Eastmain pumps Clearwater resource (May 12, 2003)

Based on 18 holes (10,000 metres) drilled in 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.

The resource is now pegged at 2.7 million tonnes grading 6.75 grams gold per tonne, or 578,846 contained ounces of gold. Of that, more than 1 million tonnes running 8.15 grams are classified as indicated resources, whereas 1.6 million tonnes grading 5.9 grams gold are listed as inferred.

Half the resource is contained by three veins, and the estimate employs cutoff grades of 4 and 2.5 grams gold per tonne over minimum horizontal thicknesses of 1.5 metres.

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

A new drilling program, also spanning 10,000 metres, is to begin in June. The program will try to expand the resource further while completing Eastmain’s 75% earn-in requirements.

The company is 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.