The first of its three projects is Clearwater gold in the James Bay area of Northern Quebec, with a focus on the Eau Claire deposit and the 951,000 ounces of measured and indicated resource it bears.
The second is the old Eastmain mine project, which was a healthy producer of gold in 1995. The plan is to work this project up towards a restart. The third is the Eleonore South project, held in joint venture with Goldcorp (NYSE:GG) and Azimut (BIT:AZM). The site is highly prospective, as the project is close to Goldcorp’s rich Eleonore mine.
At Clearwater, the company already reported up to 43.1 grammes of gold over two metres in December and followed this up with more progress earlier this month.
The company also had good news last month with ambitions to resurrect the Eastmain Mine Project. The highlights of the assay results included Channel J3-6 which delivered 45.1 g/t gold, 26.5 g/t silver and 0.61% copper over 2.0 metres, including 85.5 g/t gold, 48.0 g/t silver and 1.09% copper over 1 metre.
In December, ER received further good news, this time from outside of its sites. Brokers at GMP Securities initiated coverage of the stock with a “Buy” recommendation and 12-month target share price of C$1.10.
“With a refreshed new team, ER is poised to advance its solid portfolio of exploration projects and uncover the next future gold mine in the emerging James Bay gold camp,” the broker declared.
And on Clearwater, specifically, the analysts commented: “Our positive view is grounded on the potential for further resource upside and continuing exploration success. We believe the current drill program and subsequent resource in late 1Q17 should provide increasing visibility of additional ounces, which should be upside to our valuation.”
While Eastmain continues to deliver solid exploration results, perhaps one of the most enticing things is that the James Bay region is, as GMP says, a largely underexplored region primed for new discoveries.
“Eastmain has for the most part been perceived as a one-project junior explorer, but the company holds a portfolio of exploration assets including the Eastmain Mine project and the Éléonore South JV, which could potentially prove to be hidden gems,” the broker added.
Eastmain Resources is no newbie, either. The company has been a listed stock in Toronto since 1999.
But since mid-December, the shares have steadily risen, from C$0.40 to C$0.56 this week as the company’s run of good news has continued. And there is every prospect to believe much more is ahead.