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Eastmain's shares surge 25% on gold discovery at Clearwater

Eastmain Resources Inc.'s shares rose by 25% on Nov. 13 after it announced the discovery of a new gold zone at the Percival prospect on its Clearwater property in Quebec.

The company said Percival is 14 kilometers east-southeast of the Eau Claire gold deposit at Clearwater and represents a new style of mineralization on the property, comprising a hydrothermal gold system hosted within volcaniclastic rocks.

Eastmain undertook drilling on the prospect as part of its 2018 growth-focused exploration program, with an initial two drillholes yielding highlights of 1.46 g/t of gold over 78.5 meters from a depth of 16.5 meters, and 2.35 g/t of gold over 87 meters from a depth of 28 meters.

Drilling is ongoing with assays pending for another two drillholes completed on the prospect and further drilling planned to test mineralization along strike to the east and west. A 5,500-meter diamond drill program started at Clearwater in October and is expected to continue into late December.

A May preliminary economic assessment on Eau Claire defined an after-tax net present value of C$260.2 million, discounted at 5%, with a 27% internal rate of return and a 3.1-year payback period.