TORONTO, ONTARIO–(Marketwired – Feb. 4, 2016) – Eastmain Resources Inc. (“Eastmain” or the “Company”) (TSX:ER) is pleased to provide an update on final assay results from the 2015 exploration program completed at its wholly-owned Clearwater Project, located in James Bay, Quebec. The 2015 program was successful in intersecting high-grade gold in drill intercepts lateral to the current resource. Infill core sampling of historical holes also provided positive results within the proposed 450 West Zone pit, and trench sampling two kilometres east of the Eau Claire gold deposit has outlined another potential pit-constrained resource target.
“We are very encouraged with the results of the 2015 exploration program. Definition drilling within the Eau Claire gold deposit, as exemplified by hole 577, continues to intersect both excellent grade and thicknesses lateral to the current Measured and Indicated mineral resources. Hundreds of anomalous rock samples have also defined drill-ready, near-surface targets two kilometres east of Eau Claire, while in-fill sampling of historical core will add a number of significant high-grade intersections to the 450 West Zone pit-constrained resource,” stated Donald Robinson, Eastmain’s President and CEO.
The 2015 drilling campaign focused on extending the Measured and Indicated gold resources in the Eau Claire gold deposit down-plunge and laterally to the east. Based on a 2.5 g/t Au cut-off grade, 26 gold-bearing composite intervals defined during the program have an average grade of 7.76 grams gold per tonne (from 2.54 to 25.6 g/t Au) over an average width of 2.73 metres, (from 2.0 to 6.0 metres), with 11 of those composites averaging 13.87 g/t gold over an average of 3.09 metres. Drill hole ER15-577 intersected a six-metre-wide composite interval grading 15.4 grams gold per tonne at a depth down-hole of 289.0 metres, including a half-metre-wide interval grading 153 grams gold per tonne (see website for assay data).
Five drill holes, with composite intervals extending down-plunge beyond the current limits of Eau Claire Measured and Indicated mineral resources, will clearly contribute to future mineral resource estimates. In addition, ER15-566 indicates that there is still potential to expand the deposit laterally to the east (see website for Eau Claire Longitudinal View or click the link below).
A phase one $2.5 million exploration budget has been recommended at Clearwater to include completion of a preliminary economic assessment, definition drilling to expand Measured and Indicated mineral resources, and drill testing of near-surface resource targets located east of Eau Claire along a key structural corridor.
QP and Quality Control
Dr. Donald J. Robinson P. Geo, President and Chief Executive Officer of Eastmain, Qualified Person under National Instrument 43-101 reviewed and approved the scientific and technical data presented in this press release. Dr. Robinson has supervised the work programs on the Company’s properties, visited the properties on multiple occasions, examined outcrops, drill core and trenched areas, reviewed results with on-site geological staff and reviewed both the analytical and quality control results.
Eastmain conducts a quality control program for all of its exploration work, to ensure best practices in the industry from sample shipment and preparation to data collection and analyses. 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. Interval lengths approximate true widths; true widths cannot be determined from the information available.
For further information on the Eau Claire deposit, please refer to the technical report entitled “Technical Report for the Eau Claire Gold Deposit, Clearwater Project, Quebec” dated June 11, 2015 and prepared by SRK, available on SEDAR at www.sedar.com.
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 Quebec. Eau Claire, the Company’s core asset, 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. In October, Eastmain was presented with the “Discovery of the Year 2015” award by the Association L’Exploration Minière du Quebec (“AEMQ”).
For further information please visit our website at www.eastmain.com. For text alerts of Eastmain news and events text EastmainER to 76000.
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, including statements with respect to the development plans and growth targets of the Company. 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 timing of completion of the PEA, commencement of the PFS and/or DFS, actual results of current and future exploration activities at the Company’s properties, future developments in the Company’s relationship with indigenous groups, and 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 the PEA and any PFS and/or DFS as applicable, 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. There can be no guarantee that sufficient quantities of minerals will be discovered or that one of the Corporation’s properties will reach the commercial production stage. Few properties that are explored are ultimately developed into producing mines. There is no certainty that any of the mineral resources on the Clearwater Project or any other project with mineral resources will be realized. Until a deposit is actually mined and processed, the quantity of mineral resources and grades must be considered as estimates only. In addition, the quantity of mineral resources may vary. Any material change in quantity of mineral resources, grade or stripping ratio may affect the economic viability of any project undertaken by the Corporation. In addition, there can be no assurance that gold recoveries or other metal recoveries in small-scale laboratory tests will be duplicated in a larger-scale test under on-site conditions or during production. Programs planned by the Corporation may necessitate additional funding, which could cause a dilution of the value of the investment of the current shareholders of the Corporation.
Dr. Donald J. Robinson
(519) 940-4871 (FAX)
Eastmain Resources Inc.
(519) 940-4871 (FAX)