Eastmain Resources Inc.

TSX : ER


Eastmain Resources Inc.

April 24, 2013 10:09 ET

Eastmain Resources Inc.: Clearwater Project

Trenching and Prospecting Expand Eau Claire Deposit Footprint Satellite gold resource targets to the east and west

TORONTO, ONTARIO--(Marketwired - April 24, 2013) - Eastmain Resources Inc. (TSX:ER) is pleased to provide an update on previously unreported exploration work and 2013 program plans for its wholly-owned Clearwater project located in James Bay Quebec.

Eleven trenches excavated lateral to the deposit in 2012 have defined high-grade, gold-bearing rocks, which extend the surface footprint of the 450 West Zone to over a kilometre and the 850 West Zone surface exposure to 250 metres. In addition, several gold occurrences have been identified well outside the known limits of the deposit, with the most notable target some two kilometres east of the 450 West Zone at Snake Lake (see website for Location Map).

Trenching and prospecting has confirmed a key target corridor for gold mineralization at Clearwater, extending for five kilometres along a strategic geological horizon, which has been defined by more than 1,000 rock samples, ranging in grade from >0.5 to 406 grams gold per tonne (g/t Au). In 2012 over 450 rock samples and 725 surface channel samples were taken within and lateral to the known limits of the Eau Claire gold deposit. 50 rock samples assayed from >0.5 up to 117 g/t gold within the expanded footprint of the 450 West Zone. One sample, located 140 metres southeast of the B Vein assayed 47.6 g/t Au. Sampling in the vicinity of the C Vein included rock assays of 8.26, 9.71, 19.9 and 117 g/t Au. Visible gold is present in both the B and C Vein outcrop exposures, where previous sampling returned values of up to 61 g/t and 75 g/t respectively. Prospecting 300 metres west and along strike of the 850 West Zone detected up to 21.2 g/t Au from the PC Vein target area, confirming earlier results.

28 channel samples taken in 2012, range from more than 1.0 to 14.3 g/t Au. Composite sample intervals from Veins 16, I and F exceed current resource cut-off grades and will be included in the next resource update. A new surface trench exposure of Vein F assayed 3.6 g/t Au over a length of 5.5 metres, and a rock grab sample in this area returned 16.2 g/t Au.

A $5 million exploration budget has been allocated to Clearwater for 2013. This year's exploration program will include up to 25,000 metres of drilling, focused on adding high-grade resources both within and lateral to the Eau Claire deposit. The program will also centre on searching for additional resources outside of the footprint of Eau Claire, such as the Snake Lake Target, where multiple rock and channel samples of gold-bearing veins have been detected over a length of 750 metres. A block-model updated resource calculation, incorporating 115 drill intersections from 2012 which exceed the current resource parameters, will be also prepared.

P&E Mining Consultants have been retained to complete an internal scoping review for the Clearwater Project. This review will evaluate a range of potential mining and operating scenarios for the project and provide the management of Eastmain with preliminary information on the economic viability of developing a mine at Clearwater. Results of this internal review will be used to optimize the 2013 exploration program.

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. Assay samples are taken from 0.5 to 1.0 metre-long channel samples and selected rock samples. Rock samples are crushed and split with 1 kg pulverized for assay. 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.

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 holds a pipeline of exploration projects within the James Bay District, including the Éléonore South property and has allocated $7.5 million for 2013 Québec exploration. The Corporation has sufficient working capital to continue its exploration programs for the foreseeable future.

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.

To view the map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/NR2013-05Orthophoto.pdf.

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