Peter Clausi on CBLT’s sale of Northshore Gold for $1.5 million cash and shares

InvestorIntel’s Tracy Weslosky speaks with Peter Clausi, President, CEO and Director of CBLT Inc. (TSXV: CBLT) about the sale of CBLT’s Northshore Gold Property to Omni Commerce where CBLT ended up being the largest shareholders in Omni. “CBLT purchased a portfolio of four mining assets two years ago,” Peter said. “Paid roughly a million dollars for it. We just sold one of those assets for $1.5 million.”

“We do mineral exploration, but we also do opportunistic M&A,” Peter added. “Any property that is good enough to buy is good enough to sell if you can make profit for the shareholders.” He added, “We have been buying properties inexpensively and then selling them to bidders who could not get their hands on the properties in the first place, and making significant profit for the shareholders.” He continued, “In 2016-17 we generated over a million dollars in revenue for the shareholders against acquisition cost of about a $160,000.”

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Disclaimer: CBLT Inc. is an advertorial member of InvestorIntel Corp.

Alf Stewart on Searchlight’s “very strong gold system” in Saskatchewan

“There is another gold property near Flin Flon…It has three former gold producers on it. It is at a driving distance from a major mining center in Canada. The main mine on the property was developed in the 1980s. They did 1.5 km of underground development and never produced. The gold price at that time was $350/oz. Today looking at the gold price. If we take $350 historical gold price in US dollars, convert into Canadian dollar today, it is around $900. But the gold price today is $2100 Canadian. Over twice the historical price when this property was developed.” States Alf Stewart of Searchlight Resources Inc. (TSXV: SCLT), in an interview with InvestorIntel’s Peter Clausi at PDAC 2020.

Alf also spoke on the English Bay property just outside of La Ronge, Saskatchewan. He said, “It is a very unique situation, privately developed, its never been in the public market and it looks like a very strong gold system. There are 37 drill holes on the property, 5000 meters of drilling. Of those 37 drill holes, 20 have intersected gold along a consistent 400 meter long zone.”

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Disclaimer: Searchlight Resources Inc. is an advertorial member of InvestorIntel Corp.

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.

Eastmain also has a 36.7% Joint Venture (JV) interest in the Éléonore South Project. Eastmain recently optioned the Eastmain Mine Project to Benz Mining.

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.

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.

Claude Lemasson on the massive potential of Eastmain’s Percival near surface gold discovery

“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. It is on what we call the KS horizon. This is a 14 km long horizon and we are doing a bunch of work on that horizon about 5 km of work. We are trying to expand the discovery basically to the east. All that work is going on right now in the field. We started drilling on August 1st. We will have results in September for that.” States Claude Lemasson, President, CEO and Director of Eastmain Resources Inc. (TSX: ER | OTCQX: EANRF), in an interview with InvestorIntel’s Tracy Weslosky.

Claude went on to further discuss the Percival discovery. He said that Percival is near-surface and the company had some significant intercepts on the discovery holes. Around 2 grams over 80 meters near the surface. He further added that the discovery has the potential to be massive. Claude also said that the company is working very hard to build quality assets with real resources in the ground. The company is currently undervalued and an increase in gold price is creating an opportunity for investors.

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Disclaimer: Eastmain Resources Inc. is an advertorial member of InvestorIntel Corp.

Claude Lemasson on the gold market and Eastmain’s high grade gold projects

“Eastmain has some clear advantages competitively. First of all, we are in a great jurisdiction, James Bay Quebec, very safe, very stable and very supported by the Quebec government…On top of that, we are high-grade gold. We only focus on projects that are high grade. All our discoveries and current resources are actually high grade. So, the leverage that you get from movement in gold prices translates automatically into the leverage of our main projects and resources in the ground. As an example, recently, a 15% increase in the gold price from our base case on our main project called Eau Claire, translated to a 40% increase in NPV of the project. We expect more of that to come” States Claude Lemasson, President, CEO and Director of Eastmain Resources Inc. (TSX: ER | OTCQX: EANRF), in an interview with InvestorIntel’s Tracy Weslosky.

Claude went on to discuss the company’s Percival discovery. He said that they are about to start drilling east of Percival to establish the potential mineralization at the KS Horizon. Claude also talked about the recent increase in the gold price. He said that gold had a recent breakthrough above the technical level of $1375 and its been maintaining itself between $1380 and $1430. As that level is being sustained it indicates that there is potential for another breakthrough.

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Disclaimer: Eastmain Resources Inc. is an advertorial member of InvestorIntel Corp.