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Junior Miner Receives Results Of 84 g/t Gold Over 24 M
By: AllPennyStocks.com News
July 8, 2009
Just as in the Klondike Days, the search for gold remains fiercely competitive, with more and more companies announcing new finds and getting their names out there to investors to help them share in the glory.
Yet another example was presented in the second week of July, when Asia-based, but Vancouver-headquartered East Asia Minerals Corp. (TSX-Venture:EAS) told the small cap financial world about what it had turned up in Indonesia’s Sumatra province recently. East Asia announced that ongoing exploration of its South Miwah Bluff Gold Zone has come out with high-grade gold. The Company also announces that drilling is underway to test the full strike length of the main Miwah Gold Zone, having commenced at the western extreme.
Results have been received for 154 rock sawn channel samples from South Miwah Bluff, and include 83.59 g/t (ounces per ton) gold over 24 metres, 20.14 g/t gold over 12 metres, and 9.21 g/t gold over seven metres. Detailed follow-up is ongoing to the north and south along strike of the high-grade exposure where several gold-rich channels including 125.9 g/t gold over 23 metres and 19.15 g/t gold over eight metres were recently discovered by EAS.
What’s more, sampling has begun in the neighbouring Sipopok Gold Zone and in areas where mapping and sampling have indicated possible expansion of Miwah.
EAS has gold and copper exploration properties in Indonesia, and uranium exploration properties in Mongolia. In Indonesia, the company has a 70% to 85% interest in half a dozen gold-copper properties, and in Mongolia, it owns 12 uranium properties, four phosphate properties, and a 75% interest in a copper oxide property.
Similarly promising results were found last December, when a 646-metre hole in Indonesia’s Upper Tengkereng area averaged 0.39 g/t gold and 0.21% copper and included a significant intersection of 268 metres of 0.57 g/t gold and 0.26% copper (0.92 g/t gold equivalent) from 318 to 586 metres.
The company is aggressively getting word out, too, that it is seeking folks to come along on this Indonesian adventure. In June, it won Venture Exchange approval for a non-brokered private placement of $4.6 million, the proceeds of which will be used for further exploration of Miwah, advancement of its Indonesia gold and copper portfolio, and unallocated working capital.
EAS stock still has some mountains to climb before reaching its 52-week peak of $1.23, achieved in the early part of July 2008, before falling to its gulch of 12 cents last November. As of the week the major find was announced in South Miwah, the price was around 75 cents, something the firm’s operators hope will improve… and soon.
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