Eastmain's Lac Lessard Project: Drilling High-Priority VTEM Targets for Ni-Cu-PGMs
TORONTO, ONTARIO--(Marketwired - May 13, 2015) - Eastmain Resources Inc. (TSX:ER) announces that a 1,500- to 2,500-metre drill program, funded by Darnley Bay Resources Ltd. (TSX VENTURE:DBL), is underway to test approximately 10 very highly prospective VTEM geophysical targets coinciding with the Crete-du-Coq ultramafic intrusion. This ultramafic intrusion is located within Eastmain's Lac Lessard Project in the region of James Bay, Quebec, approximately 10 kms east of the newly constructed Route 167 North - infrastructure built as part of the provincial government's Quebec Nord initiative.
Highlights
- Drill-testing 10 highly conductive VTEM geophysical targets
- Surface sampling confirms anomalous Ni-Cu-PGMs within highly prospective host
- Excellent infrastructure - close proximity to Route 167 North and Eastmain Mine camp
- Project funded by DBL - $2.5 M to earn 50% over four years
In November 2014, Eastmain granted Darnley Bay Resources ("DBL") the right to earn a 50% interest in the Lac Lessard Project in exchange for $2.5M in work expenditures, 1.6 M common shares of DBL and cash payments of $200,000. The first-year work commitment includes $500,000 in work expenditures and cash payments of $50,000, with the project to be managed by Eastmain.
In December 2013, Aeroquest completed an airborne geophysical survey (613 line-kilometres of VTEM and magnetics) covering the Crete-du-Coq ultramafic intrusion on Eastmain's behalf. A number of isolated VTEM anomalies (electromagnetic conductors), interpreted as potentially disseminated to massive nickel-copper-PGM (Platinum Group Metal) mineralization, were detected on the Lac Lessard property.
Prospecting and geological targeting, completed by Eastmain during the 2014 field campaign, confirmed that several very-highly conductive airborne anomalies associated with Crete-du-Coq ultramafic intrusion contained disseminated sulphides, with elevated nickel-copper-PGM values (News Release Oct 1, 2014).
Dr. Donald J. Robinson P. Geo, President and Chief Executive Officer of Eastmain, Qualified Person under National Instrument 43-101 reviewed and approved the technical data presented in this press release.
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.
Contact
Eastmain Resources Inc.
Dr. Donald J. Robinson
President
(519) 940-4870
(519) 940-4871
Eastmain Resources Inc.
Catherine Butella
Exploration Manager
(519) 940-4870
(519) 940-4871
info@eastmain.com
www.eastmain.com