Eastmain Begins Gradient IP Survey at Eau Claire
Eastmain Resources Inc. (“Eastmain” or the “Company” - TSX:ER, OTCQX:EANRF) a gold exploration and development company based in Eeyou Istchee James Bay, Quebec, is pleased to announce it has begun a Gradient Array Induced Polarization (“Gradient Array”) survey at its Eau Claire Project, on the 100%-owned Clearwater Property in Eeyou Istchee, James Bay, Quebec (FIGURE 1). The Gradient Array survey results will be utilized in the planned 50,000 m drilling program expected to begin in the fall, following the completion of the proposed acquisition of Eastmain by Auryn Resources (TSX:AUG; NYSE:AUG) and formation of Fury Gold Mines.
Blair Schultz, Eastmain Interim President and CEO commented: “The new survey technique will be a key tool in developing additional targets immediately surrounding the Eau Claire deposit and the Snake Lake and Clovis targets. We look forward to the results and the upcoming 50,000 m drilling program to grow the deposit beyond the PEA limits, which is to be conducted by Fury Gold Mines following completion of the acquisition transaction.
Details of the IP Survey
The Gradient Array survey will be conducted by Abitibi Geophysics Inc. and will traverse the south-western portion of the Clearwater property (FIGURE 1) along the Eau Claire deposit corridor including the Rosemary, Snake Lake and Clovis prospects and provide new targeting information for the upcoming drilling campaign. The grid will generate 105 line-km of Gradient Array data over a 7 km long grid on 100 m spaced lines. The grid will capture a 1.5 km wide corridor along the easterly trending geological package hosting these mineralized zones as well as testing a portion of the easterly trending Cannard Deformation zone, a significant regional structure.
The Gradient survey method has been selected to assist in discriminating low sulphide / low conductivity targets such as the Eau Claire deposit Quartz-Tourmaline vein and High-Grade Schist systems. Historic survey data using traditional IP and electromagnetic geophysics have successfully surveyed other zones at Clearwater such as Percival and Serendipity on the KS Horizon. It is expected that Gradient Array survey will help locate in these important but less conductive structures and provide targeting support for new drilling along this corridor in 2020 and 2021.
To view Figure 1 please click on the following link: http://www.eastmain.com/_resources/news/Images/ER-200928-IPGradient.jpg
This press release was compiled and reviewed by William McGuinty, P.Geo., Eastmain’s VP Exploration a Qualified Person as defined under National Instrument 43-101.
About Eastmain Resources Inc. (TSX:ER) www.eastmain.com
Eastmain is a Canadian exploration company operating in the Eeyou Istchee emerging James Bay gold camp in Québec. The Company holds a 100%-interest in the Clearwater Property, host of the Eau Claire Project, for which it issued a Preliminary Economic Assessment (“PEA”) in May 2018, and the Percival Discovery made in November 2018. Eastmain is also the operator of the Éléonore South Joint Venture, located immediately south of Newmont’s Éléonore Mine, which hosts the Moni/Contact Trend Discovery (2017).
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 potential success of the Eastmain Mine Project. 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 and the availability of financing, 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 effect 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 preparations 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.
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