East Asia Minerals Receives Remaining Gold Assays for EMD033, Expanding Miwah Main Zone With 1.51 g/t Gold Over 270.5 Metres
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/12/10 -- East Asia Minerals Corporation (TSX VENTURE: EAS) announces that it has received the final batch of gold assays for EMD033, completing the composite gold section. Combined with recently announced partial assays (see July 7, 2010 news release), EMD033 encountered 1.51 g/t gold over 270.5 metres, including 2.33 g/t gold over 89 metres followed by 1.87 g/t gold over 71 metres. Further in the hole, EMD033 assayed 0.57 g/t gold over 36.6 metres and ended in mineralization. The complete alteration interval, ending in gold mineralization at 349.6 metres, gave 1.34 g/t gold over 323.1 metres. This hole has greatly expanded the gold-rich Miwah Main Zone in Aceh Province, Northern Sumatra, Indonesia, and has further confirmed the potential to connect with the Moon River area.
EMD033 was drilled northeast from EMD014/026 using a 030 degree azimuth and 55 degree dip to test the extension of alteration/mineralization northeast of the Block M portion of the Miwah Main Zone and southwest of Moon River. The hole was completed at 349.6 metres downhole depth and encountered 1.51 g/t gold from 26.5 to 297 metres, including 2.33 g/t gold from 58 to 147 metres, and 1.87 g/t gold from 162 to 233 metres. Further in the hole, 0.57 g/t gold was encountered from 313 to 349.6 metres. The complete alteration package gave 1.34 g/t gold from 26.5 metres to end of hole at 349.6 metres. The mineralization is open to the north, east and at depth, and is interpreted to be contiguous to gold-rich holes drilled in all other directions. EMD033 has made a substantial positive impact towards endorsing the modelled upside of the Miwah Main Zone being continuous to the Moon River area. Should the Miwah Main Zone connect to the Moon River area, the potential is to double the initial pre-drilling model size.
EMD034 was reported July 7, 2010 and validated the recently recognized west gold-bearing extension of the Miwah Main Zone continuously over a three-hole east-west fence (EMD028, 032, 034). Assays are pending for holes EMD035 and 036 which respectively encountered visually favourable alteration/mineralization from 43.2 to 114.1 metres; and from 19.6 to 34.1 metres, 59 to 105.9 metres and 158.7 to 182 metres. EMD037 encountered visually favourable alteration/mineralization from 34 to 137 metres, and 165 to 186.3 metres where the hole was abandoned due to difficult ground conditions. Assays are pending. Replacement hole EMD037B has commenced with a 129 degree azimuth and 50 degree dip. EMD038 is progressing towards the target gold-bearing horizon. (Refer to drill location map at www.EAminerals.com).
East Asia has drill validated the 1.2 kilometre east-west outcropping 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.
Miwah Background
The Miwah Gold Prospect was partially defined by approximately 3,100 metres of drilling in twelve 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, however a review of the historical data indicates that early drilling was 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, results of the Company's detailed sampling, and from the ongoing drill program which is based on increased geological understanding. An example is the intersection of 3.96 g/t gold over 111 metres, including 15.74 g/t gold over 22 metres from East Asia's diamond drill hole EMD024.
Based on the Company's work Miwah is resolving into two components; a large 1,200 metre long, at least 450 metre wide, approximately 200 metre thick tabular zone; and vertical diatreme breccia feeder zones that are beneath and cut through this. At Miwah Gold Zones, East Asia has almost 2,500 metres of rock sawn channel samples which average 2.35 g/t gold. Grade expectations in Main Miwah Gold Zone exceed 1.5 g/t gold. Ongoing sampling verified the Company's confidence that higher overall gold grades can be achieved due to the presence of multiple high grade rock sawn channel samples throughout the strike, including 4.11 g/t gold over 200 metres at the eastern part of the Main Miwah Gold Zone, and 4.35 g/t gold over 27 metres at the western part. Recent drilling has supported this. In addition to the tabular zone the Company has begun to characterize some of the diatreme breccia feeder zones, with rock sawn channel samples including 83.59 g/t gold over 24 metres and 20.14 g/t gold over 12 metres. Recent drilling has supported this. These feeder zones have great potential to develop into substantial tonnages of higher grade gold mineralization in an area adjacent to the Main Miwah Gold Zone.
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 Intertek assay laboratories in Jakarta. Lionel Martin, P.Geo., 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 (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 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 eight uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and two phosphate properties in Mongolia. East Asia currently has 75,503,372 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.
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Contacts:
East Asia Minerals Corporation - Vancouver
Michael Hawkins
President and CEO
+1-604-684-2183
Hawkins@EAminerals.com
East Asia Minerals Corporation - Toronto
Nick Kohlmann
Corporate Communications
+1-416-792-8734
Kohlmann@EAminerals.com
www.EAminerals.com