Eastmain Resources Inc.: Clearwater Project
20.10.2011 | Marketwired
850 West Zone Continues to Shine50 g/t Au over 2 m; 19.5 g/t Au over 2.5 m
More New Discoveries-Dobbelsteyn & Pascal Veins (up to 66.5 g/t Au)
TORONTO, ONTARIO -- (Marketwire) -- 10/20/11 -- Eastmain Resources Inc. (TSX: ER) is pleased to announce that drilling and trenching at its wholly-owned Clearwater Project, located in James Bay Quebec, continues to expand the Eau Claire gold deposit. On-going drilling has intersected multiple, high-grade quartz-tourmaline veins within the 850 West and Gap Zones. Visible gold (VG) has been observed in 20 of 48 holes completed to date during the 2011 campaign. Assay data continues to confirm very high-grade gold intervals in several veins located within the 850 West Zone, well outside the limits of the previous resource. Assay data is pending for the Gap Zone.
Trenching has also uncovered numerous new prospects peripheral to the Eau Claire gold deposit. Recent new discoveries referred to as the Pascal and Dobbelsteyn Veins, located 500 metres southwest, and 500 west of the 850 West Zone respectively (see website for maps), consist of multiple quartz-tourmaline veins similar to those found in the main deposit (450 West Zone) area. Grab samples have returned up to nearly two ounces per ton of gold from these rocks.
850 West Zone
Drilling at the 850 West Zone has intersected multiple, gold-bearing veins over a strike-length of 300 metres from near surface to vertical depths of up to 300 metres. Assay data from holes 284, 288, 299 and 305 confirm high-grade gold and tellurium intersections from Veins 10 and 12, near surface.
Hole ID VEIN ID From To Length (m) Au (g/t) Te (g/t)
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ER11-284 V12 99.8 104.1 4.3 9.25 10.7
incl. 100.8 102.3 1.5 22.6 25.9
ER11-288 V10 138.0 142.0 4.0 6.77 0.57
incl. 140.5 141.0 0.5 52.8 0.01
ER11-299 V10 227.0 229.0 2.0 49.9 0.67
incl. 228.0 228.0 1.0 84.8 1.08
ER11-305 V12 136.5 153.5 17.0 3.80 4.8
incl. 136.5 139.0 2.50 19.5 23.0
16 drill holes, located within the western part of the 850 West Zone, have intersected VG in quartz-tourmaline veins. Assays are pending for a number of these holes. Drill hole 320 intersected an 8.8-metre-wide interval of Vein 12 containing 5 clusters of VG comprising at least 54 grains of gold, ranging from in size 0.1 to 0.4 mm, approximately 75 metres vertically below hole 305. Drill hole 323 intersected a 5.8-metre-wide interval of Vein 12 containing two clusters with 17 grains of visible gold, ranging from 0.1 to 0.3 mm in size, 25 metres west of hole 320. Three other quartz-tourmaline veins found in hole 323, including V8 and the Sophie Vein, contain a total 15 clusters of VG with 40 grains of gold and 67 telluride grains below the Vein 12 intersection. Drill hole 325, located 25 metres west of 323, intersected visible gold at 92, 302 and 484 metres down the hole. 15 clusters of VG containing approximately 50 gold grains, and four grains of telluride were reported. Hole 328, located 25 metres north of 325 also intersected multiple quartz-tourmaline veins, including a 10.3-metre-wide interval of Vein 10 containing visible gold.
Gap Zone
Drilling has confirmed the potential for high-grade resources in the Gap Zone. Multiple drill holes within the Gap Zone have intersected quartz-tourmaline veins comparable to those comprising the main Eau Claire gold deposit (450 West Zone). Four of these drill holes (309, 314, 321 and 333) contain visible gold in veins near surface and at depth. Hole 333 intersected a 20-metre-wide, near-surface zone containing more than 75 grains of VG and 65 grains of telluride.
Pascal Veins
Recent trenching 500 metres southwest of the 850 West Zone discovered a north-south trending set of quartz-tourmaline veins, with potential to add gold resources to the Clearwater Project. A recent grab sample from this target, known as the Pascal Veins, assayed 66.5 g/t Au (1.94 oz/ton). The Eau Claire gold deposit is characterized by a stacked set of east-west trending veins, which are crosscut by a secondary north-south structure referred to as Pascal-type veins. Follow-up trenching and drilling are needed to fully-test the new Pascal target area.
Dobbelsteyn Veins
Trenching also uncovered the Dobbelsteyn Veins, a new discovery located 500 metres west of the 850 Zone. On trend with, and a possible extension of the high-grade Vein 12 system, this parallel set of quartz-tourmaline laminated veins is located on a topographic high, which may be amenable to open pit extraction. Like the Pascal Veins, these newly discovered veins have also been exposed in an area which had not previously been drilled or trenched.
The objectives of the 2011 program are to extend the limits of the currently defined gold resources to the north and west of the Eau Claire deposit. 46 drill holes, totaling 18,500 metres of a proposed 25,000-metre program, have been completed. Trenching has also discovered a number of high-priority vein sets peripheral to the Eau Claire deposit, which will be channel sampled and subsequently drilled. Assay data is pending for over 25 drill holes.
According to Dr. Robinson, President and CEO of Eastmain, 'The greatest value to our shareholders comes from additional discovery. Our 2011 drill program has been extremely successful in the discovery of new high-grade, gold-rich veins well outside the limits of the current Eau Claire gold resource. Drilling within the Gap Zone also suggests that the 450 and 850 West Zones may connect at depth. Two drill rigs will continue to focus on the expansion of these targets. The newly expanded 850 West Zone, together with the Pascal and Dobbelsteyn discoveries, located even further west, have the potential to substantially increase high-grade gold resources amenable to open pit extraction.' Robinson adds, 'Trenching has also been extremely effective in generating new high-potential gold targets outside the limits of the defined resource.' Robinson also states that, 'Assay data received to date has confirmed 2011's new discoveries contain very high gold grades. Clearwater hosts a robust gold system that will sustain ongoing targeted exploration.'
Dr. Donald J. Robinson P.Geo, is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101. Chemical analysis was completed by ALS CHEMEX Laboratories using a 50-gram split and gravimetric techniques. Internal standards, provided by an independent company, and blank samples were inserted for quality control purposes. Assay samples are taken from HQ core, sawed in half along the core axis with one-half sent to ALS and the other half retained for future reference. Sample length approximates true thickness.
About Eastmain Resources Inc. (TSX: ER)
Eastmain is a Canadian gold exploration company with 100% interest in the Eau Claire and Eastmain gold deposits which together contain 632,000 ounces of gold in Measured & Indicated resources1),255,750 ounces gold in Historical Measured and Indicated resources4) plus 1,020,000 ounces of gold in Inferred resources2). The Corporation has $17.6 Million in its treasury and holds a pipeline of exploration projects within the James Bay District, including the Eleonore South property, which lies immediately south of Goldcorp's multi-million-ounce Eleonore property. Eastmain has allocated $10 million for exploration of its key gold projects in Quebec for 2011. Work will include 46,000 metres of drilling.
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 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.
1) Measured & Indicated Resources (which may potentially be extracted by
both open and underground mining methods) of 3,354,000 tonnes
containing 632,000 ounces gold @5.86 g/t gold uncapped - Eau Claire
NI43-101 NR Apr 26, 2011
2) Inferred Resources (which may potentially be extracted by both open and
underground mining methods) of 5,322,000 tonnes containing 1,020,000
ounces gold @6.06 g/t gold uncapped - Eau Claire NI43-101 NR Apr 26,
2011
3) Near-surface Open Pit Measured & Indicated Resources for Eau Claire
(only that portion of the Eau Claire deposit that could potentially be
mined by open-pit methods): 2,729,000 tonnes containing 502,000 ounces
@5.72 g/t gold - Eau Claire NI43-101 NR Apr 26, 2011; NR May 19, 2011
4) 255,750 ounces gold - Measured & Indicated Historical Non-NI43-101
Compliant Resources at Eastmain Mine (Campbell 2004 AR) and should not
be relied upon. A qualified person from Eastmain has not done
sufficient work to classify the historical estimate as current mineral
resources, and therefore the historical estimate should not be treated
as current mineral resources.
Contacts:
Eastmain Resources Inc.
Dr. Donald J. Robinson, President
(519) 940-4870
(519) 940-4871 (FAX)
Eastmain Resources Inc.
Catherine Butella, Exploration Manager
(519) 940-4870
(519) 940-4871 (FAX)
info@eastmain.com
www.eastmain.com
