Partners boost Eau Claire resource

Equal partners Eastmain Resources (ER-T) and Quebec-government-owned Soquem have again upped the resource estimate at their jointly held Clearwater (or Eau Claire) gold property in the James Bay region of northwestern Quebec.

Indicated resources have been boosted to 973,000 tonnes running 8.27 grams gold per tonne (cut to 34.28 grams gold) for 258,678 ounces of contained gold. Inferred resources tally to 509,665 tonnes grading a cut 3.68 grams gold, for a total of 318,911 contained ounces gold. Contained ounces have soared 82% since 1999.

The total resource of about 1.5 million tonnes averaging 6.69 grams gold is based on eight veins (D, G, H, I, JQ, P, R and S) and represents a 32% increase in resource tonnage and a 28% boost to contained gold in a resource calculation in March. Vein P contains 30.3% of the indicated tonnage and 21% of inferred category’s tonnage. Several other high-grade veins have been excluded from the estimate, as further drilling is required to determine whether or not they represent isolated pods of gold mineralization.

Earlier this summer a six-hole exploration drilling campaign by the partners extended several known gold veins at depth. Three of the holes confirmed the presence of a new group of gold-bearing, quartz-carbonate-tourmaline veins ranging in grade from 1.34 to 16.87 grams, between sections 550 and 650 West. Visible gold was observed in each of the three drill holes.

Looking to define a resource of 1 million oz., further surface stripping and drilling are planned.

Eastmain recently bought back a 3% net smelter return royalty on Clearwater and all other Eastmain River projects from a Boliden (BLS-T) subsidiary for $45,000. The move frees Clearwater of any outstanding royalties.

In other news, the government of Quebec has inked a 50-year preliminary agreement with the Cree Nation of James Bay, paving the way for Hydro Quebec to build its $3.8-billion Phase III hydroelectric project, which includes extending a road, power line and bridge to the junction of the Eau Claire and Eastmain Rivers, near the boundary of the Clearwater property. The developments will significantly enhance Clearwater’s economics and reduce future exploration and development costs.