A new hole, drilled 150 metres east of recent discovery holes at Eastmain Resources’ (TSX: ER) Percival target in James Bay, Que., shows identical rock type and style of mineralization, with a 74.5-metre intercept grading 0.97 gram gold per tonne.
The initial discovery holes at Percival in November measure 78.5 metres, with 1.46 grams gold per tonne starting 16.5 metres downhole (hole ER18-822), and 2.35 grams gold over 87 metres beginning 28 metres downhole (ER18-823).
Percival measures at least 400 metres in length and president and CEO Claude Lemasson says the company is “encouraged by the correlation between gold mineralization and electromagnetic anomalies within the area.”
Eastmain will continue to step out laterally using a ground geophysical survey to help guide drilling along a southwest-northeast strike from Percival, Lemasson says in a press release.
The Percival prospect is 14 km east-southeast of the company’s million-ounce Eau Claire deposit and represents a new and distinct style of mineralization on the property.
The four drill holes released today are part of a 20-hole, 5,500-metre 2019 winter program.
Drill hole ER19-836, which returned the 0.97 gram gold intercept over 74.5 metres starting from a vertical depth of 58 metres, targeted the eastern extension of the Percival discovery and a MaxMin Horizontal Loop Electro-Magnetic (HLEM) anomaly.
Another hole, ER19-837, cut 1.55 grams gold over 11 metres from a vertical depth of 125 metres, including 3.20 grams gold over 5 metres. The hole was drilled 50 metres further east of ER19-836.
Eastmain shares are trading at 14¢ in a 52-week trading range of 13.25¢ to 28.5¢.
The junior has 222.7 million shares for a $31.2-million market capitalization.
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