Eastmain Resources Inc.
TSX : ER

Eastmain Resources Inc.

November 03, 2016 03:30 ET

Eastmain Resources Reports Initial Drilling and Channel Sampling Results for Eleonore South, James Bay Region, Quebec

TORONTO, ONTARIO--(Marketwired - Nov. 3, 2016) - Eastmain Resources Inc. ("Eastmain" or the "Company") (TSX:ER) is pleased to announce the reports of the Moni gold prospect channel sampling results and the first five diamond drill holes of the 12-hole Phase 1 Program (see FIGURES 1 - 4 and TABLE 1 attached). Assays are pending on the remaining seven holes. The results of the entire Phase 1 program will be used to determine the Phase 2 program expected to begin in early 2017 at the Éléonore South Joint Venture Property, in James Bay, Quebec.

Gold mineralization appears to be associated with a late, magmatic intrusion-related hydrothermal system with considerable exploration potential. The prospective corridor extends over an area at least 3 to 4 km long by some 500 m wide, along the margins of a tonalite intrusion, close to or near the contact with surrounding metasediments.

The association between mineralized tonalitic and pegmatitic facies over significant widths along the margins of a tonalite intrusion suggests a large-scale hydrothermal-magmatic mineralized system on the Éléonore South Property. Additional work will aim to determine the richest parts of the system.

Highlights

Channel sampling performed on the Moni Prospect outcrops (FIGURE 2 and FIGURE 3) returned the following composite intervals:

  • 19.22 g/t Au over 3.8 m (Channel 1)
  • 7.85 g/t Au over 3.4 m (Channel 2)
  • 49.18 g/t over 4.0 m (Channel 3)
  • 50.37 g/t Au over 3.5 m (Channel 4)

Significant drilling results from the first five holes (Figure 4) are reported in core length as follows:

  • 8.88 g/t Au over 2.5 m (Hole ES16-48)
  • 0.52 g/t Au over 36 m, including 1.23 g/t Au over 6 m (Hole ES16-49)
  • 0.50 g/t Au over 16.4 m and 0.94 g/t Au over 4.5 m (Hole ES16-50)
  • 0.62 g/t Au over 79.1 m, including 5.0 g/t Au over 4.0 m (Hole ES16-51)
  • 1.1 g/t Au over 3.0 m (Hole ES16-52)

Claude Lemasson, Eastmain President and CEO, commented, "Assays from initial drilling returned various zones of broad, anomalous mineralization. Identification of these zones provides useful clues of geological characteristics which will be used to further refine our geological model. As these results represent first-pass drilling, we're encouraged by the presence of wide-spread mineralization including pegmatite, similar to the Eleonore Mine. We look forward to analyzing the remaining seven Phase 1 drill holes which will be used as the basis for our Phase 2 drilling program."

Channel Sampling Results - Moni Prospect

Four channels, yielding 16 samples with a cumulative length of 14.7 m, were cut on two surface outcrops located about 15 m apart. The channels were cut in two perpendicular sets (see FIGURE 3). Samples obtained averaged a weight of 4.6 kg each.

Visible gold has been observed in 7 of the 16 channel samples. The host rock is a quartz-albite pegmatite with traces of sulphides hosted in a strongly altered tonalite. All four channels terminated in mineralization. Channel lengths were limited by overburden, with one exception (the section returning 63.0 g/t Au over 0.8 m). Field observations to date are insufficient to determine with confidence the orientation and dip of the two outcrops. The lateral and depth extensions of this sector will be further explored by mechanical stripping and drilling.

All reported gold values are uncut.
Channel 1 (azimuth 140°, length 4 m) Channel 3 (azimuth 140°, length 4.0 m)
• 4.38 g/t Au over 1.0 m • 6.24 g/t Au over 1.0 m
• 25.8 g/t Au over 1.0 m • 9.65 g/t Au over 1.0 m
• 9.43 g/t Au over 1.0 m • 14.85 g/t Au over 1.0 m
• 41.8 g/t Au over 1.0 m • 166.0 g/t Au over 1.0 m
Channel 2 (azimuth 230°, length 3.4 m) Channel 4 (azimuth 210°, length 3.5 m)
• 16.0 g/t Au over 1.0 m • 33.0 g/t Au over 0.9 m
• 11.3 g/t Au over 0.8 m • 49.9 g/t Au over 0.9 m
• 1.34 g/t Au over 0.8 m • 57.0 g/t Au over 0.9 m
• 0.74 g/t Au over 0.8 m • 63.0 g/t Au over 0.8 m

Diamond Drilling Results - Prospective Corridor

The descriptions below are preliminary and will be updated upon receiving the assays for the remaining seven drill holes from Phase 1 (totalling 2,510 m). Gold assay results for the first five holes (ES16-48 to ES16-52) are reported in TABLE 1. Drill hole locations are shown on FIGURE 4.

Hole ES16-48 (151 m core length) was drilled to test the Moni Prospect. Beginning 6.1 m down hole, an intercept of 8.88 g/t Au over 2.5 m was encountered in a quartz-albite pegmatite with visible gold and traces of sulphides, hosted in strongly altered tonalite. This intercept may correspond to the mineralized pegmatite at the Moni outcrop or possibly to a subparallel stacked pegmatite.

Hole ES16-49 (201 m) was drilled to extend the geological section of Hole ES16-48. The anomalous sections from ES16-49 of 0.52 g/t Au over 36 m and 0.51 g/t Au over 14 m correspond to strongly altered tonalite with albite, biotite, actinolite and minor sulphides.

Holes ES16-50 to ES16-52 were drilled to test the possible strike extension of the Cheechoo discovery over a 600 m distance along the tonalite-metasediment contact (see press release of September 21, 2016).

Hole ES16-50 (252 m) intersected the tonalite-metasediment contact marked by abundant pegmatite. The section grading 0.50 g/t Au over 16.4 m corresponds to biotite-actinolite schist, albitized and silicified tonalite, and pegmatite.

Hole ES16-51 (250 m) displays a wide anomalous section grading 0.62 g/t Au over 79.1 m, including 5.00 g/t Au over 4 m, corresponding to altered tonalite containing biotite, actinolite and disseminated sulphides (less than 1%). Four gold grains were observed in a pegmatitic interval.

Hole ES16-52 (201 m) encountered tonalite with strong alteration characterized by quartz, actinolite, biotite and chlorite.

Summary of Gold Mineralization

Based on the preliminary analytical results and drill core observations to date, gold mineralization in this part of the Éléonore South JV Property appears related to the following two lithologies:

  • Tonalite with strong and pervasive silica and albite alteration, quartz veinlets, variable amounts of biotite, actinolite and chlorite, generally less than 1% sulphides (pyrite, pyrrhotite, arsenopyrite) and some scheelite. Evidence of hydrothermal breccia was observed in places.
  • Pegmatite containing grey quartz and albite, common tourmaline and apatite, less than 1% sulphides and frequent visible gold. Mineralized pegmatites are frequently associated with mineralized tonalite and locally display a gradational contact.

For reference, at the nearby Éléonore mine, high-grade quartz-feldspar-arsenopyrite-pyrrhotite veins with visible gold are described as gradually progressing into pegmatitic material. This has been interpreted as being related to an episode of pegmatite magmatism.

Drilling Contract and Analytical Protocol

The helicopter supported drilling contract was awarded to Chibougamau Drilling based in Chibougamau, Quebec. The hole diameter is BTW.

Channel and drill core samples are sent to ALS Minerals in Val-d'Or, Quebec. Gold is analyzed by fire assay with atomic absorption finish and re-assayed with gravimetric finish for results with grades above 10.0 g/t Au. All samples are also assayed using an ICP method, 48-element analytical package. Azimut applies industry-standard QA/QC procedures for this program. Certified reference materials, blanks and field duplicates were inserted in all drill sample shipments to the laboratory.

About the Éléonore South Joint-Venture Property

The Éléonore South Property is a three-way Joint Venture between Eastmain Resources (36.7%), Azimut Exploration Inc. (TSX VENTURE:AZM) (26.6%), and Les Mines Opinaca Ltée ("Opinaca") (36.7%), a wholly-owned subsidiary of Goldcorp Inc. (TSX:G)(NYSE:GG). Azimut is the 2016 Manager.

This press release and information provided by the manager of the Éléonore JV was reviewed by William McGuinty, P. Geo., Eastmain's VP Exploration and a Qualified Person under National Instrument 43-101.

About Eastmain Resources Inc. (TSX:ER)

Eastmain is a Canadian exploration company with 100% interest in the Eau Claire and Eastmain Mine gold deposits, both of which are located within the James Bay District of Quebec. Clearwater, host of the Eau Claire deposit, is the Company's core asset with access to superior infrastructure in a favourable mining jurisdiction. Eastmain also holds a pipeline of exploration projects in this new Canadian mining district, including being a partner in the Éléonore South Joint Venture.

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. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or timing of future plans, and include, but not limited to, statements with respect to the potential success of the Company's future exploration and development strategies. 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, the availability of financing, timely completion of proposed studies and technical reports, and risks associated with the exploration, development and mining industry generally such as economic factors as they affect exploration, future commodity prices, changes in interest rates, safety and security, political, social or economic developments, environmental risks, insurance risks, capital expenditures, operating or technical difficulties in connection with development activities, personnel relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of Mineral Resources, contests over property title, and changes in project parameters as plans continue to be refined. 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. The Company assumes no obligation to update such information, except as may be required by law.

To view FIGURES 1 - 4, please visit the following link: http://media3.marketwire.com/docs/EleonoreSouth_Figures_20161103.pdf.

To view TABLE 1, please visit the following link: http://media3.marketwire.com/docs/EleonoreSouth_Table_20161103.pdf.

Contact Information