Eastmain Resources Inc.
TSX : ER

Eastmain Resources Inc.

April 26, 2017 16:40 ET

Eastmain Intercepts 43.7 g/t Au over 2.0 m; Continues to Expand High-Grade Schist Zones

TORONTO, ONTARIO--(Marketwired - April 26, 2017) - Eastmain Resources Inc. ("Eastmain" or the "Company") (TSX:ER) is pleased to announce new assay results for 15 drill holes (5,415 m), from its 63,000 metre mineral resource definition drill program at the Eau Claire deposit and Snake Lake target, located in James Bay, Quebec (see FIGURES 1-5). The Clearwater Project is 100%-owned.

Assay results are reported for 10 infill and step-out drill holes (3,774 m) in the 450W Zone, 2 holes (810 m) from the 850W Zone (see FIGURE 1) and 3 holes (705 m) from the Snake Lake Target (see FIGURE 5). A total of 133 exploration and infill drill holes (41,400 m) have been reported since the program began in late August 2016. Eau Claire's definition drilling program targeting open-pit and shallow underground resources is now complete, with assays pending on approximately 15,700 m of drilling. The updated mineral resource estimate is expected in July 2017. The remaining meterage is dedicated to additional exploration drilling around the Eau Claire resource envelope, and testing the eastern extension of the Eau Claire deposit towards Snake Lake.

Highlights from Eau Claire intercepts include:

  • Shallow underground (vertical depth 100 - 400 m) results:

    • ER17-697 - 43.7 g/t Au over 2.0 m, including 73.4 g/t Au over 1.0 m

    • ER17-706 - 6.54 g/t Au over 9.0 m, including 16.7 g/t Au over 2.5 m, including 66.6 g/t Au over 0.5 m

    • ER17-711 - 9.98 g/t Au over 5.0 m, including 33.7 g/t Au over 1.0 m, and 11.9 g/t Au over 1.0 m

    • ER17-703 - 9.77 g/t Au over 3.5 m, 7.78 g/t Au over 2.9 m, and 70.7 g/t Au over 0.6 m

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

    • ER17-708 - 20.0 g/t Au over 2.1 m, and 63.4 g/t Au over 0.5 m

    • ER17-712 - 4.37 g/t Au over 5.0 m, and 10.1 g/t Au over 1.0 m

    • ER17-705 - 16.2 g/t Au over 1.6 m

The focus of the 2H2016/1H2017 drill program, consisting mainly of infill drilling, was 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; and,
  • improve drill spacing to show continuity between veins and increase overall confidence in the deposit.

Claude Lemasson, Eastmain's President & CEO commented, "With assays pending on 30% of the current program and a completed infill program at Eau Claire, we can begin to plan the future growth at our Clearwater Project, including testing the property-wide potential of the Project. Current drilling has consistently demonstrated strong results within the deposit, and is providing us with the confidence to continue accelerating our work on the asset."

EAU CLAIRE DRILLING

High-Grade Schist (HGS)

Four holes targeted HGS veins at several locations across the deposit. At depths of 180 m - 300 m and over a strike of 400 m, holes ER17-711 (9.98 g/t Au over 5.0 m), ER17-714 (4.15 g/t Au over 1.5 m) and ER17-715 (3.85 g/t Au over 1.5 m) intersected HGS-02 (see FIGURE 3). Hole ER17-714 may extend the HGS-02 vein down dip by approximately 50 m. 400 m to the east, ER17-715 may extend HGS-02 up to 25 m along strike to the east.

The HGS-01 vein was also intersected at a shallow depth (68 m) in hole ER17-712 (4.37 g/t Au over 5.0 m).

Drilling: 300 - 400 m vertical depth

At depths of 330 m to 390 m, drilling targeted the downdip extensions of veins HGV-38 and HGV-37. Holes ER17-703 and ER17-714 (see FIGURE 3), located 75 m apart, intersected HGV-38 and HGV-37 confirming the veins' known down-dip extensions in this area by 50 m to 100 m. HGV-38 intercepts included ER17-703 (9.77 g/t Au over 3.5 m) and ER17-714 (6.77 g/t Au over 1 m), while HGV-37 was intersected by ER17-703 (7.78 g/t Au over 2.9 m) and ER17-714 (10.5 g/t Au over 0.5 m).

Shallow Drilling: 10 - 100 m vertical depth

Holes ER 17-708 and ER17-705 tested near surface potential open pit mineralization on the northern edge of the 450W zone. The drill holes intersected the JQ, P, R and S veins to a depth of 50 m.

850W Zone

Holes ER17-697 and ER17-709 (see FIGURE 4) intersected the interpreted down dip extension of the HGV-04 vein at 100 m and 125 m vertical depth, respectively. Drilled 25 m apart, ER17-697 intersected 1.34 g/t Au over 11.8 m and ER17-709 intersected 1.45 g/t Au over 5.0 m. Further downdip at a vertical depth 267 m, ER17-697 intersected 43.7 g/t Au over 2.0 m, stepping out from previously modelled veins. Planning of the next drill program is currently underway and will follow up on this drill hole.

A summary of selected high grade assay results from Eau Claire are presented in Table 1 below. 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
(m)
To
(m)
Interval(1)
(m)
Gold Assay(2)
(g/t Au)
Vertical Depth(3)
(m)
Zone
Infill ER17-697 130.0 141.8 11.8 1.34 102.0 850W
incl. 130.0 132.0 2.0 2.26
370.2 372.2 2.0 43.7 267.0
incl. 370.2 371.2 1.0 73.4
infill ER17-703 408.6 412.1 3.5 9.77 379.0 450W
incl. 408.6 409.2 0.6 54.5
424.0 426.9 2.9 7.78 393.0
incl. 424.0 425.3 1.3 16.0
447.8 448.3 0.6 70.7 413.0
infill ER17-705 10.7 11.2 0.5 9.11 8.0 450W
31.2 31.7 0.5 9.33 22.0
36.0 38.2 2.2 6.17 26.0
incl. 36.5 37.0 0.5 21.7
53.7 54.7 1.0 4.93 38.0
63.1 64.7 1.6 16.2 45.0
infill ER17-706 288.5 297.5 9.0 6.54 247.0 450W
incl. 288.5 291.0 2.5 16.7
incl. 289.0 289.5 0.5 66.6
and 295.5 297.5 2.0 6.71
302.1 305.0 2.9 6.99 256.0
incl. 302.1 303.1 1.0 17.9
infill ER17-707 244.5 245.1 0.6 52.5 213.0 450W
infill ER17-708 14.8 15.3 0.5 9.58 12.0 450W
19.2 21.3 2.1 20.0 16.0
37.5 40.2 2.7 3.39 30.0
incl. 39.7 40.2 0.5 10.0
47.1 47.6 0.5 63.4 37.0
infill ER17-711 325.5 330.5 5.0 9.98 275.0 450W
incl. 326.5 327.5 1.0 33.7
and 329.5 330.5 1.0 11.9
infill ER17-712 97.6 102.6 5.0 4.37 68.0 450W
incl. 101.6 102.6 1.0 10.1
infill ER17-715 239.0 245.5 6.5 5.19 179.0 450W
incl. 242.5 245.5 3.5 8.53
(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.

SNAKE LAKE DRILLING

The final 3 of 20 drill holes in the 2016 - 2017 exploration program are now being reported at Snake Lake. Drilling was successful in identifying two distinct shallow zones of mineralization located mainly within 100 m from surface, and within an east-west trending corridor extending approximately 800 m by 200 m. Snake Lake is situated 1,200 m east of the Eau Claire gold deposit along the Clearwater Deformation Zone (see FIGURE 5). The Clearwater Deformation Zone is a major structural feature that is interpreted to extend along the southern borders of Eastmain's Clearwater and adjoining Lac Clarkie properties for approximately 40 km.

At 35 m vertical depth, hole ER16-630 drilled 1.43 g/t Au over 4.5 m, including 5.23 g/t Au over 0.7 m. 50 m to the west, similar gold mineralization was encountered in ER16-594 (see PR dated, December 1, 2016), and 50 m to the east in ER16-633 (see PR dated, January 4, 2017).

Hole ER16-634 was drilled outside of the Snake Lake Corridor to test the northern boundary, 70 m north of hole ER16-633. The hole intersected an extensive metasedimentary package but without significant gold mineralization.

Hole ER16-638 drilled outside the Snake Lake Corridor, 825 m northwest of the most westerly hole of the Snake Lake program. Hole ER16-638 tested the extension at depth of a gold bearing shear zone in a metasedimentary rock exposed by trenching in 2013 which returned 8.22 g/t Au over 1.0 m. The hole intersected the zone at a vertical depth of 36.5 m returning an assay of 2.1 g/t Au over 1 m.

Table 3: Snake Lake: Summary of Drilling Results

Drill Hole From To Interval Gold Assay Vertical Depth
m m m(1) g/t Au(2) m(3)
SL16-630 47.2 51.7 4.5 1.43 34.9
Incl. 50.0 51.7 0.7 5.23
SL16-634 NSV
SL16-638 37.0 38.0 1.0 2.1 26.5
(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.

EAU CLAIRE 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 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 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.

The 850W Zone is located immediately west of the 450W Zone and hosts quartz tourmaline veining characteristic of the Eau Claire deposit. The zone has near surface mineralization that may be accessible by open pit mining and veining extends to depth. While high grade veins (HGV) at the 450W zone generally strike east and dip at 45° - 50° to the south 850W Zone veins strike north-easterly and dip sub-vertically. A total of 17 drill holes in the 2016-2017 program targeted the 850W Zone.

SNAKE LAKE GOLD MINERALIZATION

Drilling tested three rock types at the Snake Lake Target, an altered mafic metavolcanic sequence, a metasedimentary package and felsic intrusions. Two distinct mineralized zones have been identified:

  1. SULPHIDE-RICH GOLD ZONE: shear hosted quartz-tourmaline related gold mineralization in a predominantly metasedimentary sequence. Mineralization in this metasedimentary sequence is marked by shearing and sulphide mineralization ranging to 15% over intervals ranging to several meters and;
  2. EAU CLAIRE STYLE MINERALIZATION: gold in basalt stratigraphy, often in proximity to, and south of, a suite of narrow felsic intrusions which trend easterly within the corridor. Gold can be found along the contacts of the dykes or related to fault or shear zones in basalt with strong alteration (including carbonate, tourmaline, actinolite, silica).
Table 4: 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 ER17-703 355 -70 444,780 5,784,845 495 261
450 West ER17-705 355 -45 444,443 5,785,399 294 298
450 West ER17-706 355 -61 444,848 5,784,918 426 276
450 West ER17-707 355 -63 444,467 5,785,023 414 278
450 West ER17-708 355 -50 444,441 5,785,431 261 304
450 West ER17-710 355 -74 444,960 5,784,809 459 262
450 West ER17-711 355 -59 444,689 5,784,937 402 273
450 West ER17-712 355 -45 444,528 5,785,242 216 282
450 West ER17-714 355 -66 444,711 5,784,844 456 260
450 West ER17-715 355 -49 445,102 5,784,929 351 269
850 West ER17-697 150 -50 443,813 5,785,539 408 285
850 West ER17-709 150 -55 443,833 5,785,553 402 284
SL ER16-630 355 -45 446,575 5,784,975 210 292
SL ER16-634 360 -45 446,591 5,785,069 225 280
SL-NW ER16-638 360 -45 445,797 5,785,554 270 259

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 and 2017, 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.

To view Figure 1-5, please visit the following link: http://eastmain.com/_resources/news/Images/ER-170426_Figure1-5.pdf.

To view Table 2, please visit the following link: http://eastmain.com/_resources/news/Images/ER-170426-EauClaireDrilling-Table2.pdf.

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