Myanmar Metals’ Shares Rose Over 3% On ASX Post Announcement Of High-Grade Drilling Results

  • Mar 11, 2019 AEDT
  • Team Kalkine
Myanmar Metals’ Shares Rose Over 3% On ASX Post Announcement Of High-Grade Drilling Results

Myanmar Metals Limited (ASX: MYL) is into the operations of mining. It has 51% majority participating interest in the Bawdwin deposit in Myanmar. The company has an objective to be a leading regional base and precious metals producer. It has a Tier one project which is strategically in an advantageous location coupled with outstanding exploration potential. It has a management team with experience and depth and local partners who significantly contributes to de-risk the operations of the company.

The company today on 11 March 2019, has announced its drilling results. The Western Hangingwall lode, which was discovered in November 2018 has been extended with high-grade and wide intercepts. Although previously it has been modelled as waste, however currently wide intercepts have been found which includes hole BWRC061. A 16-meter depth from the previous exploration of 34 meters in this pit have resulted at 12.8% lead, 7.4% Zinc and 324g/t silver.

The area of new mineralization intercept is 80 meter west of previous Meingtha Gap drilling. This might well indicate the true width of the Meingtha Gap mineralised zone is nearly double that which is currently modelled. Assays from the remainder of Yegon Ridge Lode discovery hole were received which showed an increase in the high-grade interval.

Several strong intervals of mineralisation have been found after drilling in the east and southeast of the China Pit. The intersected pits include BWRCD046a which resulted in 8.1% lead, 6.7% zinc, and 144 g/t silver from 20-meter drilling from a previous exploration of 278 meters. At Shan, BWRC069 has identified a zone of broad mineralization not included in the recent resource model.

Geophysical anomaly has been found which intersected several intervals of breccia vein to massive chalcopyrite from 145 metres downhole while drilling into the ER Valley. The assays results of these drilling are yet to come.

The Chairman and CEO of the company John Lamb said that the drilling results are outstanding. He mentioned that Bawdwin is more of a mineral field rather than a deposit and the results from the drilling support his notion. The drilling and exploration programs of the company have moved from the central Shan, China, and Meingtha Lodes, which represented the historical mining envelope, and the company remained successful in discovering extensions of these lodes and new mineralized zones altogether.

The company is optimistic about the chances of materially growing Bawdwin’s existing world-class resource when high-grade, wide extensions of the known lodes are still occurring, and seven high priority exploration targets have been identified along strike, for which results are yet to come.

On the price-performance front, the stock of Myanmar Metals Limited is trading at $0.083 with an increase of ~5.063% during the day’s trade (AEST 2.13 pm) and with a market capitalization of ~$100.83 million. The stock has generated YTD returns of 31.67% and returns of 14.49% and 43.64% over the past six months and three months period respectively. It had a 52-week high price of $0.090 and a 52-week low price of $0.045 with an average trading volume of ~2.02 million.


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