TORONTO, ONTARIO--(Marketwire - Feb. 28, 2012) - Eastmain Resources Inc. (News - Market indicators) is pleased to announce that Honey Badger Exploration Inc. (TSX VENTURE:TUF) ("Honey Badger") has outlined 18 gold targets for drilling on the Radisson Project, located in the James Bay District of Quebec. In the fall of 2011, Honey Badger completed a prospecting and soil sampling program, which confirmed the Radisson Project is highly favourable for hosting several types of gold deposits. Results include up to 8.64 grams per tonne gold (gpt Au) in grab samples and to 1.19 gpt Au in soils. A drill program to test seven of the most prospective targets is planned for March 2012.
Under its existing agreement with Eastmain, Honey Badger must complete $2.5 million in exploration expenditures, including 6,000 metres of drilling over a three-year period, issue 5 million Honey Badger shares to Eastmain, and make a cash payment of $50,000 to earn 50% interest in the property. Eastmain has received the allotted cash and shares.
The Radisson property consists of 207 claims covering 10,698 hectares of fertile gold exploration territory, located 65 kilometres south of the community of Radisson. The property is underlain by volcano-sedimentary rocks comparable to those hosting major mining camps throughout the Canadian Shield. Previous work completed by Eastmain confirmed that the property is highly prospective for the discovery of ore deposits.
According to Honey Badger's consultant, Dr. Jim Franklin, a renowned expert in ore deposits, the soil and rock data collected on the property last fall, indicates a pronounced potassic alteration and barium enrichment, in addition to a strong correlation between gold and arsenic, along a central corridor. This corridor, which runs the length of the property, may represent a major F2 fold axis, a key structure often associated with gold deposits. These chemical signatures are typical of several world-class gold deposits such as Ontario's Hemlo deposit, Quebec's Bousquet and Doyon Mines and Quebec's newest mega-deposit, Roberto. The Roberto gold deposit, located within the James Bay district on Goldcorp's Éléonore Property, is characterized by a pronounced potassic enrichment, as well as a strong gold- arsenic chemical signature.
"We are encouraged with the exploration results outlined by Honey Badger on the Radisson Project. With Goldcorp's low-cost, long-life Roberto gold deposit, expected to reach production in late 2014, James Bay, Quebec is soon to become one of Canada's newest mining districts. The Radisson project is characterized by regional geology and associated major structures comparable to those found throughout each of the major mining camps in the Canadian Shield. It is simply a matter of sustained exploration effort and persistent drilling which will lead to additional discoveries in this region", stated Dr. Robinson, President of Eastmain Resources Inc.
Dr. Donald J. Robinson, P.Geo, is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101.
About Eastmain Resources Inc. (News - Market indicators)
Eastmain is a Canadian gold exploration company with 100% interest in the Eau Claire and Eastmain gold deposits which together contain 632,000 ounces of gold in Measured & Indicated resources1),255,750 ounces gold in Historical Measured and Indicated resources4) plus 1,020,000 ounces of gold in Inferred resources2). The Corporation has $17.4 Million in its treasury and holds a pipeline of exploration projects within the James Bay District, including the Éléonore South property, which lies immediately south of Goldcorp's multi-million-ounce Éléonore property. Eastmain has allocated $10 million for exploration of its key gold projects in Québec for 2012. Work will include 50,000 metres of drilling.
Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Eastmain, including, but not limited to the impact of general economic conditions, industry conditions, dependence upon regulatory approvals and the availability of financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
||Measured & Indicated Resources (which may potentially be extracted by both open and underground mining methods) of 3,354,000 tonnes containing 632,000 ounces gold @5.86 g/t gold uncapped - Eau Claire NI43-101 NR Apr 26, 2011|
||Inferred Resources (which may potentially be extracted by both open and underground mining methods) of 5,322,000 tonnes containing 1,020,000 ounces gold @ 6.06 g/t gold uncapped - Eau Claire NI43-101 NR Apr 26, 2011|
||Near-surface Open Pit Measured & Indicated Resources for Eau Claire (only that portion of the Eau Claire deposit that could potentially be mined by open-pit methods): 2,729,000 tonnes containing 502,000 ounces @5.72 g/t gold -- Eau Claire NI43-101 NR Apr 26, 2011; NR May 19, 2011|
||255,750 ounces gold - Measured & Indicated Historical Non-NI43-101 Compliant Resources at Eastmain Mine (Campbell 2004 AR) and should not be relied upon. A qualified person from Eastmain has not done sufficient work to classify the historical estimate as current mineral resources, and therefore the historical estimate should not be treated as current mineral resources.|