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| | March 31, 2009
East Asia Minerals Identifies Additional Miwah Gold Targets; Drilling to Begin Q2
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| | For Immediate release, March 31, 2009 TSXV: EAS
VANCOUVER, B.C. -- Tuesday, March 31, 2009 --East Asia Minerals Corporation (TSXV-EAS) reports that ongoing mapping and sampling of the multi-million ounce potential Miwah gold prospect in Northern Sumatra is in the final stages of target definition for the upcoming drill program, planned to commence in the second quarter of 2009. Concurrently, initial prospecting and sampling has begun near the recently discovered Sipopok gold prospect, located 1.5 kilometres northeast of the Miwah gold prospect. The Company also reports it has identified several new high-potential gold targets on the Miwah property as a result of reprocessing historical airborne data.
Miwah Update
Ongoing mapping and rock saw channel sampling of the Miwah gold prospect is fine tuning the planned Q2 drill program. Over 2,000 metres of rock saw channel samples averaging 1.2 g/t gold have been collected by EAS on this well exposed, 1,200 metres long, up to 200 metres thick and 300 metres wide, gold-bearing silica ridge. Intervals such as 4.11 g/t gold over 200 metres increase the Company's confidence that continued exploration will increase historic grades and tonnage.
EAS has recently acquired historical data, including aeromagnetic, radiometric and multi-element stream and rock geochemistry, covering most of the 30,000 hectare Miwah Property. Reprocessing and interpretation of these data indicates the Miwah gold prospect has a distinct signature which is located on the southern end of a north-south oriented lozenge-shaped magnetic low (see www.EAminerals.com) . It appears to be a dilational feature responding to strike slip movement on northwest trending regional structures. Controls on higher-grade gold zones are secondary NNE, NS and NNW faults.
New target zones with similar structural patterns, radiometric potassium anomalies (probable alunite and clay alteration) and anomalous gold stream geochemistry, have been identified around the shoulders of the magnetic low feature. Additional attractive regional targets have been identified outside of the core area, both SE and NW of the Miwah gold prospect, and ENE and NW of Sipopok. Concurrent to the drill program at the Miwah gold prospect, these new targets will continue to be systematically explored.
Sipopok Update
Field crews have been mobilized to map and sample this exciting discovery which reinforces the emerging world class potential of the Miwah property. Regional prospecting by EAS in late 2008 discovered the Sipopok gold zone 1.5 kilometres NNE of the Miwah gold prospect. It was speculated that the anomalous gold area sampled, including 12 metres of 0.78 g/t gold, 11 metres of 0.45 g/t gold and 35 metres of 0.33 g/t gold, was a small part of a potentially large mineralized system. The alteration sampled was predominantly alunite-clay-silica which is typical of the peripheral parts of high sulphidation epithermal systems. A recent helicopter flyover has identified what could be the more gold-rich silicified portion of the system in a prominent silicified cliff, potentially extending Sipopok a further 600 metres to the ENE of the sampled area. Sipopok is located at the northern end of the magnetic low and appears to be the mirror image of Miwah. Its alteration and mineralization appear to be oriented in the same ENE direction and over a similar strike length as Miwah.
Miwah Background
The Miwah Gold Prospect was partially defined by approximately 3,000 metres of drilling in eleven holes by a previous explorer in 1997. All holes drilled during this program intersected significant alteration and mineralization with intercepts including 71 metres of 1.4 g/t gold and 58 metres of 1.1 g/t gold. The previous explorer suggested potential for 100 Mt at 1.1 to 1.2 g/t gold (minimum 3.5 million ounces gold), however a review of the historical data indicates that early drilling was clearly parallel to higher grade (greater than 5 g/t gold) structures at surface. Hence, in addition to greater mineralized tonnage, significantly higher overall grades are anticipated from better geological understanding and properly oriented drill holes.
Rock saw channel sampling by EAS in 2008 within a well defined, one square kilometre zone of high sulphidation alteration averaged 1.2 g/t gold and +3 g/t silver. Better gold mineralization, including 4.11 g/t gold over 200 metres, is closely related to massive, residual vuggy silica-sulphide forming an impressive resistant, east-northeast trending cliff traced 1200 metres along strike, averaging 300 metres wide and up to 200 metres high.
Miwah demonstrates many features of the shallow part of a high-level high sulphidation ("HS") epithermal gold system, including intense acid leaching, strong structural and lithological permeability controls to fracture fed mineralizing fluids, presence of structurally-controlled hydrothermal and phreatic breccias, disseminated mineralization of gold-silver much greater than copper, and the elemental association of As, Sb, Bi, Ba, S and Te.
The Miwah Property is in a very similar volcanic setting to the Martabe gold-silver deposit, also located in North Sumatra (Purnama and Baskara resources: 127.8 million tonnes at 1.4 g/t gold (5.5 million ounces gold) and 15 g/t silver (60 million ounces silver), and the alteration system is of a comparable size. Miwah also exhibits a likeness to the size, style and geometry of the alteration system developed at the Pierina gold deposit in Peru (67.7 Mt grading 2.98 g/t gold and 22 g/t silver, giving a total 6.49 million ounces gold and 47.9 million ounces silver).
Samples reported were assayed at Intertech assay laboratories in Jakarta. David Royle, B.Sc. (Hons), FAusIMM, CP, the designated QP within the meaning of NI 43-101, has reviewed and approves the content of this release. East Asia has not verified the classification of the resource references and is not treating them as NI 43-101 defined resources verified by a QP. Although the references of resources are relevant to recognizing the potential of the Miwah project, they should not be relied upon.
About East Asia Minerals Corporation
East Asia Minerals 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 eleven uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, four phosphate properties, and a 75% interest in the Khok Adar copper oxide discovery in Mongolia. East Asia currently has 55,645,372 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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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]
or
Nick Kohlmann, Corporate Communications
Toronto
T: +1-416-792-8734
E: [email protected] |
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