March 1, 2013 (Source: Marketwire) Vancouver, BC — East Asia Minerals Corporation (TSX VENTURE:EAS) today announces positive results from its Phase One drilling program at the Company’s Sangihe Project in Indonesia.
The exploration program, which is still underway, is comprised of a total of 4,600 metres of drilling. The program is divided between the Binebase mineralization zone extension, and consists of 12 holes totalling 1800 metres, the Bawone mineralization zone extension to consist of 12 holes totalling 1800 metres and 10 scout holes at the Kupa and Taware areas that will total 1000 metres.
As of February 17 2013, about 2,900 metres has been drilled. Assay testing is underway with results received for two holes. Assay results for hole BID128 at Binebase show an average grade of 1.4 grams per tonne of gold from the surface to a depth of 15.6 metres. Within this sample, 2.5 grams per tonne of gold was identified from one metre to 4.7 metres depth and 3.3 grams per tonne from one metre to 1.75 metres. At hole BID126, northeast of BID128, another strong intercept was discovered showing 3.92 grams per tonne of gold from 1.6 metres to 9.35 metres.
Drilling is expected to be completed at Sangihe by the end of March 2013 with assay results announced during the first half of 2013.
“We are very pleased with these results which are in-line with the resources and grades identified in the NI 43-101 technical report,” said Frank Rocca, the Vice President of Exploration at East Asia Minerals. “These results may also enable us to extend the resource, as earlier drilling identified another mineralization intercept to the southwest of hole BID128.”
The holes were drilled at angles of 60 degrees and the intercepts are in the head of the porphyry at Binebase. The width of the drilling at BID126 was 6.71 metres and 13.51 metres at BID128. The assays were performed at Intertek Laboratories in Jakarta and were assayed using fire assays.
“These initial results demonstrate the potential at Sangihe to extend the existing resource and further develop a high quality mineral resource,” added Ed Rochette, CEO of East Asia Minerals. “Once we have complete results on this phase of drilling, we will move to drilling other prospective areas and start metallurgical studies to consider processing options.”
A second phase of drilling is planned to begin later in 2013 and will comprise 10,000 metres. The objective of Phase 2 drilling will be to identify resource extensions and definitions at Binebase, Bawone and Taware, and 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 had extensive artisanal mining activity. Trenching samples retrieved by the company from Kupa have been assayed at 30 grams per tonne of gold.
The Sangihe Gold-Copper Project is located on the island of Sangihe off the northern coast of Sulawesi in Indonesia and has an existing National Instrument 43-101 compliant Inferred Mineral Resource of 27.3 million tonnes averaging 0.95 grams per tonne of gold and 13.58 grams per tonne of silver for 836,718 ounces gold and 11,927,237 ounces Silver (using a 0.25 grams per tonne gold cut-off) in near and at surface oxides and sulphides. The resource estimate is contained within two separate bodies, the Binebase and Bawone, being separated by approximately one kilometre of shallow untested cover. At a 0.25 grams per tonne gold cut-off, 65 percent of the tonnage estimate is contained in the Binebase portion of the deposit. The gold ounces are approximately equally divided between Binebase and Bawone. (Please see East Asia Minerals news release dated September 22, 2010).
East Asia Minerals (TSX VENTURE: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 three advanced gold and gold-copper properties located in Aceh Province, Sumatra, and Sangihe Island, North Sulawesi. The Company owns six uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and two phosphate properties in Mongolia. Its shares are listed for trading on the TSX Venture Exchange under the symbol “EAS”.
Frank Rocca, AusIMM, Vice President Exploration of the Company, and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.