Eastmain continues to find gold, this time at their new discovery at Percival
With the gold price hovering between US$1,450-1,500/oz (currently US$1,460/oz), junior gold miners that can add gold ounces are being rewarded. One such junior is working on just that with a new gold discovery at their Percival prospect and district exploration potential (109,000 hectares) in the emerging James Bay gold region.
That company is Eastmain Resources Inc. (TSX: ER | OTCQX: EANRF). Eastmain is a Canadian gold developer operating in the James Bay region of Canada. Eastmain’s flagship project is the Eau Claire Project. The open pit and underground M&I Resource Estimate is 853,000 oz Au, grading 6.18 g/t.
Percival is a new gold discovery with recent drill results
In October Eastmain announced their drill results at their Percival Discovery, Clearwater. Whilst grades were not as high as their Eau Claire Project the gold lengths were impressive. A key result was “31.1 m of 1.15 g/t Au including 14.9 m of 2.05 g/t Au.” Given the primary gold mine and mill are likely to be at Eau Claire, by adding nearby gold resources it can quickly boost the companies economics by providing more feed and extending mine life.
Percival is located just 14 km ESE of the Eau Claire deposit on the Clearwater Property. Percival is near surface with the potential to be very large. If that happens and as it is at near-surface, this could add significant value to Eastmain.
In a recent interview with InvestorIntel’s CEO Tracy Weslosky, Eastmain President and CEO Claude Lemasson commented: “At Clearwater, we have two key projects. We have got our anchor project which is Eau Claire. We are doing some technical work and engineering studies on it. Even more exciting is Percival. Percival is a brand new discovery.”
The new Percival discovery is located not far from the flagship Eau Claire Project
Other exploration highlights from the Percival Discovery
Another recent drill result from Percival highlights the very long length of gold mineralisation that is being found. This helps add gold ounces to a resource estimate.
- “ER19-850 – 0.31 g/t Au over 148.0 m including 0.46 g/t Au over 14.5 m, at 54 m vertical depth, starting at 2.0 m down hole”
Commenting on the results CEO Claude Lemasson stated: “These assay results continue to demonstrate a significant opportunity on our Clearwater property, east of our Eau Claire Project.”
Eastmain Resources also has a large and promising land package with plenty of exploration upside
Eastmain’s district-scale land package covers a total of 109,000 hectares within the James Bay gold camp. The Company is actively focused on two of its three key properties: The new Percival discovery and the Eau Claire Project in Clearwater, and the Eleonore South Joint Venture. In total, Eastmain has a pipeline of 11 exploration projects ranging from early exploration to pre-development.
Eastmain’s other projects include
Ruby Hill East and Ruby Hill West
The Ruby Hill East block is immediately west of, and contiguous with the Eastmain Mine property and covers what has been interpreted as a geological repetition of the key mine horizon. Surveys completed by the company on the Ruby Hill East property resulted in a very attractive gold-in-soil anomaly.
Ruby Hill West straddles the western limb of the Upper Eastmain River approximately 30 kilometers northwest of the Eastmain Mine deposit in a similar geologic setting.
The previous exploration successfully identified several new mineralized targets, each having a similar Au-Ag-Cu signature to the Eastmain Mine, on both Ruby Hill properties.
Located 15 kilometers northeast of the Eastmain mine site Lac Lessard is prospective for PGMs (Platinum Group Metals). Darnley Bay Resources has an option to earn a 50% interest in the project by completing $2.5 million in exploration. Given the current boom in palladium prices (now over USD 1,800/oz) and palladium worth more than gold, this project certainly deserves attention.
Reservoir is a 8,226-hectare property 100% owned by Eastmain and is located in the central part of the Eastmain Greenstone Belt, 60 kilometers southwest of Goldcorp’s Éléonore mine. Wide-spaced drilling has identified three copper-gold zones grading up to 8.15% copper, 36 g/t gold (1.05 ounces) and 52 g/t silver (1.52 ounces). Another very promising exploration target.
The Radisson Project covers 20,340 hectares of sedimentary rocks hosting multiple gold occurrences. Honey Badger Exploration has an option to earn a 50% interest in the project by completing $2.5 million in exploration.
Early drilling on the Lidge Project’s 1,024-hectare property intersected up to 11.42 g/t gold over 1.3 metres.
Clearly Eastmain Resources is well set up with a M&I Resource of 853,000 oz Au, grading 6.18 g/t at Eau Claire. With some further exploration success at Percival, or at any of their other exploration projects (11 in total), or perhaps some PGM’s added to this mix, should see Eastmain’s stock price surge higher.
Eastmain Resources Inc. is headquartered in Ontario Canada; and has a market cap of just C$ 26 million. Analyst’s consensus price target is C$ 0.68 representing 575% upside.
Matthew Bohlsen is a Senior Editor for InvestorIntel.com. With a Graduate Diploma in Applied Finance and Investment, and a Graduate Diploma in Financial Planning. He ... <Read more about Matthew Bohlsen>