Eastmain Strengthens the Percival Discovery at Clearwater with 1.84 g/t Au over 22.2 m
TORONTO--(BUSINESS WIRE)--Feb 25, 2019--Eastmain Resources Inc. (“Eastmain” or the “Company” -TSX:ER, OTCQX:EANRF ) is pleased to report results for the first two drill holes (674 metres (“m”)) of the 2019 winter program at the Percival discovery (“Percival”), on the 100%-owned Clearwater Property (the “Property”) in James Bay, Québec (see ).
Claude Lemasson, Eastmain President and CEO commented: “With the help of some new key targeting tools and further interpretation of the results of our initial drill campaign, our winter drilling program is off to a great start. We have now intersected the targeted mineralization 100 m to the east of the discovery holes, in what we believe is the extension of the same geophysical anomaly. The VTEM and ground MaxMin surveys clearly illustrate an extension of Percival, its associated anomaly, and provides additional guidance to the faulting that has occurred in the area. We believe this current drilling program will continue to expand the Percival discovery, while targeting this and other preeminent geophysical anomalies.”
In January, Eastmain completed 16 line-kms of MaxMin Horizontal Loop Electro-Magnetic (HLEM) survey, on 50 m line spacings, centered over the discovery holes (see ). This survey was successful at identifying strong shallow EM responses to assist with drill collar placement in the Percival area. The MaxMin grid is being expanded in February to 32 line-kms, extending coverage to 1 km east and west of the Percival discovery holes, reaching westward to the Knight showing. Percival mineralization consists of significant concentration of sulphide (pyrrhotite + pyrite) mineralization which appears to respond well to the ground HLEM tool and will be used in concert with airborne VTEM and magnetic data to further stratigraphic interpretation near the discovery holes. Review and interpretation of the KS Horizon Helicopter-borne VTEM™ survey completed January 1, 2019, is ongoing with results anticipated to be incorporated in the Clearwater summer/fall exploration campaign.
Hole ER19-832 was drilled east to west through the section of the Percival discovery holes ER18-822 and ER18-823, tracing Percival mineralization along plunge and seeking to intercept an interpreted fault located west of the discovery holes (see ). Drilling intersected silicified breccias from surface to 55 m downhole depth. This interval shows strong bedding and foliation sub-parallel to the core orientation. A minor fault structure was intersected at 58 m downhole. Silicified siltstone units are found on both sides of the fault which continues to have an inferred north strike with a steep dip to the NE. The presence of significant ductile deformation in core suggests that local folding and transposition may play a more important role in distribution of mineralization than late faulting. Gold mineralization was intersected in a second silicified mudstone breccia interval located west of the fault structure between 115 m and 140 m downhole. This mineralization is interpreted to be the extension of mineralization intersected in hole ER18-830 and ER18-831 (see press release Jan. 15, 2019 ).
Hole ER19-833 was collared 100 m east of the discovery holes to evaluate a strong ground electromagnetic HLEM conductor along trend and east of the Percival discovery holes. It is the easternmost drill hole to date at Percival, some 50 m east of holes ER18-826 and ER18-827 (see). This hole intersected strongly silicified breccia mineralization 101 m to 128 m downhole and may represent the continuation of the Percival mineralization. A second interval of more variably mineralized, less silicified breccia and silicified mudstone breccia, was intersected from 145 m to 180 m downhole and is interpreted to correspond to a second, more northerly horizon of mineralized breccias previously intersected in holes ER18-825 (1.05 g/t Au over 6 m) and ER18-827 (0.50 g/t Au over 22.5 m) (see press release Dec. 20 2018 ).
The Percival Discovery
Percival is located 14 km ESE of the Company’s million-ounce Eau Claire gold deposit (1), within the 20-km long Cannard Deformation Zone (see ) and within the southern segment of the KS Horizon. Percival is a hydrothermal gold system hosted in a thick metasedimentary sequence with locally interbedded intermediate to felsic volcaniclastic rocks. Results from the latest drilling continue to provide further understanding of the mineralization controls, namely by defining lithological and structural settings, within the host stratigraphy while identifying at least two gold mineralized zones within the metasedimentary package (see ).
2019 Project Program and Objectives
For additional information on the Geology of the Percival Discovery and the KS Horizon, please visit: http://www.eastmain.com/projects/clearwaterexploration/.
To view Figures 1-5, please click on the following link: http://www.eastmain.com/_resources/news/Images/ER-190225-Percival.pdf.
This press release was compiled and reviewed by William McGuinty, P.Geo., Eastmain’s VP Exploration, a Qualified Person under National Instrument 43-101.
(1) A total of 1,001,200 oz of contained gold in the combined open pit and underground diluted production schedule, as defined in Eastmain’s “Technical Report: Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Eau Claire Gold Deposit, Clearwater Property, Quebec, Canada”. Effective date, February 4, 2018 and issued July 4, 2018. Contained ounces are derived from a combined open pit and underground mineral resource estimate of 853,000 oz Au (4.29 Mt at an average grade of 6.18 g/t Au) Measured & Indicated, and 500,000 oz Au (2.38 Mt at an average grade of 6.53 g/t Au) Inferred.
Quality Assurance and Quality Control (QA/QC)
The design of the Eastmain Resources’ drilling programs, Quality Assurance/Quality Control and interpretation of results is under the control of Eastmain’s geological staff, including qualified persons employing a strict QA/QC program consistent with NI 43-101 and industry best practices. The Clearwater project is supervised by Eastmain’s Project Geologist, Michel Leblanc P.Geo.
Drill core is logged and split with half-core samples packaged and delivered to ALS Minerals laboratory. Samples are dried and subsequently crushed to 70% passing a 2 mm mesh screen. A 1,000 grams subsample is pulverized to a nominal 85% passing 75-micron mesh screen. The remaining crushed sample (reject) and pulverized sample (pulp) are retained for further analysis and quality control. All samples are analysed by Fire Assay with an Atomic Absorption (AA) finish using a 50 g aliquot of pulverized material. Assays exceeding 5 g/t Au are re‐assayed by Fire Assay with a Gravimetric Finish. Eastmain regularly inserts 3rd party reference control samples and blank samples in the sample stream to monitor assay performance and performs duplicate sampling at a second certified laboratory. Approximately 10% of samples submitted are part of the Company’s laboratory sample control protocols.
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 Clearwater Property, host of the Eau Claire Project, for which it issued a Preliminary Economic Assessment (“PEA”) in May 2018, and the Percival Discovery made in November 2018. Eastmain is also the operator of the Éléonore South Joint Venture, located immediately south of Goldcorp Inc.’s Éléonore Mine, which hosts the Moni/Contact Trend Discovery (2017). In addition, the Company has a 100% interest in the Eastmain Mine Project where the Company prepared a NI 43-101 Mineral Resource Estimate in January 2018, and a pipeline of exploration projects in this favourable mining jurisdiction with nearby infrastructure.
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, the availability of financing, ýtimely completion of proposed studies and technical reports, and risks associated with the exploration, development and mining industry generally such as economic factors as they affect 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 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. The Company assumes no obligation to update such information, except as may be required by law.
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CONTACT: Claude Lemasson, President and CEO
email@example.comAlison Dwoskin, Manager, Investor Relations
KEYWORD: AUSTRALIA UNITED STATES NORTH AMERICA CANADA AUSTRALIA/OCEANIA ARIZONA COLORADO IDAHO NEVADA
INDUSTRY KEYWORD: NATURAL RESOURCES MINING/MINERALS
SOURCE: Eastmain Resources Inc.
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PUB: 02/25/2019 06:30 AM/DISC: 02/25/2019 06:30 AM