Eastmain Resources Inc.
TSX : ER

Eastmain Resources Inc.

May 02, 2017 06:30 ET

Eastmain Reports 4.9 g/t Au over 45 metres from Eleonore South JV

TORONTO, ONTARIO--(Marketwired - May 2, 2017) - Eastmain Resources Inc. ("Eastmain" or the "Company") (TSX:ER) is pleased to announce the receipt of assays from the first 9 drill holes from the 14-hole, Phase 2 drilling program at the Éléonore South Joint Venture ("ESJV") property. The 14-hole program consisted of 2,733 m of drilling and was completed in early April (see FIGURES 1 and 2 and Table 1, below). Assays are pending on the remaining 5 holes. The results of the Phase 1 program (see PR dated November 21, 2016) and the results of the Phase 2 program will be used to plan follow-up exploration on the JV property in the second half of 2017.

Highlights from Éléonore South JV intercepts include:

  • ES17-64 - 4.88 g/t Au over 45.0 m, including 13.0 g/t Au over 10.5 m (which includes 37.9 g/t Au over 3.0 m)
  • ES17-60 - 1.89 g/t Au over 22.5 m, including 16.5 g/t Au over 1.5 m
  • ES17-60 - 0.52 g/t Au over 52.5 m
  • ES17-61 - 0.91 g/t Au over 16.5 m

The ESJV diamond drilling program tested an area extending approximately 2 km, within a 4 km by 0.5 km prospective corridor, southwest from the Sirios/ESJV boundary. Specifically, drilling targeted the Moni and Trench prospect areas within a tonalite intrusion, and the tonalite contacts with metasediments further to the east. This large gold-bearing system is preliminarily interpreted as a late-stage hydrothermal-magmatic phase directly related to the tonalitic intrusion. The best drill intercept to date is 4.88 g/t Au over 45.0 m, including 37.9 g/t Au over 3.0 m in hole ES17-64, approximately 150 m southwest of the boundary (see FIGURE 2).

Claude Lemasson, Eastmain President and CEO commented, "Today's results represent an important and exciting advancement in our understanding of the gold-mineralized corridor on the Éléonore South property. The highlighted holes' broad intervals and high grades confirm our thesis that there is significant mineralization in and near the tonalite intrusion. This new information will be used to plan the JV's summer/fall 2017 exploration program with our partners, Goldcorp and Azimut."

Prospective Corridor Drilling

Hole ES17-64 was drilled 25 m west, and 25 m up-dip, of the Phase 1 hole ES16-51 (0.62 g/t Au over 79.1 m, incl. 5.00 g/t Au over 4.0 m). A 45 m-wide mineralized interval (4.88 g/t Au over 45.0 m) is hosted in tonalite with generally less than 1% arsenopyrite and pyrrhotite as disseminations or veinlets. Within this broad interval, higher grade intersections (37.9 g/t Au over 3.0 m and 15.1 g/t Au over 3.0 m) occur in strongly silicified tonalite carrying 3 mm to 10 mm wide clusters of visible gold, partially controlled by a tight quartz-chlorite stockwork and moderate biotite alteration (see PICTURES 1 and 2).

Hole ES17-60 targeted the interpreted SW strike extension of the Cheechoo discovery. Four intervals were encountered within a 144 m-wide anomalously mineralized core interval (all samples greater than 0.1 g/t) in albite and biotite altered tonalite with disseminated pyrite, pyrrhotite and arsenopyrite. Of the four mineralized intervals, one intercept (1.89 g/t Au over 22.5 m including 16.5 g/t Au over 1.5 m) contains disseminated arsenopyrite and bands of albite-actinolite alteration.

Hole ES17-61 was drilled 100 m east of hole ER17-60 and targeted the SW extension of the Cheechoo discovery. An interval (0.91 g/t Au over 16.5 m) was obtained in tonalite and pegmatite carrying disseminated arsenopyrite. Two millimetre-scale grains of visible gold were observed within this interval.

Further details regarding the description and interpretation will be provided once all results have been received.

TABLE 1: Éléonore South JV - Summary of Significant Drill Results

Drill Hole From
(m)
To
(m)
Interval(1)
(m)
Gold
Assay
(2)
(g/t Au)
Vertical
Depth
(3)
(m)
ES17-60 90.0 142.5 52.5 0.52 88
incl. 90.0 94.5 4.5 0.80
and 106.5 121.5 15.0 0.54
and 126.0 139.5 13.5 0.74
151.5 153.0 1.5 5.59 112
181.5 204.0 22.5 1.89 145
incl. 187.5 192.0 4.5 2.61
and 198.0 199.5 1.5 16.5
incl. 198.0 204.0 6.0 4.74
217.5 219.0 1.5 1.58 165
ES17-61 88.3 89.8 1.5 1.02 69
135.8 146.5 10.7 0.52 109
incl. 137.3 138.8 1.5 1.38
164.2 173.0 8.8 0.58 130
incl. 164.2 166.7 2.4 1.34
178.5 195.0 16.5 0.91 143
incl. 179.0 182.0 3.0 2.00
and 183.3 185.8 2.5 1.08
and 190.0 195.0 5.0 1.01
ES17-62 160.5 164.6 4.1 0.94 125
ES17-63 5.0 8.4 3.4 1.06 5
incl. 5.0 6.5 1.5 2.06
49.5 54.0 4.5 0.62 40
229.5 231.0 1.5 0.72 176
ES17-64 12.0 13.5 1.5 2.87 11
28.8 29.5 0.7 2.33 22
147.0 148.5 1.5 1.21 107
168.0 213.0 45.0 4.88 146
incl. 168.0 183.0 15.0 4.97
incl. 180.0 183.0 3.0 15.1
and 202.5 213.0 10.5 13.0
incl. 204.0 207.0 3.0 37.9
228.0 244.5 16.5 0.66 181
incl. 234.0 238.5 4.5 1.19
ES17-65 94.5 105.0 10.5 0.60 78
incl. 100.5 105.0 4.5 1.10
ES17-66 1.8 4.7 2.9 1.01 2
ES17-67 2.0 3.5 1.5 1.12 2
ES17-68 46.0 47.8 1.8 0.51 33
  1. Drilling results are presented over core lengths; true widths are unknown at this stage.
  2. Intervals are based on geological observations and limited compositing of veins. Assays presented are not capped. Intercepts occur have not been correlated to individual vein domains at this time.
  3. Vertical depth is calculated from the surface to the mid-point of the reported interval.

Table 2: Hole Location Information

UTM zone 18 - NAD83
Hole # Easting Northing Azimuth
(°)
Dip
(°)
Length
(m)
ES17-60 438,422 5,829,886 320 -49 234
ES17-61 438,552 5,829,899 320 -50 195
ES17-62 438,730 5,829,908 320 -50 171
ES17-63 438,154 5,829,857 320 -50 252
ES17-64 437,962 5,829,817 320 -50 252
ES17-65 437,920 5,829,906 320 -50 201
ES17-66 437,627 5,830,027 220 -50 72
ES17-67 437,627 5,830,027 220 -70 90
ES17-68 437,303 5,829,769 320 -50 207

This press release and information provided by the manager 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.

About the Éléonore South Joint-Venture Property

The Eléonore 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.

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 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.

To view Figure 1-2, please visit the following link: www.eastmain.com/_resources/news/Images/ER-170502_Figure1-2.pdf

To view Pictures 1-2, please visit the following link: www.eastmain.com/_resources/news/Images/ER-170502_Picture1-2.pdf

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