450W ER17-690 355 -50 444,652 5,785,275 393 291
450W ER17-692 355 -58 444,491 5,785,039 369 280

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 gram 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 gram 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.

This press release was compiled 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. 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.

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