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02/21/14 - C$0.56
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eastmain resources inc (ER) Details

Eastmain Resources Inc., together with its subsidiary, Eastmain Mines Inc., is engaged in the acquisition, exploration, and discovery of mineral resource properties in Canada. It primarily explores for gold, silver, and copper. The company focuses on gold exploration in the James Bay Region of Northern Québec. It holds 100% interest in the Eau Claire and Eastmain gold deposits, as well as interests in 10 other properties covering 120,000 hectares. Eastmain Resources Inc. was incorporated in 1982 and is based in Mono, Canada.

20 Employees
Last Reported Date: 01/29/14
Founded in 1982

eastmain resources inc (ER) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$226.8K
Chief Financial Officer
Total Annual Compensation: --
Compensation as of Fiscal Year 2013.

eastmain resources inc (ER) Key Developments

Eastmain Resources Inc. Announces Update on Drill Program Underway at its Wholly-Owned Clearwater Project, Located in James Bay, Quebec

Eastmain Resources Inc. announced an update on the drill program underway at its wholly-owned Clearwater Project, located in James Bay, Quebec. 17 drill holes have been completed totaling 4,690 metres, in the Clovis Lake area, located three kilometres east of the Eau Claire gold deposit. The objectives of the program are to search for a second gold deposit in close proximity to Eau Claire. Quartz-tourmaline veins and altered rock have been intersected in each of the drill holes, and visible gold was observed in two holes; ER14-540 at a depth of 183.3 metres and ER14-551 at a depth of 102.6 metres. ER14-543 intersected an 11.3-metre interval of quartz-tourmaline vein and alteration at a depth of 67.4 metres. Drill hole ER14-548 intersected 46 quartz-tourmaline veins ranging in width from 0.1 to 2.7 metres within a 52-metre-thick package of altered rock starting at a depth of 88 metres. SRK Consulting has completed wire framing of the high-grade (HG) and low-grade (LG) gold domains for the 450 West Zone and has started the process of wire framing the 850 West Zone.

Eastmain Options Lac Lessard to Darnley Bay for $2.5 Million

Eastmain Resources Inc. has executed a Letter Agreement with Darnley Bay Resources Limited to grant DBL the option to acquire a 50% undivided interest in its Lac Lessard Property, currently wholly-owned by Eastmain, and to create a joint operation once the option has been exercised. Under the terms of the Letter Agreement, DBL has the option to earn 50% of Eastmain's interest by fulfilling the following conditions: Exploration expenditures totaling $2.5 million over a four-year period, including a firm commitment of $500,000 during the first year; A cash payment of $50,000 on or before December 31, 2014, and additional cash payments of $50,000 on each subsequent anniversary of the date of signing of the Agreement for the duration of the option period, for a total of $200,000 in cash payments; Issuance of 8 million DBL common shares to Eastmain within 15 days of regulatory approval; and Eastmain will be project manager for all work programs pertaining to the Property.

Eastmain Resources Inc. Announces Update on Channel and Rock Sampling Completed at Clearwater Project

Eastmain Resources Inc. announced an update on channel and rock sampling recently completed at its wholly-owned Clearwater Project, located in James Bay, Quebec. Rock sampling from the Boomerang showing assayed very high gold-silver-tellurium (Au-Ag-Te) values in both vein and host rock. Surface stripping has also exposed more high-grade gold-bearing quartz tourmaline veins along the north margin of the 450 West Zone, with 0.5 metre-wide samples ranging from 2.05 to 76.8 grams per tonne (g/t) Au. The company is preparing for a fall drill program with the objective of outlining additional gold resources outside the footprint of the Eau Claire gold deposit. 1,793 channel samples and 636 rock samples from Clearwater have been submitted for assay this season. In excess of 100 rock samples, containing anomalous gold values ranging from 0.10 to 188 g/t, occur within a mineralized system extending both east and west of the Eau Claire deposit, delineating a highly-prospective gold-enriched footprint covering 7.5 kilometres. Numerous quartz-tourmaline veins and altered zones, closely resembling those hosting the Eau Claire gold deposit, were exposed along this 7.5-km-long trend during the 2014 trenching program. This mineralized corridor is associated with a sub-parallel trending regional "crustal-scale" structural break, which runs along the southern portion of the Clearwater property and extends through several other properties held by Eastmain. Major structural breaks occur in most Archean gold camps and are thought to be closely associated with many economic gold deposits throughout the world. Assay data is pending for over a thousand channel samples. New rock sampling in the vicinity of the Boomerang showing, located 700 metres east of Eau Claire assayed 188 g/t Au, 828 g/t Ag and 600 g/t Te in a quartz-tourmaline vein containing abundant fine grained visible gold and tellurides. The host sediment also assayed 104.5 g/t Au, 537 g/t Ag and 418 g/t Te. 2014 surface stripping along the northern extension of the 450 West Zone has exposed multiple 0.5- to 5.0-metre-wide quartz-tourmaline veins and alteration zones. These prolific zones are generally 10- to 50-metres long and range from 1.19 g/t Au over 5.0 metre widths to 25.0 g/t Au over a width of 1.6 metres.


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