Eastmain Resources Inc.
TSX : ER

Eastmain Resources Inc.

October 24, 2016 06:30 ET

Eastmain Resources Drills 11.5 g/t Au over 13.5 metres at Eau Claire and 12.2 g/t Au over 1.5 metres at Snake Lake

TORONTO, ONTARIO--(Marketwired - Oct. 24, 2016) - Eastmain Resources Inc. ("Eastmain" or the "Company") (TSX:ER) is pleased to announce drilling results from an initial nine drill holes from its ongoing 63,300 m drill program at the Clearwater Project (See FIGURE 1). A summary of significant assay results and drilling data are presented in Tables 1, 2 and 3 below.

Highlights from this series of holes include:

Eau Claire ER16-583 10.2 g/t Au over 1.0 m
Eau Claire ER16-584 79.7 g/t Au over 0.5 m, and
11.5 g/t Au over 13.5 m, incl. an interval of 21.3 g/t Au over 5 m
Snake Lake ER16-592 12.2 g/t Au over 1.5 m

Claude Lemasson, Eastmain President and CEO commented, "The initiation of our aggressive resource definition program at Eau Claire is a significant step in advancing the project as we focus on expanding our understanding of the mineral resource. These nine holes (3,003 m) are the first few for which assays have been received, representing less than 5% of the 200+ hole (63,300 m) program currently underway. We're encouraged by the initial results from Eau Claire and with the mineralization identified at the Snake Lake target."

EAU CLAIRE

At Eau Claire, recent drilling has targeted the 450W zone from surface to a depth of 300 m (see FIGURE 2 and FIGURE 3). Step-out holes ER16-582 and ER16-585 were drilled east, 100 m and 200 m respectively, of the currently defined Eau Claire deposit. ER16-582 returned a 0.5 m interval of 5.71 g/t Au in a quartz-tourmaline vein. Additional drilling is planned to identify the upper boundary of potential resources in this area.

Gold mineralization at the Eau Claire gold deposit is generally located within structurally-controlled, high-grade en-echelon quartz-tourmaline veins and adjacent altered rocks. The vein system is predominantly hosted within a thick sequence of massive and pillowed mafic volcanic flows, interbedded with narrow intervals of volcaniclastic sedimentary rocks. Both flows and sediments have been intruded by multiple phases of felsic and porphyry dikes. Host rocks have been folded and deformed (sheared) through several deformation events. The gold bearing veins may occur as thin fracture fill with tourmaline and develop along an easterly strike and a southerly dip (450W zone) into thick quartz-tourmaline veins with zoned tourmaline+/-actinolite+/-biotite+/-carbonate alteration halos which can measure up to several metres in thickness.

SNAKE LAKE

The Snake Lake target is located 1.8 km east of the Eau Claire deposit along a deformation zone which extends east along the southern boundary of the Clearwater Project and the newly acquired Lac Clarkie claim block. The current 4,700 m drilling campaign is following up on limited drilling and extensive trenching over a 1.5 km strike length conducted in prior years. ER16-592 is the first drill hole from the 2016 program and returned three intervals of significant shallow mineralization from the west end of the trenching area. Intercepts include 12.2 g/t Au over 1.5 m and 4.9 g/t Au over 2.1 m. Gold is associated with chalcopyrite, arsenopyrite and pyrrhotite in metavolcanics and feldspar porphyry units in the upper intersections while a schistose tourmaline vein hosts gold at depth.

Gold mineralization at the Snake Lake occurrence is similar to the Eau Claire deposit. Quartz tourmaline veins are hosted within a thick sequence of basalt flows and interbedded metasedimentary rocks which have been intruded by felsic dykes. As at Eau Claire, the entire sequence has been heavily deformed and sheared resulting in development of a strong and extensive foliation.

Table 1: Eau Claire: Summary of Drilling Results

Type
Drill Hole
From To Interval Gold Assay Vertical Depth (3) Interpreted
Zone
(m) (m) (m)(1) g/t Au(2)
Step-out ER16-582 188.1 188.6 0.5 5.71 166.0 450 W
Infill ER16-583 232.6 233.1 0.5 2.36 186.5 450 W
291.6 292.1 0.5 2.71 231.5 450 W
320.6 321.6 1.0 10.2 253.5 450 W
Infill ER16-584 114.3 114.8 0.5 3.13 98.0 450 W
278.1 280.1 2.0 2.40 238.0 450 W
287.5 288.5 1.0 3.96 246.0 450 W
291.0 304.5 13.5 11.5 254.0 450 W
Incl. 299.0 304.0 5.5 21.3 450 W
Incl. 299.5 301.5 2.0 31.9 450 W
310.5 311.0 0.5 79.7 265.0 450 W
317.5 318.6 1.1 4.57 271.0 450 W
Step-out ER16-585 No Significant Values (NSV) 450 W
Infill ER16-586 75.4 76.9 1.5 1.96 64.5 450 W
Incl. 76.4 76.9 0.5 3.77 450 W
130.5 132.0 1.5 2.30 109.5 450 W
Incl. 130.5 131.0 0.5 5.92 450 W
134.5 135.5 1.0 2.65 112.5 450 W
152.5 153.5 1.0 8.85 127.5 450 W
160.0 160.5 0.5 7.52 133.5 450 W
173.2 176.7 3.5 1.68 145.5 450 W
Incl. 173.2 174.2 1.0 4.34 450 W
228.3 231.3 3.0 1.23 191.5 450 W
Infill ER16-587 130.8 133.0 2.2 1.41 109.0 450 W
Incl. 130.8 131.3 0.5 3.34 450 W
174.8 176.0 1.2 2.45 144.0 450 W
228.1 229.1 1.0 5.41 188.0 450 W
Infill ER16-588 248.3 251.5 3.2 3.14 195.0 450 W
Incl. 248.3 251.5 1.5 6.18 450 W
286.9 287.4 0.5 4.01 224.0 450 W
Infill ER16-589 46.0 47.0 1.0 2.40 40.0 450 W
106.5 107.0 0.5 3.30 92.0 450 W
109.5 110.0 0.5 3.92 95.0 450 W
155.5 156.5 1.0 2.70 135.0 450 W
211.0 213.0 2.0 2.12 182.0 450 W
Incl. 211.0 212.0 1.0 3.89 450 W

Table 2: Snake Lake: Summary of Drilling Results

Type
Drill Hole
From To Interval Gold Assay Vertical Depth (3) Interpreted
Zone
(m) (m) (m)(1) g/t Au(2)
Exploration ER16-592 54.2 55.7 1.5 2.94 39.0 Quartz feldspar porphyry
Incl. 54.7 55.2 0.5 7.92
139.5 141.0 1.5 12.2 96.0 Volcaniclastic metasediment
171.0 177.7 6.7 2.38 118.0 Tourmaline-Qtz-Biotite-schist
incl. 175.6 177.7 2.1 4.89

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 Drill Hole Azimuth Inclin. UTM Coordinates
Zone 18
Total Length Elevation
Number Deg. Deg. East West (m)
Eau Claire ER16-582 355 -65.4 445219 5785067 351 350
Eau Claire ER16-583 355 -57 444571 5784968 402 275
Eau Claire ER16-584 355 -60.7 444722 5784945 387 275
Eau Claire ER16-585 355 -65 445369 5785045 351 350
Eau Claire ER16-586 355 -57 444816 5785059 270 299
Eau Claire ER16-587 355 -55.7 444841 5785061 336 300
Eau Claire ER16-588 355 -52 444619 5784997 363 287
Eau Claire ER16-589* 355 -61.3 444866 5785068 312 305
Snake Lake ER16-592 355 -45 446444 5784946 231 279

* Assays are pending for holes ER16-590 and 591

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 1000 gram 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 gram 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.

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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