Eastmain Resources Inc.(TSX:ER) announced the staking of the 600 claim (31,600 h) Lac Clarkie project, representing a 30% increase in their total land package of 137,665 ha in the James Bay district. The Lac Clarkie project (Figure 1) is immediately east of Eastmain’s flagship Clearwater project which hosts the Eau Claire deposit. Work is expected to start immediately on this new claim ground with LIDAR, airborne magnetic and electromagnetic surveys followed by prospecting, soil surveying and detailed mapping to identify priority targets. The first phase of drilling is unlikely to start untill late 2017. Eastmain trades at 1.08x NAV or C$91/oz versus similar stage Canadian peers at 0.95x NAV or C$69/oz. A further premium may be warranted as the ongoing exploration programs have the potential to add value at all three projects.
Company description: Eastmain Resources Inc. (TSX:ER) is a Canadian exploration company with 100% interest in the Eau Claire and Eastmain Mine gold deposits, both of which are located within the James Bay District of Quebec. Eau Claire, the Company’s core asset, has access to superior infrastructure within a favorable mining jurisdiction. Eastmain also holds a pipeline of exploration projects in this new Canadian mining district, and is a partner in the Éléonore South Joint Venture.
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