Shares of East Asia Minerals Corporation (TSX: V.EAS, Stock Forum) climbed 10% to $1.32 Wednesday, after the company reported assays for the first two diamond drill holes at its flagship Miwah Gold project in Sumatra.
East Asia says the results “support the interpretation of shallow out-flowed, laterally extensive gold mineralization controlled by multiple northerly trending higher-grade feeder structures that cut steeply through the 1.2 kilometre long (east-west) Miwah Gold Zone.”
Highlights include drill hole EMD001, which encountered 1.97 g/t gold over 57.1 metres, including 2.78 g/t gold over 38.3 metres, while EMD002 encountered 1.71 g/t gold over 158.0 metres, including 3.29 g/t gold over 66.0 metres.
"The mineralization we intercepted supports the Company's earlier confidence that high-grade structural feeder controls on the Main Miwah Gold Zone will result in higher overall grades than the 1.2 g/t gold average from surface channel sampling. We have achieved 3D drill core validation of the potential for a large lateral gold deposit along the 1.2 kilometre Miwah Gold Zone. In addition, the South Miwah Bluff Gold Zone appears to represent exposure of the underlying higher-grade gold-bearing structures and displays the upside potential for continued exploration of the prospective Miwah land tenement. It is our intention to test these zones over the coming months, and with success, to progress towards drill definition of NI43-101 compliant resources," says Michael Hawkins, president and CEO of EAS.
On the company’s Bullboard, cookster9 said: “Big boys are on too this play. 5 million ounce + deposits are hard to come by these days.”
