Eastmain Posts Technical Report for Clearwater Mineral Resource - Continues Exploration at Clearwater
TORONTO, ONTARIO--(Marketwired - Oct 26, 2017) - Eastmain Resources Inc. ("Eastmain" or the "Company") (TSX:ER) (OTCQX:EANRF), announces the Company has filed the technical report titled, "Updated Mineral Resource Estimate for the Eau Claire Gold Deposit, Clearwater Project, Quebec, Canada", prepared by SGS Canada Inc. ("SGS"), and initially reported September 11,th 2017, on the Company's profile on SEDAR at www.sedar.com, and on the Company's website (www.eastmain.com). The Eau Claire deposit is located on the 100%-owned Clearwater Property in James Bay, Québec.
To aid in the evaluation of Eau Claire's open pit and underground viability, the technical report recommends initiation of engineering, environmental, permitting, and other studies. The recommended work program proposes:
- Continued resource definition and exploration drilling
- Rock and soil geotechnical, and hydrogeology investigations
- Environmental baseline studies, permitting, and social or community impact assessments
- Conceptual trade-off study to evaluate and optimize the transition from open pit to underground mining
- A full Preliminary Economic Assessment ("PEA") for the project
Preliminary Economic Assessment and Ongoing Exploration
The new Mineral Resource Estimate provides a detailed model from which to base new drill planning. Eastmain plans to use additional drilling to update the current mineral resource and to incorporate it in a PEA. Eastmain expects to have a completed PEA in the first half of 2018.
Planned drilling at the Eau Claire Deposit will continue into early 2018 with a focus on extending and expanding the known limits of the deposit with a total of 15,000 m of drilling below the 400 m depth level. A particular focus is being placed on the High Grade Schist-type ("HGS") veins which can develop significant width and continuity.
Clearwater and the abutting Clarkie Property have continuous exposure to approximately 40 km of the Clearwater Deformation Zone, a major regional structural corridor with district potential. The Eau Claire deposit, spanning 1.5 km represents a small fraction of the corridor. Eastmain considers the Deformation Zone and the remaining 51,614 ha Clearwater-Clarkie claim package to be both highly prospective and significantly underexplored.
Currently there are six active targets, including Clovis and Snake Lake, which are located within a 5 km radius of Eau Claire, and are identified by mapping and prospecting. Several of these targets are geologically similar to the Eau Claire deposit including being located along the Clearwater Deformation Zone. Renewed trenching and mapping at several of these targets were completed in October 2017 and will support drilling proposed in winter 2018.
This press release was reviewed and approved by William McGuinty, P. Geo., Eastmain's VP Exploration and a Qualified Person under National Instrument 43-101.
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.
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, the prospective nature of the Company's properties including the Eau Claire deposit, and the Company's plans to prepare a PEA for delivery in H1 2018. 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, the risks set out in any technical reports in respect of the Company's properties, risks related to the assumptions underlying mineral resource estimates, 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.
Contact
Claude Lemasson
President and CEO
+1 647-347-3765
lemasson@eastmain.com
Alison Dwoskin
Manager Investor Relations
+1 647-347-3735
dwoskin@eastmain.com