Eastmain Files NI 43-101 Technical Report for the Eau Claire Mineral Resource Estimate
TORONTO, ONTARIO--(Marketwired - Jun 11, 2015) - Eastmain Resources Inc. (ER.TO) ("Eastmain" or the "Company") announces it has filed an independent National Instrument 43-101 technical report on its Clearwater gold project, located within the James Bay District of Quebec. This report entitled, "Technical Report for the Eau Claire Gold Deposit, Clearwater Project, Quebec", includes the updated Mineral Resource Estimate for the Eau Claire Gold Deposit, as described in the Company's news release dated April 27, 2015. The resource estimate and technical report were completed by SRK Consulting (Canada) Inc. ("SRK"), and are available on SEDAR at www.sedar.com and the Company's website at www.eastmain.com.
The updated mineral resource estimate has an effective date of April 27, 2015, and incorporates 72,859 metres of drilling in 183 holes completed since the previous mineral resource estimate (NR Oct 2012). Using a cut-off grade of 0.5 grams per tonne gold ("g/t Au") the Open-pit Measured and Indicated ("M&I") gold resources within the Eau Claire deposit increased by 53% to 885,000 ounces of contained gold at a grade of 4.05 g/t Au. These open-pit M&I grades make Eau Claire one of the highest-grade, resource-stage gold projects in North America, with excellent grade and tonnage expansion potential.
Resource Potential
Potential to Improve Resource Grades and Tonnage
Based on Eastmain's work to date, which clearly shows an increase in grade with increased drilling or sample density, there is substantial potential to continue to increase both grade and tonnage of the Open Pit and Underground Mineral Resources at Eau Claire.
Open Pit gold resource grades systematically increase with the amount of drilling completed - from 3.12 g/t Au in the Inferred category, where drill spacing in the third dimension exceeds 25 metres; to 4.05 g/t Au in the M&I category, where drill-hole spacing provides greater confidence at 25 metres; and up to 7.29 g/t Au defined as Measured Mineral Resources, where there is the greatest confidence due to more closely-spaced drilling.
A new 3D-geological model of the Eau Claire deposit, which can be utilized as a predictive tool for resource targeting, has outlined three orientations of gold-bearing structures. The model indicates: a potential repetition of first generation gold-rich structures laterally to the east; repetition of second generation parallel gold-vein structures laterally and at depth; a possible extension of a third generation gold-bearing structure following the keel of the deposit; and the potential for thick sections of high-grade mineralization at the intersection of two or more gold-bearing structures.
Deposit and Regional-Scale Exploration Potential
There is excellent potential to add to Open Pit and Underground M&I Mineral Resources with additional drilling below and lateral to the current conceptual pit shell, used to constrain open pit resources. Previous wide-spaced drilling defined broad areas of gold mineralization with high-grade intervals as Inferred Mineral Resources extending for one kilometre east of the pit shell and to a vertical depth of 900 metres. Definition drilling is recommended to upgrade Inferred Mineral Resources within these broad zones to M&I Mineral Resources. There is also significant potential for additional discoveries within the Eau Claire belt, where anomalous gold-bearing rock samples have been delineated along a key mineralized corridor for over 7.5 kms, within the 25-km-long underexplored Clearwater property.
2015 Program Recommendations
A $2 million exploration program has been allocated for the Clearwater project for 2015. In addition to commencing work on a Preliminary Economic Assessment, this proposal includes definition drilling below and lateral to the conceptual pit shell at the Eau Claire gold deposit to expand Open Pit and Underground Mineral Resources. It also comprises surface exploration along the "Eau Claire Gold Belt" in search of a second gold deposit on the Clearwater property.
Table 1. Mineral Resource Statement (1, 2), Eau Claire Gold Deposit, Quebec
SRK Consulting (Canada) Inc., April 27, 2015
Category | Tonnage | Grade | Contained Metal | ||
Gold | Tellurium | Gold | Tellurium | ||
('000 t) | Au (g/t) | Te (g/t) | Au (oz) | Te (kg) | |
Open Pit (2) Mineral Resources | |||||
Measured | 970 | 7.29 | 10.18 | 227,000 | 9,900 |
Indicated | 5,827 | 3.51 | 4.58 | 658,000 | 26,700 |
Measured & Indicated | 6,797 | 4.05 | 5.38 | 885,000 | 36,600 |
Inferred | 1,098 | 3.12 | 3.63 | 110,000 | 4,000 |
Underground (2) Mineral Resources | |||||
Measured | - | - | - | - | - |
Indicated | 428 | 4.78 | 6.07 | 66,000 | 2,600 |
Measured & Indicated | 428 | 4.78 | 6.07 | 66,000 | 2,600 |
Inferred | 3,974 | 4.09 | 3.12 | 523,000 | 12,400 |
Combined Mineral Resources | |||||
Measured | 970 | 7.29 | 10.18 | 227,000 | 9,900 |
Indicated | 6,255 | 3.60 | 4.68 | 724,000 | 29,300 |
Measured & Indicated | 7,225 | 4.09 | 5.42 | 951,000 | 39,200 |
Inferred | 5,072 | 3.88 | 3.23 | 633,000 | 16,400 |
Notes:
Mineral resources are not mineral reserves and as such have not demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate. Composites have been capped where appropriate.
Open pit mineral resources are reported at a cut-off grade of 0.5 g/t gold within a conceptual pit shell and underground mineral resources are reported at a cut-off grade of 2.5 g/t gold outside the conceptual pit shell. Cut-off grades are based on a gold price of US$1300 per ounce, a foreign exchange of US$0.90 to C$1.00 and a gold recovery of 95%. The value of tellurium has not been considered.
Qualified Persons
The geological model was constructed by Dr. Jean-François Ravenelle, P.Geo., in collaboration with Eastmain. The Mineral Resource Statement was prepared by Dominic Chartier, P.Geo., with the assistance of Dr. Jean-François Couture, P.Geo. Dr. Ravenelle, Mr. Chartier and Dr. Couture are full time employees of SRK and Qualified Persons under National Instrument 43-101 and are independent of the Company.
Dr. Donald J. Robinson, P.Geo., President and Chief Executive Officer of Eastmain, reviewed and approved the technical data presented in this press release. Dr. Robinson who has sufficient experience relevant to the style of mineralization under consideration is a Qualified Person as defined by National Instrument 43-101.
Quality Assurance - Quality Control ("QA/QC")
Drill program and sampling protocol is managed by Eastmain under the supervision of Dr. Robinson. Diamond drill holes are HQ sized and core recovery to date exceeds 98%. Drill core is logged, photographed and then cut in half by rock saw, with half-core samples securely shipped to ALS Chemex Laboratories of Sudbury on a weekly basis. Sample lengths are generally 0.5-metres for vein and alteration material, whereas adjacent non-mineralized and unaltered rock is sampled at 1.0-metre intervals. For QA/QC purposes, in addition to lab blanks and standards, the Company inserts alternating blanks and standards every 25 samples. Standards are purchased from Analytical Solutions of Toronto. Gold analyses reported for this release were performed by standard fire-assay using a 50-gram split with an Inductively Coupled Plasma "ICP" finish. A second 50-gram split was assayed using atomic absorption spectroscopy "AA" finish for samples containing >500 ppb Au and a further assay was performed using, a gravimetric finish for samples containing > 5 grams per tonne gold. Certain samples containing visible gold were also analyzed using a metallic screen procedure. All samples were also analyzed for a multi-element suite using an Aqua regia digestion with ICP-AES finish.
About Eastmain Resources Inc. (ER.TO)
Eastmain is a Canadian exploration company with 100% interest in the Eau Claire and Eastmain gold deposits, both of which are located within the James Bay District of Quebec. Eau Claire, our core asset, has superior infrastructure within a favourable jurisdiction and is royalty free. The Corporation also holds a pipeline of exploration projects in this new Canadian mining district.
For text alerts of Eastmain news and events text EastmainER to 76000.
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. 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. 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.
