EAS intercepts favourable alteration at Aceh gold-copper porphyry project
Tuesday, August 3 2010 - 07:00 PM WIB
The entire 417 metre hole was drilled within and ended in altered and mineralized porphyry. Assays are pending.
"We are very encouraged by the results received from the first drill hole in Lower Tengkereng project", said Michael Hawkins, EAS President and CEO "Although assays are pending, the drill core validates our belief that the Barisan porphyry belt represents an important mineralization system with multiple targets and porphyry centres."
EAS' Barisan tenements encompass a cluster of six known porphyry centres within a 6.2 kilometre by 3 kilometre block. At the Lower and Upper Tengkereng Prospect areas two windows of similar porphyry gold-copper mineralization, located about 1.5 kilometres apart, are exposed through shallow volcanic cover rocks and may be linked at depth.
Geological features observed in drill core from Lower and Upper Tengkereng confirm that this system shares many features of the world's best gold-rich porphyry copper deposits in the circum-Pacific rim.
In commenting on the investment climate in Indonesia, Hawkins stated that "Indonesia is possibly one of few countries in the world where conditions for mining investment are arguably improving, rather than deteriorating. Whilst Indonesia is not without challenges, the Company notes that overlapping laws and regulations are not unique to Indonesia. Every project in the world is confronted by a broad range of potential challenges such as environmental, Indigenous peoples, competing land use (such as agriculture), social, NGOs, etc., and the Company notes that there have been potential mines in supposedly low-risk jurisdictions such as Canada that have not gone forward because of "local" resistance. It is more important to note that Indonesia is mining friendly, with a process and a path forward in place for exploration and mine development. Additionally the Company believes it is very important to engage proactively, in a confidential and sensitive way, all potential stakeholders in the areas where it works. In these matters, and with a strong Indonesian experience base, the Board of Directors and Senior Management are confident that the Company is progressing well."
EAS 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. (alex)