Eastmain Resources Inc.
TSX : ER
OTCQX : EANRF

Eastmain Resources Inc.

August 09, 2017 06:30 ET

Eastmain and ESJV Partners begin 8,000 Metre Drilling Program at Eleonore South, James Bay Region, Quebec

TORONTO, ONTARIO--(Marketwired - Aug. 9, 2017) - Eastmain Resources Inc. ("Eastmain" or the "Company") (TSX:ER)(OTCQX:EANRF) is pleased to announce that Phase 1 of the 8,000 m, two-phase, diamond drilling program has begun at the Éléonore South JV Property. The drilling is part of a comprehensive $3.9 million program, following up on the 2016/2017 drill program (see press release dated July 20, 2017) and guided by additional surface geological and geophysical exploration underway on the Property. The Property is adjacent to Goldcorp's Éléonore Gold Mine property in James Bay, Québec (FIGURES 1-2).

Phase 1 is comprised of 20 holes (4,400 m) to be undertaken from early August to October. Phase 1 targets include:

  1. Follow-up drilling to assess the grade and extension of the significant drilling results intersected in the tonalite intrusion, including 4.9 g/t Au over 45.0 m (Hole ES17-64) and 0.65 g/t Au over 144.0 m (Hole ES17-60) and to extend drilled geological sections southwards to the tonalite contact with metasediments. Nine (9) holes, totalling 2,250 m, are planned for this part of the program.

  2. Continued drill testing of the NE-SW striking, 4 km long by 500 m wide gold-bearing corridor outlined on the Property. This corridor corresponds to the extension of the known hydrothermally altered tonalite intrusion successfully tested in the 2016-2017 drill program and its contact with metasediments. An area located south of the JT Prospect, marked by the changing direction of the intrusion contact, is one of the priority targets to be tested. Five (5) holes totalling 1,250 m are planned for this part of the program.

  3. An additional 900 m (6 holes) will be allocated to drill test new targets developed from surface exploration (see press release dated July 20, 2017) which is now underway and will continue during the remainder of the season.

Phase 2, comprised of 3,600 m, will begin in January following a full assessment of the Phase 1 results.

About the Eleonore South Joint Venture 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 1-2, please click on the following link: http://www.eastmain.com/_resources/news/Images/ER-170809-Fig1-2.pdf

About Eastmain Resources Inc. (TSX:ER)(OTCQX:EANRF)

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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