Eastmain Resources Inc.: Clearwater Project-Drilling Update Quartz-Tourmaline Veins With Visible Gold
TORONTO, ONTARIO -- (Marketwire) -- 05/19/11 -- Eastmain Resources Inc. (TSX: ER) announced that the current drill program underway on the Clearwater Project has intersected multiple quartz-tourmaline veins in holes ER11-283 to 291. These drill holes are located west of any previous drilling completed on the Eau Claire gold deposit and extend the 850 West Zone an additional 150 metres to the southwest (Map 1, see website). Visible gold and tellurides ranging from 1 to greater than 25 gold grains, varying in size from 0.1 to 0.4 mm have been observed within quartz- tourmaline veins, in four of the nine drill drilled to date (284, 286, 287 and 288). Assay data is pending. The objective of current drilling is to expand the potential open pit resource within the 850 West Zone.
A recent resource estimate for Eau Claire concluded that the upper portion of the deposit is considered to be amenable to open pit extraction. 2.73 million tonnes delimiting Measured and Indicated resources with an average grade of 5.15 g/t gold (5.72 grams uncapped), containing 452,000 ounces gold (502,000 ounces gold uncapped), occur above a depth of 220 metres from surface (April 26, 2011). The open pit resource grade of 5.15 g/t is approximately 3 to 5 times higher than that of most open pit Au mining operations in Canada making it possible to operate at a higher profit margin and low cash costs per Au oz.
A second diamond drill is scheduled to begin in June to continue testing the main deposit. Drilling in this area will focus on expanding the open pit resource to the north and vertically to depth. Previous drilling and channel sampling at Eau Claire has shown a positive correlation of higher gold grades within the quartz-tourmaline veins with tighter spaced drilling. The uppermost portion of the 450 West Zone, which has been drilled at 12.5-metre intervals, contains 150,000 tonnes at an average grade of 24.6 grams gold per tonne at a 4.0 gram per tonne cut-off grade.
The 2011 drill program will comprise 25,000 metres, approximately 85% of which will continue to define and expand presently defined resources within and lateral to Eau Claire and 15% of which will target new areas. In addition, surface mapping, prospecting and trenching of new targets elsewhere on the property will begin in June.
Clearwater Royalty
Final payment has been made by the Corporation to SOQUEM Inc. to purchase the outstanding Net Smelter Return Royalty held against the Clearwater Project. Eastmain now owns 100% of all future Royalty rights to Clearwater and Eau Claire.
Eugene Puritch, P. Eng., President of P&E, and Dr. Donald J. Robinson P. Geo, President and Chief Executive Officer of Eastmain, both Qualified Persons under National Instrument 43-101 have reviewed and approved the technical data presented in this press release.
About Eastmain Resources Inc. (TSX: ER)
Eastmain is a Canadian gold exploration company with 100% interest in the Eau Claire and Eastmain gold deposits. The Corporation has $21.5 Million in its treasury and holds a pipeline of exploration projects within the James Bay District, including the Eleonore South property. Eastmain has allocated $9.3 million for exploration of its key gold projects in Quebec. Work will include 46,000 metres of drilling in 2011.
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.
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