News

Eastmain and Partners obtain More High-Grade Gold Results from Eleonore South, James Bay region, Québec

November 16, 2017

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Eastmain and Partners obtain More High-Grade Gold Results
from Eleonore South, James Bay region, Québec

Toronto, Ontario, November 16, 2017 - Eastmain Resources Inc. (“Eastmain” or the “Company”- TSX: ER, OTCQX:EANRF) is pleased to announce the discovery of additional high-grade gold mineralization on the Éléonore South JV Property in the James Bay region of Québec. The results come as the partnership focuses on recent surface discoveries at the Moni Prospect and along the highly prospective exploration corridor which extends for more than a kilometre to the SW. (See FIGURES 1 to 6). The best grab samples reach very high grades, from 833 g/t Au up to 1,500 g/t Au in boulders and up to 26.1 g/t Au in outcrop. These new results were obtained during follow-up work along the 1.8-km-long highly prospective NE-SW trend on strike with the Moni Prospect (79.6 g/t Au over 4.25 m and 79.5 g/t Au over 5.87 m, see press release of October 17, 2017).

During this recent prospecting phase, a total of 20 grab samples were collected in two areas (101 Prospect, Trench Prospect). Grab samples are selective by nature and unlikely to represent average grades. Rock sampling returned 11 samples with grades higher than 1.0, g/t Au, including 8 samples with grades above 15.0 g/t Au. Selected results are presented below:

Grade                         Location                    Sample Type             Sample Number

15.2 g/t Au                 101 Prospect              Subcrop                      S657630

26.1 g/t Au                 101 Prospect              Outcrop                       S657631

23.5 g/t Au                 101 Prospect              Outcrop                       S657633

67.2 g/t Au                 101 Prospect              Boulder                       S657638

833 g/t Au                  Trench Prospect            Boulder                       S657739

952 g/t Au                  Trench Prospect            Boulder                       S657740

1,500 g/t Au               Trench Prospect            Boulder                       S657741                        See Figure 6

992 g/t Au                  Trench Prospect            Boulder                       S657743                        See Figure 6

The 101 Prospect is located 400 m SW of the high-grade Moni Prospect. Mineralization is related to a network of NE-SW trending, sub-vertically dipping quartz-feldspar pegmatitic veins and veinlets with native gold, hosted in strongly altered tonalite. Previous outcrop sampling in the prospect area returned up to 101 g/t Au.

The Trench Prospect is located 650 m SW of the Moni Prospect (250 m SW from the 101 Prospect). The very high-grade values were obtained from samples of angular boulders of quartz-feldspar-(biotite) pegmatitic veins with native gold. These samples may correspond to a larger dismantled boulder. Mineralized tonalite boulders with arsenopyrite are also found in close proximity. Previous prospecting returned 247 g/t Au from a grab sample in the same area. The area is also marked by a strong gold-arsenic soil anomaly. It is believed these mineralized boulders come from a nearby source.

The Moni Trend, which includes the Moni Prospect, 101 Prospect and Trench Prospect, strikes NE-SW over a length of 1.8 km. It is highlighted by strong gold-arsenic anomalies in soil, and an apparent correlation with a NE-SW magnetic trend (see attached figures). Previous drilling within this area is very sparse and did not target this mineralization type, except for one hole that returned 8.88 g/t Au over 2.5 m (Hole 16-48). Previously reported encouraging drill results, including 76.1 g/t Au over 1.55 m (Hole ES 16-57), underscore the high gold-bearing potential of the area.

Planning for continued exploration of the area in 2018 programs is underway and will use geochemical and geophysical tools, intensive prospecting, mechanized stripping and systematic drilling.

Gold Potential

Exploration work since 2016 has demonstrated the presence of a 4-km-long by 500-m-wide gold-bearing corridor related to a hydrothermally altered tonalite intrusion and its contact with metasediments.

Two main target types are identified within the tonalite intrusion:

  1. A high-grade gold-bearing quartz-feldspar pegmatitic vein system with native gold ("Moni-type"). The extent and geometry of this mineralized system remain largely undefined, but surface results at the Moni Prospect clearly indicate the potential for significant grades grade and NE-SW continuity.
  1. Kilometre-scale zones of considerable width, characterized by a quartz-albite-biotite stockwork or a network of quartz-albite veinlets of variable density, with small amounts of sulphides (arsenopyrite, pyrite, pyrrhotite) and frequent disseminations of native gold.

Both types are interpreted to be part of an extensive late-magmatic hydrothermal system related to the tonalite intrusion. In this geological environment, the surrounding metasediments may also constitute potential targets depending on favourable lithological and structural settings.

As an expression of the strong regional potential, the intrusion-hosted mineralization at Éléonore South bears similarities in type and age with sparse high-grade quartz-feldspar-arsenopyrite-pyrrhotite-VG veins transforming into pegmatitic material found near the Éléonore deposit. These veins are near a monzonite intrusion just north of the Roberto deposit. The mineralized pegmatite at the mine is the same age as Eleonore South's tonalite (2.62 billion years).

Pending Results and Upcoming Drilling

The results of 18 diamond drill holes totalling 4,443 m will be released as soon as all results are received and compiled. The objectives are to: a) further assess the grade and continuity of significant drill results intersected in the tonalite intrusion by the partners over the last 18 months; and b) continue drill testing the 4-km-long by 500-m-wide corridor, particularly south of the JT Prospect where the intrusion-metasediment contact changes direction.

A new diamond drilling phase of 3,600 m is scheduled for January 2018. The program will be designed to follow up on drill results and test new high-grade targets along the Moni Trend.

Analytical Protocol

Rock samples were sent to ALS Minerals in Val-d'Or, Quebec. Gold was analyzed by fire assay with atomic absorption, and with gravimetric finish for grades above 3.0 g/t Au. Azimut applied industry-standard QA/QC procedures to the program.

About the Eleonore South JV Property

The Eleonore South Property is a three-way joint venture between Azimut Exploration Inc., Eastmain Resources Inc. (TSX:ER) and Les Mines Opinaca Ltée (“Opinaca”), a wholly-owned subsidiary of Goldcorp Inc. (TSX:G, NYSE:GG). Ownership in the Property is as follows: Azimut 26.6%, Eastmain 36.7% and Goldcorp 36.7%.

The 2017-2018 program is operated by Azimut under the supervision of Dr. Jean-Marc Lulin and the field direction of François Bissonnette, both professional geologists and qualified persons under National Instrument 43-101. This press release was prepared by Jean-Marc Lulin, acting as Azimut’s qualified person. This press release and information provided by the operator of the Éléonore South JV, was reviewed by William McGuinty, P. Geo., Eastmain’s VP Exploration and a Qualified Person under National Instrument 43-101.

To view FIGURES 1–6, please click on the following link: http://www.eastmain.com/_resources/news/Images/ER-171116_Figures1_to_6.pdf

About Eastmain Resources Inc. (TSX:ER)

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.

For more information:        

Claude Lemasson, President and CEO

+1 647-347-3765

lemasson@eastmain.com

Joseph Fazzini, CFO and VP Corporate Development 

+1 647-347-3735

fazzini@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, 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.

 

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