Eleonore South (ER/AZM/G)Eastmain Resources Inc. (TSX - ER) announces that a $1.5 million exploration program is underway at the Éléonore South project, a joint venture with Les Mines Opinaca Ltée, a wholly owned subsidiary of Goldcorp Inc. (TSX: G, NYSE: GG) and Azimut Exploration Inc. (TSX Venture: AZM). The program, which focuses on testing a 10-kilometre-long gold geochemical anomaly (see website for map), will consist of IP surveys, trenching, channel sampling, prospecting and geological mapping. Phase-one diamond drilling is also planned for 2007.
Belham Ltd’s specially designed “Superhoe" has been mobilized to the property and will continue trenching priority targets. Trenching of the JT target area in late 2006 exposed a 16-metre-wide, goldbearing "Roberto-type" mineralized sediment, which assayed 1.49 g/t Au. The sedimentary sequence at the JT target is similar to that exposed in the Roberto area. Sulfide mineralization (pyrite-arsenopyrite) was noted where there were elevated gold values in JT area rock formations. Rock alteration in the JT area suggests that this may be a mineralized area peripheral to something much more significant.
Induced polarization (IP) geophysical surveys, designed to identify areas of possible mineralization hidden under cover, are currently in progress. Abitibi Geophysics of Val-d'Or, Québec has surveyed approximately two-thirds of the target area to date. Several prospective IP anomalies coinciding with Roberto-type sediments and elevated gold in soils have been detected. Priority IP anomalies will be mechanically trenched and/or drilled.
The Éléonore South project is located immediately south of Goldcorp's Éléonore project, which includes the Roberto gold deposit. Goldcorp recently announced that an initial resource estimate at Éléonore includes an indicated gold resource of 1,834,900 ounces at an average grade of 7.4 grams per tonne and an inferred gold resource of 929,100 ounces at an average grade of 7.1 grams per tonne. Goldcorp also reported that high-grade drill results outside the resource indicate significant potential for expansion of the Roberto deposit.
Eastmain and Goldcorp formed a strategic alliance in 2003 for the purposes of minimizing exploration risk to shareholders in the quest for new gold mining opportunities. The alliance was renewed for an additional 5-year term in 2006. Goldcorp currently owns approximately 9.66% of Eastmain¹s issued and outstanding shares.
This press release was prepared by geologist Dr. Donald J. Robinson, P. Geo, qualified person as defined by National Instrument 43-101..