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Gold/Mining/Energy : Eastmain Resources- CDN

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To: terry astle who wrote (14)1/12/1999 12:39:00 PM
From: Sapper  Read Replies (1) of 36
 
News Release: Eastmain raises funds for Bathurst VMS property

Eastmain Resources Inc ER
Shares issued 16,200,000 Jan 11 close $0.20
Tue 12 Jan 99 News Release
Mr. Donald Robinson reports
Eastmain Resources has formed a joint venture with Bubbee Ventures on its
Tingley Brook base metal VMS property near Bathurst, New Brunswick. Bubbee
can earn a 25 per cent interest in this 2,352 hectare property by financing
$150,000 in exploration work prior to Dec. 31, 1999, with Eastmain as the
project operator. The Bathurst mining camp hosts over 30 base metal
sulphide deposits, and comprises over 200 million tonnes of Pb-Zn-Cu-Ag (8
per cent to 14 per cent) in past production and current reserves, making it
one of the largest base-metal mining districts in Canada. Eastmain has
assembled a large land position in the district, in excess of 900 mining
claims, straddling the mine series host rocks and covering numerous highly
prospective base metal VMS prospects.
The Tingley Brook property, within the southern part of the Bathurst camp,
covers a ten kilometre-long strip of Nepisiguit Falls volcanic rocks, host
to the Bathurst VMS base metal mines. Geochemical surface sampling has
defined four areas, the largest up to 1.2 kilometres long, with strongly
anomalous zinc, lead, copper and silver in surface soils coinciding with
the favourable mine series rocks. Regional airborne surveys have also
detected multiple isolated electromagnetic anomalies coincident with these
geochemical anomalies. Several of the large base metal mines of the
Bathurst camp were discovered with airborne geophysical methods, as the
ores contain metallic minerals which have strong electromagnetic and
magnetic characteristics.
Eastmain has recently completed over 100 kilometres of line cutting,
induced polarization and magnetic surveys and geological mapping on its
wholly-owned Railroad project, immediately southeast of Noranda's 20
million tonne Heath Steele mine and north of the Tingley Brook property.
Three promising VMS prospects including Island Lake, Captain West and
Railroad have been identified. At Island Lake a 1,600 metre-long pyritic
and sericite altered horizon has been defined by surface trenching and IP
surveys along the key mine series contact. Trenching at Railroad, on a
1,000 metre-long IP anomaly, revealed a pyritic and strongly chlorite
altered (Nepisiguit Falls) quartz porphyry. At each of these prospects
large zones, of sulphide-rich and strongly altered rocks have been
recognized, indicative of a potentially large base metal deposit nearby.
Surface exploration will commence at Tingley Brook in the first quarter of
1999 in preparation for drilling. Drilling and trenching is also planned at
Railroad and Island Lake in 1999.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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