East Asia Minerals gold project update
Wednesday, August 24 2011 - 01:48 AM WIB
Sangihe Project (EAS - 70% owner and operator)
Following detailed interpretation of the recently completed air magnetic survey, and ground truthing of the data, the Company is pleased to announce that several new exploration targets have been identified. First pass reconnaissance is planned to commence in the coming months prior to drill target generation and testing.
Ten air magnetic targets are distinguished by displaying similar features to areas known to host gold mineralization within the Sangihe project area. East Asia has now completed 20 drill holes at Sangihe since the resumption of drilling began in April 2011. Drilling continues and the assays from eight holes are pending.
The current Phase II drill program is focusing on expansion of the surface and near-surface gold resources at both Binebase and Bawone through further in-fill and extension drilling. During this phase East Asia also intends to conduct initial drilling at the Salurang, Sede, Kupa and Taware gold prospects, which are known to host gold-bearing quartz veins. The recently completed airborne magnetic survey was conducted over a significant portion of the license area to generate new prospects.
East Asia completed the Phase I drill program at Sangihe in 2008, which included 7,561 metres of drilling in 79 shallow holes at the Binebase and Bawone prospects. In addition, almost 1,700 surface samples were collected.
In September 2010, East Asia released an initial NI 43-101 compliant resource estimate for its Sangihe gold project. The total 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. Of this, the Binebase deposit has an inferred resource of 17.9 million tonnes at 0.76 g/t gold and 18.7 g/t silver for a total of 435,234 ounces gold and 10,716,742 ounces silver. The Bawone deposit has an inferred resource of 9.5 million tonnes at 1.32 g/t gold and 4.0 g/t silver for a total of 401,484 ounces gold and 1,210,495 ounces silver (news release September 22, 2010).
Miwah Project (EAS - 85% owner and operator)
As announced on August 15, 2011, East Asia Minerals is refocusing exploration activities at Miwah to concentrate its efforts on completing metallurgical work as well as social and environmental impact studies to comply with the Indonesian regulations. Furthermore, the Company is also pursuing a forest reclassification of the Miwah tenements with the Ministry of Forestry, which the Company believes is the most significant catalyst for share price re-rating.
Regarding the permitting process at its Miwah project, interested shareholders are invited to reference the Information Circular Filed August 13, 2007 on Sedar, 47th page Miwah Property Description and Location, in which details of the permitting process are contained. East Asia Minerals is also pleased to announce that the Carbon Conservation Pty Ltd. transaction, announced on May 3, 2011, has been completed. East Asia Minerals now owns 50% of Carbon Conservation Pty Ltd. and is working together with their management team to integrate strategies and work programs going forward.(end of release)