Recent Exploration At Baldwin Led To The Discovery Of New High-Grade Yegon Ridge Lode


On 18 December 2018, Myanmar Metals Limited (ASX: MYL) announced its recent discovery of new high-grade Yegon Ridge Lode which is new mineralization at Bawdwin. At the discovery hole BWDD018, there was high-grade mineralization beneath the Yegon Ridge opposite to Bawdwin valley. Sixteen meters of drilling resulted in the discovery of 7.0% of lead, 1.5% of Zinn and 145g/t of silver and further drilling of 170 meters resulted in the discovery of 0.9% copper. The geophysical survey on drill hole BWDD018 met with a relatively weak chargeable zone.

There was another drilling in the Meingtha Gap area which is a source of high-grade mineralization. The recent assay results include the discovery of lead, zinc, silver, and copper at two discovery holes BWDD010 and BWRC048.  

At BWDD010, there was drilling of 21 meters from its earlier exploration of 124 meters which led to the discovery of 7.9% of lead, 3.4% of Zinc and 120g/t of silver. There was another drilling of 9 meters from its earlier exploration of 146 meters, which led to the discovery of 14.38% of lead, 16.73% of Zinc and 344g/t of silver.

At BWRC048, there was drilling of 31 meters from its earlier exploration of 62 meters which led to the discovery of 4.2% of lead and 52g/t of silver. There was another drilling of 5 meters from its earlier exploration of 164 meters which led to the discovery of 1% of lead, 1.5% of Zinc, 3.3% of copper, 0.3% of Cobalt and 0.4% of nickel. There was one more drilling of 6 meters from its earlier exploration of 183 meters which led to the discovery of 3.4% of lead, 3.6% of Zinc and 78g/t of silver.

At the Geotechnical hole BWDD011, drilling of 25 meters from its earlier exploration of 64 meters in the Shan Lode, led to the discovery of 8.8% of lead, 1.5% of Zinc and 159g/t of silver.

The official listing date of MYL is 3 December 2007. Since then, the company has given a positive performance. However, the yield to date performance of the company is -3.33%. The performance of the company in 5 years was 737.43% which is exceptionally well.

For the FY2018 ending on 30 June 2018, the company made a net loss of $11,691,251. However, the balance sheet of the company appears to be healthy with a strong net asset base of $38,773,855 and debt-equity ratio 0.02. The company also holds a total current asset of $18,529,875 and a total current liability of $712,462 which indicates that the company is in a strong position to meet the working capital requirements and the short-term obligations.

The net cash and cash equivalent by the end of FY2018 were $16,580,163.

By the end of the trading on 18 December 2018, the market price of the share was A$0.058 with the market capitalization of A$73.15 million.


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