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Market: TSX
Sector: Gold Mining
Epic: ER
News: Latest news
Web Site: Eastmain Resources
Other Articles: 16-11-200924-09-200924-09-2009

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Eastmain Resources

Eastmain Resources

Eastmain is a Canadian gold exploration company with 100% interest in the Eau Claire and Eastmain gold deposits. The Corporation has in excess of $20 Million in working capital and holds an interest in 12 projects within the James Bay District, including the Éléonore South property, where a gold discovery has been found in a similar geologic setting to Goldcorp’s Roberto deposit. Eastmain has an annual budget of $4 million for gold exploration in Québec.

Thursday, September 24, 2009

Eastmain Resources – Discovers a new gold target

by Sam Kiri company news image

Hard work pays off the old adage says. Relentless hard work by Toronto listed Eastmain Resources Inc. (TSX: ER) are certainly paying off. The company announced the discovery of a new gold target at its wholly-owned Clearwater project, located in James Bay, Northern Quebec. Located one-half kilometre east of the Eau Claire gold deposit, a composite grab sample of vein material, the new prospect (named Boomerang) has assayed 254 g/t Au (7.42 ounces gold per ton), 640 g/t Ag (18.7 ounces silver per ton) and >500 g/t tellurium.

Eastmain has been working on the Clearwater project for some time and has identified several prospects in the process. Boomerang is the latest discovery. Its most advanced Eau Claire gold deposit, which forms a part of Clearwater property, has brought the investment case of Eastmain to the fore. Previous drill results from the Eastmain gold deposit, together with its strong geological similarities to other large Canadian gold deposits, such as the main gold zone at Detour Lake, provide considerable confidence in its prospects.

Other anomalous samples within the Boomerang Prospect area include 30.6 g/t Au (0.89 ounces gold per ton) and 9.04 g/t Au in key volcanic/sedimentary rocks, located up to eight kilometres east of the deposit. The Boomerang prospect contains a highly enriched gold-tellurium metal signature similar to Eau Claire, which suggests it was derived from the same hydrothermal gold-bearing system. Boomerang will be drill-tested in future programs.
 
The current drill programme is focused on defining a measured, near-surface resource for potential extraction by open pit methods. A total of 7,400 metres of drilling, to test the Main Group of Veins within the central portion of the deposit and the T-Vein series, found north of the previously defined gold resource, has been completed to date. Drilling will continue throughout the quarter.

Significant assay data highlights from the first 8 of 19 drill holes of the current programme at Eau Claire (Clearwater project) comprise: 24.81 g/t Au (0.72 ounces per ton) over 2.0 metres, including 69.8 g/t Au (2.04 ounces per ton) over 0.5 metres in hole ER09-198; 10.64 g/t Au (0.31 ounces per ton) over 3.0 metres, including 34.1 g/t Au (1 ounce per ton) over 0.5 metres in hole ER09-203; and 19.75 g/t Au (0.58 ounces per ton) over 2.5 metres in hole ER09-204, including 37.8 g/t Au (1.10 ounces per ton) over 0.5 metres. Fine-grained visible gold, common to the deposit, has been observed in seven of eight drill holes reported herein. Assay data is pending for the remaining 11 drill holes.

Over the past 22 months, a total of 28,600 metres (153 HQ drill holes) have been completed to expand the Eau Claire gold resource within the upper 300 metres. In 142 drill holes, 400 gold-bearing quartz-tourmaline vein intervals with an average grade of 13.1 g/t Au (0.38 ounces per ton), at an average thickness of 1.35 metres, have been intersected within the upper one-third of the deposit. 350 vein intervals contain an average grade of 14.9 g/t Au (0.43 ounces per ton); 250 vein intervals averaged 19.6 g/t Au (0.57 ounces per ton); 150 vein intervals contain an average of 27.6 g/t Au (0.80 ounces per ton); 100 vein intervals contain 39.4 g/t Au (1.15 ounces per ton) and 50 intersections have an average of 63 g/t Au (1.84 ounces per ton). 
 
Near-term exploration objectives include continued definition drilling of the high-grade Eau Claire gold deposit, completion of the metallurgical testing programme and updating the resource calculation.

About Eastmain
Eastmain is a Canadian gold exploration company with 100% interest in the Eau Claire and Eastmain gold deposits. The Corporation has in excess of $18 Million in working capital and holds an interest in 12 projects within the James Bay District, including the Éléonore South property, where a gold discovery has been found in a similar geologic setting to Goldcorp’s Roberto deposit. Eastmain has an annual budget of $4 million for gold exploration in Québec.

 

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