Eastmain continues to find high grade gold at James Bay
The James Bay district is the youngest emerging gold camp in the Canadian Shield, which fits well with an up and coming gold junior miner Eastmain Resources.
Eastmain Resources Inc. (TSX: ER | OTCQX: EANRF) continues to maintain a focus on gold exploration within the James Bay Region of Northern Québec. The Company has a 100% interest in the Eau Claire Project (part of the Clearwater Property) as well as several other projects covering approximately 109,000 hectares.
Eau Claire Gold Deposit Open Pit and Underground Mineral Resource Estimate – Total is M&I 853,000 oz Au, grading 5.86-6.30 g/t
The Company’s activities consist mainly of acquisition, exploration and discovery of mineral resources, with the intent of advancing, developing and ultimately operating its key assets. Management believes these properties have excellent development potential. Where considered appropriate, the Company may also sell or joint venture mineral resource properties to a corporation while retaining a royalty or other interest.
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Eastmain Resources properties location map
Recent drill results from the Éléonore South JV property are promising
Results from 26 drill holes totaling 7,365 m that were completed during the late fall 2018 and winter 2019 drilling programs have recently been announced by the Company from its Éléonore South Joint Venture property.
Drilling Highlights include:
- ES19-157 – 1.02 g/t Au over 92.0 m (Contact Trend), including 7.36 g/t Au over 8.2 m, at 152 m vertical depth.
- ES19-156 – 7.44 g/t Au over 9.7 m (Contact Trend), incl. 63.2 g/t Au over 0.8 m, at 111 m vertical depth.
The key to the results is the gold trend has been extended, and further high grade gold (>5g/t) has been found.
Claude Lemasson, Eastmain President and CEO, commented: “The drilling has been quite positive for the understanding of the sheer size of the Moni and Contact Trend discovery.”
The mineralized zone extends 1.3 km by 0.75 km to a depth of at least 250m, while exploration drilling continues to build the near surface mineralized zone within the tonalite intrusion. The geology team now has the tools to refine the exploration programs to define and expand zones, with the potential of identifying a bulk tonnage deposit. This new model will be used to identify similar zones as part of the current surface exploration program. A new surface exploration program began in August and includes an allocation for a follow-up drilling program planned for fall 2019.
Eastmain Resources Eleonore-South and Clearwater location map
Éléonore South Joint Venture
The Éléonore South Joint Venture property is an exploration drilling stage project consisting of 282 mining claims covering 147 km2 of prospective lands and is held by Eastmain (36.72%), Azimut Exploration Inc. (26.57%), and Newmont Goldcorp Corporation (36.71%). Formed as a JV in 2008, it was reactivated in 2016 with a focus on the eastern sector of the property where discoveries were announced in 2017 on the Moni and Contact Trends. In 2018 the Newmont Goldcorp Éléonore gold mine produced approximately 360,000 ounces of gold. Eastmain currently acts as manager and operator of the joint venture on behalf of the partners. Exploration continues to focus on the metasediment and tonalite contact in the east.
Clearwater Property results
Eastmain has also reported channel sampling assay results and final high density prospect sampling results from its summer exploration campaign at the Company’s 100%-owned Clearwater Property. A 20-hole, 4,000 m drill program is now underway at Percival, Caradoc and the new target areas, with 13 holes 2,800m complete, with assays pending.
The relatively under-explored James Bay district is the youngest emerging gold camp in the Canadian Shield. The Shield has produced more than 200 million ounces of gold from the ten producing gold camps since 1909. This includes Timmins which started pouring gold from the Canadian Shield in 1909. In 2014, Newmont Goldcorp began operations at its Éléonore Gold Mine, putting central James Bay on the map as a highly-prospective new gold camp. In 2019, the Éléonore Gold Mine is projected to produce between 350,000 and 380,000 oz Au.
All this goes to show the potential ahead for Eastmain Resources in this exciting gold district. Eastmain already has a ~1m oz high grade gold resource at Eau Claire and plenty of near term exploration upside.
Eastmain Resources Inc. is headquartered in Toronto Canada; and has a market cap of C$ 30.3 milliom.
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>