Myanmar Metals has successfully boosted the indicated mineral resource estimate for its majority owned Bawdwin joint venture by 50 percent.
Myanmar Metals (ASX:MYL) has successfully boosted the indicated mineral resource estimate for its majority owned Bawdwin joint venture project by 50 percent.
The company announced on Wednesday (February 13) that Bawdwin’s indicated mineral resource has grown 12.4 million tonnes (Mt) from the previous estimate to reach 37.2 Mt at 4.3 percent lead, 114 grams per tonne (g/t) silver, 2.4 percent zinc and 0.2 percent copper.
Bawdwin’s global indicated and inferred mineral resource estimate now sits at 94.2 Mt at 4.2 percent lead, 107 g/t silver, 2.1 percent zinc and 0.2 percent copper. According to the company, the project now hosts the largest primary lead resource in the world and the ninth-largest silver resource globally.
“Bawdwin continues to grow, not only in resource tonnes but in stature as a globally significant source of silver and base metals for the remainder of this century,” said Myanmar Chairman and CEO John Lamb.
“Now standing at over 94 million tonnes, Bawdwin ranks among the very best polymetallic mineral provinces in history, with its exploration potential still to be fully realised,” he added.
The growth come on the heels of a drilling campaign that took place in 2018’s second half, with all results found before mid-December being included in the update.
The campaign also uncovered a new mineralization system, the Yegon Ridge Lode; those results will be put in a definitive feasibility study expected at the end of this year.
The company says its prefeasibility study for the asset is almost complete, and is docketed to be announced in early April.
Myanmar owns a 51-percent stake in the Bawdwin joint venture, which it shares with major local partners Win Myint Mo Industries and East Asia Power Company.
Myanmar’s share price was up 2.78 percent at the end of trading on the ASX on Thursday (February 14), closing at AU$0.074.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.