Eastmain pumps Clearwater resource (May 02, 2003)

Having sunk 10,000 metres of drilling in 18 holes during the second half of 2002, Eastmain Resources (ER-T) has boosted the resource estimate for its 50%-owned Eau Claire gold project in the James Bay region of Quebec.

Eastmain now pegs Eau Claire’s overall resource at 2.7 million tonnes grading 6.75 grams gold per tonne (or 578,846 contained ounces gold). Of that, more than 1 million tonnes running 8.15 grams are classified as indicated resources. That represents a 5% increase in indicated tonnage at the cost of a 1% drop in grade from the last resource estimate at the end of 2001. Another 1.6 million tonnes of inferred resource averages 5.9 grams gold.

The resource estimate is based on 187 diamond drill intercepts from 12 veins (D, G, H, I, P, JQ, R, S, 6V1, 6V2, 6V3 and 6V4) plus one gold-copper-silver-rich sulphide zone. Half the resource is contained by three veins — I, P and JQ. The estimate employs cutoff grades of 4 and 2.5 grams gold over minimum horizontal thicknesses of 1.5 metres.

The vein system at Eau Claire is currently defined over 300 metres laterally and 200 metres vertically; it remains open in all directions.

Eastmain has another 10,000-metre drilling campaign slated to begin in June. The holes are aimed at further boosting the resource and completing Eastmain’s 75% earn-in requirements.

Eastmain is in the midst of spending $2.5 million on drilling to earn half of Quebec government-owned Soquem‘s 50% stake in Eau Claire. Soquem can regain the quarter-stake by spending $3 million on exploration over five years.

Eastmain shares were trading 4.5, or 13% of value, higher at 39 in afternoon trade in Toronto on April 2.