Eastmain Resources Inc. announced that Les Mines Opinaca Ltee., a wholly-owned subsidiary of Goldcorp Inc., has elected to terminate its right to increase its interest by 6.67% in the Eleonore South project in favour of proceeding with future exploration as a joint venture. Eastmain will continue to be the project operator and manage the joint venture. The project ownership is Eastmain 33.34%, Opinaca 33.33% and Azimut Exploration Inc. 33.33%. A minimum $1.5M second-phase diamond drill program will be recommended to continue testing the JT Target area. Each partner is obliged to fund its portion of the program to maintain its ownership, or dilute its project interest. Goldcorp has indicated that it will participate in the next program.
In 2008, 16 drill holes totaling 3,129 metres were completed to test a variety of exploration targets based on geochemical, geophysical and geological criteria with an emphasis on searching for “Roberto-type” sedimentary-hosted gold deposits. Seven of the 16 drill holes were collared in the JT Target area to test for the depth extension of gold mineralization identified through previous trenching, which exposed a highly prospective zone more than 400 metres wide. Gold-bearing, altered sedimentary rocks were intersected in each of the seven JT drill holes.
Assays from these holes include:
* 10.8 g/t Au over 0.5 metres and 1.54 g/t Au over 5.7 metres in hole ES08-08
* 0.70 g/t Au over 10 metres in hole ES08-09
* 0.49 g/t Au over 7.5 metres in hole ES08-11
* 7.06 g/t Au over 0.5 metres in ES08-12
* 10.35 g/t Au over 0.5 metres and 0.46 g/t Au over 8.2 metres in hole ES08-13
The gold-bearing intervals occur within sedimentary rocks associated with disseminated arsenopyrite and aluminous rock alteration similar to that observed at the Roberto Gold Deposit. Gold mineralization has been truncated and invaded by pegmatite dykes and sills, which appear to mark the pathway of a highly prospective ore-forming structure.
“These drill results are very encouraging. Wide intervals of altered sediment with anomalous gold over a large area are potentially indicative of a large ore-forming system nearby. Altered aluminous sedimentary rocks with disseminated arsenopyrite are key pathfinders evident at the Roberto Deposit,” stated Dr. Donald J. Robinson, President & CEO of Eastmain. “We are very pleased Goldcorp has allocated exploration funds for the Eleonore South joint venture, given the current market conditions. Their commitment reinforces the quality of the property and the discovery potential of the JT Target area.”