 |
| | January 11, 2010
East Asia Minerals Drills 1.64 g/t Gold Over 70.2 Metres Within 132.9 Metres Grading 1.01 g/t Gold at Miwah; Second Drill Rig Arrives
|
| | For Immediate Release, January 11, 2010 TSXV: EAS
VANCOUVER, B.C. -- Monday, January 11, 2010 -- East Asia Minerals Corporation (TSXV-EAS) reports that diamond drilling continues to encounter gold at the Miwah Main Zone in Aceh Province, Northern Sumatra, Indonesia. EMD015 encountered 1.01 g/t gold over 132.9 metres, including 1.64 g/t gold over 70.2 metres. The hole was drilled south from the Company's gold rich EMD012A/013 drill holes. To date East Asia has drilled 1 kilometre of strike length along the shallow, laterally extensive 1.2 kilometre long Main Miwah Gold Zone, and has encountered wide intercepts of gold mineralization in all holes drilled. The Main Miwah Gold Zone remains open in all directions.
The Company also reports that a second drill rig, capable of drilling to 350 metres depth, has arrived on site and will commence NI43-101 resource estimate drilling at the western end of the Miwah Gold Zone.
EMD015 was drilled with a 150 degree azimuth and 65 degree dip, and was shut down at 200 metres downhole depth due to drill rig limitations. It is located at the east end of the Main Miwah Gold Zone and tested south of EMD012A/013 where 1.28 g/t gold over 183.5 metres, including 2.11 g/t gold over 77.7 metres; and 1.00 g/t gold over 153.7 metres, including 1.41 g/t gold over 91.5 metres were encountered. Surface channel sampling in the target area gave 3.62 g/t gold over 28 metres. Gold grading 1.01 g/t was encountered from 26.8 to 159.7 metres downhole depth, including 1.64 g/t gold from 26.8 to 97.0 metres. The mineralization in EMD015 is open in all directions and at depth, and is interpreted to be contiguous to the northwest towards EMD012A, to the northeast to EMD013, and to surface.
EMD016 has also been completed (previously postponed due to difficulties with drill pad construction). It was drilled with a 86 degree azimuth and 70 degree dip, and was shut down at 200 metres downhole depth due to drill rig limitations after encountering visually altered and mineralized rock. EMD016 is a step-out hole to the east of the mineralized strike drilled to date, being located more than 100 metres from EMD012A/013/015. Surface channel sampling in the target area gave 106.46 g/t gold over 4.6 metres, and 3.76 g/t gold over 8.45 metres (Refer to map on Company's website at www.EAminerals.com). Assays are pending.
EMD017 is planned to commence this week with a 115 degree azimuth and 55 degree dip, from a location 150 metres north of EMD001/002/003 where 1.71 g/t gold over 158.0 metres, including 3.29 g/t gold over 66.0 metres; and 2.25 g/t gold over 142.9 metres, including 4.31 g/t gold over 51.0 metres were encountered by the Phase One drill campaign. This hole will test silicification and mineralization extending northeast from the Miwah Bluff portion of the Main Zone.
EMD018 is also planned to commence this week with the second, larger capacity drill rig. It will be drilled with a due north azimuth and 30 degree dip to test the area immediately north of EMD001/002/003.
With approximately CDN$8Million in the Treasury, the Company is well funded to easily progress Miwah to completion of the initial NI43-101 compliant resource estimate, and to drill other gold projects in its portfolio, without recourse to financing.
Miwah Background
The Miwah Gold Prospect was partially defined by approximately 3,100 metres of drilling in twelve 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, however a review of the historical data indicates that early drilling was 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, results of the Company's detailed sampling, and properly oriented drill holes.
Based on the Company's work Miwah is resolving into two components; a large 1,200 metre long, at least 300 to 400 metre wide, approximately 200 metre thick tabular zone; and vertical diatreme breccia feeder zones that are beneath and cut through this. At Miwah Gold Zones, East Asia has almost 2,500 metres of rock sawn channel samples which average 2.35 g/t gold. Grade expectations in Main Miwah Gold Zone exceed 1.5 g/t gold. Ongoing sampling verified the Company's confidence that higher overall gold grades can be achieved due to the presence of multiple high grade rock sawn channel samples throughout the strike, including 4.11 g/t gold over 200 metres at the eastern part of the Main Miwah Gold Zone, and 4.35 g/t gold over 27 metres at the western part. Recent drilling has supported this. In addition to the tabular zone the Company has begun to characterize some of the diatreme breccia feeder zones, with rock sawn channel samples including 83.59 g/t gold over 24 metres and 20.14 g/t gold over 12 metres. Recent drilling has supported this. These feeder zones have great potential to develop into substantial tonnages of higher grade gold mineralization in an area adjacent to the Main Miwah Gold Zone.
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 Intertek assay laboratories in Jakarta. Lionel Martin, P.Geo., 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 (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 67,924,122 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.
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]
or
Nick Kohlmann, Corporate Communications
Toronto
T: +1-416-792-8734
E: [email protected] |
| |
| | You can view the Next News Releases item: Tue Jan 19, 2010, East Asia Minerals Updates Progress at Aceh; Expands South Miwah Bluff
You can view the Previous News Releases item: Tue Dec 15, 2009, East Asia Minerals: Moon River Significantly Expands Potential Size of Miwah
You can return to the main News Releases page, or press the Back button on your browser.
|
| |
| |
