Further positive drilling results at Sangihe gold, copper project
Thursday, May 30 2013 - 01:31 AM WIB
Vancouver-based East Asia Minerals Corporation announced additional positive results from its phase 1 drilling program at the company's Sangihe project in Sulawesi.
"These results should increase the resources, tonnages and grades identified in the NI 43-101 technical report for Bawone," said Frank Rocca, Vice President of Exploration at East Asia Minerals in a statement issued Wednesday.
"We are excited by the latest results at Bawone as hole BOD097 has extended the resource to the South East and shows the mineralisation is open along strike in this direction and will be further tested by the drill holes planned in the Phase II drilling program. The phase 1 drilling program is complete with all assay results received. We have started metallurgical studies to consider our processing options."
"The results further highlight the potential at Sangihe to increase the existing mineral resources of both our main prospects on Sangihe Island," added Ed Rochette, CEO of East Asia Minerals.
The assay results for BOD099 show a significant intercept of 11 meters length from 62.5m to 73.5m down hole which has an average gold and copper grade of 1.14g/t and 0.4%. This intercept will extend the eastern extent of the resource at Bawone.
The final drill hole BOD097 in Phase 1 contains a significant intercept of 19.2m length down hole from 86.5m to 105.7m which has an average gold and copper grade of 3.13g/t and 0.55%.
The second phase of drilling is being considered to begin in the latter half of 2013. Phase 2 will comprise of 10,000 meters. The objective will be to identify resource extensions and definitions at Binebase, Bawone and Taware, the company said.
The company will also drill scout holes to test for extensions from Bawone to Salurlang. Further scout holes are planned for the Kuring and Kupa valley prospects. Kuring and Kupa are known to contain high-grade veins and have extensive artisanal mining activity. Trenching samples retrieved by the company from Kupa have been assayed at in excess of 30 g/t of gold.
The Sangihe Gold-Copper Project is located on the island of Sangihe off the northern coast of Sulawesi in Indonesia. Sangihe has an existing NI 43-101 inferred mineral resource of 836,718 ounces of gold and 11,927,237 ounces of silver (using a 0.25 g/t gold cut-off).
Editing by Reiner Simanjuntak