Proactiveinvestors recommends
Additional Information
Market: TSX
Sector: Gold Mining
EPIC: ER
Latest Price: 0.85  (-4.55% Descending)
52-week High: 1.50
52-week Low: 0.84
Market Cap: 83.06M
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
Eastmain Resources
www.eastmain.com

Eastmain Resources Inc. is a Canadian exploration company. The Company is actively exploring for gold and base metal deposits within Eastern Canada. Eastmain owns 100% of the Eau Claire gold deposit and has significant land holdings covering key geology adjacent to the Eléonore discovery and the Eastmain gold mine.

Full Eastmain Resources profile here
Pdf

Eastmain to option up to 60% of Radisson to Honey Badger

17th Aug 2011, 2:18 pm by Brad Lemaire
Eastmain to option up to 60% of Radisson to Honey Badger

Mineral explorer Eastmain Resources (TSE:ER) reported Wednesday that it has signed a letter of intent to option up to 60% of its Radisson project to Honey Badger Exploration (CVE:TUF).

The project, which consists of 207 claims covering 10,698 hectares of prospective Archean-aged rocks, rests in the James Bay, Quebec area.

Eastmain said Honey can acquire a 50% stake if it spends $2.5 million in exploration costs, and drills to a minimum of 6,000 meters, in addition to shelling out $50,000 in cash payments and five million common shares to Eastmain, all over a three-year span.

After Honey obtains its initial 50% stake in the property, the company has a 60-day option to earn a total of 60%, if it spends an additional $3 million on exploration costs and drills a further 6,000 meters over a two year period.

Honey will also pay $100,000 in cash through two tranches over the same time frame for the extra 10% stake.

As project operator, Honey's initial exploration program is planned to consist of rock and soil geochemical sampling and ground geophysical surveys, designed to follow-up on targets previously established by Eastmain, both companies said.

Meanwhile, a second phase drill program will continue to test the principle areas of interest.

According to the companies, previous work carried out by Eastmain and others has confirmed the high potential for gold discovery on the Radisson project.

In the 1990’s, Noranda found an eight kilometre gold-bearing trend ranging from 5.4 to 9.8 grams per tonne (g/t) of gold, while other historic work has delineated a polymetallic gold-silver-copper-lead-zinc occurrence, which contains up to 34 g/t of gold and 340 g/t of silver.

"We are pleased to join forces with Honey Badger in our on-going exploration efforts in James Bay, Quebec, one of the most favourable mining jurisdictions in the world,” said CEO of Eastmain, Donald Robinson.

"Honey Badger has assembled a solid group of experienced individuals, who have recognized the high potential for the discovery of ore deposits at Radisson."

Eastmain Resources is a mineral explorer with a focus on gold exploration within the James Bay Region of Northern Quebec.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.