Pescod in Cannacord Newsletter of June 2 notes the following
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Eric Coffin of Hard Rock Analyst is suggesting we will see a summer rally in
gold stocks as the sector regains front page and as far
as three favorite picks, he goes with East Asia Minerals
and Evolving Gold. A third pick by Coffin just hit the restricted list here at Canaccord, but I suspect those reading
the Hard Rock Analyst tonight, will know exactly
which story that will be."
Then this nr out this morning.
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East Asia (EAS.v)
East Asia samples 125.9 g/t gold over 23 m at Miwah
2009-06-03 08:54 ET - News Release
Mr. Michael Hawkins reports
EAST ASIA DISCOVERS NEW EXTENSION TO MIWAH GOLD ZONE, GRADING UP TO 125.9 G/T GOLD OVER 23 METRES
East Asia Minerals Corp.'s continuing mapping and sampling of the Miwah gold project in Aceh province, northern Sumatra, have discovered a new bonanza-grade extension to the Miwah gold zone, and have encountered additional high-grade gold mineralization at the eastern portion of the main body. Drill pad preparation is in progress with the drill rig mobilized to commence the initial 10-hole program along the full strike length of the impressive Miwah gold zone.
Initial rock chip sampling of a newly discovered southwesterly extension to the Miwah gold zone has encountered several gold-rich channels, including 125.9 grams per tonne gold over 23 metres and 19.15 grams per tonne gold over eight metres. Infill rock sawn channel sampling in the east area of the Miwah gold zone has encountered several new high-grade gold sections, including 3.62 grams per tonne gold over 28 metres and 3.76 grams per tonne gold over 8.45 metres.
Miwah update
Concurrent to ground preparations for the upcoming drill program, geological teams are continuing with sampling of the main Miwah gold zone, regionally in areas such as the highly prospective Sipopok gold zone 1.5 kilometres to the north-northeast, and in areas where mapping and sampling are defining direct extensions to the Miwah gold zone. Assays results from 223 rock sawn and rock chip channel samples have been recently received for the newly discovered South Miwah Bluff feeder zone and the eastern portion of the Miwah gold zone.
Air photo interpretation defined the South Miwah Bluff zone, which is a subdued north-northeast-trending ridge comprising a number of subsidiary feeder structures. The main feeder structure occurs as a southwesterly extension to the high-grade structure mapped at the western area of the Miwah gold zone, which will be tested during the upcoming EAS drill program. This zone is a new EAS discovery not recognized by previous explorers, and further demonstrates the robust upside of the large Miwah tenement.
The South Miwah Bluff zone occurs as interspersed boulders and subcropping strongly silicified blocks of andesite crystal tuff and tuff breccia. Similar to the main Miwah gold zone the dominant alteration is vuggy silica with sugary and massive silica, with moderate to strong oxidization, rare (less than 1 per cent) remnant sulphide minerals (pyrite and enargite) and native sulphur.
Results from recent sampling has both increased the known size of the Miwah gold zone and confirmed the presence of high-gold grade feeder structures to the south. The discovery of the South Miwah Bluff bonanza gold zone has opened up the southwest portion of Miwah prospect by an additional 350-metre-by-250-metre area with very promising potential to further increase the southerly strike. The discovery of bonanza gold grades hosted in north-northeast-trending structures south of the Miwah gold zone suggests that these are feeding gold mineralization into the larger receptive horizons being targeted by the upcoming drill program. These gold mineralized structures also suggest very good starting potential for future mining activities to generate faster returns on investment and aid in cash flow for ramping up production from the larger outflow zones. In addition to drilling of the main Miwah gold zone, continuing exploration efforts will define drill targets within the new discovery for testing immediately following the current program.
CHANNEL SAMPLE HIGHLIGHTS
Block M area Length (metres) Gold (g/t)
Trench (RC) 129 28.00 3.62
Trench (RC) 139 21.00 2.11
Trench (RC) 149 10.70 2.40
Trench (RC) 150 10.00 2.33
Trench (RC) 155 8.45 3.76
South Miwah Bluff zone Length (metres) Gold (g/t)
Trench (RO) 154 8.00 4.97
Trench (RO) 158 23.00 125.84
Trench (RO) 159 9.00 4.79
Trench (RO) 160 8.00 19.15
Progress toward the upcoming drill program along the main Miwah gold zone is on schedule. The drill rig has been mobilized and drilling will commence soon. The initial drill program will comprise 10 holes for a total of 2,000 metres to provide a 3-D validation along the currently defined 1,200-metre strike of the Miwah gold-bearing silica zone, exposed along the impressive Miwah ridge.
This program will provide a further indication of the gold resource potential and the framework for follow-up drilling. While well over 2,000 metres of rock saw channel samples averaging 1.2 grams per tonne gold have been collected by EAS across the entire system, the continuing sampling further verifies the company's confidence that higher overall gold grades can be achieved due to the presence of multiple high-grade rock saw channel samples including 4.11 grams per tonne gold over 200 metres at the eastern part of the gold zone and 4.35 grams per tonne gold over 27 metres at the western part (refer to previous news releases issued in Stockwatch). Initial drill results from the program are expected in July with drilling continuing for approximately three months and beyond with follow-up drilling.
Miwah background
The Miwah gold zone was partially defined by approximately 3,000 metres of drilling in 11 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 grams per tonne gold and 58 metres of 1.1 grams per tonne gold. The previous explorer suggested potential for 100 million tonnes at 1.1 to 1.2 grams per tonne gold, however,a review of the historical data indicates that early drilling was clearly parallel to higher grade (greater than five grams per tonne 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 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 grams per tonne gold and over three grams per tonne silver from over 2,000 metres of samples. Better gold mineralization, including 4.11 grams per tonne gold over 200 metres, is closely related to massive, residual vuggy silica-sulphide forming an impressive resistant, east-northeast-trending cliff traced 1,200 metres along strike, averaging 300 metres wide and up to 200 metres high.
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 grams per tonne gold (5.5 million ounces gold) and 15 grams per tonne 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 million tonnes grading 2.98 grams per tonne gold and 22 grams per tonne 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. Michael Hawkins, MSc, MAusIMM, the designated qualified person within the meaning of 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 National Instrument 43-101 defined resources verified by a qualified person. Although the references of resources are relevant to recognizing the potential of the Miwah project, they should not be relied upon.
We seek Safe Harbor. |
