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Eastmain Resources’ latest results from Eau Claire will underpin preliminary economic assessment
Gold explorer Eastmain Resources Inc (TSE:ER) said today that encouraging results from its Eau Claire deposit in Quebec will be used in its updated resource estimate for the property in the middle of this year.
The latest assays hail from 24 infill and stepout drill holes, from five drill rigs working at various points within the 450W zone that continue to test continuity within the deposit.
In all, 118 holes have been reported since the program began in late August, 2016.
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The site is within the firm’s 100% owned Clearwater project.
In April 2015, consultant SRK reported a higher confidence measured and indicated mineral resource of 7.225mln tons at a grade of 4.09 grams per ton (g/t) of gold, for 951,000 ounces of gold.
The inferred resource came in at 3.88 million tons grading 3.88 g/t of gold for 633,000 ounces of the yellow metal.
Claude Lemasson, Eastmain’s chief executive, told investors: “As our drill program is now 63% reported and 92% drilled, these results further reinforce the current drill database for our updated mineral resource estimate around midyear.
“With significantly more information, we expect these results to underpin technical work in preparation for a preliminary economic assessment which we expect to complete around year-end.
“Current drilling is focused on enhancing our current resource model on which we can begin to define economic parameters.
“We are currently in the planning phase for the second half 2017 growth-focused program which will aim at increasing Clearwater’s resources by assessing size and depth potential for both Eau Claire and surrounding targets.”
The highlights of the recent results include, at near-surface, one hole with 14.1 grams per tonne (g/t) gold over 6.2 metres (m), including 73.1 g/t gold over 1 metre.
Another hole showed 50.4 g/t of the yellow metal over 0.5 metres.
Among the shallow underground finds with a depth of between 100m and 300m, there was 47.4 g/t gold over 1.5 metres and 26.8 g/t gold over 2.5 m in another hole.
Shares in Toronto added over 4% in afternoon deals to stand at $0.5 a share.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/175624/eastmain-resources-latest-results-from-eau-claire-will-underpin-preliminary-economic-assessment-175624.html
