Eastmain Resources Inc.

TSX : ER


Eastmain Resources Inc.

November 08, 2012 10:38 ET

Eastmain Resources Inc.: Clearwater Project High-Grade Gold Extends Below Soccer Field Showing

TORONTO, ONTARIO--(Marketwire - Nov. 8, 2012) - Eastmain Resources Inc. (TSX:ER) is pleased to announce drill assay results for its 100%-owned Eau Claire gold deposit (Clearwater Project), located in the James Bay, Middle North region of Québec. This phase of drilling has been successful in expanding the resources of the Eau Claire gold deposit, with over 80 gold-bearing drill intersections exceeding the resource cut-off grades received to date. Both high-grade gold veins and wider zones of gold mineralization have been detected within the 450 and 850 West Zones in multiple drill holes. 90 drill holes totaling 34,211 metres have been completed to date in 2012. The objective of the current program is to expand the Eau Claire gold deposit to between two million to 2.3 million ounces, including a million ounces of potential open pit resources, principally in measured and indicated classifications.1,2

Assay highlights from the drill program include:

850 West Zone

- 2.57 g/t Au over 15.0 m (including 12.6 g/t Au and 21.4 g/t Te over 2.5 m) in hole ER12-388
- 3.09 g/t Au over 13.5 m (including 10.10 g/t Au and 10.0 g/t Te over 3.0 m) in hole ER12-391
- 1.60 g/t Au over 24.0 m (including 3.89 g/t Au and 4.16 g/t Te over 6.5 m) in hole ER12-411**
- 41.62 g/t Au over 2.0 m (including 148.0 g/t Au and 173.0 g/t Te over 0.5 m) in hole ER12-411
- 11.04 g/t Au over 6.5 m (including 19.1 g/t Au over 3.5 m) in hole ER12-412**

**Note this assay interval for hole 411 does not include four 0.5-m samples containing in excess of 250 grains of visible gold, and the above interval for hole 412 does not include one 0.5-m sample containing 35 grains of visible gold. Assay data is pending and these intervals have been diluted at a zero grade.

2012 drilling has confirmed near-surface, high-grade gold mineralization in vein V19, which is located in the northern portion of the 850 West Zone (holes 388 and 391) and in veins V9 and V10 (holes 411 and 412) drilled below the "Soccer Field". Holes 411 and 412 were collared below a high-grade showing in the Soccer Field trench, which assayed 16.4 g/t Au over 13.5 m, including 268.0 g/t Au over 0.5 m.

450 West Zone

- 4.70 g/t Au over 5.0 m (including 9.33 g/t Au and 11.0 g/t Te over 2.0 m) in hole ER12-380
- 24.0 g/t Au over 1.5 m (including 67.1 g/t Au and 87.3 g/t Te over 0.5 m) in hole ER12-389
- 2.49 g/t Au over 18.0 m (including 15.3 g/t Au and 21.9 g/t Te over 3.0 m) in hole ER12-395

2012 drilling confirms that gold mineralization continues between the 450 and 850 West Zones, in the area referred as the Gap Zone, and also extends north of the Eau Claire deposit. Over 55 significant drill intersections have been confirmed from the T Vein group, located north of the current resource limits. The current 40,000-metre drill program is 85% complete, with assay data pending for holes 406 through 435. Assay data is also pending for samples containing visible gold from holes 406, 407, 408, 410, 411, 412, 421, 422, 426, 427, 430, 432 and 435. A table of significant assay results for the 2012 drilling program at Clearwater, together with maps and figures, has been posted on the Company's website at www.eastmain.com.

According to Dr. Robinson, Eastmain's President & CEO, "The recent resource update for the Eau Claire gold deposit (Oct 11, 2012 News Release) demonstrates that the Clearwater Project is amongst an exclusive group of high-grade gold deposits in North America with near-term potential exceeding two million ounces1,2, half of which may be amenable to extraction through open pit methods. To date, 207 drill holes have defined 348 intersections containing very-fine-grained, micron-sized gold and telluride particles, well suited for both gravity and flotation recoveries. Preliminary studies completed by SGS Lakefield Research suggest gold recoveries of up to in excess of 92 to 95% by these methods alone." Robinson adds "Two drills are currently focused on the testing the lateral and northern limits of the potentially open pitable Eau Claire gold resources."

With regard to Eastmain's latest resource estimate update, Eugene Puritch, P.Eng. President of P&E Mining Consultants Inc. and principal Independent Qualified Person for this project has the following comment: "The Eau Claire Deposit 450 and 850 Zones have exhibited open pit and underground resource gold grades in excess of 4.0 g/t and 7.0 g/t respectively, the likes of which are not often found in this geological and geographical setting. The open pit gold grade in particular is in the order of 3 or 4 times that of which many other exploration projects have recently reported. Additionally, the underground gold grade is also in the order of 50% higher than recent comparable projects. With these high-grade resources, close proximity to custom processing facilities, a road and power, the prospect of a positive economic analysis is very encouraging."

Eugene Puritch, P. Eng., President of P&E, and Dr. Donald J. Robinson P. Geo, President and Chief Executive Officer of Eastmain, both Qualified Persons under National Instrument 43-101 have reviewed and approved the technical data presented in this press release.

Chemical analysis was 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. Assay samples are taken from HQ core, 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. Core samples are crushed and split with 1 kg pulverized for assay. Core samples containing visible gold were also analyzed by screen metallic methods. Screen metallic samples are screened to 100 microns. 50-gram splits are then fire-assayed using an AAS finish methods.

  1. The current near-term exploration target objective of 2.0 to 2.3 million ounces of gold has been estimated as a potential 25 to 40% increase from recently reported resources of 4,871,000 tonnes Measured and Indicated Resources (M&I) grading 4.60 g/t of gold containing 721,000 oz. and a potential 10 to 15% increase from recently reported Inferred Resources (Inf.) of 6,431,000 tonnes at 5.25 g/t for 1,122,000 ounces of gold (Oct 11, 2012).
Estimated Increase Tonnes Grade (g/t) Ounces
M&I at 25% Increase 6,088,750 4.60 901,250
M&I at 40% Increase 6,819,400 4.60 1,009,400
Inf at 10% Increase 7,074,100 5.45 1,234,200
Inf at 15% Increase 7,395,650 5.45 1,290,300
  1. The above estimates are based on analysis and geologic information obtained from the drilling of 34,211 metres during the 2012 exploration program. However, as per NI43-101/2.3(2a) this target potential is conceptual in nature and it is uncertain whether this drilling and further exploration will results in additional resources at this time.

About Eastmain Resources Inc. (TSX:ER)

Eastmain is a Canadian gold exploration company with 100% interest in the Eau Claire and Eastmain gold deposits. The Corporation has $10 Million in working capital and holds a pipeline of exploration projects within the James Bay District, including the Éléonore South property. Eastmain has allocated $7 million for drilling the Eau Claire deposit in 2012.

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
    President
    (519) 940-4870
    (519) 940-4871 (FAX)

    Eastmain Resources Inc.
    Catherine Butella
    Exploration Manager
    (519) 940-4870
    (519) 940-4871 (FAX)
    info@eastmain.com
    www.eastmain.com