EDITOR: | November 29th, 2018 | 1 Comment

A triple high-grade gold play in James Bay

| November 29, 2018 | 1 Comment

The James Bay region in Québec Canada is one of North America’s newest gold districts. The Éléonore gold discovery by Virginia Gold Mines in 2004 led to Goldcorp buying Éléonore in 2005 for US$420M. Goldcorp’s production guidance for Éléonore in 2018 is an impressive 360,000 ounces of gold, after producing 305,000 ounces in 2017.

Eastmain Resources Inc. (TSX: ER) is pursuing existing and new opportunities within this district. The Company’s primary focus is exploration for precious metals in the Eastmain/Opinaca areas of central James Bay, Québec. Eastmain’s district scale land package in the James Bay gold camp totals 109,000 hectares with a focus on three main projects and a new discovery.

James Bay – An emerging gold camp

The Eau Claire Project (100% owned)

The Eau Claire Project covers 20,068 hectares. The deposit is located approximately 800 km north of Montreal and is readily accessible by road. Below is the updated Mineral Resource Estimate as of February 4, 2018. It shows the project has a M & I Resource of 853,000 ounces of gold grading 6.18g/t Au.

The May 2018 PEA results were very positive and are shown below. In particular note the reasonable CapEx, solid NPV, and very low AISC of US$574/oz due to the high grade.

PEA summary for the Eau Claire Project

Eastmain Mine Project (100% owned)

The 100% owned project is now on hold for 2018-2019. The Mine project has multiple claim blocks covering complete segments of the regional greenstone belt in this area. The Eastmain Mine property comprises 8,014 hectares located in the Upper Eastmain River Greenstone Belt of James Bay. The Eastmain gold deposit contains 236,500 ounces of gold grading 8.19 g/t in Indicated category, plus 139,300 ounces of gold grading 7.48 g/t in the Inferred category, with potential growth of the resource and nearby mineralization along a 10km mine trend.

Éléonore South (36.72% owned)

The exploration stage project is jointly held by Eastmain (36.72%), Azimut Exploration Inc. (26.57%), and a wholly-owned subsidiary of Goldcorp (36.71%). The property consists of 282 mining claims covering 147 square km of prospective land. In mid-2016 Sirios intersected 4.18 g/t gold over a 20m interval within a tonalitic intrusion near the contact with surrounding meta-sediments. The Sirios discovery occurs approximately 200m from the Éléonore South property boundary. Exploration is ongoing.

The newly discovered Percival Prospect 

Announced on November 13, 2018 a discovery of a new gold mineralization zone located 14 km ESE of the Company’s million-ounce Eau Claire gold deposit. Based on the two initial holes drilled, gold mineralization has been recognized from surface to 90m vertical depth demonstrating an interpreted true thickness of 50m.

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 7km to the north.”

Eastmain is led by a highly skilled board and management team. Taking over as the new CEO of the Company in April 2016, Mr. Claude Lemasson is a professional Engineer with 30 years of experience in mining construction and operations within Canada, the United States and South America. Since taking over a new team has been built from scratch making significant progress on key projects.

CEO Claude Lemasson stated: “We have a solid company with great potential. If you are value hunting for a stock that’s very solid and has gold in the ground in a safe jurisdiction, we are a great opportunity. This is a great entry point for an investor.” Note that the Company has a goal of “3 million oz of total mineral resources in 3 years.”

Eastmain Resources is progressing very well. With a current low market valuation, high grade/low AISC project, exploration upside, and safe jurisdiction, Eastmain is well worth consideration for investors.


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>

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  • Paul Gerlach

    If you think Eastmain is a good investment then you’ll love Steppe Gold.Steppe is in Mongolia have 1.2 million ounces so far pending further drill results that are impressive with VISIBLE GOLD

    November 29, 2018 - 10:23 AM

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