East Asia Minerals Corp. (TSX: V.EAS, Stock Forum) said that it has re-initiated the drilling program and site development at the Sangihe project in Indonesia.
After completing a site visit to the Sangihe project, located on island off the northern coast of Sulawesi, management has decided to re-initiate the drilling program as well as advance the development work at the Sangihe project.
According to the press release, exploration and development staff have been hired to develop a drill campaign for the site. The company is evaluating the next stages and strategy for the project going forward, including an environmental impact assessment, metallurgical test work and feasibility studies.
"We do not anticipate any permitting issues at Sangihe with respect to the upcoming exploration programs planned by Management and believe it's the perfect place for EAS to hit the re-start button,” said Edward Rochette, CEO. “The company's goal is to have drills turning at Sangihe by the end of November.”
The Sangihe Gold-Copper project has an existing NI 43-101 compliant inferred mineral resource of 27.3 million tonnes averaging 0.95 grams per tonne gold and 13.58 grams per tonne silver for 836,718 ounces gold and 11,927,237 ounces silver.
East Asia Minerals is an Asian-based, Canadian mineral exploration company with gold and copper exploration properties in Indonesia, and uranium exploration properties in Mongolia.
On Wednesday, East Asia Minerals’ stock was up 29% and was trading at $0.245 a share. The company has a market cap of $27 million, based on 110.2 million shares outstanding. The 52-week high and low was $1.21 and $0.14 respectively.