Eastmain Resources Inc.
TSX : ER
OTCQX : EANRF

Eastmain Resources Inc.

December 12, 2017 06:30 ET

Eastmain and Partners Continue to Identify Gold Mineralization at the Eleonore South JV

TORONTO, ONTARIO--(Marketwired - Dec. 12, 2017) - Eastmain Resources Inc. ("Eastmain" or the "Company") (TSX:ER)(OTCQX:EANRF) announces the receipt of assay results from 18 drill holes completed in the fall drilling program at the Éléonore South Joint Venture ("ESJV") property. The 18-hole program consists of 4,443 m of drilling (see FIGURES 1 to 5 and Tables 1 to 3) and was undertaken from August to October, 2017. This completes the Phase 1 drilling by the Joint Venture for the H2/17-H1/18 exploration period.

Éléonore South continues to deliver very encouraging drilling results that complement the previously reported high-grade channel and grab samples, and the announcement of the Moni Trend discovery (see press releases of October 17 and November 16, 2017). New Phase 2 diamond drilling comprising 3,600 m is scheduled for early next year to complete the program. It will follow up on drill results and test new high-grade targets (Moni Trend, See Figure 2).

Drilling Highlights include:

Hole ES17-80: 6.13 g/t Au over 9.0 m (including 22.9 g/t Au over 1.5 m)
Hole ES17-81: 5.93 g/t Au over 1.5 m
Hole ES17-85: 22.4 g/t Au over 1.2 m
Hole ES17-88: 3.15 g/t Au over 24.0 m (including 13.5 g/t Au over 3.0 m, 19.3 g/t Au over 1.50 m)
Hole ES17-90: 4.45 g/t Au over 4.5 m (including 12.4 g/t Au over 1.50 m)
Hole ES17-77: 1.72 g/ Au over 35.5 m (including 23.1 g/t Au over 1.5 m) and 1.78 g/t Au over 13.4 m (including 11.7 g/t Au over 1.5 m)
Hole ES17-74: 0.45 g/t Au over 87.0 m (including 2.46 g/t Au over 1.5 m, 4.82 g/t Au over 1.5 m)

Observations from Drilling

A significant feature of the mineralized tonalite is the wide intervals of highly anomalous gold mineralization that have been intersected in the current program and in holes completed earlier in 2017. Most significant gold-bearing intervals are found within, or near, large continuous gold-mineralized envelopes with gold values ranging from 50 ppb to 900 ppb Au in core samples and averaging between 0.25 g/t Au and 0.50 g/t Au along drill hole intercepts. Wide interval results from the current drilling notably include:

Hole ES17-74: 0.45 g/t Au over 87.0 m Hole ES17-87: 0.49 g/t Au over 76.5 m
Hole ES17-75: 0.49 g/t Au over 63.0 m Hole ES17-89: 0.57 g/t Au over 19.5 m
Hole ES17-77: 0.53 g/t Au over 106.0 m Hole ES17-90: 0.50 g/t Au over 123.5 m
Hole ES17-80: 0.65 g/t Au over 147.5 m Hole ES17-91: 0.61 g/t Au over 15.0 m

These drill results suggest sub-horizontal gold-bearing lens like envelopes, 35 m to 50 m thick, whose upper limits range in depth from 70 m to approximately 150 m vertically. Drilling has identified three (3) tonalite-hosted mineralized lenses or zones, along a 1.4 km northeast-southwest strike, close to the tonalite-metasediment contact. These zones, from SW to NE are intersected by holes ES17-80 and adjacent holes, ES17-74 and adjacent holes and ES17-77 and adjacent holes (See Figure 3).

Within these envelopes the geometry of higher grade sections is still undefined with respect to strike and extent but correspond to strongly silicified tonalite and quartz-biotite stockwork, arsenopyrite and native gold. Native gold has been found in 15 of 18 reported holes. The prospective envelopes appear to be open laterally along the SW-NE trending tonalite-metasediment contact (See Figure 5).

The nearby tonalite-metasediment contact is generally shallow-dipping (20° to 50°) to the southeast. Exploration opportunity exists parallel to the tonalite-metasediment contact (SW-NE) between identified zones and below, or at, the contact.

At the scale of the intrusion, drilling along the southern limit at or near the metasedimentary contact has confirmed gold potential over a distance of approximately 4 km, from hole ES17-62 in the east to the JT Prospect in the west (see Figure 2). The tonalite-hosted gold-bearing system, from the high-grade Moni Prospect to the southern limit of the intrusion, has a prospective width of 500 m.

A summary of selected assay results from this drilling program are presented in TABLE 1 below. TABLE 2 represents the complete set of significant results.

TABLE 1: Highlights from Eleonore South Drill Results August - October 2017

DDH From (m) To (m) Length (m) (1) Au g/t (2) Vertical Depth (m)(3)
ES17-74 163.5 250.5 87.0 0.45 169
incl. 190.5
199.9
207.0
223.5
241.5
193.5 3.0 1.18 149
201.0 1.1 1.79 156
210.0 3.0 0.99 162
225.0 1.5 2.46 174
243.0 1.5 4.82 188
ES17-77 12.0 12.6 0.6 5.88 9
85.0 88.0 3.0 0.80 66
142.5 145.0 2.5 1.35 110
152.5 188.0 35.5 1.72 130
incl. 152.5
170.0
186.5
157.0 4.5 1.33 119
179.0 9.0 1.05 134
188.0 1.5 23.1 143
242.0 266.0 24.0 0.63 195
incl. 246.5
252.5
248.0 1.5 2.01 189
255.5 3.0 1.67 195
295.6 309.0 13.4 1.78 232
incl. 295.6
299.7
307.5
297.1 1.5 1.10 227
302.7 3.0 1.46 231
309.0 1.5 11.7 236
ES17-80 120.5 126.5 6.0 1.11 95
incl. 120.5
125.0
122.0 1.5 1.65 93
126.5 1.5 2.42 96
146.0 147.5 1.5 1.18 112
170.0 179.0 9.0 6.13 134
incl. 174.5 176.0 1.5 22.9 134
ES17-81 53.5 55.0 1.5 5.93 43
115.0 116.0 1.0 1.67 91
ES17-85 184.4 185.5 1.2 22.4 144
ER17-88 106.0 112.0 6.0 1.53 83
incl. 110.5 112.0 1.5 4.70 85
183.5 207.5 24.0 3.15 150
incl. 183.5
incl. 185.0
203.0
Incl. 204.5
186.5 3.0 13.5 142
186.5 1.5 24.2 142
207.5 4.5 6.73 157
206.0 1.5 19.3 157
ES17-90 19.4 21.0 1.7 0.51 15
92.0 215.5 123.5 0.50 118
incl. 92.0
incl. 93.5
114.5
128.0
159.5
165.5
178.0
209.5
96.5 4.5 4.45 72
95.0 1.5 12.4 72
117.5 3.0 1.39 89
131.0 3.0 1.05 99
162.6 3.1 1.18 123
168.0 2.5 0.99 128
184.0 6.0 1.04 139
211.0 1.5 1.16 161
ES17-91 89.5 92.5 3.0 1.50 69
110.5 115.0 4.5 0.94 85
158.0 159.5 1.5 1.27 120
192.5 207.5 15.0 0.61 150
incl. 203.0 207.5 4.5 1.43 155
incl. 203.0 204.5 1.5 3.26 154
1. Intervals are presented in core length; true width will vary depending on the intersection angle of the hole with the targeted zone, narrow intercepts are believed to represent 60%-80% of true width.
2. Assays presented are not capped.
3. Vertical depth is measured from the surface as a function of depth and hole inclination to the mid-point of the reported interval.

Target Types

Exploration since mid-2016 has discovered and focused on two main target types hosted by the tonalite intrusion. Both types are interpreted to be part of an extensive late-magmatic hydrothermal system related to the tonalite intrusion.

1) High-grade gold-bearing quartz-feldspar pegmatitic vein systems with native gold ("Moni-type"). (see press releases of October 17 and November 16, 2017). The extent and geometry of these mineralized systems remain to be further defined, but surface results at the Moni Prospect and further vein identification at the 101 Zone located 400 m to the SW clearly indicate the potential for significant grade and geometric continuity. This target type will be thoroughly tested by drilling during the upcoming Phase 2 drill program in early 2018.

2) Kilometre-scale zones of considerable width characterized by quartz-albite-biotite veinlet stockwork or networks of quartz-albite veinlets of variable density, both accompanied by small amounts of sulphides (arsenopyrite, pyrite, pyrrhotite) and frequently by native gold. This press release reports on drilling targeting this type of mineralization.

Table 3: Drill Hole Location Information - August - October 2017

Hole # UTM zone 18 - NAD83 Azimuth
(°)
Dip
(°)
Length (m)
Easting Northing
ES17-74 437,943 5,829,837 N320° -51° 252
ES17-75 437,985 5,829,784 N320° -49° 282
ES17-76 437,942 5,829,794 N320° -51° 252
ES17-77 438,463 5,829,831 N320° -50° 309
ES17-78 438,207 5,829,795 N320° -50° 252
ES17-79 437,985 5,829,786 N320° -70° 222
ES17-80 437,519 5,829,367 N320° -50° 222
ES17-81 437,590 5,829,270 N320° -52° 249
ES17-82 435,855 5,829,106 N360° -51° 252
ES17-83 435,482 5,829,189 N040° -50° 252
ES17-84 435,359 5,829,532 N090° -50° 246
ES17-85 436,473 5,829,015 N360° -51° 252
ES17-86 436,470 5,829,137 N360° -49° 252
ES17-87 437,533 5,829,374 N360° -52° 222
ES17-88 437,498 5,829,341 N320° -50° 222
ES17-89 437,556 5,829,313 N320° -50° 252
ES17-90 437,461 5,829,307 N320° -50° 222
ES17-91 437,502 5,829,262 N320° -49° 231

This press release and information provided by the operator of the Éléonore JV was reviewed by William McGuinty, P. Geo., Eastmain's VP Exploration and a Qualified Person under National Instrument 43-101.

Drill core samples were sent to ALS Minerals in Val-d'Or, Quebec. Gold was analyzed by fire assay with atomic absorption and gravimetric finish for grades above 3.0 g/t Au. Samples were also analyzed for a 48-element suite using ICP. Azimut applies industry-standard QA/QC procedures to the program. Certified reference materials, blanks and field duplicates were inserted in all drill core shipments to the laboratory.

To view FIGURES 1-5, please click on the following link: http://www.eastmain.com/_resources/news/Images/ER-171212_ESJV_Phase2_Drill_Results_Figures_1-5.pdf

To view TABLE 2, please click on the following link: http://www.eastmain.com/_resources/news/Images/ER-171212_ESJV_Phase2_Drill_Results_Final_Table_2.pdf

About the Éléonore 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 Goldcorp Inc. (TSX:G)(NYSE:GG) (36.7%). Azimut is the operator of the current program.

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 and 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 effect 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 preparations 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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