Eastmain's Summer Exploration Program Cuts Channel Samples up to 3.69 g/t Au Over 14 m at Percival and Collects Grab Sample of 10.3 g/t Au at a New Priority Target; Drilling Program Underway

Eastmain Resources Inc. (“Eastmain” or the “Company” - TSX:ER, OTCQX:EANRF), a gold exploration and development company operating in Eeyou Istchee, James Bay, Quebec, is pleased to provide results from its summer surface exploration campaign at the Company’s 100%-owned Clearwater Property (see FIGURES 1-8). Based on the results, a follow-up drill program of up to 20 holes (4,000 m) is underway along the Knight-Serendipity Horizon (“KS Horizon”), including at the Percival Discovery and the newly identified Caradoc Target, located 1.7 km to the east; assay results are expected in September.

The Field Exploration Campaign identified additional targets through exploration of the entire 14 km extent of the KS Horizon, beginning at the Knight showing, across the Percival Discovery and for 5 km further east along the southern limb of the KS Horizon, then northward to the Serendipity Target. The campaign was comprised of high-density surface prospecting over VTEM conductors, geological mapping, trenching and channel sampling. Analytical results from the north limb (Serendipity) are pending.

Claude Lemasson, Eastmain President and CEO commented, “The summer program expanded our understanding of the complex geology at Percival and provided us with some excellent new targets on the KS Horizon at the south-eastern section of the Clearwater property. Our team has already begun drilling some promising new targets identified over a 3.5 km strike eastward from Percival, including the newest target, Caradoc, located 1.3 km east of the eastern-most Percival hole.”

2019 EXPLORATION HIGHLIGHTS

• Percival Trenching and Channel Sampling Results – Strong gold mineralization along 50 m strike across exposed outcrop centered over the discovery holes (see FIGURE 2, 2a). Detailed mapping and channel sampling identified consistent grade and continuity in silicified breccia package. Best results of 3.69 g/t Au over 14 m, 3.33 g/t Au over 18 m, 1.96 g/t Au over 28 m and 2.07 g/t Au over 11 m. See Table 1 for channel sampling highlights, below.
• Caradoc Target – New prospect located 1.7 km east of Percival Discovery holes, where an initial grab sample of 10.3 g/t Au was collected (see FIGURE 3). Trenching is underway and follow-up drilling is scheduled to begin at Caradoc this month.
• Other KS Horizon Targets – Additional interpretation of 2018 helicopter-borne VTEM/Mag survey results provide 21 recommended targets, 8 of which are located along a 5 km trend in the southern leg of the KS Horizon, including Percival and Caradoc (see numbered targets identified in FIGURES 7 & 8)
• Improved Geological Modelling – Mapping of 2019 trenches and summer prospecting has exposed a regional-scaled, strongly folded sequence of mafic siltstones mudstones and banded iron formation. Syn-depositional breccias in these units are a preferential host for gold mineralization.

Table 1: Selected Percival Channel Sample Highlights

^{Note: Channel samples are planned to cross perpendicularly to the predominant trend direction of the mineralization and cut horizontally by diamond channel saw. At Percival, channels intersect vertically dipping foliation.}

Trenching and Channel Sampling (see FIGURE 2, 2a) of the Percival discovery was completed in June, exposing bedrock above discovery holes ER18-822 and ER18-823. Detailed mapping has identified strong mineralization along a 50 m strike across exposed outcrop.

Surface exposures confirm numerous geological observations from discovery drill holes ER18-822 and ER18-823 including the relationship of gold mineralization to sedimentary breccias throughout the Percival area. Where breccias were initially identified in core as weakly to very strongly silicified units of siltstone and mudstone, surface exposures have identified that the main Percival breccia also includes altered and silicified banded iron formation (BIF) and BIF slump breccias where magnetite appears to be replaced by pyrrhotite. Remnant unaltered BIF rafts and smaller blocks have been mapped in the new exposures but were not intersected initially in core at this location. BIF horizons are locally associated to thin layers of garnet amphibolite rock which are part of the iron formation sequence and interbedded with strongly silicified and sericitized schists (altered argillites). Strong alteration is accompanied by sulphide mineralization (1 to 10% pyrrhotite + pyrite) as both replacement of BIF magnetite and as a later hydrothermal sulphide mineralizing event.

The BIF and strongly altered BIF/schist package are located within a folded stratigraphic sequence with mafic mudstone and siltstone which also contain sedimentary breccia horizons that can be weakly to moderately silicified, pyrrhotite mineralized, and carry anomalous gold mineralization. Folds seen in sedimentary units in outcrop appear to have NE trending fold plane and a steep axial plunge, however at least 2 phases of deformation are identified which affect the mineralized host rocks.

High Density Prospecting and mapping was conducted between May 22 and July 23 using systematic traverse lines spaced 50 m apart along the KS Horizon. The survey targeted GPS locations of soil geochemical and VTEM anomalies obtained in the fall of 2018 with a view to identifying Percival-type pyrrhotite-bearing breccia and silicified breccia units identified in drilling. Shallow overburden permitted the successful use of Beep-Mat™ magnetic susceptibility and EM conductivity instruments to identify occurrences of sulphide mineralisation in bedrock under shallow overburden and prioritize excavation and exploration of buried targets. A total of 1,342 grab samples were taken during the high-density prospecting campaign.

Figures 3, 4, 5 and 6 show the distribution of rock sampling and the analytical results for gold and arsenic (a gold related trace element in the region) obtained to date along the southern limb of the KS horizon. One significant gold anomaly returning 10.3 g/t Au was located approximately 1.6 km east of Percival in a grab sample of garnet-anthophyllite schist. The sample is located within a sequence banded iron formation, iron formation breccia and mudstone. The area around the sample was designated as the Caradoc Target. Trenching and channel sampling have been completed with assays pending.

Distribution of gold is sporadic in prospecting rock samples along the south limb of the KS Horizon (see FIGURES 3 & 5), with anomalous gold values ranging from 300 ppb to 1 g/t Au detected eastwards along strike from the Knight/Percival area for over a distance of 2 km. A second area of similar weak gold mineralization was detected at the eastern end of the southern limb of the KS horizon approximately 3.5 km east of Percival.

Arsenic values in rock along the south limb of the KS Horizon (see FIGURES 4 & 6) present several strong, broad anomalies including a 2 km x 1 km zone centred on the Percival Discovery and a 1 km by 500 m zone associated to the Caradoc Target. Two 500 m x 500 m anomalous areas are located between 1 km and 2 km east of Caradoc.

Gold and arsenic anomalies are correlated to structural disruptions of the KS volcano-sedimentary horizon identified from breaks in magnetic and VTEM conductor trends.

Mechanical Trenching (excavator) follow-up with detailed mapping and channel sampling has been conducted above traces of several drill holes and over priority targets identified by the prospecting program along the southern limb of the KS horizon. During June and July, 1,844 linear m of trenching were completed and 2,324 channel and grab samples were collected. Analytical results for the Percival area have been received. Other trench analyses are pending.

Airborne Geophysical Modelling of VTEM™ plus (Versatile Time Domain Electromagnetic and Horizontal Magnetic Gradiometer) data acquired in late 2018 was prepared by Condor North Consulting ULC in 2019 in support of exploration along the KS Horizon (see FIGURES 7 & 8). The report, provided recently, identifies 21 targets within the area covered by the 550-line-km survey and confirms anomalous signatures of several known occurrences such as Percival, Serendipity and areas adjacent to the Caradoc target. The report’s targets will be used to plan ongoing trenching and mapping, in particular along the north limb of the KS Horizon.

To view FIGURES 1-8, please click on the following link: http://www.eastmain.com/_resources/news/Images/ER-190813 -Percival.pdf

This press release was compiled and reviewed by William McGuinty, P.Geo., Eastmain’s VP Exploration and Carl Corriveau, Eastmain’s Exploration Manager, each a Qualified Person under National Instrument 43-101.

Quality Assurance and Quality Control (QA/QC)

The design of the Eastmain Resources’ drilling programs, Quality Assurance/Quality Control and interpretation of results is under the control of Eastmain’s geological staff, including qualified persons employing a strict QA/QC program consistent with NI 43-101 and industry best practices. The Clearwater project is supervised by Eastmain’s Project Geologist, Michel Leblanc P. Geo.

During the high-density prospecting campaign, field samples were collected, packaged and delivered to Laboratoire Expert in Rouyn-Noranda, Quebec. Trench channel samples and drill core are logged and split with samples packaged and delivered to ALS Minerals laboratory in Val d’Or (half-core for drill samples). Samples are dried and subsequently crushed to 70% passing a 2 mm mesh screen. A 1,000 grams subsample is pulverized to a nominal 85% passing 75-micron mesh screen. The remaining crushed sample (reject) and pulverized sample (pulp) are retained for further analysis and quality control. All samples are analysed by Fire Assay with an Atomic Absorption (AA) finish using a 50 g aliquot of pulverized material. Assays exceeding 5 g/t Au are re-assayed by Fire Assay with a Gravimetric Finish. Eastmain regularly inserts 3rd party reference control samples and blank samples in our sample streams to monitor assay performance and performs duplicate sampling at a second certified laboratory. Approximately 10% of samples submitted are part of the Company’s laboratory sample control protocols.

About Eastmain Resources Inc. (TSX:ER) (www.eastmain.com)

Eastmain is a Canadian exploration company advancing three high-grade gold assets in the 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 Goldcorp Inc.'s Éléonore Mine, which hosts the Moni/Contact Trend Discovery (2017). In addition, the Company has a 100% interest in the Eastmain Mine Project under option to a third party and holds a 100% interest in a pipeline of exploration projects in this favourable mining jurisdiction with nearby infrastructure.

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. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190813005197/en/