Eastmain Resources Inc.
TSX : ER

Eastmain Resources Inc.

May 30, 2017 06:30 ET

Eastmain Reports Final Phase 2 Drilling Results from Eleonore South JV; Intersects 6.61 g/t Au over 3.0 m

TORONTO, ONTARIO--(Marketwired - May 30, 2017) - Eastmain Resources Inc. ("Eastmain" or the "Company")(TSX:ER) announces the receipt of results for the final five (5) holes of the Phase 2 drill program on the Éléonore South Joint Venture ("ESJV") Property, in James Bay, Québec (see FIGURES 1-5, and Table 1 below). These assays represent the completion of the 2016-2017 drilling program (26 holes - 5,243 m). The results from the Phase 1 (see PR dated Nov 3, 2016, Nov 21, 2016) and Phase 2 (see PR dated May 2, 2017) programs are being used by the JV partners to plan the next stage of drilling and field activities on the property.

The recently completed program focused on tonalite-hosted gold mineralization hosted in a 2.5 km x 0.5 km southwest trending segment of a longer 4 km by 0.5 km corridor along a tonalite-metasedimentary rock contact found within the property. Drilling principally tested the tonalite intrusion near its contact with metasedimentary rocks. The preliminary interpretation for this gold-bearing system is that of a late-stage hydrothermal-magmatic phase directly related to the tonalitic intrusion. Of the 24 holes drilled within this corridor in the 2016-2017 drilling program, all holes intercepted mineralization (see FIGURES 3-5 for cross sections).

Claude Lemasson, Eastmain President and CEO commented, "The 2016-2017 drilling results represent a successful program into this new prospective corridor. Each drill hole is encountering mineralization, as is demonstrated by the attached cross-sections showing its context and significance. We look forward to the follow-up exploration and drilling campaign, which we believe will continue to establish the JV property's strong potential, only 12 km south-east of Goldcorp's Eleonore Gold Mine."

The final 5 holes, including ES17-70 (6.61 g/t Au over 3.0 m), were positioned in the central portion of the 2.5 km corridor segment, 700 to 1,300 m southwest of ES17-64 (4.9 g/t Au over 45.0 m - see PR dated May 2, 2017).

Diamond drilling results

  • ES17-69 (231 m) was drilled in an area covered by a gold-arsenic soil anomaly, 150 m ENE of Phase 1 drill hole ES16-57 (76.1 g/t Au over 1.55 m, intersected in a strongly albite-actinolite altered schist in tonalite). The mineralized intersection grading 2.01 g/t Au over 3.7 m is related to a pegmatite dyke hosted in tonalite, with abundant arsenopyrite and pyrrhotite. The section grading 1.20 g/t Au over 6.0 m is hosted in tonalite displaying patchy albite-actinolite alteration and quartz veinlets with feldspathic selvages.
  • ES17-70 (231 m), positioned 320 m ESE of ES16-57, is hosted in tonalite, close to the contact with the metasediments. The mineralized intersection of 6.61 g/t Au over 3.0 m corresponds to pegmatite containing smoky quartz and arsenopyrite. A section of 0.61 g/t Au over 4.5 m corresponds to tonalite with patchy albite-actinolite alteration and finely disseminated arsenopyrite. One grain of native gold was observed within this interval near a quartz veinlet.
  • ES17-71 (135 m) has targeted the up-dip continuity of hole ES16-57. An interval of 1.38 g/t Au over 6.4 m is in tonalite with albite-actinolite alteration, moderate silicification, and a stockwork of arsenopyrite-bearing quartz-chlorite veinlets. One visible gold grain was observed in core. Another interval of 4.97 g/t Au over 1.5 m is also hosted in altered tonalite, and was encountered approximately 50 m above ES16-57's 76.1 g/t Au over 1.55 m.

Table 1: Significant Highlights from the Eléonore South JV Drilling

Hole From
(m)
To
(m)
Length (1)
(m)
Assay
Au (g/t)
(2)
Vertical Depth (m) (3)
ES17-69 51.0 54.0 3.0 0.49 50.9
62.9 64.0 1.1 1.07 58.7
110.5 114.2 3.7 2.01 102.0
136.5 142.5 6.0 1.20 133.4
187.5 190.5 3.0 0.54 162.3
ES17-70 37.5 40.5 3.0 0.50 37.5
58.5 61.5 3.0 0.84 54.3
71.0 74.0 3.0 6.61 63.6
incl. 72.5 74.0 1.5 13.03 64.2
90.0 94.5 4.5 0.61 86.9
incl. 91.5 93.0 1.5 1.40 86.9
ES17-71 38.6 45.0 6.4 1.38 28.3
94.5 96.0 1.5 4.97 72.2
ES17-72 163.5 168.0 4.5 0.56 126.9
ES17-73 145.5 148.5 3.0 0.24 134.4
(1) Reported intervals are along core length and may not represent the true width of intervals.
(2) Uncut gold grades.
(3) Vertical depth is measured from the surface to the mid-point of the reported interval.

Table 2: Drill Hole Location Information

Hole # UTM zone 18 - NAD83 Azimuth Inclination Length (m)
Easting Northing
ES17-69 437,334 5,829,578 N320° -50° 231
ES17-70 437,494 5,829,381 N320° -50° 231
ES17-71 437,172 5,829,555 N320° -50° 135
ES17-72 437,107 5,829,305 N320° -50° 231
ES17-73 436,716 5,829,535 N320° -50° 231

Analytical Protocol

Drill core samples were sent to ALS Minerals in Val-d'Or, Quebec. Gold was analyzed by fire assay with atomic absorption and with gravimetric finish for grades above 3.0 g/t Au. Samples were also analyzed for a 48-element suite using ICP. Azimut applied 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 ESJV 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.

This press release and information provided by the operator of the Eléonore 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 1-5, please click on the following link: www.eastmain.com/_resources/news/Images/ER-170530_Figures1-5.pdf

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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