Eastmain Resources Inc. announces preliminary assay results from the first 20 drill holes of the current program at its wholly-owned Eau Claire Gold Deposit, located in James Bay, Northern Quebec. These holes (ER08-113 to ER08-132), which have intersected the Main Group of veins below 2007 drilling, include 51 metre-wide intersections with an average grade of 18.66 g/t Au or 0.54 ounces gold per ton and 26 vein intervals with an average grade of 34.32 g/t Au (1 ounce per ton).
Definition drilling over the past twelve months, using large diameter (HQ) core, has confirmed the lateral and vertical continuity of the Eau Claire gold deposit. Over 100 metre-wide vein intervals containing an average grade of one ounce gold per ton have been intersected to date in this drilling. The current program will continue until the end of the month.
Sixty-three drill holes, totaling 11,350 metres, have been completed during the 2008 phase of drilling. The first 20 drill holes intersected 80 quartz-tourmaline veins ranging from 8.42 g/t Au (0.25 ounces per ton) over 5.0 metres to 168.5 g/t Au (4.92 ounces per ton) over 0.5 metre (Table 1). A new set of gold-bearing veins, designated as the “T series”, has also been discovered north of the main deposit. Highlights from this vein series include: 29.74 g/t Au over 1.5 m in hole 118, 17.76 g/t Au over one metre in hole 129 and up to 147.1 g/t Au over 0.5 metre in hole 132.
Definition drilling at Eau Claire has delineated high-grade, near-surface ounces, which could be extracted by open pit methods. A 2009 winter drill program is scheduled to continue to trace the high-grade central portion of the deposit to depth. The near-term objectives of the Corporation are to advance the project to the development stage, through continued low-cost definition drilling, and subsequently sell the gold asset to a producing company, while retaining a royalty interest.
“Drilling at Eau Claire continues to expand this high-grade gold deposit, located in one of the most favourable mining districts in the world — Quebec. Despite the recent financial crisis and market meltdown our Company is well funded, with in excess of $20 Million in the treasury and the benefit of additional exploration funding through impressive financial incentives from the Quebec government. We have sufficient funds to continue our business plan for the next five years, even without including any provincial reimbursements. We will continue to enhance the value of our assets through ongoing drilling under and around defined resources and known metal targets. Our exploration activities will focus on expanding our 100%-owned gold deposits and exploring the Eleonore South Joint Venture, which is funded by Goldcorp,” stated Eastmain’s CEO, Don Robinson.
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 Eleonore 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 Quebec.