|By Marketwired .||
|May 22, 2014 09:00 AM EDT|
TORONTO, ONTARIO -- (Marketwired) -- 05/22/14 -- Eastmain Resources Inc. (TSX:ER) announces an update on its current and planned exploration activities for James Bay, Quebec. The Corporation has allocated $4.28 million for exploration in 2014, which includes an estimated 16,000 metres of diamond drilling, principally focused on testing potential satellite deposit-targets and expanding high-grade, near-surface resources at its two wholly-owned gold deposits, Eau Claire and Eastmain Mine. Field exploration, including prospecting, trenching and drilling is expected to begin in June.
Outstanding exploration results generated from drilling over 30,000 metres at Eau Claire in 2013 are currently being incorporated into a new geological model. These results include 132 drill intercepts containing an average grade of 10.8 grams per tonne gold (g/t Au) over an average thickness of 4.34 metres (NR 2014-02, March 28, 2014). In contrast, the average grade of gold deposits worldwide is currently estimated at 1.18 g/t Au.
Exceptional 2013 trenching results from the Eau Claire 450 West Zone also revealed an average surface-channel-sample grade of 13.6 grams gold per tonne across a composite average thickness of 8.0 metres (NR 2013-13 October 24, 2013), which includes an interval of 39.2 g/t Au over 8.5 metres.
2013 results confirm that there are at least three stages of gold mineralization at Eau Claire. East-west trending, very-high-grade feeder veins cross-cut northwest- and northeast-trending altered gold-bearing rocks, and are in turn cut by later gold mineralization. A felsic porphyry dyke swarm forms a regional trap for gold mineralization along the southern contact of the 450 West Zone. A revised interpretation of the Eau Claire deposit, to include these new findings, is currently in progress. Interpretative modeling will be followed by a block model resource update. Drilling will continue in the immediate deposit area upon completion of the new resource estimate.
Gold mineralization has been traced along an east-west structural corridor crossing the Clearwater property for tens of kilometres. Many potential satellite resource targets have been identified along this corridor. Additional ground work will be completed in advance of drill-testing these highly-prospective gold targets.
The Eastmain Mine property contains a high-grade gold deposit, with ramp access to underground workings, and surface infrastructure sufficient to house a sixty-person work force, which is now accessible by permanent road via Route 167 North. 2013 surface exploration successfully identified four additional high-grade gold targets ranging from 12 to 109 g/t Au, coinciding with a 10-kilometre-long regional mine trend extending northwest and southeast from the deposit. 2014 work will include follow-up surface work and diamond drilling of these targets.
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, our core asset, has superior infrastructure within a favourable jurisdiction and is royalty free. The Corporation also holds a pipeline of exploration projects in this new Canadian mining district.
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.