Asia Now Continues Drilling at Beiya and Haboadmin
Asia Now Resources Corp. a mineral exploration company active in China since 2002 announce that the Company continues drilling and tunneling its main mineralization zones at Beiya and Habo in Yunnan Province of China.
Drilling at Beiya focuses on the northeast section of the 13km-long by 2km-wide gold zone that includes the adjacent Beiya Gold Mine with production capacity of up to 100,000 ounces of gold annually, the largest open-pit gold mine in Yunnan. Two drilling rigs are operating to define the extent of the resource in the main, thick gold-silver zone confirmed in 2008 (see news release dated February 24, 2009) and to test a strong magnetic anomaly that extends from the adjacent Beiya Gold Mine. Within the Beiya Gold Mine, this magnetic anomaly has been drilled to discover a high-grade gold-copper-iron zone up to 110 meters thick. To the northeast of the main gold-silver zone, an IP program has been planned for the gold anomaly where extensive alteration and favorable geology has been documented in two consultant reports by a Canadian expert, Dr. Richard Tosdal, and an Australian expert, Dr. Zhaoshan Chang, early this year. This IP program will be followed by a drilling program to test the gold mineralization zone at depth.
At Habo, two tunneling programs are being carried out to further define the extent of high-grade molybdenum and copper zones at Habo South (see news release of February 26, 2009). Two additional tunnels have been planned to test the eastern extension of this high grade zone where the alteration and mineralization have been reviewed in the consulting report by an Australian expert, Dr. Anthony Harris, who visited Habo in 2007 and late 2008. Geologically, Habo is located at the under-explored, southeast part of the productive Tethyan belt that contains some of the world’s largest porphyry copper-gold-molybdenum ore deposits such as Sar Cheshmeh in Iran, and Reko Diq (owned by Barrick Gold and others) in Pakistan. Results to date indicate strong geological similarities of the Habo porphyries with the big systems in Iran and Pakistan, and we are testing and defining the high-grade zones at Habo.
These programs are part of the exploration plan for 2009 that has been reviewed and approved recently by the Boards of Asia Now’s joint venture companies in Yunnan province, China. To date, the Company has completed regional exploration programs including soil, stream sediment and bedrock sampling, and geophysical programs over the whole Beiya and Habo areas, and identified the main mineralization zones for further exploration. At Beiya, the main mineralization zones cover a total of 70 square kilometers. At Habo, the porphyry mineralization systems cover an area of 50 square kilometers. Ground holdings covering low potential areas will be substantially reduced to reserve funds for high potential targets. The reduction of exploration area will also reduce the cost for maintaining the exploration rights, and to satisfy new regulations in Yunnan Province.
To strengthen the relationships with the local governments, the Company has retained Mr. Bian Jiang as a consultant for relationships with local governments and maintenance of exploration rights. Mr. Bian has working experience and strong relationships with provincial and local governments in Yunnan. The consulting agreement with Mr. Bian has a term of one year, from January 1, 2009 to December 31, 2009, with optional renewal for up to two (2) successive periods. Under the Agreement, Asia Now will issue 200,000 common shares to Mr. Bian for each year of service, subject to board and TSX Venture Exchange approval.