Eastmain and Partners Announce Discovery of Surface High-Grade Gold at Eleonore South

TORONTO, ONTARIO--(Marketwired - Oct. 17, 2017) - Eastmain Resources Inc. ("Eastmain" or the "Company") (TSX:ER)(OTCQX:EANRF) is pleased to announce the discovery of a high-grade gold-bearing vein system on the ??l?(C)onore South JV Property in the James Bay region of Qu?(C)bec. The discovery is the result of a continued focus within the property's highly prospective exploration corridor since mid-2016 and is situated 15 km SE of Goldcorp Inc.'s ??l?(C)onore gold mine (See FIGURES 1-5).

The discovery was confirmed at surface by extensive channel sampling at the Moni prospect, prospect mapping and sampling and overburden stripping, and at depth by drill hole ES16-48 (8.88 g/t Au over 2.50 m, see press release dated November 21, 2016).

Discovery Highlights:

• A 6 m wide vein system was exposed along a 36 m NE-SW strike length; the system is a quartz-feldspar, intrusion-hosted high-grade gold-bearing vein system; from NE to SW, channel sampling highlights include:
  • Channel C05-05': 24.2 g/t Au over 3.80 m
  • Channel C01 (2016): 79.5 g/t Au over 5.87 m
  • Channel C07: 51.4 g/t Au over 5.30 m
  • Channel C08: 53.8 g/t Au over 4.55 m
  • Channel C08': 40.0 g/t Au over 1.85 m
  • Channel C09: 13.5 g/t Au over 4.80 m
  • Channel C10: 79.6 g/t Au over 4.25 m
  • Channel C11: 28.1 g/t Au over 2.95 m
    
    
• Another vein, located about 15 m SE from the vein system described above, returned the following composite intervals:
  • Channel C16: 47.1 g/t Au over 7.70 m
  • Channel C17: 35.6 g/t Au over 1.35 m
    
    
• A potential kilometre-scale strike extension to the southwest of this high-grade vein system is supported by:
  • A newly discovered prospect ("the 101 Prospect") that returned up to 101.0 g/t Au from grab samples is located about 400 m SW of the Moni Prospect;
  • A 1,100 m long SW trending gold-arsenic soil anomaly on strike with the Moni and the 101 prospects
  • An interpreted correlation to a NE-SW trending magnetic low
    
    

Bill McGuinty, Eastmain VP Exploration commented, "Veining at the Moni Prospect, first sampled in 2016, has continued to hold the joint venture's attention over the past year. Greater surface exposure at Moni with some initial drill support and the discovery of the new 101 Prospect defines a clearer exploration axis for this section of the property. We see a potential to continue extending and defining this newly discovered gold system through the project's extensive soil geochemical database and magnetics. We look forward to continued work with our partners to build on this exciting new discovery."

The reported channel sampling is part of the $3.9-million 2017-2018 exploration program which includes 8,000 m of diamond drilling, geochemical and geophysical exploration and prospecting (see press release dated July 20, 2017). Phase 1 of the drilling program is complete with assays pending on 18 holes, totalling 4,443 m, targeting the prospective corridor. Phase 2 is planned for January to March 2018, and will be informed by drill results from Phase 1 drilling as well as the new discovery at the Moni and 101 prospects.

The Moni Prospect

The 2017 channel sampling results were obtained on the Moni Prospect following mechanical stripping that significantly enlarged previous exposures (see press release dated November 3, 2016). Seventeen regularly spaced channels (13 new and two 2016 channels expanded) were cut across vein strike. Eighty-two samples with a cumulative length of 64.95 m were obtained from newly exposed outcrop. True widths may range from 70% to 100% of apparent widths at surface. Reported gold values are uncut. All channel samples have been individually described and preliminary mapping of the stripped outcrop has been completed. Individual sample and averaged channel sample interval results are presented in FIGURES 2 and 3 respectively.

Key features can be summarized as follows:

• The high-grade gold vein system is related to a network of quartz-feldspar veins and veinlets hosted in strongly altered tonalite. The mineralized facies vary laterally from grey or black, generally coarse-grained quartz veins to quartzo-feldspathic pegmatite textured veins with trace to 1-2% sulphides (mostly arsenopyrite with lesser pyrite, pyrrhotite). Small amounts of tourmaline and scheelite are present. Alteration minerals are silica, albite, biotite and chlorite.
  
  
• 345 visible gold grains were located in 42 of the 82 channel samples.
  
  
• The tonalite is pervasively altered (albite, silica) and displays a network of quartz and veinlets with feldspathic selvages (sheeted veins).
  
  
• The NE-SW-trending gold-bearing system is deformed with some evidence of folding. The vein system appears roughly parallel to the steeply dipping foliation trend.
  
  

All significant channel results from the Moni Prospect are presented below. These results include channels C01, C02, C03 and C04, which were sampled in 2016. Several channels terminate in mineralization where it meets overburden, warranting further stripping.

The composite mineralized results for the main vein system are as follows, from NE to SW:

The lateral high-grade vein, for which the geometry and possible link to the main vein are not yet fully understood, yielded the following composite channel results:

101 Prospect

Partial results from prospecting have led to the discovery of the 101 Prospect, which returned 101.0 g/t Au in a grab sample. Preliminary field observations indicate tonalite-hosted grey to black quartz centimetre-scale veins with feldspar and visible gold striking NE-SW. The showing is located 400 m southwest of the Moni Prospect and may represent its strike extension. Additional prospecting in this area is underway, as well as detailed soil geochemistry.

Exploration Potential

Exploration work since mid-2016 has focused on a NE-SW trending, 4 km long by 0.5 km wide gold-bearing prospective corridor related to a hydrothermally-altered tonalite intrusion and its contact with metasediments. At ??l?(C)onore South, the primary targets are interpreted to be part of a late-magmatic hydrothermal system related to the tonalite intrusion. In this geological environment, the surrounding metasediments may also constitute potential targets depending on favourable lithological and structural settings. Specifically, the two tonalite hosted gold mineralization types are interpreted as:

• Tonalite-hosted high-grade gold-bearing quartz and quartzo-feldspathic vein system (Moni trend)
• Tonalite-hosted kilometre-scale zones of considerable width characterized by a quartz-albite-biotite stockwork with a variable density of quartz-albite veinlets, small amounts of disseminated sulphides (arsenopyrite, pyrite, pyrrhotite) and frequent visible gold grains

For reference, the nearby ??l?(C)onore mine is a sediment-hosted gold deposit. High-grade quartz-feldspar-arsenopyrite-pyrrhotite veins with visible gold that grade into pegmatitic material have been described in the mine. Of particular interest, the pegmatite at the mine is the same age as the known tonalite on the ??l?(C)onore South Property (2.62 billion years).

About the ??l?(C)onore South Joint Venture Property

The ??l?(C)onore South Property is being explored as a three-way Joint Venture between Eastmain Resources Inc. (36.7%), Azimut Exploration Inc. (TSX VENTURE:AZM) (26.6%), and Goldcorp Inc. (TSX:G)(NYSE:GG) (36.7%). Azimut is the operator of the current program.

The 2017-2018 program is managed by Azimut under the supervision of Dr. Jean-Marc Lulin and the field direction of Fran??ois Bissonnette, both professional geologists and qualified persons under National Instrument 43-101. This press release and information provided by the operator of the ??l?(C)onore South JV, was reviewed by William McGuinty, P. Geo., Eastmain's VP Exploration and a Qualified Person under National Instrument 43-101.

Analytical Protocol

Channel samples weigh approximately 3.75 kg each, on average. Channel samples were sent to ALS Minerals in Val-d'Or, Quebec. All samples have been analyzed by fire assay with atomic absorption and gravimetric finish. For samples in which native gold had been observed and high-grade gold results were therefore expected, the crushers and pulverizers were systematically cleaned with barren material between samples. Azimut applied industry-standard QA/QC procedures to its program.

About Eastmain Resources Inc. (TSX:ER)

Eastmain is a Canadian exploration company with 100% interest in the Eau Claire and Eastmain Mine gold deposits, both of which are located within the James Bay District of Quebec. Clearwater, host of the Eau Claire deposit, is the Company's core asset with access to superior infrastructure in a favourable mining jurisdiction. Eastmain also holds a pipeline of exploration projects in this new Canadian mining district, including being a partner in the ??l?(C)onore South Joint Venture.

Forward- Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or timing of future plans, and include, but not limited to, statements with respect to the potential success of the Company's future exploration and development strategies and the timing of any mineral resource update on any of the Company's properties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Eastmain, including, but not limited to the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, the availability of financing, ?EUR?timely completion of proposed studies and technical reports, and risks associated with the exploration, development and mining industry generally such as economic factors as they affect exploration, future commodity prices, changes in interest rates, safety and security, political, social or economic developments, environmental risks, insurance risks, capital expenditures, operating or technical difficulties in connection with development activities, personnel relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of Mineral Resources, contests over property title, and changes in project parameters as plans continue to be refined. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information, except as may be required by law.