EAS announces NI43-101 resource estimate for Aceh gold project
Monday, May 9 2011 - 04:20 PM WIB
Based on 71 diamond drill holes the Inferred Resources, using a 0.20 g/t gold cut-off, are estimated at 103.9 million tonnes averaging 0.94 g/t gold and 2.68 g/t silver for 3.14 million ounces gold and 8.95 million ounces silver in near and at surface mineralization, the company said.
| Cut-Off Grade Au (g/t) | Tonnage (Mt) | Grade | Contained Metal | ||||
| Au (g/t) | Ag (g/t) | AuEq* (g/t) | Au (Moz) | Ag (Moz) | AuEq* (Moz) | ||
| >0.2 | 103.9 | 0.94 | 2.68 | 0.98 | 3.14 | 8.95 | 3.28 |
| >0.4 | 84.9 | 1.08 | 2.96 | 1.13 | 2.95 | 8.09 | 3.07 |
| >0.6 | 61.1 | 1.31 | 3.36 | 1.36 | 2.57 | 6.60 | 2.68 |
Gold equivalents have been calculated assuming the two year trailing average metal prices and used a gold price of $US1,185 per ounce, and a silver price of $US20 per ounce for a silver to gold equivalency ratio of 56.42:1. Gold (Au) recovery is assumed 95% and silver (Ag) recovery is assumed 85%.
The resource estimate is contained within the Miwah Main Zone portion of the large Miwah Gold Project, and remains open for expansion. The reported NI43-101 inferred resource block measures 1300 metres east-west, up to 600 metres north-south, and 300 metres thick from the summit of the Miwah hill. Closer 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 remain open.
"This initial resource estimate is encouraging for the Miwah project, especially because exploration drilling was largely stopped during the resource drilling campaign," said Michael Hawkins, President and CEO of East Asia Minerals. "Combined with the Sangihe project we have now defined in excess of 4 million ounces of shallow NI43-101 compliant gold resources. The Miwah and Sangihe gold deposits remain open for resource expansion with drills turning at both projects. Elsewhere on these projects there are several surface gold zones being primed for initial and follow-up drilling. The company also anticipates completion of metallurgical, environmental and scoping studies at Miwah by year end. With a strong treasury, we are fully financed to move these programs forward."
The company also notes significant gold-bearing drill intersections that remain open at the outer limits of and adjacent to the resource block, verifying the potential to quickly expand the initial resource estimate.
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. (romel)