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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.

Monday, November 16, 2009

Eastmain Resources Eau Claire assays multiple half-ounce intercepts

by Sam Kiri company news image

There is no dearth of good news at Toronto listed Eastmain Resources Inc. (TSX: ER). Following its extensive development efforts, Eastmain has been releasing frequent news to the market indicating progress at its projects. Some of the past milestones include the discovery of a new gold target at the Clearwater project, confirmation of several high-potential drill targets and series of high-grade gold intersections. Good news continues to flow as the company announced several high grade vein intercepts at its Eau Claire Gold Deposit.

Past results and other geological data indicate Eau Claire to be a high grade deposit. During the current phase of drilling, Eastmain has completed 46 holes totalling 13,765 metres. Holes 205 through 214 intersected 33 gold-bearing quartz-tourmaline veins, with each intersecting gold-enriched veins, and nine with high-grade assays. Significant assay highlights for holes 205 through 214 include multiple vein intersections containing over half an ounce of gold, adding to an overall increase in the grade and size of the deposit.

Some of these intersections indeed are impressive. For instance, ER09-208 intersected 12.92 g/t Au over 1.0 metre, including 25.8 grams per ton (g/t) gold (Au) or 0.75 ounces per ton (oz/ton) over 0.5 metres, and 7.07 g/t Au over 1.5 metres, which included a half-metre sample of 18.3 g/t Au or 0.53 oz/ton. Up to 7.05 g/t Au over 2.5 metres, including 26.1 g/t Au (0.76 oz/ton) over a half-metre, was reported in hole ER09-209. A composite sample averaging 9.88 g/t Au along 1.5 metres, which included 29.10 g/t Au (0.85 oz/ton) over 0.5 metres and a half-metre sample assaying 42.1 g/t Au or 1.23 oz/ton were reported in ER09-210. Hole ER09-211 intersected a metre-wide vein grading 14.17 g/t Au, which included a half-metre interval of 28.0 g/t Au (0.82 oz/ton); 8.59 g/t Au over 2.60 metres containing 18.95 g/t or 0.55 oz/ton gold over a half-metre; and a half-metre interval of 35.0 g/t Au (1.02 oz/ton) within a metre-wide intersection averaging 27.03 g/t Au.

Eastmain has completed a total of 35,700 metres (181 HQ drill holes) over the past 24 months to expand the Eau Claire gold resource. Indicative of the deposit’s high grade, over one-quarter (28%) of all gold intercepts drilled during this period have yielded over one ounce of gold per ton. Some 70% of all gold-enriched vein and schist material intersected within Eau Claire exceed one-half (0.50) ounces per ton of gold over an average thickness of 1.30 metres.

In response to our reader’s queries, we contacted Don Robinson, CEO of the company to understand the company’s development programme and its objective. Eastmain is intends to define a measured gold resource and expand the upper third of the Eau Claire gold deposit. Upon completion of this phase of drilling approximately 500 gold-bearing vein intersections will have been added to the previous indicated resource estimate (December 2005).The swarm of veins found north of the previously defined gold resource (T Veins) has the potential to double the size of the deposit.

It is important to note that Eastmain’s development efforts are not some haphazard drill campaigns. Robinson and his exploration team has already outlined high-grade, gold-bearing veins east (Boomerang Prospect) and west (850 West Zone) of the Eau Claire gold deposit in their previous drilling and prospecting endeavors. Boomerang prospect and 850 West Zone are expected to be drilled during the next phase. Numerous rock and soil anomalies enriched in gold and tellurium identified along the favourable deposit horizon for several kilometres will also be trenched and drilled in 2010. 

The currently reported resource calculation, completed in 2005, was based on 182 drill intersection. Eastmain now has more than double that number of intersections, with many at much higher grades than those previously used in calculating the Eau Claire gold resource. The abundance of free gold within the deposit signifies that an extremely rich, gold-bearing mineral system was active at Eau Claire and also suggests that a portion of the contained gold within the deposit will be amenable to simple gravity separation techniques during the milling process. As Eastmain continues to expand and the deposit and its resource estimate, the company is expected to attract the attention of majors.

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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