Eastmain Resources Inc. (“Eastmain” or the
“Company”- TSX:ER, OTCQX:EANRF) announces the Fall 2018 Exploration
Program at the Éléonore South Joint Venture Property (“ESJV”)
located in James Bay, Quebec (see Figure 1).
Fall 2018 Exploration
Program
Eastmain is the manager of the ESJV and has
presented its partners with a $2.5 million budget for surface
exploration and diamond drilling for the balance of 2018, focusing
on two significant gold targets:
Contact Trend
• 1,250 m of mechanized
trenching to explore the contact between the Cheechoo tonalite and
overlying metasedimentary rocks (see Figure 2) from the drill
identified Contact Trend mineralization in the east to the JT
Prospect in the west.
• Up to 5,800 m of diamond
drilling will also be completed focusing on:
a) continued evaluation of an extensive gold
bearing system hosted in the Cheechoo tonalite intrusion
b) expanding the identified Contact Trend
mineralized envelope westward along the southeastern boundary of
the Cheechoo tonalite and establishing greater definition of higher
grade gold mineralization, and
c) following up on previously identified Contact
Trend gold mineralization in the tonalite intrusion below the JT
Prospect, located along the western edge of the intrusive.
Moni Trend
• 750 m of mechanized trenching
to explore along trend for the southwestern extension of high-grade
gold mineralization in recently discovered pegmatitic
quartz-feldspar veins (see press release dated October 17, 2017).
Results from the trenching program will be used to focus new
drilling along this zone.
• Using trench information and recent drilling
results to guide up to 1,200 m of diamond drilling
testing extensions of Moni Prospect mineralization and new targets
along the Moni Trend.
Claude Lemasson, President & CEO, stated:
“As part of launching the Fall 2018 Exploration Program, several
members of Eastmain’s board of directors and senior management
visited site last week. After two years of working on the Moni and
Contact Trends and announcing an important discovery last fall, we
are looking forward to advancing this project through further
trenching and drilling to better define this gold system.”
Exploration Potential
The joint venture began exploring the Cheechoo
tonalite intrusion in 2016. Seventy-six diamond drill holes (15,134
m) completed on the property have identified a large gold-bearing
system within the northeastern margin of a tonalite intrusion
located in the eastern section of the ESJV property. Drilling has
identified gold mineralization in a 600 m to 700 m wide zone
extending over two kilometres along a north-easterly trend. The
mineralization extends towards the Sirios Cheechoo discovery to the
northeast and is open to the west and southwest. The gold-bearing
system drilled during this period is wholly contained within the
Cheechoo tonalite intrusion and comprised of two main
expressions:
• The Contact Trend: A
mineralized and altered envelope of variable thickness in tonalite
which ranges from several tens of metres to over 100 m in core
length with continuous intervals of anomalous gold values. Within
these intervals are sections ranging to several tens of metres
returning above 0.5 g/t Au. Alteration is characterized by the
appearance of one or several networks of quartz veins and veinlets,
sodic alteration, the presence of frequent visible gold grains and
a notable but very low sulphide concentration (<0.5%) including
arsenopyrite; and
• The Moni Trend: Several
high-grade gold mineralized zones characterized by a) clusters of
quartz-albite-biotite stockworks accompanied by arsenopyrite,
pyrrhotite, pyrite, scheelite and visible gold, and b) pegmatitic
veins of coarse quartz and feldspar or veins of coarse grained
quartz with lesser amounts of interstitial feldspar having well
distributed visible gold and very low sulphide content.
The late (2.61 billion-year-old) Cheechoo
tonalite is interpreted to be a mushroom shaped intrusion
(lopolith) with a 450 m to 500 m thick, roughly tabular top having
a shallow to moderate dip to the south along its southern contact
and a moderate dip to the west along its western contact (JT
Prospect area). The current interpretation suggests the intrusion
has not been overturned. The Contact Trend is interpreted to
represent a decompression stockwork zone close to the top of the
intrusion. This mineralized zone may extend down dip along the top
of the intrusion, parallel to, and below, the contact with the
overlying metasedimentary country rocks. The relationship of the
high-grade Moni-type veins to Contact Trend mineralization is not
fully established yet. They are explored separately but certain
elements of the alteration and mineralization such as distribution
of visible gold and generally low sulphide contents suggest common
genesis. Further discussion of the exploration model adopted for
the Cheechoo tonalite mineralization is provided in a press release
dated July 18, 2018.
The JT Prospect is located 2.5 km to 3 km to the
west of the Contact and Moni Trends mineralization identified since
2016. This is a gold-bearing zone explored by drilling in 2008-2009
while targeting sedimentary sequences believed to have a similar
geology to those within the stratigraphy hosting the Éléonore gold
mine, located 12 km to the northwest. Gold was identified in the
metasedimentary rocks located above the tonalite-metasedimentary
contact at the time. Tonalite was generally used to define the base
of drilling, however analytical results from some historic drill
holes indicate that the Cheechoo tonalite is also mineralized in
this area, including hole ES08-12 which returned 2.15 g/t Au over
14 m in the intrusive (see Figure 3).
Gold intercepts in tonalite at the JT Prospect
near the intrusive-metasedimentary contact may extend the highly
prospective Contact Trend to a semi-circular ring shape of
approximately 5.5 km in length. The Joint Venture will drill test
the Cheechoo tonalite below the JT Prospect in the coming
months.
To view FIGURES 1 - 3, please
click on the following
link:http://www.eastmain.com/_resources/images/Figures1-3.pdf
About the Eleonore South Joint Venture
Property
The Éléonore South Property is being explored as
a three-way joint venture between Eastmain Resources Inc. (36.7%),
Azimut Exploration Inc. (TSX.V:AZM) (26.6%), and Goldcorp Inc.
(TSX:G; NYSE:GG) (36.7%). Eastmain is the operator of the current
program under the supervision of William McGuinty, P. Geo.,
Eastmain’s VP Exploration and a qualified person under National
Instrument 43-101. This press release and supporting technical
information was reviewed by William McGuinty.
About Eastmain Resources Inc. (TSX:ER,
OTCQX:EANRF)
Eastmain is a Canadian exploration company
advancing three high-grade gold assets in the emerging James Bay
gold camp in Québec. The Company holds a 100% interest in the Eau
Claire Project, for which it recently issued a Preliminary Economic
Assessment (“PEA”), and the Eastmain Mine Project where the Company
prepared a NI 43-101 Mineral Resource Estimate in 2018. Eastmain is
also the manager of the Éléonore South Joint Venture which hosts a
new high-grade gold discovery found in late 2017 and is located
immediately south of Goldcorp Inc.'s Éléonore Mine. In addition,
the Company has a pipeline of exploration projects in this
favourable mining jurisdiction with nearby infrastructure.
For more information:
Claude Lemasson, President and CEO+1
647-347-3765lemasson@eastmain.com
Laurenn Russell, Investor Relations Consultant
+1 647-347-3735lrussell@eastmain.com
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 and 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 effect
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 preparations 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.