Eastmain Resources Inc. (“Eastmain” or the “Company” - TSX:ER, OTCQX:EANRF) is pleased to announce that the preliminary VTEM results identify a strong, 14 km-long anomalous electromagnetic trend, correlating well to the Knight-Serendipity volcano-sedimentary horizon (“KS Horizon”), including the Percival Discovery (see FIGURES 1-5). Percival is a hydrothermal gold system (strong sulphide-silica alteration) hosted in extensive package of felsic to mafic volcano sedimentary rocks.
Claude Lemasson, Eastmain President and CEO commented: “The VTEM results support our hypothesis that the east end of the Clearwater property has significant potential for sizeable gold deposits. The KS Horizon airborne surveys clearly demonstrate a 14 km prospective anomaly covering a portion of the 20 km Cannard Deformation Zone along which gold prospects continue to be uncovered. Drilling in 2019 is initially focused at Percival and we expect drilling results announcements to begin in early March.”
Details of the VTEM Survey
The 550 line-kms VTEM survey grid covers approximately 12 kms of the KS Horizon including the Percival discovery. A VTEM survey was previously conducted over the Serendipity prospect in 2005 and traces the extension of the KS Horizon westward. Interpretation of the 2018 and 2005 VTEM surveys will continue through February and results will support exploration activities at the Percival Discovery and other prospective targets along the KS Horizon. New soil surveying and geological mapping in 2019 will include a focus on VTEM anomalies in this sector of the Clearwater Property.
Drilling began at Percival on January 31, 2019, following the completion of the winter road access to the area. The winter drilling program consists of 20-holes, for a total of 5,500 m. Drilling is exploring the extent and continuity of Percival, including; testing interpretations for local faulting and large km-scale folding along the Cannard deformation zone where Percival is located to improve tracking mineralization found in the discovery holes (announced November 13, 2018).
Geotech Ltd. completed the VTEM survey using the Helicopter-borne VTEM™ (Versatile Time Domain Electromagnetic) and Horizontal Magnetic Gradiometer Geophysical Survey (VTEM Plus) system in January 2019.
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-190208-VTEMimage.pdf.
This press release was compiled and reviewed by William McGuinty, P.Geo., Eastmain’s VP Exploration a Qualified Person as defined under National Instrument 43-101.
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.
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, 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 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.