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Press Release - Eastmain Resources Inc. (ER-TSX) |
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“Despite the turmoil in the markets we are in very good shape. We are focused on precious metals in northern Quebec, with a high-grade deposit (the Eau Claire deposit, Clearwater project) that we are drilling as we speak. It (Eau Claire) has had very pleasant results; there is a lot of gold present. This summer we were also able to load the treasury up via a significant private placement with several key institutions, led by our major shareholder, which is Goldcorp.” - Donald J. Robinson (ER) (Interview published November 28, 2008) |
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Eleonore South JV Project
3,500 m Drill Program & $1.6M Budget Approved April 16, 2009 Eastmain Resources Inc. ("Eastmain", TSX: ER) announced that the 2009 exploration program and budget has been approved by the joint venture partners of the Eleonore South project. Les Mines Opinaca Ltee. ("Opinaca"), a wholly-owned subsidiary of Goldcorp Inc. (TSX:G, NYSE:GG), have confirmed participation in a $1.6 million exploration program designed to drill-test the sedimentary-hosted discovery at the JT gold zone as well as other priority targets on the property. Azimut Exploration Inc. ("Azimut") has declined participation in funding its share of the program. Eastmain is the project operator and will manage the joint venture. The project ownership is currently Eastmain 33.34%, Opinaca 33.33% and Azimut 33.33%. Each partner is obliged to fund its portion of the program to maintain its ownership, or see its project interest diluted. Eastmain and Opinaca's interest will increase to approximately 35.25% upon completion of the 2009 exploration program. Anomalous gold has been identified at the JT Gold Zone in altered sedimentary rocks over a minimum area of 800 metres in length and approximately 400 metres in width. In 2007, the partners announced surface trenching results of 5.33 g/t Au across 8.0 metres, including an interval grading 20 grams per tonne gold over 2.0 metres, and up to 37.8 g/t Au in a metre-long channel sample (Aug 30, 2007 NR). Limited preliminary drilling in the JT Zone area, during the winter of 2008, defined a number of wide, gold-bearing intervals within aluminous sedimentary rocks containing disseminated arsenopyrite and rock alteration, similar to that observed at the Roberto Gold Deposit. All seven holes drilled into the JT Zone contain gold. Intervals of up to 10.8 g/t Au over 0.5 metres, and wider zones of up to 1.54 g/t Au over 5.7 metres and 0.70 g/t Au over 10 metres (Jan 21, 2009 NR), may potentially indicate a large gold system nearby.
Important structural controls evident at other gold deposits in
the district, have been recognized at Eleonore South. These
structures, interpreted from detailed airborne magnetic survey
data, will be part of the focus of a 3,500-metre drill program
scheduled for the 2009 field season.
"Eastmain and Goldcorp have allocated sufficient exploration funding to continue to evaluate high-priority sedimentary-hosted gold targets at Eleonore South. Current gold resources and grade at the neighbouring Eleonore project have risen dramatically. As of December 31, 2008, the Roberto deposit contained 2.3 million ounces of measured and indicated gold resources at an average grade of 10.05 grams per tonne, and 3.0 million ounces of inferred gold resources at an average grade of 12.75 grams per tonne, thus confirming the tremendous untapped potential of the district." stated Dr. Donald J. Robinson, President & CEO of Eastmain. "The James Bay region of Quebec is evolving into a major Canadian gold district ". This news release was prepared by Dr. Donald J. Robinson, P.Geo., the qualified person supervising the project in accordance with NI 43-101.
About Eastmain Resources Inc. (TSX:ER)
Eastmain is a Canadian gold exploration company with
100% interest in the
Eau Claire
and Eastmain gold deposits. The Corporation has $20 Million
in working capital and holds an interest in 12 projects
within the James Bay District, including the Eleonore South
property. Eastmain has allocated a budget of $4.0 million
for gold exploration in Quebec for 2009.
For further information please contact Eastmain
Resources Inc.: Dr. Donald J. Robinson, President or
Catherine Butella, Exploration Manager at
(519) 940-4870, fax
(519) 940-4871, by e-mail:
info@eastmain.com or visit our website at
www.eastmain.com.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks. Actual events or results could differ materially from the Company's expectations and projections. "Building for tomorrow, today!"
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