An agreement with its project partner gives Eastmain Resources (CDN) a 100% interest in two exploration permits and 149 claims within the Eastmain River Greenstone Belt in northwestern Quebec.
The junior says Westmin Resources (TSE) retains an 11% net profits interest in the properties and has the option to convert the royalty into a 20% working interest following a positive feasibility study and a production decision.
The acquisition includes the Reservoir project where previous work by the joint venture identified 8 km of favorable ground. Uncovered was a 1,600-metre-long soil geochemical anomaly ranging from 6 parts per billion (ppb) gold to 1,020 ppb, coinciding with a 1,700-metre-long, auriferous, sulphide zone.
Previous drilling defined a sulphide zone which displays a wide range of gold assays. The deposit is open along strike and downdip. Eastmain is planning a drill program of 3,000 metres following spring breakup.
Eastmain is also planning a drill program for its wholly owned Lac Hudson gold property within the same greenstone belt. A 500-metre-long soil geochemical anomaly was previously identified.
Past drilling by Eastmain intersected 7.9 grams gold per tonne across 1.28 metres and 2.1 grams across 3.78 metres. The mineralization is open along strike and downdip.
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