Eastmain Announces Fall/Winter Drill Program at Eastmain Mine Project; Resource Estimate Underway
Marketwired
TORONTO, ONTARIO--(Marketwired - Aug 23, 2017) - Eastmain Resources Inc. ("Eastmain" or the "Company") (ER.TO)(EANRF) is pleased to announce an 8,500 m diamond drilling program at the 100%-owned Eastmain Mine Project, located in James Bay, Québec. Drilling is focused along the 10-km Mine Trend, targeting anomalies identified during a recently completed Induced Polarization ("IP") survey at the Julien, Suzanna and Michel Targets. The IP survey was conducted as follow-up to the early 2017 discovery at Julien (see press release dated January 19, 2017). Drilling is also planned for the historic Eastmain Mine to support resource classification in preparation for the upcoming mineral resource estimate expected in Q4 2017 (FIGURES 1-3). Up to 29 holes are proposed for the program beginning in the first week of September.
Claude Lemasson, Eastmain President and CEO commented: "The very compelling near-surface gold/silver/copper mineralization encountered from Eastmain Mine's initial exploration program warranted significant follow-up. With the initial drilling now supported by significant results from the IP Survey, we are moving forward with an expanded drilling program on the Julien discovery while pursuing other nearby targets within 5-km of the historic mine."
IP Survey Results
A 48-line km OreVision IP Survey was recently conducted over the Julien, Suzanna and Michel Targets covering a 2-km x 2-km area with 100-m line spacings, with depth penetration of +/- 200-m (FIGURE 2 & 3). The survey identified 7 parallel chargeability trends striking southeast parallel to the Mine Trend, extending to the depth of the survey. The highest priority geophysical trend transverses the Julien Target running the entire 2-km length of the grid. The projection of the trend to the SE indicates potential continuation towards the Hillhouse Target located 300 m SE of the IP coverage. A second priority trend extends over the Suzanna Target, also running the length of the existing grid. Several of the strong conductive trends are open at depth and along strike. In addition, the IP results indicate a potential extension of the Mine Trend NW, as well as several other parallel mineralized horizons.
2017-2018 Drilling Program
The 8,500-m diamond drilling program will focus on two main objectives:
1. follow-up on the IP survey along the Mine Trend and recent drilling results at the Julien and Suzanna Targets 2. complete the necessary drilling to support resource categorization for a NI 43-101 resource estimate
Details include:
IP Survey targets - 17 drill holes (up to 5,500 m) planned to test the OreVision IP anomalies in the Julien, Suzanna and Michel Target areas. Approximately 1,000 m will target the Julien Discovery where drilling in 2016-2017 confirmed a near-surface gold-silver-copper zone located slightly off the Mine Trend, 3 km NW of the historic deposit. Julien drilling highlights include:
EM16-92: 24.8 g/t Au, 25.7 g/t Ag and 1.1% Cu over 9.3 m, including 43.1 g/t Au, 50.6 g/t Ag and 2.0% Cu over 4.3 m
EM16-93: 10.6 g/t Au, 20.1 g/t Ag and 1.2% Cu over 15.9 m, including 20.4 g/t Au, 36.8 g/t Ag and 2.3% Cu over 7.6 m
EM16-94: 7.8 g/t Au, 13.6 g/t Ag and 0.5% Cu over 10.0 m, including 32.7 g/t Au, 14.5 g/t Ag and 1.0% Cu over 1.0 m, and 5.7 g/t Au and 1.3 g/t Ag over 8.5 m
Eastmain Mine Resource drilling - 7 drill holes planned (1,500 m) within the historic deposit, as determined by the independent consultant, aiming at obtaining new core samples and evaluating against historic results for database validation purposes
Follow-up drilling - An additional 1,500 m are reserved for discretionary follow-up drilling on targets where positive results are reported.
Mineral Resource Conversion
The Eastmain Mine Project historic resource is comprised of 255,000 oz Au in 878,000 tonnes at a grade of 10.0 g/t Au. The Company has engaged P&E Mining Consultants Inc. as independent consultant to complete the maiden NI43-101 compliant mineral resource estimate, expected in the second half of this year.
This press release was reviewed by William McGuinty, P. Geo., Eastmain's VP Exploration and a Qualified Person under National Instrument 43-101.
Please see Eastmain press release dated July 13, 2017 or the Company's 2016 AIF, filed on www.sedar.com under the company's profile, for a description of data verification and QA/QC procedures.
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.
