East Asia Minerals to drill 4,600m at Sangihe project
Wednesday, October 10 2012 - 03:34 AM WIB
Canada?s East Asia Minerals Corporation announced Tuesday details for a 4,600 meters drill program at the Sangihe gold and copper project in Indonesia. Drilling is expected to commence in November to follow up on phase one and phase two drilling programs completed in previous years at the Binebase and Bawone zones. In addition there will be a scouting drill program at the Kupa and Taware Valleys .
There are three objectives for the proposed drilling program to be undertaken on Sangihe Island in 2012, the company said in a statement. The first is to increase the Inferred Resource ounces at the Binebase mineralized zones by defining the boundaries of the mineralized zone. This will also convert some of the Inferred Resources to Indicated Resources.
The second objective is to define the along strike resource extensions of the Bawone mineralized zone towards Salurang, to increase the volume of the Inferred Resource.
The final objective of the exploration program is to drill scouting holes in the Kupa and Taware valleys. These will target the quartz veins in these valleys which have returned high grade assay values in grab and channel samples taken in previous years.
The exploration program will be comprised of a total of 4,600 meters of drilling. The program will be subdivided in the following manner: Binebase mineralization zone extension 12 holes totaling 1,800 meters; Bawone mineralization zone extension 12 holes totaling 1,800 meters; Kupa & Taware scout holes will be 8 holes totaling 1,000 meters. The estimated total cost for the drilling and assaying program, is $2.8 million.
The Sangihe gold and copper project is located on the island of Sangihe off the northern coast of Sulawesi and has an existing 43-101 compliant inferred mineral resource of 27.3 million tons averaging 0.95 g/t gold and 13.58 g/t silver for 836,718 ounces gold and 11,927,237 ounces Silver (using a 0.25 g/t gold cut-off) in near and at surface oxides and sulphides. The oxide and sulphide parts of the deposit are separate.
Editing by Reiner Simanjuntak