Eastmain Resources Inc.
TSX : ER

Eastmain Resources Inc.

August 29, 2016 06:30 ET

Eleonore South JV Prospecting Returns High-Grade Gold Grab Samples; High-Grades Range from 11.6 g/t to 142.0 g/t Au

TORONTO, ONTARIO--(Marketwired - Aug. 29, 2016) - Eastmain Resources Inc. (TSX:ER) ("Eastmain" or the "Company") is pleased to receive positive results from a recently completed surface prospecting program on the Éléonore South Joint Venture Property in the James Bay gold district, Québec. The program has delivered some of the best prospecting gold grades obtained to date in the Éléonore mining camp (see FIGURES 1, 2 and 4).

Highlights:

  • High-grade results were obtained from the Moni Prospect in a 30 m x 20 m outcrop which include high-grade grab samples ranging up to 102.5 g/t Au and 142.0 g/t Au, located along the Éléonore South JV Property boundary with Sirios Resources' Cheechoo Property and discovery of the same name (FIGURE 3);

  • The results reinforce the prospective nature of the north trending JT Prospect geological corridor (3 km long by 500 m wide);

  • Visible gold was discovered on the new FD Prospect, located 4.5 km north of the JT Prospect along a tonalite-metasediment contact, a significant control of the gold mineralization system in the Éléonore Camp

The first 2,500 m of a 5,000 m diamond drilling program will begin in mid-September to test these high-priority targets. Azimut has reported a total of 404 rock samples, mostly from outcrops, were collected on the Property during a 14-day program. Grab samples are selective by nature and unlikely to represent average grades. The results are summarized as follows:

  • High-grade samples collected over a 30 m by 20 m outcrop at the Moni Prospect include 142.0 g/t Au, 102.5 g/t Au, 51.3 g/t Au, 39.3 g/t Au, 36.5 g/t Au, 34.2 g/t Au, 23.3 g/t Au, 21.6 g/t Au, 19.05 g/t Au, 12.5 g/t Au and 11.65 g/t Au.

  • 114 samples in the prospecting program returned grades higher than 0.1 g/t Au, including 53 samples with grades above 0.5 g/t Au, of which 30 samples reported grades above 1.0 g/t Au.

  • Mineralization is mostly related to a strongly altered tonalite rock, mineralized with disseminated arsenopyrite and a network of quartz veinlets. A large alteration envelope surrounds most of the known prospects and can be used as an exploration guide.

All surface rock samples and historical drill holes in this part of the Éléonore South JV Property are shown on Figure 2. Extensive non-outcropping sectors within this prospective area remain largely untested. In poorly exposed areas, strong gold-arsenic soil anomalies will be used to guide drilling.

The Éléonore South Property is a three-way Joint Venture for which the ownership is Eastmain, 36.72%, Les Mines Opinaca Ltée ("Opinaca"), a wholly-owned subsidiary of Goldcorp Inc. (TSX:G)(NYSE: GG), 36.71%, and Azimut Exploration Inc., 26.57% (2016 JV Manager). The Property comprises 282 claims over 147.6 km2 and is located in a highly prospective part of the Éléonore mining camp positioned between the Éléonore Property, which hosts Goldcorp's producing Éléonore Mine, and the Cheechoo Property which is currently being explored by Sirios Resources Inc.

Rock samples from the JV program were sent to ALS Minerals in Val-d'Or, Quebec. Gold was analyzed by fire assay with atomic absorption (FA/AA). A fire assay with gravimetric finish was used to recheck results with grades higher than 10.0 g/t Au. All samples were assayed using an ICP method for a 48-element analytical package. Azimut reports applying industry-standard QA/QC procedures for this program. This information was presented to the JV by the Eleonore South JV operator (see Azimut Exploration Inc. press release dated August 29, 2016).

This press release and information provided by the operator of the Éléonore JV was reviewed 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 gold deposits, both of which are located within the James Bay District of Québec. Clearwater, the Company's core asset and host of the Eau Claire deposit, has superior infrastructure within a favourable jurisdiction and is royalty free. 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. 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 details and timing of exploration programs of Eastmain currently proposed for 2016, 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.

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