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Gold/Mining/Energy : Eastmain Resources- CDN -- Ignore unavailable to you. Want to Upgrade?


To: terry astle who wrote (23)2/25/2000 1:53:00 PM
From: jpthoma1  Read Replies (1) | Respond to of 36
 
A new drilling campaign for Eastmain/Quaterra.

At the same time, Eastmain/SOQUEM are drilling Clearwater.

Statistically, they should hit something somewhere!

Re: News Release - February 25, 2000
Drilling Abitibi's Final Frontier
===========================================================================

Eastmain Resources Inc. (ER-TSE) and Quaterra Resources Inc. (QTA-VSE) are pleased to announce the initiation of the first phase of drilling on their Abitibi Extension Project, Northeastern Ontario. The project covers the western extension of the famous Abitibi Greenstone Belt, one of the most metal-endowed regions in the world. The drill program will test 12 to 15 magnetic and electromagnetic (EM) anomalies highly prospective for copper-zinc-silver-gold VMS deposits, ultramafic-hosted nickel-copper-platinum group metals and lode gold ore bodies.

The partners acquired a proprietary airborne geophysical survey from BHP Minerals in 1998. This survey included 3,775 line-kilometres of Geotem EM data and 25,000 line-kilometres of magnetic data, covering one of the final unexplored frontiers of the Canadian Shield. In April 1999, Eastmain and Quaterra staked 24,160 hectares in four large claim blocks covering all of the first and second priority targets within the Geotem survey. Two hundred line-kilometres of ground EM and magnetic surveys completed on the Nett River claim block confirm a multitude of anomalies to be drilled.

Drill targets to be tested on the Nett River Belt include an array of short and long, strong and weak EM anomalies which wrap around a strong magnetic feature interpreted as a folded iron formation. This setting is a mirror image of Placer Dome multi-million-ounce Musselwhite gold deposit in Northwestern Ontario.

Adjacent to the iron formation is a regional volcanic centre comparable to the geological setting of the Noranda and Timmins base metal mining camps. Giant copper-zinc-silver (VMS) massive sulphide deposits, ranging in size from 60 to 150 million tonnes of ore, have been discovered in both camps. This phase-one drill program will test several 500- to 1000-metre-long strong EM conductors indicative of possible base metal deposits. A second area within the Nett River Belt is underlain by a regional gravity high. Similar gravity highs also flank the Noranda and Timmins camps. Six EM targets have been identified about the margin of this gravity anomaly and are recommended for drilling.

The Nett River claim block is also prospective for massive nickel-copper-platinum group metals, as circular magnetic anomalies with associated airborne EM conductors along their margins have been detected from airborne geophysics.

Like the early days of discovery at Timmins and Noranda, this drill campaign represents a unique opportunity for the discovery of world-class gold and base metal deposits within one of the largest and richest greenstone belts of the world.

On behalf of the Board of Directors

Tom Patton, President
Quaterra Resources Inc.

Donald J. Robinson, President
Eastmain Resources Inc.