Canadian Venture listed East Asia Minerals (TSX.V: EAS) is shifting exploration gears at its Miwah Gold Property and has identified new gold mineralized samples from the Signal area, a discovery of favourable massive and vuggy silica exposed in erosional window outcrops extending up to 600 metres west of EMD024 (3.96 g/t gold over 111 metres, including 15.74 g/t gold over 22 metres). This area expands the east-west extent of the Miwah Main Zone from 1,200 metres to potentially 1,800 metres, and remains open to the west.
Recent drilling results include EMD026 which encountered and ended in favourable vuggy and massive silica alteration over a 250 metre interval, with the last 18 metres being similar to the high-grade host at the end of EMD024.
Located in Indonesia, Miwah is a high-level, high sulphidation epithermal gold prospect and has seen considerable exploration efforts by EAS. Drilling by a previous explorer has 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.
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).
What makes EAS attractive is its impressive prospect portfolio in the increasingly important Far East. The company has amassed a portfolio of projects in Mongolia and Indonesia in prolific areas. The prospects provide exposure to a wide array of metals including gold, copper, phosphate and uranium.
In what could be an indication of an aggressive exploration programme, EAS recently announced the terms of a non-brokered financing. The Company expects to raise up to $18.85 million through the issuing of up to 2.5 million shares at $7.54 per share. This non-brokered financing is for common shares only, with no warrants attached, and no fees are being paid. EAS will use the proceeds of the offering for further exploration of the Miwah Gold Project, advancement of its Indonesia gold and gold-copper portfolio, and unallocated working capital.
Brisk drill programme at Miwah has certainly underpinned the company’s investment case and markets appear to be warming up to the story. EAS Mapping and sampling at the Signal area discovered new and important gold mineralization based on increased geological understanding. Field crews have discovered favourable massive and vuggy silica in outcrops extending up to 600 metres west of EMD024, reinforcing the model that the mineralized silica zone extends under cover for another 600 metres further west of the current Miwah Bluff outcrops and drilling. Initial chip samples in this area have returned values up to 6.8 g/t gold, and channels of 1.3 g/t gold over 14 metres. Combined with the similarity of host rock and alteration to the Miwah Main Zone, it is believed that the Signal area represents potential to greatly expand the east-west continuity of the gold mineralization.
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.
With emerging markets led by China continuing their impressive economic growth companies with assets in that part of the world are expected to attract increased investor attention. There are of course several companies involved in exploration ventures but not too many have advanced stage projects or projects with exposure to a diverse range of metals. Impressive results from Miwah and its continued exploration efforts place EAS in an enviable position.
About East Asia Minerals Corporation
East Asia Minerals is engaged in mineral exploration company with assets in Indonesia and 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. The Sangihe (Binebase-Bawone) and Barisan 1 (Abong) gold projects are being advanced to define NI43-101 compliant resources. The Company also owns eight uranium properties and two phosphate properties in Mongolia.