Eastmain Resources Inc.

Eastmain Resources Inc.

January 27, 2015 10:07 ET

Eastmain Resources Inc.: 2015 Corporate Update-$4M Exploration Budget-21,500 Metres Drilling Planned

TORONTO, ONTARIO--(Marketwired - Jan. 27, 2015) - Eastmain Resources Inc. (TSX:ER) announces a corporate and project update on activities related to its James Bay, Quebec properties for 2015, which includes a $4 million exploration budget and 21,500 metres of drilling. Eastmain expects to file its year-end Audited Financial Statements and Management Discussion & Analysis by January 29th, 2015. The Corporation has sufficient working capital to accomplish its objectives for 2015.

The initial objective for 2015 is the first-time reporting of a block model resource estimate for the Eau Claire gold deposit. Using Eastmain's revised interpretation and three-dimensional modeling, SRK Consulting (Canada) Inc. has now completed building wire frames for the entire deposit. These will form the base for the block model resource. Wire frames include in excess of 100 high-grade gold domains for the 450 West Zone and 45 for the 850 West Zones. These domains define areas within the deposit which demonstrate excellent continuity of gold mineralization with a very high degree of geological confidence. In addition, approximately 60 vein-swarm gold domains have been created for the 450 West Zone and 19 for the 850 West Zones. Vein-swarm domains represent broad areas of gold mineralization surrounding the high-grade gold domains and they also mark robust corridors of gold mineralization where more widely-spaced drilling does not allow for the same degree of confidence in individual vein continuity.

The spatial footprint of the Eau Claire gold deposit extends for a length of 1.8 kilometres, and has been traced to a depth of 900 metres. Statistical drill assays used in the modeling of the deposit include 2,010 two-metre composite intervals with an average grade of 5.34 grams per tonne gold (g/t Au) at a cut-off grade of 1.0 g/t Au, and 1,023 two-metre composite intervals with an average grade of 9.02 g/t gold at a 2.4 g/t Au cut-off grade.

Upon completion of the resource estimate the Corporation expects to initiate a Preliminary Economic Assessment ("PEA"), which will be overseen by Serge Bureau, MSc, P.Eng, technical mining advisor for Eastmain (NR Dec 20, 2013).

In addition to resource reporting, both continued deposit-scale resource definition work and property-scale target generation are planned for the Clearwater project in 2015. The proposed 2015 budget for Clearwater is $2.0 million.

A preliminary drill program is planned to begin in the first quarter of 2015 on the Lac Lessard nickel-copper-PGM project. Drilling will test 10 high-priority targets defined by Eastmain's airborne surveys in 2013 and confirmed with 2014 field work. Darnley Bay Resources Limited has committed to spending $500,000 on the property in 2015 as part of an option to earn 50% interest in Lac Lessard. The option agreement includes total work commitments of $2.5 million plus $200,000 in cash payments over a 4-year period. Eastmain is project operator.

Target definition work including prospecting, trenching and drilling is scheduled for both the Ruby Hill and Eastmain Mine projects in a combined budget of approximately $1 million. A roughly 7,500-metre drill program proposed for 2015, will follow-up on targets defined along the key gold horizon at Eastmain Mine. Continued evaluation of gold-geochemical anomalies identified on the adjacent Ruby Hill East property will include the use of mechanical stripping and trenching.

Target generating programs have been proposed for the Lac Elmer, Road King and Lac Hudson Projects for a combined budget of $500,000. Previous work by Eastmain and former JV partners has identified surface mineralization and/or geological targets, matching the characteristics of major ore-deposits found in the Canadian Shield, at each of these properties.

Dr. Donald J. Robinson P. Geo, President and Chief Executive Officer of Eastmain, Qualified Person under National Instrument 43-101 reviewed and approved the technical data presented in this press release.

Chemical analysis was completed by ALS CHEMEX Laboratories using a 50-gram split with ICP, AA and gravimetric techniques. Internal standards provided by an independent company and blank samples were inserted for quality control purposes.

About Eastmain Resources Inc. (TSX:ER) Eastmain is a Canadian exploration company with 100% interest in the Eau Claire and Eastmain gold deposits, both of which are located within the James Bay District of Quebec. Eau Claire, our core asset, has superior infrastructure within a favourable jurisdiction and is royalty free. The Corporation also holds a pipeline of exploration projects in this new Canadian mining district.

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. 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. 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.

Contact Information

  • Eastmain Resources Inc.
    Dr. Donald J. Robinson
    (519) 940-4870
    (519) 940-4871 (FAX)

    Eastmain Resources Inc.
    Catherine Butella
    Exploration Manager
    (519) 940-4870
    (519) 940-4871 (FAX)