East Asia Minerals Intercepts Favourable Alteration and Mineralization at Lower Tengkereng Gold-Copper Porphyry Project; Ends in Mineralization
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/03/10 -- East Asia Minerals Corporation (TSX VENTURE: EAS) announces that its first diamond drill hole at the Lower Tengkereng gold-copper project confirms the presence of a significant altered and mineralized porphyry system within the Company's highly prospective Barisan porphyry belt, Aceh Province, Indonesia. The entire 417 metre hole was drilled within and ended in altered and mineralized porphyry. Assays are pending.
'We are very encouraged by the results received from the first drill hole in our Lower Tengkereng porphyry project', commented Michael Hawkins, President and CEO of East Asia Minerals Corporation. 'Although assays are pending, the drill core validates our belief that the Barisan porphyry belt represents an important mineralization system with multiple targets and porphyry centres. We remain confident of being able to continue demonstrating that our porphyry portfolio has great potential to add significant value to our Company.'
LTD001 was drilled with a due south azimuth and 60 degree dip to test for gold-copper mineralization at the Lower Tengkereng porphyry. The hole was abandoned in mineralization at 417.4 metres due to hole collapse, however, sufficient altered porphyry was intersected to confirm the importance of this project.
LTD001 returned classic porphyry alteration and mineralization beneath coincident gold-copper surface geochemistry and magnetic anomalies associated with porphyry style alteration. The host rock is diorite. Alteration is predominantly quartz-alunite-clay-iron oxides with 1 to 5% quartz veining from 1 to 97 metres, quartz-illite-sericite-pyrite with 2 to 8% quartz veining containing variably oxidized pyrite +/- chalcocite veining from 97 to 210 metres, and quartz-illite-sericite-pyrite with 1 to 10% quartz veining containing un-oxidized pyrite-magnetite +/- chalcocite +/- chalcopyrite +/- bornite +/- molybdenite from 210 to 417.4 metres (end of hole).
LTD002 has commenced with a 125 azimuth and 60 degree dip to continue testing alteration and mineralization at the Lower Tengkereng porphyry. The target includes a ground magnetic high to the southeast of LTD001, as well as favourable surface geology, geochemistry and drill results from nearby historic drilling (Refer to drill location map at www.EAminerals.com).
Barisan Porphyry Geological Setting
East Asia Minerals' Barisan tenements encompass a cluster of six known porphyry centres within a 6.2 kilometre by 3 kilometre block (view map at www.EAminerals.com). At the Lower and Upper Tengkereng Prospect areas two windows of similar porphyry gold-copper mineralization, located about 1.5 kilometres apart, are exposed through shallow volcanic cover rocks and may be linked at depth.
Geological features observed in drill core from Lower and Upper Tengkereng confirm that this system shares many features of the world's best gold-rich porphyry copper deposits in the circum-Pacific rim. They include:
a. the association of alteration and mineralization with composite porphyry
stocks emplaced into coeval andesitic volcanic rocks at shallow levels;
b. association of K-silicate alteration at depth which has undergone
partial overprinting with advanced argillic and intermediate argillic
assemblages;
c. strong positive correlation between quartz vein density and
mineralization distribution;
d. hydrothermal magnetite associated with quartz veining is common at depth
but appears to have been destroyed at higher elevations by later-stage
overprinting hydrothermal alteration;
e. the mineralized system is telescoped in which later stage vuggy, banded
epithermal quartz veins overprint early porphyry-style veins.
Photogeological interpretation of stereoscopic ASTER and PULSAR satellite images of this region has identified additional porphyry targets, demonstrating the high prospectivity of this mineralized belt. These targets and the other known porphyry centers will be systematically explored.
Lionel Martin, P.Geo., the designated QP within the meaning of NI 43-101, has reviewed and approves the content of this release.
On the corporate front, East Asia Minerals directs interested readers to its website (www.EAminerals.com) where it has added a discussion of the overall positive nature of Indonesia, and in particular Aceh Province, for investment. This discussion is under the Indonesian section and located at Projects / Indonesia / Overview.
In commenting on the investment climate in Indonesia, Michael Hawkins, President and CEO of East Asia Minerals, states that 'Indonesia is possibly one of few countries in the world where conditions for mining investment are arguably improving, rather than deteriorating. Whilst as discussed on the website Indonesia is not without challenges, the Company notes that overlapping laws and regulations are not unique to Indonesia. Every project in the world is confronted by a broad range of potential challenges such as environmental, Indigenous peoples, competing land use (such as agriculture), social, NGOs, etc., and the Company notes that there have been potential mines in supposedly low-risk jurisdictions such as Canada that have not gone forward because of 'local' resistance. It is more important to note that Indonesia is mining friendly, with a process and a path forward in place for exploration and mine development. Additionally the Company believes it is very important to engage proactively, in a confidential and sensitive way, all potential stakeholders in the areas where it works. In these matters, and with a strong Indonesian experience base, the Board of Directors and Senior Management are confident that the Company is progressing well.'
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