Eastmain Resources Inc.

Eastmain Resources Inc.

July 06, 2011 12:39 ET

Eastmain Resources Inc.: Clearwater Project-Drilling Update

Gold-Bearing Veins Confirmed at 850 West Zone

60.45 g/t Over 1.5 Metres Au in Vein 12

TORONTO, ONTARIO--(Marketwire - July 6, 2011) - Eastmain Resources Inc. (TSX:ER) is pleased to announce assay results from an on-going 25,000-metre drill program at its wholly-owned Clearwater Project, located in James Bay Québec. Recent drilling has intersected high-grade, gold-bearing veins within the 850 West Zone, which is located well outside the current limits of the Eau Claire resource. The 850 West Zone may be the continuation of the Eau Claire Gold Deposit to the west. 22 drill holes, completed along a length of 250 metres within the 850 West target area, have intersected gold-bearing, quartz-tourmaline veins similar to those hosting the Eau Claire Deposit.

Three major vein sets, V16, V12 and V10, predominate the 850 West target area (see Location Map, website). 400 metres west of Eau Claire, drill hole ER11-287 intersected 6.95 grams per tonne (g/t) gold across 13.5 metres, including 60.5 g/t (1.76 oz/ton) gold over a 1.5-metre interval in Vein 12. Hole 284 intersected a 7.1-metre-wide interval within Vein 12 grading 4.2 g/t gold (Au), which includes 21.8 g/t Au over 1.0 metre.

Three drill holes (ER11-283 to 285) also intersected a new deeper gold-bearing vein set (Vein 10), where a 7.0-metre-wide interval averaged 3.03 g/t Au. This interval includes 13.0 g/t Au over 1.5 metres. Like Eau Claire, the 850 West Zone is also enriched in tellurium, indicating that the 850W Zone is likely part of the same deposit system and may be directly linked to Eau Claire. Assay data is pending for holes 288 to 296.

850 West Zone Assay Highlights:
Hole ID Vein ID From To Length (m) Au (g/t) Te ppm
ER11-283 V10 150.0 157.0 7.00 3.03 1.47
incl. 152.0 153.5 1.50 13.0 5.16
ER11-284 V12 97.0 104.1 7.10 4.20 4.77
incl. 99.8 104.1 4.30 6.86 7.77
V10 159.9 163.9 4.00 2.34 1.41
ER11-285 V12 64.0 83.0 19.0 0.97 0.94
V10 162.4 170.9 8.50 0.85 0.93
ER11-286 V12 85.5 98.0 12.5 1.06 0.94
ER11.287 V12 66.5 80.0 13.5 6.95 4.69
incl. 66.5 68.0 1.50 60.45 40.31

Anomalous gold has been intersected within quartz-tourmaline veins (Vein 16) very near surface in nine drill holes (266 to 282). These holes are located in the northeastern portion of the 850 West Zone. All nine holes intersected V16, with values ranging from 0.84 g/t Au over 11.0 metres to 6.47 g/t Au over 6.7 metres for an average weighted gold grade of 2.19 g/t across an average thickness of 7.1 metres, along a strike length of approximately 110 metres.

The objective of the present drill program is to expand both Open Pit and Underground gold resources at Eau Claire, which currently comprise a total of 632,000(1) ounces of Measured & Indicated Resources plus 1,037,000(2) ounces of Inferred Resources. The current Measured & Indicated Open Pit(3) resource grade of 5.72 g/t Au is exceptionally high (up to five times higher grade than the industry average for open pit mining operations) and the pit boundaries have yet to be determined. In other words, there is room to expand the Open Pit resource to the west and to the north, potentially significantly increasing its size.

Current assay data confirms that there is resource growth potential in the 850 West Zone target area. Three fences of drill holes are currently planned to continue to test this target area. The 850 West target is also open to the north, where the northernmost hole to date (ER11-296) has intersected a 10-metre-wide vein and schist interval at the collar.

Other targets

Ongoing exploration will also include follow-up work to the east of the Eau Claire deposit along the auriferous volcano-sedimentary contact defined by the Boomerang and SNL targets, where 2010 work led to the discovery of several significant new high-grade gold structures. Exploration along this fertile horizon will continue in an effort to prove additional resources.

Dr. Donald J. Robinson P.Geo, is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101. Assays were completed by ALS CHEMEX Laboratories using a 50-gram split and gravimetric techniques. Internal standards provided by an independent company and blank samples were inserted for quality control purposes. HQ core samples were sawed in half along the core axis with one half sent to a commercial laboratory and the other half retained for future reference. Sample length approximates true thickness.

About Eastmain Resources Inc. (TSX:ER)

Eastmain is a Canadian gold exploration company with 100% interest in the Eau Claire and Eastmain gold deposits which together contain 632,000 ounces of gold in Measured & Indicated resources(1),255,750 ounces gold in Historical Measured and Indicated resources(4) plus 1,020,000 ounces of gold in Inferred resources(2). The Corporation has $20.5 Million in its treasury and holds a pipeline of exploration projects within the James Bay District, including the Éléonore South property, which lies immediately south of Goldcorp's multi-million-ounce Éléonore property. Eastmain has allocated $10 million for exploration of its key gold projects in Québec for 2011. Work will include 46,000 metres of drilling.

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.

(1) Measured & Indicated Resources (which may potentially be extracted by both open and underground mining methods) of 3,354,000 tonnes containing 632,000 ounces gold @5.86 g/t gold uncapped – Eau Claire NI43-101 NR Apr 26, 2011
(2) Inferred Resources (which may potentially be extracted by both open and underground mining methods) of 5,322,000 tonnes containing 1,020,000 ounces gold @ 6.06 g/t gold uncapped – Eau Claire NI43-101 NR Apr 26, 2011
(3) Near-surface Open Pit Measured & Indicated Resources for Eau Claire (only that portion of the Eau Claire deposit that could potentially be mined by open-pit methods): 2,729,000 tonnes containing 502,000 ounces @5.72 g/t gold -– Eau Claire NI43-101 NR Apr 26, 2011; NR May 19, 2011
(4) 255,750 ounces gold Measured & Indicated Historical Non-NI43-101 Compliant Resources at Eastmain Mine (Campbell 2004 AR) and should not be relied upon. A qualified person from Eastmain has not done sufficient work to classify the historical estimate as current mineral resources, and therefore the historical estimate should not be treated as current mineral resources.

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)