NEWS RELEASE
Roberto-type Altered Sediments Confirmed at
Eastmain JV Projects
Trading Symbol: ER - The Toronto Stock
Exchange
August 17, 2006
Eastmain Resources Inc. (TSX:ER) announces
that ongoing exploration work at its Eleonore area properties, in joint venture with
Goldcorp Inc. (TSX: G, NYSE: GG) and Azimut Exploration Inc. (TSX-Venture: AZM), has
uncovered several target zones consisting of altered sulphide-bearing sediments similar to
those found on Goldcorp's neighboring Eleonore property. Roberto-gold-deposit-type
host rocks have been identified at both Azimut D and Eleonore South.
Azimut D (Eastmain-Azimut JV Option)
Follow-up prospecting and soil sampling over a
number of areas enriched in gold and arsenic, as outlined in 2005 surface programs, have
been completed on the Azimut D property. Prospecting over VTEM anomalies has located
several zones of disseminated sulphide (pyrite, pyrrhotite and arsenopyrite) within
siliceous sediments and paragneiss. Moderately to strongly siliceous, sulphide-bearing
paragneiss comparable to that reported recently by Everton Resources Inc. to contain
significant gold values (Everton press release Aug.15, 2006) has been detected at Azimut
D. Aluminous and siliceous sediments, very similar to altered rocks found within and below
the ore zone at Roberto, have also been traced along the flanks of VTEM
anomalies in a number of D-Block target areas.
A total of 165 rock samples have been
collected over regional VTEM and high-priority, gold-in-soil anomalies. 1535 soil
geochemical samples have been collected over a number of target areas where preliminary
sampling yielded coincident gold and arsenic values within the 80th percentile or higher.
Assay results are pending.
Eleonore South (Eastmain-Goldcorp-Azimut
JV Option),
Work at the Eleonore South Project, where
Eastmain is project operator, is also underway. More than 400 regional soil geochemical
samples have been collected on the Eleonore West Block. Preliminary prospecting and rock
sampling of the West Block has identified two regionally continuous sulphide-bearing
horizons within a suite of mafic volcanic rocks. Assay results are pending.
Initial mapping of the Main Grid at Eleonore
South, over the eastern end of a roughly 15-km-long zone of enriched gold and arsenic
within the soils (discovered in 2005), confirms the presence of altered, sulphide-bearing
sediments analogous to those hosting the Roberto gold deposit. Finely disseminated
sulphides (pyrite, pyrrhotite and arsenopyrite) associated with siliceous and/or strongly
potassic altered, fine-grained sediment have been identified in several locations.
Andalusite-rich, fine-grained sediments similar to those found immediately below the
Roberto gold deposit have also been delineated. In addition, a
conglomerate unit recognized as a marker horizon to nearby gold deposition at Roberto, has
been located by Eastmain geologists on the Eleonore South property. Locally, fine grained
sulphide-bearing sediments appear to grade to siliceous sulphide-rich paragneiss
comparable to gold-bearing units described at Everton's Wildcat property.
To date a total of over 4500 soil samples have
been collected at Eleonore South. Assays are pending. Sampling, mapping, prospecting and
rock sampling are ongoing in an effort to delineate target zones for future trenching and
drilling.
Airborne VTEM surveys have been very
successful in delineating sulphide targets. Eastmain has contracted the services of
Geotech Ltd. of Aurora, Ontario to fly approximately 800 line-kilometres
of VTEM at Eleonore South during the current field season.
Surface work is being carried out by
personnel of Eastmain Resources Inc., J.A. Macleod Exploration Reg'd and Norman McBride
Exploration under the supervision of Dr. Vincent Jordain, P. Eng. and qualified person.
This meets the standards for exploration and development for mining properties according
to National Instrument 43-101 and Companion Policy 43-101CP.
Eastmain Resources Inc. is currently in its
second year of five-year agreement with Azimut Exploration Inc., whereby Eastmain has the
option to earn an initial 50% interest in the Azimut D Block for a total cash payment of
$140,000 and work expenditures of $1.9 million over five years. Eastmain has the right to
increase its ownership to 65% interest upon bankable feasibility (Eastmain News Release
March 30, 2005). Eastmain is the project operator.
On April 27, 2006 Eastmain, Goldcorp and
Azimut announced a letter of intent to form a three-way joint venture on the Eleonore
South property. Eastmain has the option to earn a one-third interest in the project by
funding $4 million in exploration over four years and can increase its ownership to 40% by
completing a bankable feasibility study. Eastmain is the project operator.
Eastmain is a Canadian exploration company
holding several early- to advanced-stage gold and base metal projects in Canada.
Eastmain's project portfolio includes twelve properties in the Eastmain/Opinaca gold camp,
which hosts Goldcorp's Eleonore Project.
For further information please contact Eastmain
Resources Inc.: Donald J. Robinson, Ph.D., P.Geo., President or Catherine Butella,
Exploration Manager at (519) 940-4870, fax (519) 940-4871, by e-mail:
robinson@eastmain.com or visit our website at http://rd.bcentral.com/?ID=4379144&s=69152662.
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.
