Eastmain Resources Inc.
TSX : ER

Eastmain Resources Inc.

March 29, 2017 06:30 ET

Eastmain Intercepts 14.1 g/t Au over 6.2 m (34 m from surface) at Eau Claire

TORONTO, ONTARIO--(Marketwired - March 29, 2017) - Eastmain Resources Inc. ("Eastmain" or the "Company") (TSX:ER) is pleased to announce new assay results from its 55,700 m mineral resource definition drill program at the Eau Claire deposit, located in James Bay, Quebec (see FIGURES 1-5). The Company's 100%-owned Clearwater Project hosts the Eau Claire gold deposit.

Assay results are from 24 infill and step-out drill holes (6,680 m), from five drill rigs working at various points within the 450W Zone that continue to test continuity within the deposit, while helping define the limits of an open pit and shallow underground mining concept. A total of 118 exploration and infill drill holes (35,200 m) have been reported since the program began in late August 2016, with a total of 51,178 m having been drilled to date. Completion of the resource definition drill program is expected mid-April.

Highlights from Eau Claire intercepts include:

  • Near surface (maximum vertical depth of 100 m) results:

    • ER17-695 - 14.1 g/t Au over 6.2 m, including 73.1 g/t Au over 1.0 m

    • ER17-702 - 50.4 g/t Au over 0.5 m and 2.87 g/t Au over 0.6 m

    • ER17-700 - 4.80 g/t Au over 4.0 m and 6.29 g/t Au over 0.5 m

    • ER17-686 - 4.89 g/t Au over 4.5 m and 3.50 g/t Au over 2.0 m

  • Shallow underground (vertical depth 100 - 300 m) results:

    • ER17-689 - 47.4 g/t Au over 1.5 m

    • ER17-696 - 26.8 g/t Au over 2.5 m, including 54.9 g/t Au over 1.0 m, and 19.5 g/t Au over 1.3 m

    • ER16-648 - 29.3 g/t Au over 1.0 m

Claude Lemasson, Eastmain's President & CEO commented, "As our drill program is now 63% reported and 92% drilled, these results further reinforce the current drill database for our updated mineral resource estimate around mid-year. With significantly more information, we expect these results to underpin technical work in preparation for a Preliminary Economic Assessment which we expect to complete around year-end. Current drilling is focused on enhancing our current resource model on which we can begin to define economic parameters. We are currently in the planning phase for the 2H2017 growth-focused program which will aim at increasing Clearwater's resources by assessing size and depth potential for both Eau Claire and surrounding targets."

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

High-Grade Schist (HGS)

Drilling continues to tighten drill spacing along the HGS-04 vein. Hole ER17-696 intercepted 19.5 g/t Au over 1.3 m at 228.5 vertical depth. Drilling along the eastern limits of the vein, 250 m east of ER17-696, ER16-653 intercepted 6.55 g/t Au over 0.5 m at approximately 220 m vertical depth. The hole supports continuity of the vein, from previously reported ER16-651 (2.65 g/t Au over 1.4 m) and ER16-646 (2.33 g/t Au over 4.8 m), drilled 25 m and 50 m respectively to the east (see PR dated, February 7, 2017). In addition, ER17-701 intersected the HGS-04 at depth while hole ER17-700 intersected the HGS-04 within 30 m of surface. To date, the high-grade schist vein is modeled over a 650 m strike length and 310 m dip. Additional work is required to confirm the development and extent of the schist vein zone.

Shallow Drilling - 10 - 100 m vertical depth

Drill holes ER17-693, ER17-700, ER17-702 and ER17-704 targeted the extensions of the well-defined surface outcrop veins P, JQ, R and S, to a vertical depth between 10 m and 80 m. Hole ER17-693 intersected veins JQ, R and S, returning 6.07 g/t Au over 1.0 m, 7.54 g/t Au over 0.5 m and 1.22 g/t Au over 3.0 m respectively. Hole ER17-702 intercepted the S vein returning 50.4 g/t Au over 0.5 m and the P vein returning 2.87 g/t Au over 0.6 m. The P vein was also intersected in hole ER17-704 (16.0 g/t Au over 1.5 m), 90 m down dip of hole ER17-702 (see FIGURE 3).

Additional shallow drilling intersected interpreted high grade veins HGV-C (1.97 g/t Au over 6.3 m) and HGV-D (8.56 g/t Au over 1.2 m) in hole ER17-684. The same veins were intersected in hole ER17-686 located 25 m to the west (4.89 g/t Au over 4.5 m and 3.5 g/t Au over 2 m).

Drilling - 200 - 300 m vertical depth

Drilling in the 200 - 300 m vertical depth range in the central portion of the deposit is reinforcing several of the Eau Claire vein domains. Holes ER17-685 and ER17-696 were drilled on sections 25 m apart (see FIGURE 4). HGV-G4 was intersected in hole ER17-696 (26.8 g/t Au over 2.5 m) in addition to the deeper interpreted intersection of the HGS-04 schist vein. Hole 685 intersected several veins including HGS-02 (4.6 g/t Au over 1.0 m), HGV-G4 (7.39 g/t Au over 0.5 m) and HGV-22 (8.65 g/t Au over 2.8 m). Approximately 75 m further down dip on this section, hole ER17-683 did not intercept significant results on the predicted extensions of these veins.

Holes ER17-694 and ER17-701 (see FIGURE 5) also intersected the interpreted HGV-G4 vein, 75 m to the west of ER17-696. In ER17-694, HGV-G4 is interpreted to be represented by two closely spaced intercepts of 56.9 g/t Au over 0.5 m and 14.2 g/t Au over 0.5 m, and in hole ER17-701 by an intercept of 4.42 g/t Au over 6.2 m. Hole ER17-701 also cut an interpreted extension of HGS-04 (7.76 g/t Au over 0.5 m) and a possible extension of HGV-37 (3.09 g/t Au over 3.8 m).

GOLD MINERALIZATION

Gold mineralization at the Eau Claire gold deposit is generally located within approximately EW trending structurally-controlled, high-grade en-echelon quartz-tourmaline veins (HGV) and adjacent altered wall rocks and in variable width ESE trending sheared and foliated schist zones (HGS) of altered gold-bearing rock. HGS which are aligned parallel to the host rock foliation and interpreted to parallel the southern, or hanging-wall side of the deposit. The vein systems are predominantly hosted within a thick sequence of massive and locally pillowed mafic volcanic flows, interbedded with narrow intervals of volcaniclastic meta-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. Both gold bearing vein sets may occur with as narrow intervals with tourmaline and develop into thick quartz-tourmaline veins with zoned tourmaline+/-actinolite+/-biotite+/-carbonate alteration halos which can measure up to several metres in thickness.

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

TABLE 1: Highlights from Eau Claire Drilling Results

Type Drill Hole From To Interval1 Gold Assay2 Vertical Depth3 Zone
Infill ER16-590 61.5 63.0 1.5 5.47 53.8 450W
infill ER16-648 178.0 179.0 1.0 29.3 167.1 450W
Infill ER16-682 348.3 348.8 0.5 7.84 304.3 450W
Infill ER17-684 38.5 39.0 0.5 3.10 31.8 450W
52.4 58.7 6.3 1.97 45.8 450W
incl. 54.9 56.4 1.5 5.44
77.8 79.0 1.2 8.56 63.8 450W
infill ER17-685 293.3 296.1 2.8 8.65 251.7 450W
Infill ER17-686 50.4 51.7 1.3 2.47 36.4 450W
58.1 62.6 4.5 4.89 42.4 450W
incl. 58.1 59.6 1.5 10.2
87.4 89.4 2.0 3.50 61.4 450W
Infill ER17-687 208.3 208.8 0.5 22.0 170.3 450W
260.0 264.0 4.0 5.47 212.3 450W
incl. 260.0 261.7 1.7 12.3
291.5 293.0 1.5 9.73 235.3 450W
Infill ER17-689 174.5 176.0 1.5 47.4 132.4 450W
180.5 181.0 0.5 11.4 137.4 450W
Infill ER17-691 104.0 105.5 1.5 6.50 78.3 450W
112.2 114.9 2.7 2.57 85.3 450W
128.9 130.4 1.5 2.79 97.3 450W
Infill ER17-693 67.6 68.6 1.0 6.07 46.0 450W
81.0 81.5 0.5 7.54 56.0 450W
Infill ER17- 694 293.0 293.5 0.5 56.9 251.2 450W
360.5 370.2 9.7 2.98 313.2 450W
incl. 366.0 367.5 1.5 17.1
Infill ER17-695 9.2 9.7 0.5 3.88 8.1 450W
14.4 14.9 0.5 11.2 12.1 450W
38.9 45.1 6.2 14.1 34.1 450W
incl. 38.9 39.9 1.0 73.1
61.1 62.0 0.9 6.04 49.1 450W
Infill ER17-696 242.1 243.6 1.5 6.10 196.5 450W
incl. 242.1 242.6 0.5 14.9
264.5 267.0 2.5 26.8 215.5 450W
incl. 265.5 266.5 1.0 54.9
280.9 282.2 1.3 19.5 228.5 450W
Infill ER17-699 19.6 23.8 4.2 3.23 19.4 450W
incl. 19.6 20.6 1.0 8.28
379.2 385.2 6.0 4.72 336.4 450W
incl. 382.1 382.7 0.6 35.8
Infill ER17-700 16.2 20.2 4.0 4.80 12.0 450W
incl. 16.2 17.0 0.8 14.20
38.7 39.2 0.5 6.29 26.0 450W
Infill ER17-701 258.5 260.5 2.0 5.37 211.9 450W
267.5 273.5 6.0 4.42 220.9 450W
incl. 267.5 268.5 1.0 15.2
326.2 330.0 3.8 3.09 297.9 450W
Infill ER17-702 64.3 64.8 0.5 50.4 27.9 450W
Infill ER17-704 119.4 120.9 1.5 16.0 84.9 450W
(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 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.

Table 3: Hole Location Information

Target Zone Drill Hole Azimuth Inclination UTM Coordinates Zone 18 Total Length Elevation
Number Degrees (m) Easting Northing (m) (m)
450 West ER16-590 355 -60 444,645 5,784,998 287 354
450 West ER16-643 355 -67 445,004 5,784,873 266 330
450 West ER16-648 355 -71 445,101 5,784,927 269 330
450 West ER16-653 355 -60 445,151 5,784,932 272 330
450 West ER16-678 355 -58 444,906 5,784,839 262 414
450 West ER17-682 355 -60 444,751 5,784,905 269 405
450 West ER17-683 355 -68 444,879 5,784,868 262 375
450 West ER17-684 355 -55 444,731 5,785,210 288 153
450 West ER17-685 355 -62 444,875 5,784,921 267 402
450 West ER17-686 355 -45 444,707 5,785,203 291 150
450 West ER17-687 355 -57 444,438 5,785,085 281 315
450 West ER17-688 355 -60 444,776 5,784,906 270 402
450 West ER17-689 355 -51 444,645 5,785,148 285 213
450 West ER17-691 355 -50 444,652 5,785,275 291 270
450 West ER17-693 355 -45 444,497 5,785,340 291 244
450 West ER17-694 355 -62 444,800 5,784,916 274 426
450 West ER17-695 355 -55 444,574 5,785,273 283 246
450 West ER17-696 355 -55 444,898 5,784,949 274 350
450 West ER17-698 355 -63 444,528 5,785,054 281 348
450 West ER17-699 355 -64 444,828 5,784,874 266 399
450 West ER17-700 355 -45 444,594 5,785,385 293 159
450 West ER17-701 355 -58 444,798 5,784,953 279 399
450 West ER17-702 355 -45 444,457 5,785,391 296 297
450 West ER17-704 355 -47 444,473 5,785,322 283 300

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 g 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 g 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.

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.

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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