Release: East Asia Minerals updates progress and plans for Indonesia
Thursday, May 6 2010 - 02:09 AM WIB
With the May 5, 2010 closing of a $18.85 million non-brokered private placement, and with strong drill results continuing to define gold over a large area at Miwah, the Company shall accelerate the arrival of a third drill rig to site. The private placement will also facilitate accelerating activities defining drill targets at its porphyry projects. The entirety of this important private placement went to two well-known and respected gold funds, both of whom are significant long term shareholders of East Asia Minerals. The Company is pleased to state that it appreciates their continued support as it moves forward.
At the Miwah Gold Project, the most recently reported assays from EMD024 yielded 3.96 g/t gold over 111 metres, including 15.74 g/t gold over 22 metres, and indicated increasing grade and thickness to the north. At this time samples from EMD025 to EMD027 are being analyzed. In addition drill hole EMD028 has been recently completed, and EMD029 and EMD030 are in progress. EMD029 is being drilled with a due south azimuth and 60 degree dip to test for the extension of alteration and mineralization from high-grade hole EMD024. It is a 200 metres north step-out from EMD024 and is progressing well, having encountered visually altered and mineralized rock from 60.9 to 69.7 metres, and from 108 metres to the current depth of 139 metres downhole depth. EMD030 is just commencing and is being drilled with a 45 degree azimuth and 47 degree dip from the EMD028 location to test for the extension of silicification and mineralization to the north of EMD021.
Elsewhere at the Miwah Gold Project, drill target generation adjacently south of the Miwah Main Zone to include the South Miwah Bluff Area is near completion. This work is being undertaken by the same reconnaissance team conducting follow-up of the new Signal area to the west of the Miwah Main Zone. A separate team is also progressing well with drill target definition in the Moon River and Sipopok areas. With the recent injection of significant funds into the company's treasury, planning to bring in a third machine has been accelerated to test these targets.
East Asia has drill validated the 1.2 kilometre east-west outcrop width of the shallow, laterally extensive Miwah Main Zone, and has encountered gold mineralization in all of its holes. The Miwah Main Zone remains open in all directions with the Moon River area expanding the north-south potential to more than 600 metres, whilst remaining open further to the north towards Sipopok. Drilling has extended the Miwah Main Zone towards a similar northing as Moon River. Sampling west of the Miwah Main Zone in the Signal area has potentially expanded the east-west width another 600 metres and remains open.
At the Company's other advanced Indonesian gold projects, a detailed work is nearing finalization for drilling at the Lower Tengkereng and Bahu porphyry gold-copper projects, (also in Aceh province. ed). East Asia plans to drill one to two holes in each of these projects to demonstrate the potential of these large porphyry gold systems.
Work at the Lower Tengkereng project has provided confidence to improve on grades from the limited historic drilling. Surface channel sampling by East Asia at Lower Tengkereng, including 31 metres of 0.77 g/t gold plus 0.03% copper and 116 metres of 0.33 g/t gold plus 0.04% copper, confirms the presence of gold-rich porphyry mineralization. These results are significantly better than the historical drill intercepts from the upper 90 metres of the Lower Tengkereng porphyry system, beneath which 339 metres of 0.5 g/t gold plus 0.2% copper were encountered. Historic drill and current surface results at Lower Tengkereng are also better than results from Upper Tengkereng located 1.5 kilometres northeast. At Upper Tengkereng East Asia drilled a 646.25 metre hole averaging 0.39 g/t gold plus 0.21% copper (0.68 g/t gold equivalent*), including 268 metres of 0.57 g/t gold plus 0.26% copper (0.92 g/t gold equivalent*) from 318 to 586 metres. Significant near surface gold mineralization was also intercepted, including 14 to 82 metres (68 metres) of 0.51 g/t gold plus 0.21% copper (0.80 g/t gold equivalent*).
Work at the Bahu project is near completion to provide drill targets in an area where porphyry gold mineralization and alteration have been defined over a 1.6 by 0.9 kilometres area. This project has not been previously drilled. Channel sampling of intense quartz vein stockwork (in excess of 20% quartz vein density) has encountered 30 metres at 0.71 g/t gold with 0.034% copper, 36 metres at 0.65 g/t gold with 0.031% copper, 40 metres at 0.59 g/t gold, and 46 metres at 0.75 g/t gold with 0.027% copper.
About East Asia Minerals Corporation
East Asia Minerals (EAS-TSXV) is an Asian-based, Canadian mineral exploration company with gold and gold-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. (end of edited release)