Eastmain Resources Inc.
TSX : ER

Eastmain Resources Inc.

November 14, 2016 06:30 ET

Eastmain Drills 219 g/t Au, 153 g/t Ag and 2.54% Cu over 2.0 m at the Eastmain Mine Project

TORONTO, ONTARIO--(Marketwired - Nov. 14, 2016) - Eastmain Resources Inc. ("Eastmain" or the "Company") (TSX:ER) is pleased to announce results from an initial 9 drill holes (2,718 m) in a 23-hole (7,500 m) program at its Eastmain Mine Project and Ruby Hill East Property, located in James Bay, Quebec (See FIGURE 1 and FIGURE 2).

To view the maps associated with this release, visit the following links:

http://media3.marketwire.com/docs/ER-161114_EM_drill_results_Fig1.pdf

http://media3.marketwire.com/docs/ER-161114_EM_drill_results_Fig2.pdf

A summary of significant assay results and drilling data are presented in Tables 1 and 2 below.

Highlights:

EM16-76 (JULIEN): 42.4 g/t Au, 30.2 g/t Ag and 0.53% Cu over 10.5 m,
including 219 g/t Au, 153 g/t Ag and 2.54% Cu over 2.0 m
which includes 752 g/t Au, 464 g/t Ag and 4.47% Cu over 0.5 m
EM16-78 (HILLHOUSE): 6.85 g/t Au over 2.5 m,
including10.6 g/t Au over 1.5 m

Claude Lemasson, Eastmain President and CEO commented: "The first drill results of the exploration program at the Eastmain Mine Project are very encouraging. We intersected shallow gold/silver/copper mineralization on two separate target areas, and believe these to be potential parallel horizons to the mine trend. In addition, we are seeing continuity between trenching and drilling starting to take shape. The results are especially significant as the new mineralized horizons are within 2.5 km of the historic deposit. With additional drilling and trenching assays pending, we continue to work on tapping into the exploration opportunity at the property."

Eastmain Mine

Assays from the first 4 drill holes totalling 1,674 m, are from the Julien and Hillhouse targets (FIGURE 1). The two targets are located along the mine trend 2.5 km NW and 1.5 km NW, respectively, from the historic Eastmain Mine deposit. The 2016 Eastmain Mine Project drilling is designed to identify additional mineralized zones along the mine trend, hosting the historic high-grade Eastmain Mine deposit. Exploration work prior to 2014 identified satellite targets, which was followed by additional mapping, overburden stripping and channel sampling conducted in mid-2016. The 2016 exploration program has focused northwest of the Eastmain Mine deposit to date, particularly at the Julien, Suzanna and Hillhouse targets.

Julien Target

Hole EM16-76 intersected a significant assay of 42.4 g/t Au, 30.2 g/t Ag and 0.53% Cu over 10.5 m within an altered rhyolite unit hosting a mineralized quartz vein with visible gold, at 15 m vertical depth. The unit is 400 m east across dip of the mine trend, in a potential new parallel zone. EM16-76 also intercepted the extension of the mine trend mineralization at 327 m vertical depth.

The drill hole is collared 25 m northeast of a quartz-vein outcrop with grab values up to 30.9 g/t Au, 24.9 g/t Ag and 1.12% Cu (see Fiscal Year 2013 Management's Discussion and Analysis).

Hillhouse Target

Holes EM16-77 and EM16-78 both intercepted shallow mineralization. Visible gold was observed in EM16-78 and returned 6.85 g/t Au over 2.5 m, including 10.6 g/t Au over 1.5 m at a vertical depth of 12.1 m.

Hole EM16-78 tested continuity from the mineralized lens discovered in Trench EM16-H2, which returned values of 26.0 g/t Au over 2.2 m including 55.7 g/t Au over 0.7 m (see press release dated October 5, 2016). The mineralization is associated with a massive sulfide layer hosted in mineralized chert and is similar to the Eastmain Mine deposit.

Table 1: Eastmain Mine: Summary of Drilling Results

Target
Drill Hole
From To Interval Vertical Depth Gold Assay Silver Assay Copper Assay
(m) (m) (m)(1) (m)(3) g/t Au(2) g/t Ag(2) % Cu(2)
Julien EM16-75 52.3 52.8 0.5 40.3 0.59 0.29 0.12
Julien EM16-76 15.0 25.5 10.5 15.3 42.4 30.2 0.53
incl. 22.5 24.5 2.0 17.7 219 153 2.54
Incl. 22.5 23.0 0.5 17.2 752 464 4.47
431.0 435.5 4.5 327.0 2.39 1.26 0.02
incl. 434.0 435.5 1.5 328.1 6.50 3.13 0.04
446.0 446.5 0.5 336.8 7.89 2.50 0.28
Hillhouse EM16-77 23.2 24.3 1.1 16.8 1.24 11.0 -
112.3 112.8 0.5 79.6 2.89 1.03 -
Hillhouse EM16-78 16.4 18.9 2.5 12.3 6.85 0.98 0.10
incl. 16.9 18.4 1.5 12.3 10.6 1.02 0.09
(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 perpendicular as possible and true widths are estimated to be approx. 80% of downhole widths.
(2) For known mineralized zones, intervals are based on geological observations.Assays presented are not capped.
(3) Vertical depth is measured from the surface to the mid-point of the reported interval.

The Eastmain Mine Project is located in the south-eastern branch of the Upper Eastmain River Greenstone Belt. It is located within an extensive volcanic formation extending across the property for approximately 10 km on a northwest to southeast trend. The historic Eastmain Mine, a gold-silver-copper, sulphide-rich deposit, consists of three known gold-rich zones, the, "A", "B" and "C" Zones. In 1995, MSV Resources mined 40,000 oz, at a grade of 10.58 g/t Au, and shipped it to Chibougamau for processing.

Ruby Hill East

Holes RH-16-30 and RH-16-31 targeted the possible source of clustered soil geochemistry anomalies, and holes RH-16-32, RH-16-33 and RH-16-34 were testing the anomalous surface soil values associated with geophysical anomalies. This drilling totalled 1,044 m over five holes to test selected targets at the Ruby Hill East property. No significant assays resulted from this drilling.

Table 2: Hole Location Information

Target Drill Hole UTM Coordinates Zone 18 Azimuth Inclination Total Length
Number East North Elev. Deg. Deg. (m)
Eastmain Mine EM16-75 697,222 5,800,681 487 208 -50 516
Eastmain Mine EM16-76 697,297 5,800,606 490 212 -50 651
Eastmain Mine EM16-77 697,807 5,799,665 522 221 -45 282
Eastmain Mine ER16-78 697,935 5,799,562 490 215 -45 225
Ruby Hill East RHE16-30 692,649 5,795,462 541 200 -45 177
Ruby Hill East RHE16-31 692,379 5,795,280 524 200 -45 216
Ruby Hill East RHE16-32 689,337 5,800,502 500 190 -45 231
Ruby Hill East RHE16-33 689,581 5,800,742 510 235 -45 291
Ruby Hill East RHE16-34 689,623 5,800,689 512 237 -45 129

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 Eastmain Mine Project is supervised by the Project Geologist, David Frappier-Rivard, 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 6% 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. The Company also owns the historic Eastmain Mine property as well as 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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