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Last C$0.43 CAD
Change Today +0.065 / 18.06%
Volume 5.4M
ER On Other Exchanges
As of 4:10 PM 04/17/15 All times are local (Market data is delayed by at least 15 minutes).

eastmain resources inc (ER) Snapshot

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eastmain resources inc (ER) Details

Eastmain Resources Inc., together with its subsidiary, Eastmain Mines Inc., engages in the acquisition, exploration, and discovery of mineral resource properties in Canada. It holds a 100% interest in the Eau Claire and Eastmain gold deposits, as well as interests in 10 other properties covering approximately 120,000 hectares in the James Bay Region of Northern Québec. Eastmain Resources Inc. was incorporated in 1982 and is based in Mono, Canada.

15 Employees
Last Reported Date: 01/28/15
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 Assay Results from Regional Drilling at its Clearwater Project, Located in James Bay, Quebec

Eastmain Resources Inc. announced assay results from regional drilling at its wholly-owned Clearwater Project, located in James Bay, Quebec. 18 drill holes, totaling 5,079 metres, were completed in the Clovis Lake area, which is situated three kilometres east of the Eau Claire gold deposit. The drill program, designed to search for a second gold deposit on the property, tested auriferous quartz-tourmaline veins exposed by earlier trenching. Drill hole ER14-548 intersected a three-metre interval grading 7.19 grams gold per tonne. Fifteen drill holes were completed over a 700-metre-long corridor, which coincides with an Induced Polarization (IP) chargeability high and a resistivity low, south of Clovis Lake. This anomaly occurs within felsic volcaniclastic rocks containing graphite and pyrrhotite, flanked by mafic volcanic rocks and quartz-feldspar porphyry. Anomalous gold ranging from 0.20 to 17.8 grams per tonne gold (g/t Au) was intersected in 13 of 15 drill holes over intervals from 0.5 to 16.0 metres. Drill hole 538 intersected a 6.5-metre-wide interval of altered mafic volcanic rock, which assayed 1.72 g/t Au, including a 0.5-metre-wide quartz-tourmaline vein grading 17.8 g/t Au. 21 intercepts exceed current potential open pit cut-off grades at Eau Claire, while seven exceed current potential underground cut-off grades, with intervals ranging from 14.15 g/t over one metre to 17.80 g/t over a half metre. Drill hole 543, which intersected a geochemically enriched 16-metre-wide interval of quartz-tourmaline vein and tourmaline-actinolite schist (0.20 g/t Au), included a 0.5-metre-wide vein interval grading 85.1 grams tellurium per tonne. Tellurium is commonly found within the Eau Claire deposit at roughly a one-to-one correlation with gold. Hole 545 intersected a 10-metre-wide interval of vein and altered schist grading 0.43 grams gold per tonne. Several drill holes on the southern side of Clovis Lake intersected wide zones of anomalous gold, indicating a large mineralizing system is still evident three kilometres away from the main deposit area. Further work is definitely warranted in this area. Three drill holes were also completed on the north side of Clovis Lake to test a quartz-tourmaline vein at surface with rock and channel samples ranging from 0.65 to 62.4 g/t Au. All three holes intersected wide zones of anomalous gold. Hole 549 intersected a 3-metre-wide interval of altered felsic volcaniclastic rocks grading 0.62 g/t Au. Notably all three drill holes intersected from 50 to more than 150 metres of feldspar porphyry (QFP) at the bottom of each hole. Since Eau Claire is bounded on the south margin (hangingwall) by QFP and the overall morphology of the gold deposit conforms to and is controlled by a QFP dyke swarm, this may indicate that a prospective target in the discovery of a second deposit may be situated further north. Further work is needed to confirm the significance of QFP swarms and controls on gold mineralization in this area.

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.


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