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Re: News Releases - Tuesday, March 31, 2009
East Asia Minerals Identifies Additional Miwah Gold Targets;
Drilling to Begin Q2
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For Immediate release, March 31, 2009 TSXV:
EAS
VANCOUVER, B.C. -- Tuesday, March 31, 2009 --East Asia Minerals
Corporation (TSXV-EAS) reports that ongoing mapping and sampling of the
multi-million ounce potential Miwah gold prospect in Northern Sumatra
is in the final stages of target definition for the upcoming drill
program, planned to commence in the second quarter of 2009.
Concurrently, initial prospecting and sampling has begun near the
recently discovered Sipopok gold prospect, located 1.5 kilometres
northeast of the Miwah gold prospect. The Company also reports it has
identified several new high-potential gold targets on the Miwah
property as a result of reprocessing historical airborne data.
Miwah Update
Ongoing mapping and rock saw channel sampling of the Miwah gold
prospect is fine tuning the planned Q2 drill program. Over 2,000 metres
of rock saw channel samples averaging 1.2 g/t gold have been collected
by EAS on this well exposed, 1,200 metres long, up to 200 metres thick
and 300 metres wide, gold-bearing silica ridge. Intervals such as 4.11
g/t gold over 200 metres increase the Company's confidence that
continued exploration will increase historic grades and tonnage.
EAS has recently acquired historical data, including aeromagnetic,
radiometric and multi-element stream and rock geochemistry, covering
most of the 30,000 hectare Miwah Property. Reprocessing and
interpretation of these data indicates the Miwah gold prospect has a
distinct signature which is located on the southern end of a
north-south oriented lozenge-shaped magnetic low (see
www.EAminerals.com) . It appears to be a dilational feature responding
to strike slip movement on northwest trending regional structures.
Controls on higher-grade gold zones are secondary NNE, NS and NNW
faults.
New target zones with similar structural patterns, radiometric
potassium anomalies (probable alunite and clay alteration) and
anomalous gold stream geochemistry, have been identified around the
shoulders of the magnetic low feature. Additional attractive regional
targets have been identified outside of the core area, both SE and NW
of the Miwah gold prospect, and ENE and NW of Sipopok. Concurrent to
the drill program at the Miwah gold prospect, these new targets will
continue to be systematically explored.
Sipopok Update
Field crews have been mobilized to map and sample this exciting
discovery which reinforces the emerging world class potential of the
Miwah property. Regional prospecting by EAS in late 2008 discovered
the Sipopok gold zone 1.5 kilometres NNE of the Miwah gold prospect.
It was speculated that the anomalous gold area sampled, including 12
metres of 0.78 g/t gold, 11 metres of 0.45 g/t gold and 35 metres of
0.33 g/t gold, was a small part of a potentially large mineralized
system. The alteration sampled was predominantly alunite-clay-silica
which is typical of the peripheral parts of high sulphidation
epithermal systems. A recent helicopter flyover has identified what
could be the more gold-rich silicified portion of the system in a
prominent silicified cliff, potentially extending Sipopok a further 600
metres to the ENE of the sampled area. Sipopok is located at the
northern end of the magnetic low and appears to be the mirror image of
Miwah. Its alteration and mineralization appear to be oriented in the
same ENE direction and over a similar strike length as Miwah.
Miwah Background
The Miwah Gold Prospect was partially defined by approximately 3,000
metres of drilling in eleven holes by a previous explorer in 1997. All
holes drilled during this program intersected significant alteration
and mineralization with intercepts including 71 metres of 1.4 g/t gold
and 58 metres of 1.1 g/t gold. The previous explorer suggested
potential for 100 Mt at 1.1 to 1.2 g/t gold (minimum 3.5 million ounces
gold), however a review of the historical data indicates that early
drilling was clearly parallel to higher grade (greater than 5 g/t gold)
structures at surface. Hence, in addition to greater mineralized
tonnage, significantly higher overall grades are anticipated from
better geological understanding and properly oriented drill holes.
Rock saw channel sampling by EAS in 2008 within a well defined, one
square kilometre zone of high sulphidation alteration averaged 1.2 g/t
gold and +3 g/t silver. Better gold mineralization, including 4.11 g/t
gold over 200 metres, is closely related to massive, residual vuggy
silica-sulphide forming an impressive resistant, east-northeast
trending cliff traced 1200 metres along strike, averaging 300 metres
wide and up to 200 metres high.
Miwah demonstrates many features of the shallow part of a high-level
high sulphidation ("HS") epithermal gold system, including intense acid
leaching, strong structural and lithological permeability controls to
fracture fed mineralizing fluids, presence of structurally-controlled
hydrothermal and phreatic breccias, disseminated mineralization of
gold-silver much greater than copper, and the elemental association of
As, Sb, Bi, Ba, S and Te.
The Miwah Property is in a very similar volcanic setting to the Martabe
gold-silver deposit, also located in North Sumatra (Purnama and Baskara
resources: 127.8 million tonnes at 1.4 g/t gold (5.5 million ounces
gold) and 15 g/t silver (60 million ounces silver), and the alteration
system is of a comparable size. Miwah also exhibits a likeness to the
size, style and geometry of the alteration system developed at the
Pierina gold deposit in Peru (67.7 Mt grading 2.98 g/t gold and 22 g/t
silver, giving a total 6.49 million ounces gold and 47.9 million ounces
silver).
Samples reported were assayed at Intertech assay laboratories in
Jakarta. David Royle, B.Sc. (Hons), FAusIMM, CP, the designated QP
within the meaning of NI 43-101, has reviewed and approves the content
of this release. East Asia has not verified the classification of the
resource references and is not treating them as NI 43-101 defined
resources verified by a QP. Although the references of resources are
relevant to recognizing the potential of the Miwah project, they should
not be relied upon.
About East Asia Minerals Corporation
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. Two of these, the Sangihe (Binebase-Bawone) and Barisan 1
(Abong) gold projects, are being advanced to define NI43-101 compliant
resources. The Company owns eleven uranium properties, including the
advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, four
phosphate properties, and a 75% interest in the Khok Adar copper oxide
discovery in Mongolia. East Asia currently has 55,645,372 shares
outstanding. Its shares are listed for trading on the TSX Venture
Exchange under the symbol "EAS".
Forward Looking Statements - This News Release contains forward looking
information within the meaning of the British Columbia Securities Act,
the Ontario Securities Act and the Alberta Securities Act, which
involve known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements of the
Company, or industry results, to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Forward-looking statements are subject
to a variety of risks and uncertainties which could cause actual events
or results to differ from those reflected in the forward-looking
statements, including, without limitation, risks and uncertainties
relating to the interpretation of drill results and the estimation of
mineral resources and reserves, the geology, grade and continuity of
mineral deposits, the possibility that future exploration, development
or mining results will not be consistent with our expectations, metal
recoveries, accidents, equipment breakdowns, title matters and surface
access, labour disputes or other unanticipated difficulties with or
interruptions in production, the potential for delays in exploration or
development activities or the completion of new or updated feasibility
studies, the inherent uncertainty of production and cost estimates and
the potential for unexpected costs and expenses, commodity price
fluctuations (including uranium, fuel, steel and construction items),
currency fluctuations, failure to obtain adequate financing on a timely
basis and other risks and uncertainties. Should one or more of these
risks and uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those
described in forward-looking statements. Accordingly, readers are
advised not to place undue reliance on forward-looking statements. The
words anticipate, believe, estimate and expect and similar expressions,
as they relate to us or our management, are intended to identify
forward looking statements relating to the business and affairs of the
Company. Except as required under applicable securities legislation, we
undertake no obligation to publicly update or revise forward-looking
statements, whether as a result of new information, future events or
otherwise.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
To receive or stop receiving EAS news via email, please email
Info@EAminerals.com and state your preference in the subject line.
FOR FURTHER INFORMATION, visit the Company's website at
www.EAminerals.com, or contact:
Michael Hawkins, President and CEO
Vancouver
T: +1-604-684-2183
E: Hawkins@EAminerals.com
or
Nick Kohlmann, Corporate Communications
Toronto
T: +1-416-792-8734
E: Kohlmann@EAminerals.com
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Copyright (c) 2009 EAST ASIA MINERALS CORPORATION (EAM) All rights
reserved. For more information visit our website at
http://www.eaminerals.com/ or send mailto:info@eaminerals.com
Message sent on Tue Mar 31, 2009 at 6:24:48 AM Pacific Time
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East Asia Minerals Corporation
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EXPLORATION STAGE |
CODE : EAS.V |
ISIN : CA2705411056 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
East Asia Minerals is a gold and silver exploration company based in Canada. East Asia Minerals holds various exploration projects in Indonesia. Its main exploration properties are KHOK ADAR, ENGER, ULAAN NUUR and INGIIN-NARS in Mongolia and TANGSE, TAKENGON, BARISAN 2 PORPHYRY PROJECTS, ABONG, SANGIHE, MIWAH, UPPER TENKERENG and BARISAN in Indonesia. East Asia Minerals is listed in Canada and in Germany. Its market capitalisation is CA$ 8.3 millions as of today (US$ 6.3 millions, € 5.3 millions). Its stock quote reached its highest recent level on May 14, 2010 at CA$ 8.73, and its lowest recent point on January 01, 2016 at CA$ 0.01. East Asia Minerals has 53 790 000 shares outstanding. |