RE: RE: Pescod had a write up last night .Thanks, desertshadow, for that link to the Pescod/Coffin Bros. comments. I think that's work a cut and paste, here:
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EAST ASIA MINERALS (V-EAS) $3.65 -0.05
EastAsia Minerals
Yesterday there was some pretty big news out onEast Asia Minerals which needless to say, warmed the hearts of
theCoffin Brothers of the Hard Rock Analyst fame. They and the wholeCity of Vancouver, are certainly starting to
warm up to the Olympicsthese days, which was part of their featured take on the Hard RockAnalyst, but more
importantly, the drilling results out on EastAsia, showed that this deposit that is getting quite large, but hasusually been quite low-grade, has come up with a very, very sweetspot that not only adds extension to what they found, but an awfullot more ounces. Why don’t we just print here, what the Hard Rocksubscribers read yesterday:
“Many things are trading well at themoment but today’s gold medal has to go to East Asia Minerals (EAS-V, tradingup 47 cents at $3.73 on 750k shares) that released results from threenew holes this morning which have succeeded in extending the mainMiwah zone to the north. The highlight hole of this set was holeEMD019 which was collared a couple of hundred metres north of holes1-3 and drilled to the south towards them. EMD019 intersected 81metres grading 4.08 g/t gold including 21 metres grading 9.29 g/tgold indicating a northern extension of the strong grades returned fromthe Phase 1 Miwah drilling. Hole 18, collared in the same area as holes 1-3but drilled to the north is still in progress due to somemechanical issue with the second larger drill rig.
EAS alsoreleased partial results from EMD018 including 47 metres grading 3.29g/t gold. The Company noted that there are 86 meters of the upperintersection in hole 18 still to be assayed and that the drill iscontinuing to cut what looks like “the right stuff” in a deeper intervalwith the hole now at 244 metres. The message is that there shouldbe more strong results on the way and that these holes havedefinitively expanded the Miwah zone another 200 meters to the northin this area and that it is still open in this direction. EAS hasgot its mojo back thanks to these holes and we continue to considerit as spec buy with plenty of more drill holes to come.”
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I think there's a typo above in the discussion of hole 18... Only the first 86 meters of the hole have been assayed. I like the company's not so subtle hint in the press release that "strong visually altered and mineralized rock" was encountered from 39 to 158 meters, as well as at deeper parts of the hole. Assays are pending from 86 meters, on.
I thought this release was huge news and tantalizing, for two reasons. First, because hole 18 is pointed due north--well on the way to Moon River. I can't wait for the assays on the rest of that hole. Frankly, I think that if/when EAS sticks a drill down in Moon River and hits ore, the market will ASSUME that all these areas (Main Miwah Zone, Moon River, and Sipopok) are indeed connected and ignite the stock.
Further, the grades that virtually all these reported intersections have found greatly exceed the general overall grades found most of the deposit, so far. Hole 20 will be interesting, as well, as they said that essays are pending and over 100m stretch of the hole encountered the "strong vuggy alteration" they targeted, AND that the viggy silica alteration may be thickening to the west. (Hole 21 is in progress and will further test the vuggy silica alteration.) As has been stated on this board, "vuggy" alteration can be VERY rich ore.
The bottom line is this deposit continues to get bigger and possibly richer that thought. To any majors interested in buying the deposit from EAS... You better hop to it--the price just went up. More holes and results like the ones from this release will drive the purchase price up more, too. Not a single drill hole has missed ore. If you wait until it's all in and confirmed, you'll have no negotiating power.
I find it interesting, too, that there is very low volume right now. Even the news itself generated comparatively low volume, compared to other big news days. I agree with Coastal that the shares seem now to be in very strong hands. If I were a fund interested in buying the stock, I'd try to avoid chasing the stock higher and wait and see if there are any sellers willing to part with their shares at current (low) prices. If/When that fails, someone will start buying and perhaps create a rush to buy. Then, IMO, they either will have to buy or watch it get away without them.
The news was GREAT and the imminent assays from other holes that have hit "strong vuggy alteration" and "strongly visually altered and mineralized rock" will come soon. The big boys had better not wait too long.
GLTA!