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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. Â
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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