VANCOUVER (Yosefardi) – East Asia Minerals Corporation recently completed a 4,600 metre drilling campaign on its exploration projects at Miwah in Aceh Province and Sangihe Island in North Sulawesi, Indonesia.
This drilling campaign aims to upgrade the existing mineralization, test extensions to the resource and identify further mineralized zones.
Evaluation of the assay results is underway with Mining Associates of Brisbane, Australia. Ausenco, also from Brisbane, is carrying out metallurgical studies to determine processing options.
Sangihe is held under a Contract of Work permit, which allows access and development for 26 years. It is located on the island of Sangihe off the northern coast of Sulawesi in Indonesia.
Sangihe has an existing NI 43-101 compliant inferred mineral resource of 836,718 ounces of gold and 11,927,237 ounces of silver (27.3 million tonnes using a 0.25 g/t gold cut-off and an average of 0.95 grams per tonne of gold and 13.58 grams per tonne of silver).
The company also announces that its local partner has requested that the Miwah Project be placed into suspension. The exploration licences, or IUPs, at Miwah were effective from November 2012 and extended until November 2014.
Additional drilling and completion of an Indonesian Standard Feasibility Study are required before the IUPs expire, at which point the Company could seek mining licences on the properties.
By putting the project in suspension, the company maintains its exploration rights and the remaining time on its IUPs while halting all expenditures.
East Asia believes the remaining time on the IUP extensions is sufficient to complete the required work at Miwah. A suspension notice has now been filed with the Indonesian Ministry of Mines.
The company’s property at Miwah is an epithermal gold target located on the northern tip of Sumatra Island in the province of Aceh in Indonesia and consists of about 2,000 hectares within the 30,000 hectares of the Miwah IUPs.
The company filed an NI 43-101 technical report on May 2011 which identified a gold resource at Miwah of approximately 3.1 million ounces (103.9 million tonnes using a cut-off of 0.2 grams per tonne and an average grade of 0.94 grams per tonne of gold).