Eastmain Resources (ER-T) has two drill rigs running on its 5-sq.-km Railroad property in the Bathurst camp of northern New Brunswick.
The property was previously held by BHP (BHP), who found VMS (zinc-lead-silver) deposits within the same rock formations that host the nearby Brunswick No. 12 zinc mine. Drill results included a 4.7-metre interval of massive sulphide grading 10% base metals.
One drill will concentrate on the Railroad deposit while the second rig will test regional targets. Six holes, totalling 3,000 metres, are planned to test the Railroad deposit at 200 to 400 metres below surface. A total of 4,000 metres in 15 to 20 holes will test induced polarization (IP) and magnetic anomalies within the Brunswick mine horizon. IP-defined targets have been selected for drilling on the Railroad Iron Formation (RIF zone), Railroad Footwall zone, Sprig Brook horizon and Roche Long Lac trend.
In addition to a $700,000 equity investment that is funding the current drilling, Billiton has the right to earn a half-interest in the property by spending $1.5 million over three years. The major can earn up to a 70% stake by funding the Railroad project to commercial production.
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