Eastmain Resources Inc.
TSX : ER

Eastmain Resources Inc.

February 07, 2017 06:30 ET

Eastmain Shallow Underground Drill Results Support Mineral Resource at Eau Claire

TORONTO, ONTARIO--(Marketwired - Feb. 7, 2017) - Eastmain Resources Inc. ("Eastmain" or the "Company") (TSX:ER) is pleased to announce new assay results from its ongoing 63,300 m drill program at the Clearwater Project, located in James Bay, Quebec (see FIGURES 1-6). The Company's 100%-owned Clearwater Project hosts the Eau Claire gold deposit, as well as the Snake Lake Target located 1.3 km to the east of Eau Claire.

Claude Lemasson, Eastmain's President & CEO commented, "With a focus on infill drilling ahead of our planned Preliminary Economic Assessment later this year, today's results continue to demonstrate elevated gold grades and vein continuity within the shallow underground portion of the Eau Claire deposit. With results from ~1/3 of our drill program already reported and over half of our drilling completed, we've accumulated significant near-surface and shallow underground data which will reinforce our mineral resource update expected around mid-year."

Highlights from Eau Claire intercepts include:

  • ER16-662 - 17.0 g/t Au over 7.1 m, incl. 54.6 g/t Au over 0.7 m, at a vertical depth of 302 m
  • ER16-621 - 20.2 g/t Au over 1.5 m, incl. 49.1 g/t Au over 0.5 m, at a vertical depth of 235 m
  • ER16-645 - 14.6 g/t Au over 1.7 m, incl. 12.4 g/t Au over 1.0 m, at a vertical depth of 270 m
  • ER16-632 - 5.79 g/t Au over 4.1 m, incl. 11.9 g/t Au over 1.6 m, at a vertical depth of 256 m

At Eau Claire, assay results from 26 infill and step-out drill holes (8,306 m) continue to establish continuity while testing the limits of an open pit and shallow underground mining concept. Since commencing our current drill program in August, a total of 59 exploration and infill drill holes (19,542 m) have been reported. Over half (34,756 m) of our planned drill program (63,300 m) is now complete with assays pending on eleven holes. Drilling continues with 5 rigs on site and completion of the drill program expected in early Q2/2017.

In addition, one drill hole (262 m) in the Snake Lake Deformation Corridor intersected both Eau Claire-style shear-hosted quartz-tourmaline gold mineralization and sulphide-rich volcaniclastic hosted gold mineralization.

The focus of the 2016/early 2017 drill program, consisting mainly of infill drilling, is to generate additional data to:

  • expand our understanding of the mineralizing controls at Eau Claire
  • confirm our current geological interpretation and test the limits of mineralized envelope
  • improve drill spacing (to approximately 25 m) to show continuity between veins and increase overall confidence in the deposit

To date, the program has been successful in defining grades and establishing continuity characteristic of Eau Claire's current resource model. This enhanced understanding is expected to play a key role in supporting a Preliminary Economic Assessment ("PEA") expected around year-end.

In addition to infill, a smaller portion of the current program is focused on extending the main Eau Claire deposit laterally to the east. Recent step-out drilling conducted 100 m east of the Eau Claire deposit encountered mineralization in drill hole ER16-660, 4.60 g/t Au over 0.7 m, and remains open to the east. Beyond the main Eau Claire deposit, satellite targets such as Snake Lake and Clovis Lake have returned encouraging results from previous exploration which warrant further exploration. Located 1.3 km east of Eau Claire, Snake Lake 2016 drilling has returned gold mineralization in 13 of 17 drill holes reported to date over an 800 m strike length within a 250 m corridor (FIGURE 1).

A summary of selected high grade assay results from Eau Claire are presented in Table 1 below and a larger summary of significant results is available by following the link to TABLE 2. Drilling results for the Snake Lake Target and other drilling data are presented in Tables 3 and 4, below.

TABLE 1: Highlights from Eau Claire Drilling Results

Type Drill Hole From To Interval Gold
Assay
Vertical
Depth
m m m(1) g/t Au(2) m(3)
Infill ER16-621 265.7 267.2 1.5 20.2 235
incl. 266.2 266.7 0.5 49.1
279.0 281.0 2.0 9.24 247
incl. 279.0 280.0 1.0 16.4
Infill ER16-629 267.8 269.8 2.0 6.11 232
Infill ER16-632 273.1 277.2 4.1 5.79 256
incl. 275.1 276.7 1.6 11.9
Infill ER16-635 349.6 350.3 0.7 16.0 300
Infill ER16-639 344.2 345.2 1.0 12.4 290
Infill ER16-642 336.0 340.4 4.4 4.69 275
incl. 337.5 338.0 0.5 10.7
Infill ER16-644 189.0 191.1 2.1 4.82 159
incl. 190.1 190.6 0.5 11.2
Infill ER16-645 310.3 318.0 7.7 2.36 245
incl. 316.3 317.4 1.1 8.14
346.2 347.9 1.7 14.6 270
355.0 356.0 1.0 12.4 278
step-out ER16-646 245.2 250.0 4.8 2.33 200
Infill ER16-649 164.2 165.2 1.0 11.3 126
169.7 174.1 4.4 4.94 132
incl. 169.7 170.6 0.7 19.1
Infill ER16-655 352.9 354.0 1.1 11.5 286
incl. 353.5 354.0 0.5 20.0
step-out ER16-659 31.0 33.0 2.0 10.6 24
incl. 32.0 33.0 1.0 15.5
Infill ER16-662 354.4 361.5 7.1 17.0 302
incl. 358.5 359.2 0.7 54.6
365.0 366.5 1.5 6.87 309
(1) Intervals are presented in core length; true width will vary depending on the intersection angle of the hole with the targeted zone. Holes are generally planned to intersect vein structures as close perpendicular as possible and true widths are estimated to be 75%-85% of downhole widths.
(2) For known mineralized zones, intervals are based on geological observations and limited compositing of veins. Assays presented are not capped. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time.
(3) Vertical depth is measured from the surface to the mid-point of the reported interval.
(4) The intervals included in Table 1 contain a metal content higher than 10 gxm (grams X metre).

DRILLING RESULTS - EAU CLAIRE
Step-out drilling tested the eastern extent of the of Eau Claire mineral resource, primarily for extensions beyond the known veins horizons. Holes ER16-657 and -651 tested the extension of veins to a vertical depth of 200 m, located 25 m west and 25 m west and up-dip of previous intercepts. The holes returned values consistent with the HGS-04 vein domain. Hole 646 tested the same structure 25 m further west returning similar values. Of particular interest is hole ER16-660 located 150 m east of hole-657, at a vertical depth of 283 m, which may indicate an extension to these zones. The hole targeted an area of limited historic drilling and further testing of the area will be undertaken later in 2017.

Holes ER16-659 intersected possible intersections of the A Vein (2.0 m of 10.6 g/t Au) and VSM 34 domains. Hole-661 and -663 also tested the VSM 34 domain on the shallow eastern extension of the Eau Claire mineral resource. Both -659 and -663 holes returned narrow intervals of gold mineralization at vertical depths of less than 100 m.

Hole ER16-650 undercut the cluster of reported infill holes (ER16-635, -639, -642, -645 and -655), drilled into the current resource to intersect veins HGV H2, HGV 32 and HG S7 and associated Swarm Domains at vertical depths ranging from 200 m to 300 m. Hole -650 intercepted two 0.5 m intervals in the lower portion of the resource of 6.84 g/t Au (HG H2) and 8.98 g/t Au (VSM 39) and a deeper intercept below the current envelope at 376 m grading of 3.15 g/t Au over 1.0 m which may be a down-dip extension of Vein HG S7.

DRILLING RESULTS - SNAKE LAKE
Eastmain is reporting one exploration drill hole (282 m) at the Snake Lake Target. 17 holes are now complete with assays pending on the final three drill holes. Hole ER16-626 intercepted two subparallel zones currently interpreted to extend along 800 m of strike length within the Snake Lake Deformation Corridor. The shallower intercept, at 40 m vertical depth, cuts an altered porphyry dyke within a package of volcaniclastic metasediments. Similar mineralization ranging from 9.13 g/t Au over 1.5 m in hole ER16-592 (west) to 0.45 g/t Au over 7.6 m in hole ER16-604 (east) has been intercepted along a 095° east-west trend for 650 m.

The second intercept in hole ER16-626 is related to a zone of quartz-tourmaline vein bearing schist (in metasediments), at 82 m vertical depth, which appears to trend east-west at 080° for approximately 500 m. Values along this trend range from 2.38 g/t Au over 6.70 m in hole ER16-592 (including 4.89 g/t Au over 2.1 m) (west) to 2.45 g/t Au over 2.5 m in hole ER16-599 (east). Further interpretation followed by drilling is anticipated later in 2017 to test strike and dip extensions of these zones.

Table 3: Snake Lake: Summary of Drilling Results

Type Drill Hole From To Interval Gold
Assay
Vertical
Depth
Interpreted Zone
m m m(1) g/t Au(2) m(3)
Exploration ER16-626 56.5 57.5 1.0 1.83 40 Sheared qtz-fsp porphyry + >5% sulphide
116.9 117.5 0.7 8.68 82
(1)(2)(3) See footnotes to previous table

GOLD MINERALIZATION - EAU CLAIRE
Gold mineralization at the Eau Claire gold deposit is generally located within structurally-controlled, high-grade en-echelon quartz-tourmaline veins and adjacent altered rocks. The vein system is predominantly hosted within a thick sequence of massive and pillowed mafic volcanic flows, interbedded with narrow intervals of volcaniclastic sedimentary rocks. Both flows and sediments have been intruded by multiple phases of felsic and porphyry dykes. Host rocks have been folded and deformed (sheared) through several deformation events. The gold bearing veins may occur as thin fracture fill with tourmaline and develop along an easterly strike and a southerly dip (450W zone) into thick quartz-tourmaline veins with zoned tourmaline+/-actinolite+/-biotite+/-carbonate alteration halos which can measure up to several metres in thickness.

SRK Consulting (Canada) Inc. ("SRK") completed "Technical Report and Mineral Resource Estimate for the Eau Claire deposit", which reported Measured and Indicated Mineral Resources of 7.225 Million tons grading 4.09 g/t Au (951,000 ounces) of gold and Inferred resources of 3.88 Million tons grading 3.88 g/t Au (633,000 ounces) of gold. The report has an effective date of April 27, 2015 and is filed on Eastmain's SEDAR profile dated June 11, 2015.

GOLD MINERALIZATION - SNAKE LAKE
Gold mineralization at the Snake Lake occurrence is similar to the Eau Claire deposit. Quartz tourmaline veins are hosted within a thick sequence of basalt flows, tuffs and interbedded metasedimentary rocks which have been intruded by felsic dykes. As at Eau Claire, the entire sequence has been heavily deformed and sheared resulting in development of a deformation zone with strong and extensive foliation and local shearing. Significant zones of sulphide mineralization (pyrite, pyrrhotite, +/- arsenopyrite +/- chalcopyrite) are also reporting gold mineralization within the deformation zone.

See Clearwater Project press releases dated October 24, 2016, December 1, 2016 and January 4, 2017 for previous drilling results.

Table 4: Hole Location Information

Target Drill Hole Azimuth Inclin. UTM Coordinates Total
Length
Elevation
Number Deg. Deg. Easting Northing (m)
450W ER16-621 355 -62 444,923 5,784,965 351 280
450W ER16-629 355 -62 444,948 5,784,919 387 273
450W ER16-632 355 -69 444,954 5,784,855 343 267
450W ER16-635 355 -62 444,575 5,784,915 402 269
450W ER16-636 355 -59 444,976 5,784,911 405 270
450W ER16-639 355 -57 444,522 5,784,939 408 271
450W ER16-640 355 -57 445,025 5,784,900 309 271
450W ER16-642 355 -56 444,494 5,784,990 378 277
450W ER16-644 355 -60 444,735 5,785,148 228 294
450W ER16-645 355 -52 444,518 5,784,990 381 278
450W ER16-646 355 -55 445,101 5,784,927 321 269
450W ER16-647 355 -55 444,789 5,785,082 260 297
450W ER16-649 355 -52 444,813 5,785,110 204 295
450W ER16-650 355 -60 444,531 5,784,816 501 264
450W ER16-651 355 -60 445,125 5,784,929 294 271
450W ER16-652 355 -50 444,838 5,785,113 201 295
450W ER16-654 355 -50 444,864 5,785,104 276 298
450W ER16-655 355 -56 444,601 5,784,902 429 268
450W ER16-656 355 -47 444,885 5,785,162 204 301
450W ER16-657 355 -55 445,124 5,784,954 330 276
450W ER16-659 355 -47 444,910 5,785,166 252 304
450W ER16-660 355 -75 445,282 5,784,838 444 268
450W ER16-661 355 -50 444,956 5,785,215 231 309
450W ER16-662 355 -59 444,651 5,784,897 264 450
450W ER16-663 355 -50 444,978 5,785,273 201 301
450W ER16-667 355 -45 444,930 5,785,242 302 207
Snake Lake ER16-626 355 -45 446,500 5,785,000 177 282

The design of the Eastmain Resources' drilling programs, Quality Assurance/Quality Control and interpretation of results is under the control of Eastmain's geological staff, including qualified persons employing a strict QA/QC program consistent with NI 43-101 and industry best practices. The Clearwater project is supervised by Eastmain's Project Geologist, Michel Leblanc P. Geo.

Drill core is logged and split with half-core samples packaged and delivered to ALS Minerals laboratory. Samples are dried and subsequently crushed to 70% passing a 2 mm mesh screen. A 1,000 gram subsample is pulverized to a nominal 85% passing 75 micron mesh screen. The remaining crushed sample (reject) and pulverized sample (pulp) are retained for further analysis and quality control. All samples are analysed by Fire Assay with an Atomic Absorption (AA) finish using a 50 gram aliquot of pulverized material. Assays exceeding 5 g/t Au are re‐assayed by Fire Assay with a Gravimetric Finish. Eastmain regularly inserts 3rd party reference control samples and blank samples in the sample stream to monitor assay performance and performs duplicate sampling at a second certified laboratory. For 2016, approximately 10% of samples submitted are part of the Company's laboratory sample control protocols.

This press release was compiled and approved by William McGuinty, P. Geo., Eastmain's VP Exploration and 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.

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