Pat McKeough recently replied to an Inner CircleMemberseeking his recommendation on this junior mining stock. This gold explorer has the cash to continue drilling on its James Bay District sites in Quebec, including the property it shares with industry leader Goldcorp.
Q: Hello Pat: What is your opinion regarding Eastmain Resources (ER.TO)? I acquired it in December 2016 and wonder if it’s good to keep. Thank you.
A:EASTMAIN RESOURCES (symbol ER on Toronto; www.eastmain.com) is a Canadian gold exploration company with a 100% interest in the Clearwater property (host to the Eau Claire deposit); it also holds 36.7% interest in the Eleonore South joint venture; and the former-producing Eastmain mine gold-copper project. All of the properties are located within the James Bay District of Quebec.
Eau Claire is the company’s main asset. In August 2016, Eastmain launched an $8.8 million, 63,300-metre drilling program on the deposit; it could hold as much as 1.6 million ounces of gold. The program is comprised of 55,700 metres at the Eau Claire deposit, with a focus on further defining the deposit; the other 7,600 metres will test targets within 15 kilometres of Eau Claire. Eastmain aims to complete the drill program shortly, and it expects to produce a preliminary economic assessment on the prospects for a profitable mine by the end of 2017.
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Penny Stocks: Holds a 36.7% stake in Eleonore South
The company’s Eleonore South joint venture is located in the northeast corner of the Opinaca Reservoir. It’s a three-way partnership: Azimut Exploration, which holds 26.57% interest, is the manager of the project; major gold producer Goldcorp (symbol G on Toronto), like Eastmain, has a 36.7% share. The property is just five kilometres from Goldcorp’s actively producing Eleonore mine. The team is now spending $2 million on a 5,000-metre drilling program for the site.
Eastmain’s new president and CEO, Claude Lemasson, served as Goldcorp’s general manager of projects, where he was in charge of the Eleonore project, from 2006 to 2009. Before that, he worked as Goldcorp’s general manager at its Red Lake mine for nearly six years.
Eastmain holds $11.2 million in cash, so it has the funds to keep moving its exploration programs forward. The company is still a long way from building a mine, but the Eau Claire deposit’s potential gives the stock speculative appeal. The project’s association with Goldcorp adds to that.
Inner Circle recommendation: Eastmain Resources is okay to hold, but for highly aggressive investors only.
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Hi Pat, can you give me your take on New Gold NGD they are about to go to the market for a further 300m in a not great environment for gold? thanks
Thanks for your comment. We plan to update our advice on New Gold for Stock Pickers Digest subscribers in an upcoming issue.