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Eastmain Resources Inc.
Summary
| Project: | Clearwater | |
|---|---|---|
| Deposit: | Eau Claire | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 9/11/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 11-9-2017: Eastmain Resources Inc. announces a Resource Estimation report for its Eau Claire deposit at the Clearwater project. Mineral resource update. Toronto, Ontario, September 11, 2017 - Eastmain Resources Inc. (“Eastmain” or the “Company”- TSX:ER, | |
| Resources: | (Resource, M+I): 4.17Mt @ 6.16g/t Au for 826koz Au contained at project | |
| CP/QP: | [Resources]: Allan Armitage (SGS Canada Inc.) | |
| ABSTRACT: | Toronto, Ontario, September 11, 2017 - Eastmain Resources Inc. (“Eastmain” or the “Company”- TSX:ER, OTCQX:EANRF), today reported an updated mineral resource estimate for its Eau Claire deposit, hosted on the 100%- owned Clearwater Property in James Bay, Québec. The new mineral resource estimate is based on an improved interpretation and better understanding of the deposit resulting in a significantly higher confidence level in the results. The new interpretation and estimate demonstrates higher grades and continuity of gold mineralization to a depth of 550 m and along strike for 1,100 m, remaining open at depth to the east. Using an appropriately constrained WhittleTM pitshell and a stricter underground wireframe model, the updated mineral resource consists of 826,000 ounces of gold (4.2 million tonnes at 6.16 g/t Au) in the Measured and Indicated category, and 465,000 ounces of gold (2.2 million tonnes at 6.49 g/t Au) in the Inferred category. Table 1 summarizes the total mineral resource and Table 2 describes a potential open pit and underground scenario, respectively applying 0.5 g/t and 2.5 g/t Au cut-off grades. Using the information available at this time, the selected pit shell represents Eastmain Management’s view of a robust, realistic and practical approach to a potential mining scenario at Eau Claire. The new mineral resource estimate reports considerably improved grades but also reduces the contained ounces of gold in the deposit by 15% (126,000 oz) in the combined Measured and Indicated categories and by 36% (168,000 oz) in the Inferred category, compared to the 2015 Estimate (see Note A). These reductions are mainly the result of more conservative drill supported wire-frame interpretation and the application of a smaller search radii for resource classification. Eastmain will continue to seek additional mineral resources at Eau Claire through continued drilling of the deposit laterally and at depth. Claude Lemasson, Eastmain Resources President and CEO stated, “Today, we achieve a major milestone at the Eau Claire deposit and for Eastmain Resources. This new high-quality mineral resource estimate illustrates true opportunity to develop an open pit and underground deposit in an emerging gold camp, supported by excellent infrastructure. The upgraded estimate is supported by strong grades, more conservative parameters, and a new understanding of the highgrade schist (“HGS”) veins, improved by tighter drill spacing in the core of the deposit. As a result, we commenced preparations for a PEA, anticipated for delivery in H1 2018. | |
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