Eastmain Resources Inc.

Eastmain Resources Inc.

September 06, 2011 14:49 ET

Eastmain Resources Inc.: Clearwater Project

Hole 298 - 17.9 g/t Au over 12.2 m (850 Zone - Vein 12)

Hole 303 - 7.3 g/t Au over 10.5 m (850 Zone - Vein 12)

New Discoveries - Conrad, Valli, Mat-Sky & Stephanie Veins

TORONTO, ONTARIO--(Marketwire - Sept. 6, 2011) - Eastmain Resources Inc. (TSX:ER) is pleased to announce that drilling and trenching at its wholly-owned Clearwater Project, located in James Bay Québec, continues to significantly expand the Eau Claire gold deposit. Recent drilling has intersected multiple quartz-tourmaline veins within the Gap Zone, including two new vein sets, the "Mat-Sky" and "Stephanie", each containing visible gold. Assay data from hole 298 and 303 has also confirmed wide, high-grade gold intervals from Vein 12, located within the 850 West Zone, 500 metres west of Eau Claire.

Trenching has delineated the "Conrad Zone" and the "Valli Veins", both consisting of multiple sets of quartz-tourmaline veins, located well outside the limits of the Eau Claire gold deposit (see website for maps and photos).

850 West Zone

Drilling at the 850 West Zone has intersected multiple gold-bearing veins over a strike-length of 300 metres at shallow depths. Visible gold, previously reported (NR AUG 11, 2011) in 10 drill holes which intersect Vein 12, and within the newly discovered Sophie Vein, occurs throughout the 850 West Zone target area. Assay data from holes 298 and 303, re-confirms high-grade gold and tellurium values within the 850 West Zone.

Hole ID VEIN ID From To Length (m) Au (g/t) Te (g/t)
ER11-298 V12 139.8 152.0 12.2 17.9 17.9
incl. V12 142.4 151.5 9.1 23.9 23.8
ER11-303 V12 144.5 155.0 10.5 7.3 8.13
incl. V12 151.0 153.5 2.5 23.4 26.7

Assays are pending for several exceptional drill intervals, which also intersect the same gold-bearing structures, and contain abundant visible gold within Vein 12 and the Sophie Vein.

Gap Zone

Five drill holes (309, 313, 314, 316 and 319) completed to date within the Gap Zone have intersected multiple quartz-tourmaline veins north of the 850 and 450 West Zones. Two new veins have also recently been discovered in this region. The Mat-Sky Vein is situated near surface, while the Stephanie Vein occurs at depth. Hole 314 intersected the Mat-Sky Vein, a 5.2-metre-wide quartz-tourmaline interval containing 2 grains of visible gold at a depth of 22.8 metres. The Stephanie Vein was intersected in four holes and includes a 2.5-metre-wide interval, at a depth of 266.7 metres, containing 33 grains of visible gold, ranging in size from 0.1 to 0.5 mm. Drill hole 314 intersected the Stephanie Vein across 3.5 metres at a depth of 293.2 metres. Here the Stephanie Vein contains more than 30 grains of visible gold, ranging in size from 0.1 to 1.0 mm, and multiple grains of fine-grained tellurides.

Conrad Zone

Recent trenching 200 metres northeast of the 450 West Zone discovered the "Conrad Zone", a stacked set of 12 parallel, quartz-tourmaline laminated veins and massive replacement zones across a 15 metre-wide interval. These veins are aligned parallel to the Main Group of Veins in the 450 West Zone. The Conrad Zone may represent the surface expression of the T Veins, previously intersected in drilling at Eau Claire. This new discovery area is currently being sampled, (see photos on website).

Valli Veins

Trenching has also discovered the Valli Veins, a set of parallel quartz-tourmaline laminated veins, located 400 metres south of the 450 Zone. Like the Conrad Zone, these newly discovered veins have also been exposed in an area which had no previous drilling or trenching (see website for photos and location).

35 drill holes have been completed at Clearwater in 2011, totaling 12,250 metres of a proposed 25,000-metre program. Trenching has also generated a number of high-priority vein targets peripheral to the Eau Claire deposit, which will be channel sampled and subsequently drilled.

According to Dr. Robinson, President and CEO of Eastmain, "Our 2011 exploration program has been very successful in expanding the Eau Claire deposit. Multiple, high-grade, gold-bearing quartz-tourmaline veins and alteration zones have been discovered outside the previous limits of gold mineralization, as defined by the last resource estimate. Two drill rigs are currently focused on expanding the 850 Zone to the west, and the Gap Zone to the northeast." Robinson continues, "Drill assay data has confirmed wide, high-grade gold intervals within the 850 West Zone, which significantly enhance the open pit resource potential at Clearwater. Recent trenching has also been extremely encouraging, with impressive new vein discoveries located both north and south of the Eau Claire Deposit."

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. 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 ALS 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 resources1),255,750 ounces gold in Historical Measured and Indicated resources4) plus 1,020,000 ounces of gold in Inferred resources2). The Corporation has $17.6 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)