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Corporate Spotlight

Myanmar Metals Limited is an ASX listed mining company with a 51% majority participating interest in the world class Bawdwin deposit located in Shan State, Myanmar.
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Bawdwin Silver Lead Zinc Copper Project in Myanmar

GOLD EXPLORATION

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STRATEGIC OPTION SECURED OVER GOLD EXPLORATION PROJECTS 

ASX Announcement 7 November 2019 


Highlights 

  • Exclusive option and earn-in agreement to acquire up to an 85% equity interest in Locrian Precious Metals, which holds applications for two highly prospective gold/copper exploration licences in eastern Shan State, Myanmar 
  • Tarlay and Mongywang applications cover a combined 1126km² and are surrounded by several small-scale high-grade gold mines 
  • In 2016 surface channel sampling of small scale mines adjacent to the Tarlay Application encountered:
    - 51.4 g/t gold over 9m (open-ended), including 1m at 334 g/t gold
    - 7.0 g/t gold over 12m 
  • Proven mineral endowment with district scale potential 
  • Complements ongoing development of Bawdwin mine and is consistent with MYL’s strategy to develop a regionally significant metals producer with a pipeline of growth opportunities 
  • Low cost, phased investment structure adopted to minimise risk


Figure 1. Chalcedonic quartz from Mongyu Mine, (excised from the Mongywang Application area). This type of quartz veining is characteristic of shallow level of lowsulphidation gold systems such as Vera Nancy in Queensland. Higher gold grades are usually found deeper down in the system, below the current shallow open pit mine. 


Summary 

Myanmar Metals Limited (MYL or the Company) is delighted to announce that it has negotiated and agreed an exclusive option agreement with Locrian Precious Metals Company Limited (Locrian) to acquire interests up to 85% in Locrian by way of phased investment. Locrian represents a compelling greenfields exploration stage opportunity which allows the Company to leverage the experience, skills and reputation it has earned while developing the Bawdwin project (Bawdwin) in Myanmar. 


A cost effective, district scale exploration program can be commenced on the Locrian applications in the near term without impacting the resources deployed at the Bawdwin development project. The Company’s focus will remain on the completion of the project feasibility studies at Bawdwin and obtaining approval from the Ministry of Natural Resources and Environmental Conservation (MONREC) and Myanmar Investment Commission (MIC) for the development and operation of the Bawdwin mine.


John Lamb, Chairman and CEO said: 

“It has been our strategy from the outset to look at other opportunities in Myanmar once the Bawdwin project reached the DFS stage. MYL is now the leading western mine developer in Myanmar and our strong reputation has yielded a pipeline of potential project acquisition opportunities. Locrian met all of our project screening criteria: it presents with high geological merit, has district scale potential, complements Bawdwin’s development phase and offsets operational risk. 


The terms negotiated with Locrian allow for an early review period at minimal cost before proceeding to the exercise of the option. These initial phases can be funded from the Company’s existing cash reserves.” 


Click here to view the full announcement 

DENVER GOLD PRESENTATION

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NEW TARGETS IDENTIFIED

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DRILLING EXTENDS YEGON LODE, NEW TARGETS IDENTIFIED 

ASX Announcement 13 September 2019 


Highlights 

  • Assays from two holes drilled south and north of the Yegon Lode discovery hole have extended the strike length of the Yegon Lode to over 300m 
    • - BWDD034, intersected 33m at 4.4% Pb and 103g/t Ag from 39m, 6m at 4.6% Pb and 103g/t Ag from 75m and 5m at 4.9% Pb from 85m 
    • - BWDD035, intersected 14m at 3.2% Pb and 61g/t Ag from 41.5m 
  • Mineralisation was encountered outside the current resource block model and, in the case of BWDD034, mineralised intervals were wider than currently modelled 
  • The results of a systematic soil sampling survey over the majority of the Bawdwin Concession area have been compiled: 

- New, robust anomalies have been defined around Mt Teddy, Pangyun Junction, southern Meingtha Ridge and Chin South 

- Reconnaissance mapping and rock chip sampling is being conducted over these areas


Figure 1. Man-portable rig drilling BWDD034 on Yegon Ridge. 


Click here to view the full announcement

100Mt MINERAL RESOURCE

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100Mt MINERAL RESOURCE FOR BAWDWIN 

ASX Announcement 8 August 2019 


Highlights 

  • Indicated and Inferred Mineral Resource estimate rises to 100.6Mt at 4.0% Pb, 3.1 Oz/t (97 g/t) Ag, 1.9% Zn and 0.2% Cu 
  • Confidence in Bawdwin Mineral Resources grows with 14% increase in Indicated Mineral Resources to 42.4Mt at 4.0% Pb, 3.2 Oz/t (99 g/t) Ag, 2.0% Zn and 0.2% Cu – now 42% of total resources 
  • Global significance of Bawdwin reinforced – Bawdwin is the largest primary lead resource globally and hosts a top 10 silver resource1, and remains open in all directions 
  • In-fill drilling delivers outstanding growth in Mineral Resources within the Meingtha Lode where: 
    • - Indicated Resources have increased by 222%, and 
    • - Total Resources have increased by 13% 
  • High-grade core of 47.0Mt at 7.4% Pb, 5.2 Oz/t (163 g/t) Ag, 2.8% Zn, and 0.2% Cu at 2% Pb cut-off 
  • Future resource drilling will look to extend newly discovered zones at Shan North, Yegon Ridge and ER Valley




Figure 1. Bawdwin Open Pit looking East.

John Lamb, Chairman and CEO said: 

“Bawdwin is once again distinguished by its size and grade. A resource of 100Mt is indeed a significant milestone but we don’t believe we are close to defining the true mineral endowment of the Bawdwin mineral province. 


Our Mineral Resource Estimates are largely comprised from mineralisation within the historical mining envelope, with modest additions from stepping out along strike and parallel to strike, we have yet to drill to the bottom of the historical mine workings, let alone beneath them. 


The recent discoveries at Yegon Ridge, Shan North and ER Valley could add material project resources and we have a further 4 high priority exploration targets which look very promising.” 


Figures 2 and 3. Overview of the Bawdwin Mineral Field. 


 Click here to view the full announcement

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