TORONTO, Nov. 13, 2018 (GLOBE NEWSWIRE) -- Eastmain Resources Inc. (“Eastmain” or the “Company” - TSX:ER, OTCQX:EANRF) announces the discovery of a new gold mineralized zone at the Percival Prospect on the 100%-owned Clearwater Property (the “Property”) in James Bay, Québec. The Percival Prospect is located 14 km ESE of the Company’s million-ounce Eau Claire gold deposit and represents a new and distinct style of mineralization on the property. Drilling on Percival was conducted as part of Eastmain’s 2018 growth-focused exploration program.
Based on the two initial holes drilled at the Percival Prospect, gold mineralization has been recognized from surface to 90 metres (“m“) vertical depth demonstrating an interpreted true thickness of 50 m while remaining open at depth and laterally (see FIGURES 1-4). Drilling is ongoing with one drill rig and assays results currently pending on two additional drill holes. The Percival Prospect, located on the 20-km long Cannard Deformation Zone, is a new hydrothermal gold system hosted in intermediate to felsic volcaniclastic rocks and represents a new style of mineralization on the Property.
Drilling Highlights include:
- ER18-822: 1.46 g/t Gold (“Au“) over 78.5 m (beginning at 16.5 m downhole), including 4.46 g/t Au over 8.2 m
- ER18-823: 2.35 g/t Au over 87.0 m (beginning 28.0 m downhole), including 5.76 g/t Au over 6.0 m
Claude Lemasson, Eastmain President and CEO, commented, “The mineralized zone at Percival represents a brand new discovery. We’re very encouraged by this shallow gold discovery which encompasses a wide mineralized zone with extension potential remaining open to the east and west, as well as at depth. With two additional holes already drilled at Percival with assay results pending, our objective is to continue drilling to expand this discovery and better understand its relationship with another Prospect, the Serendipity zone located 7 km to the north.”
He continued, “Underpinned by the Eau Claire deposit’s sizeable mineral resource base and robust project economics, we’re eager to explore for additional gold deposits which could further enhance a future development scenario on the greater Clearwater Property. These results are an exciting start to our growth-focused exploration program in support of our “3-in-3 Exploration Vision” of defining 3 million gold ounces of total mineral resources over 3 years.”
Significant intercepts from holes ER18-822 and ER18-823 are highlighted in the table below:
|Location||Drill Hole||From||To||Core Length||Grade||Vertical Depth|
|Also incl. 18.8||27.0||8.2||4.46|
|Also incl. 28.0||34.0||6.0||5.76|
|Also incl. 88.5||109.0||20.5||3.31|
- Intervals are presented in core length; holes are generally planned to intersect mineralization as close to
perpendicular to strike as possible with true widths are estimated to be 75%-85% of downhole length when
hole and dips of the mineralized horizons are considered.
- Assays presented are not capped. Intercepts occur within geological confines of major zones but have not
been correlated to individual structures/horizons within these zones at this time.
- Vertical depth is measured from the surface to the mid-point of the reported interval.
The Percival Prospect
The Percival Prospect is located 14 km ESE of the Eau Claire deposit (See FIGURE 1) in the Knight sector of the Clearwater Property. The Knight sector is interpreted to be at the western end of an east trending 7 km long prospective volcano-sedimentary sequence as highlighted in FIGURE 1. This sequence is part of the larger Knight-Serendipity volcano-sedimentary horizon. Holes ER18-822 and ER18-823 were drilled on a single section (See FIGURES 2 and 3) to undercut gold mineralization exposed in a sequence of silicified metavolcanics and metasediments during the Company’s summer surface exploration program. These two holes represent a section below the main outcrop area, intersecting a mineralized interval of approximately 50 m interpreted true thickness extending from surface to a drilled depth of 90 m.
Gold mineralization is found in brecciated and sulphide-rich intermediate to felsic volcanoclastic rocks interbedded with thin intervals of clastic mudstone. Strong alteration in these units is comprised of pervasive silicification, sericitization and carbonatization as well as quartz veining. Sulphide mineralization (1 to 10% pyrrhotite + pyrite) occurs in the form of stringers, fracture fillings, disseminations and locally semi-massive lenses.
Table 1: Hole Location Information
|Target Zone||Drill Hole||Azimuth||Dip||UTM Coordinates Zone 18||Total Length||Elevation|
Geology of the Knight-Serendipity Horizon
The Knight and Serendipity sectors are located at opposite ends of the Knight – Serendipity volcano-sedimentary horizon which can be traced along a large regional fold whose limbs are traced over 14 km. The horizon is characterized by an extensive sequence of volcaniclastic and sedimentary rocks underlain by marine basalt. The Knight sector and the Percival Prospect are located at the southwestern end (7 km) of the trend within the east trending Cannard Deformation Zone. The Serendipity sector of the volcano-sedimentary horizon (7 km) is located on the western side of, and parallel to, the NW trending Hashimoto Deformation Zone. These two very large regional deformation zones intersect approximately 4 km east of Percival at the location of the regional fold closure.
In the Knight sector, the stratigraphic assemblage is comprised of felsic to mafic composition tuffs, mudstones and graphitic mudstones with basalt in a marine sedimentary environment. Local stratigraphy is highly deformed and affected by several phases of folding. Mineralization is composed of massive to semi-massive sulfide lenses, quartz, quartz + sulphide veins and veinlets. Sulphide phases are dominated by pyrrhotite with minor concentrations of pyrite, chalcopyrite and sphalerite. At present, the geology suggests a syn-genetic volcanogenic sea-floor depositional environment. Airborne magnetic survey interpretation suggests numerous ESE-WNW trending shear zones as well as km scale folds are located in this area.
The Serendipity sector is located 5 km north of Knight in the eastern part of the Property. The geological setting is similar to the Knight sector, hosting a bimodal volcaniclastic / sedimentary environment characterized by an assemblage of felsic to mafic tuffs and graphitic black shales with nodular pyrite. Certain aspects of the sedimentary lithology indicate a more distal depositional environment than at Knight. Mineralization observed at Serendipity is composed of conformable massive to semi-massive sulphide lenses crosscut by smoky quartz veins primarily in sediments. Pyrrhotite with some pyrite, chalcopyrite and sphalerite are the sulphide minerals present. Mineralization is interpreted to be syngenetic and affected by all identified deformation phases. Gold enrichment was observed in the fold hinges at the main Serendipity stripped area.
Additional Drilling Completed and Planned
Two additional holes, one down-dip and one located 120 m west along strike, have been completed at Percival intersecting mineralization visually similar to the reported intercepts. Results are pending for these holes. Additional holes are being planned to test this mineralized unit along strike to the east and west of holes ER18-822 and ER18-823.
Current Exploration Drilling Program
Prior to initiating the fall drilling campaign, our summer surface field exploration 2018 program collected 976 rock chips samples from 795 outcrops across the Property. A total of 1,004 soil samples were also taken for field XRF measurement along the Knight-Serendipity volcano-sedimentary horizon to help us focussing the drilling.
With the results of the summer program in hand, a 5,500 m diamond drilling campaign began in October 2018 and will continue into late December. The proposed campaign is targeting the gold occurrences along the 20 km long Cannard Deformation Zone including, from west to east, the Snake Lake, Clovis, Natel and Knight prospect. Drilling at the Serendipity sector along the northern extension of Knight – Serendipity volcano-sedimentary horizon was also proposed. The Knight, Serendipity and Natel targets are helicopter accessible and are planned to be tested in this program.
To view FIGURES 1-4, please click on the following link: http://www.eastmain.com/_resources/news/Images/ER-181113-Clearwater.pdf
This press release was compiled and reviewed by William McGuinty, P.Geo., Eastmain’s VP Exploration and Carl Corriveau, P.Geo., Eastmain’s Exploration Manager, both Qualified Persons under National Instrument 43-101.
Eau Claire Mineral Resource Estimate, Eau Claire Gold Deposit by SGS Canada Inc., effective date Feb. 4, 2018, press released May 23, 2018.
About Eastmain Resources Inc. (ER.TO) www.eastmain.com
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 Eau Claire Project, for which it recently issued a Preliminary Economic Assessment (“PEA”), and the Eastmain Mine Project where the Company prepared a NI 43-101 Mineral Resource Estimate in 2018. Eastmain is also the manager of the Éléonore South Joint Venture, located immediately south of Goldcorp Inc.'s Éléonore Mine, which hosts a new high-grade gold discovery found in late 2017. In addition, the Company has a pipeline of exploration projects in this favourable mining jurisdiction with nearby infrastructure.
For more information:
Claude Lemasson, President and CEO
Alison Dwoskin, Manager, Investor Relations
Quality Control and Assurance - 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 g 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. For 2016, approximately 10% of samples submitted are part of the Company’s laboratory sample control protocols.
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.