 |
| | September 22, 2010
East Asia Minerals Announces Initial Gold Resource Estimate for Sangihe
|
| | For Immediate Release, September 22, 2010 TSXV: EAS
VANCOUVER, B.C. -- Wednesday, September 22, 2010 -- East Asia Minerals Corporation (TSXV-EAS) announces that Caracle Creek International Consulting Inc. ("CCIC") has provided an initial resource estimate for East Asia Mineral's Binebase-Bawone gold deposit at the Sangihe Project, located on Sangihe Island, Sulawesi, Indonesia.
Based on 79 diamond drill holes and almost 1,700 surface samples, Inferred resources using a 0.25 g/t gold cut-off are estimated at 27.327 million tonnes averaging 0.95 g/t gold and 13.58 g/t silver for 836,718 ounces gold and 11,927,237 ounces silver in near and at surface oxides and sulphides. The oxide and sulphide parts of the deposit are separate. Without applying a cut-off there are 1,032,187 ounces gold and 19,371,490 ounces silver.
The resource estimate is contained within two separate bodies, the Binebase and Bawone, being separated by approximately one kilometre of shallow untested cover. At a 0.25 g/t gold cut-off, 65 percent of the tonnage estimate is contained in the Binebase portion of the deposit. The gold ounces are approximately equally divided between Binebase and Bawone.
Close-spaced drilling is required to upgrade Inferred resources to the Indicated classification, whilst step-out drilling is required to determine the extents of the gold and silver mineralization which remains open at both prospects.
"This resource estimate is encouraging for the Sangihe project, especially because drilling was stopped during the market malaise of 2008 and not re-commenced due to the focus at our flagship Miwah Gold Project," said Michael Hawkins, President and CEO of East Asia Minerals. "The resource is open for further drilling, and elsewhere on this large property there are several high-grade surface gold zones being primed for initial drilling"
Other areas of the large Sangihe property requiring follow-up include:
-Kelapa where trench results include 14 metres at 34.8 g/t gold, 10 metres at 9.11 g/t gold, 6 metres at 9.19 g/t gold, 6 metres at 7.34 g/t gold, and 14 metres at 1.1g/t gold;
-Brown Sugar where trench results include 7.8 metres at 15.6 g/t gold and 195.0 g/t silver, 4 metres at 16.0 g/t gold and 196.0 g/t silver, and 1.8 metres at 17.9 g/t gold and 251.0 g/t silver;
-East Asia drill hole at the Brown Sugar zone that gave 16 metres at 2.7 g/t gold and 33.2 g/t silver;
-Sedi where trench samples include 13.4, 15.0 and 42.6 g/t gold at Zone One, and 7.78, 11.2 and 16.0 g/t gold at Zone Two;
-Kupa where trench results include 122.0, 82.4 and 73.8 g/t gold;
-Bonzos where trench results include 5 metres at 2.93 g/t gold and 35.0 g/t silver.
The reader is referred to the Company's website at www.EAminerals.com where previous news releases of exploration and drilling at Sangihe may be found. The complete Resource Estimate can be accessed on the SEDAR website at www.sedar.com.
Resource Estimation Methodology
The mineral resource estimate for the Binebase-Bawone gold deposit was completed by independent consultant Michelle Stone, P.Geo., CCIC, using accepted, industry standard methods that conform with National Instrument 43-101. Drill hole samples have been analyzed for silver and gold at PT SGS Indo Assay Laboratories in Balikpapan, Indonesia. All sample results are monitored with an appropriate QA/QC program and passed the quality checks. The presence of potential outlier sample data was evaluated and top cuts applied for silver and gold (Binebase: oxide 5.4225 g/t gold and 189.5 g/t silver; sulphide 1.68665 g/t gold and 56.1875 g/t silver; Bawone: oxide 34.8433 g/t silver; sulphide 17.2235 g/t gold and 26.954 g/t silver). The grade of blocks measuring 20 metres by 10 metres by 5 metres were estimated using the inverse distance squared method with Gemcom Surpac (v6.1.3) software.
The mineral resources were estimated 2 metre composites across the mineralization at Binebase and 1 metre intervals at Bawone. Grades were estimated using search ellipses with a 120 metres major axis radius, a major to semi-major axis ratio of 1:2 and a major to minor axis ratio of 1:3. A minimum of 4 samples and a maximum of 12 samples were used in the grade estimation of any particular block.
The tonnage at Binebase was calculated from block volumes based on a mathematical relation between grade and measured rock densities (drill core). At Bawone, a clear relationship between specific gravity and gold grade could not be established and therefore the average specific gravity of 2.53 was used to convert model cell volume to tonnes. Blocks were classified as Inferred mineral resources if the average distance between sample pairs used to estimate the grade of a block was less than 120 metres. A technical report on the Binebase-Bawone gold deposit was filed with SEDAR September 22, 2010.
Michelle Stone, PhD, P.Geo., the designated Independent QP within the meaning of NI 43-101, has reviewed and approves the content of this release.
About East Asia Minerals Corporation
East Asia Minerals (EAS-TSXV) is an Asian-based, Canadian mineral exploration company with gold and copper exploration properties in Indonesia, and uranium exploration properties in Mongolia. In Indonesia the Company has a 70 to 85% interest in six advanced gold and gold-copper properties located in Aceh Province, Sumatra, and Sangihe Island, North Sulawesi. Two of these, the Sangihe (Binebase-Bawone) and Barisan 1 (Abong) gold projects, are being advanced to define NI43-101 compliant resources. The Company owns eight uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and two phosphate properties in Mongolia. East Asia currently has 75,655,872 shares outstanding. Its shares are listed for trading on the TSX Venture Exchange under the symbol "EAS".
Forward Looking Statements - This News Release contains forward looking information within the meaning of the British Columbia Securities Act, the Ontario Securities Act and the Alberta Securities Act, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with our expectations, metal recoveries, accidents, equipment breakdowns, title matters and surface access, labour disputes or other unanticipated difficulties with or interruptions in production, the potential for delays in exploration or development activities or the completion of new or updated feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations (including uranium, fuel, steel and construction items), currency fluctuations, failure to obtain adequate financing on a timely basis and other risks and uncertainties. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. The words anticipate, believe, estimate and expect and similar expressions, as they relate to us or our management, are intended to identify forward looking statements relating to the business and affairs of the Company. Except as required under applicable securities legislation, we undertake no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To receive or stop receiving EAS news via email, please email [email protected] and state your preference in the subject line.
FOR FURTHER INFORMATION, visit the Company's website at www.EAminerals.com, or contact:
Michael Hawkins, President and CEO Vancouver T: +1-604-684-2183 E: [email protected]
Nick Kohlmann, Corporate Communications Toronto T: +1-416-792-8734 E: [email protected] |
| |
| | You can view the Next News Releases item: Thu Sep 23, 2010, East Asia Minerals Advances Miwah's Block M Towards Moon River With 149.7 Metres of 1.05 g/t Gold
You can view the Previous News Releases item: Tue Sep 21, 2010, East Asia's EMD040 Adds to Miwah With 2.22 g/t Gold Over 82 Metres Within 117 Metres of 1.68 g/t Gold, and Bottoms EXD003 in 11.78 g/t Gold Over 3.5 Metres
You can return to the main News Releases page, or press the Back button on your browser.
|
| |
| |
