Eastmain Announces Fall 2018 Pre-Development and Exploration Activities at the Eau Claire Project and Clearwater Property
September 10 2018 - 6:30AM
Eastmain Resources Inc. (“Eastmain” or the
“Company”- TSX:ER, OTCQX:EANRF) is pleased to announce its Fall
2018 activities at its 100%-owned Eau Claire Project and
surrounding Clearwater Property.
Fall 2018 Program
Eau Claire Project
- Post-PEA pre-development activities include:
- Engineering studies for the underground exploration ramp
project
- Environmental and infrastructure studies
- Exploration activities including a drilling program of up to
2,000 m at Eau Claire to test the eastern plunge of the deposit at
depth and to confirm mineral continuity in certain areas of the
deposit
Clearwater Property Exploration
- Exploration activities include:
- Mapping, soil and outcrop sampling program
- 1,600 m trenching program to investigate the Cannard
Deformation Zone
- 5,500 m drilling program to test targets along the Cannard
Deformation Zone
These exploration activities are in support of
Eastmain’s 3-in-3 Exploration Vision which aims to define 3 million
ounces of total mineral resources in 3 years.
Claude Lemasson, President & CEO, stated:
“After issuing a robust PEA for the Eau Claire Project in May 2018,
we are pleased to actively advance the project through key
pre-development activities while continuing promising exploration
nearby on the rest of the Clearwater Property. To review the
progress on this work, several members of Eastmain’s board of
directors and senior executives visited the site last week.”
Eau Claire Project
Eastmain continues to move forward with its
pre-development plans for the Eau Claire Project. In May 2018, the
Company announced a positive Preliminary Economic Assessment (PEA)
at Eau Claire with an after-tax NPV5% of $260 million and an
after-tax IRR of 27%. The PEA incorporates mineral resources of
4,294,000 tonnes grading 6.18 g/t Au (853,000 oz) in the Measured
& Indicated categories and 2,382,000 tonnes grading 6.53 g/t Au
(500,000 oz) in the Inferred category. The PEA proposes a 12-year
mine life with production from two small open pits followed by
underground operations. A detailed description of the PEA is
available in a press release dated May 23, 2018 and from the PEA
Technical Report.
Based on the PEA recommendations, Eastmain is
moving forward with studies related to advanced exploration of the
Eau Claire deposit through underground exploration and bulk
sampling. For the remainder of the year, the Company will work to
complete a conceptual design, cost estimates and a schedule for an
advanced exploration project consisting of a ramp to reach the main
mineralized zone of the deposit at depths of approximately 200‐300
m from surface. The objectives of the ramp are to collect a
25,000-tonne bulk sample representative of deposit mineralization
suitable for metallurgical and process testing and to generate
geo-technical information suitable for use in feasibility level
studies regarding stope design, rock mechanics, mining dilution and
ore continuity. In addition to engineering studies, environmental
and infrastructure studies are also being defined to begin during
the balance of 2018.
At Eau Claire, drilling will test targets
developed from review of the Eau Claire PEA completed in May 2018,
particularly the eastern plunge of the deposit located between 400
m and 700 m (see Figure 1).
Clearwater Property
At the Clearwater Property, which hosts the Eau
Claire Project, a surface exploration program began in July with a
focus on property-wide (20,068 ha) helicopter supported mapping,
soil and outcrop sampling. Numerous historic showings were
revisited and new regional geological interpretations prepared
earlier in the year were ground tested. Since beginning the field
work 976 samples were taken from 795 outcrops across the property.
Thirty-two glacial boulders were sampled and 1,004 soil samples
were taken in the Knight and Serendipity areas in the eastern
sector of the claim group. Eastmain geological staff are currently
reviewing analytical results of this program (see Figure 2).
In September, Eastmain staff will focus on
completing a 1,600 m trenching program to investigate the Cannard
Deformation Zone which extends from east to west along the southern
boundary of the property and includes the Snake Lake, Clovis and
Natel showings as well as gold mineralized occurrences in the Casey
granite complex.
A diamond drilling campaign of up to 5,500 m is
planned for Clearwater for the fall period. The campaign will test
targets along 16 km of the Cannard Deformation Zone including Snake
Lake, Clovis, Knight, Natel and Serendipity. The Beluga prospect,
located 4 km north of the Eau Claire Deposit will also be
tested.
To view FIGURES 1 and 2 please click on the
following link:
http://www.eastmain.com/_resources/images/Figures_1-2.pdf
About Eastmain Resources Inc. (TSX:ER,
OTCQX:EANRF)
Eastmain is a Canadian exploration company
advancing three high-grade gold assets in the emerging James Bay
gold camp in Québec. The Company holds a 100% interest in the Eau
Claire Project, for which it recently issued a Preliminary Economic
Assessment (“PEA”), and the Eastmain Mine Project where the Company
prepared a NI 43-101 Mineral Resource Estimate in 2018. Eastmain is
also the manager of the Éléonore South Joint Venture which hosts a
new high-grade gold discovery found in late 2017 and is located
immediately south of Goldcorp Inc.'s Éléonore Mine. In addition,
the Company has a pipeline of exploration projects in this
favourable mining jurisdiction with nearby infrastructure.
For
more information: |
Claude Lemasson,
President and CEO |
Laurenn Russell,
Investor Relations Consultant |
+1 647-347-3765 |
+1 647-347-3735 |
lemasson@eastmain.com |
lrussell@eastmain.com |
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. 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, 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 effect
exploration, future commodity prices, changes in interest rates,
safety and security, political, social or economic developments,
environmental risks, 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 preparations 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.