DRILLING RESULTS DELIVER HIGH GRADES AND EXTENSIONS OF MINERALISED ZONES
ASX Announcement 11 March 2019
Highlights
Extensions of recent discoveries
- The Western Hangingwall lode, discovered in November 2018 in an area previously modelled as waste, has been extended with highgrade and wide intercepts, including: - BWRC061: 16m at 12.8% Pb, 7.4% Zn and 324g/t Ag from 34m
- New mineralisation has been intercepted 80m west of previous Meingtha Gap drilling which could 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 showing an increase in the high grade interval
In-fill drilling
- Drilling in the east and southeast of the China Pit intersected several strong intervals of mineralisation:
- BWRCD046a: 20m at 8.1% Pb, 6.7% Zn, and 144 g/t Ag from 278m
- At Shan, BWRC069 has identified a zone of broad mineralisation not included in the recent resource model
New target drilling
- Drilling into the ER Valley geophysical anomaly has intersected several intervals of breccia vein to massive chalcopyrite from 145 metres down hole. Assays are awaited
Figure 1. Chalcopyrite mineralisation with rhyolite porphyry, BWDD023 163m depth.
John Lamb, Chairman and CEO said:
“These drilling results are outstanding. I’ve often said that Bawdwin should be viewed as mineral field rather than a deposit and I think these results evidence that. Our drilling and exploration programs have moved from the central Shan, China and Meingtha Lodes, which represented the historical mining envelope, and we have discovered extensions of these lodes and new mineralised zones altogether.
It’s hard not to be 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, awaiting drill testing.”
Figures 1 and 2. Overview of the Bawdwin Mineral Field.
BAWDWIN RESOURCES GROW IN SIZE AND CONFIDENCE
50% INCREASE IN INDICATED RESOURCE BAWDWIN NOW HOSTS THE WORLD’S LARGEST PRIMARY LEAD RESOURCE
ASX Announcement 13 February 2019
Highlights
- 50% increase in Indicated Mineral Resource estimate to 37.2 Mt at 4.3% Pb, 114g/t Ag, 2.4% Zn and 0.2% Cu (0.5% Pb cut-off above 750m RL, 2% Pb below 750m RL), an increase of 12.4 Mt over the prior Indicated Mineral Resource estimate.
- Updated global Indicated and Inferred Mineral Resource Estimate of 94.2 Mt at 4.2% Pb, 107g/t Ag, 2.1% Zn and 0.2% Cu (see attached table).
- High-grade “core” mineralisation is largely unchanged at 45.0 Mt at 7.6% Pb, 176g/t Ag, 3.1% Zn and 0.3% Cu (both Indicated and Inferred, reported at a global 2% Pb cut-off). Importantly, 40% (18.1 million tonnes) of the high-grade core is now in the Indicated category, providing increased confidence on this critical part of the deposit.
- Tier 1 project status re-enforced – Bawdwin hosts the largest primary lead resource in the world and the 9th largest silver resource in the world. 1
- Resource estimates do not include any assay results received after mid December 2018. Subsequent assays including those from Yegon Ridge and Meingtha Gap have potential to add significant mineralisation.
- PFS is nearing completion and is expected to be announced in early April.
Figure 1: Diamond drilling on Bamboo Hill looking northwest over the historical China oxide pit
Myanmar Metals Limited (“MYL” or “the Company”) is pleased to report a revised Indicated and Inferred Mineral Resource estimate for Bawdwin completed by CSA Global and reported under the guidelines of the JORC Code 2012 Edition.
Resource Estimate Update
The Mineral Resource estimate includes assays from drill holes completed in the recent program prior to the cutoff date in mid-December 2018. Drilling has continued since this time and results from these holes, including the recent Yegon Ridge discovery, will be used to update the resource for the Definitive Feasibility Study (DFS) due at the end of 2019.
The Mineral Resource estimate has been reported in Fresh, Transitional and Deep Oxide zones modelled using a combination of multi-element geochemical data and geological observations (Table 1). Drill hole logging indicates that the Transitional material is characterised by partial oxidation along fractures and fault zones. Table 2 contains details of the high grade “core” mineralisation reported at a global 2% Pb cut-off.
Metallurgical test work on transitional material has given good recoveries of bulk lead and silver, with lower recovery of zinc where zinc oxide is present. Thinner Deep Oxide zones have been identified as being moderately oxidized along steeply dipping fault structures, showing similar recoveries to Transitional material. Metallurgical testing is continuing to further refine planned treatment methods.
The Mineral Resource is quoted at a cut-off grade of 0.5% Pb above 750mRL (considered to be the open pittable zone) and 2.0% Pb below 750mRL (the underground mining zone) plus zinc and copper resources outside of the lead envelope.
Table 1. Bawdwin Indicated and Inferred Global Mineralisation Mineral Resource Estimate summary table.
Table 2. High-Grade Core: Bawdwin Indicated and Inferred Mineralisation Mineral Resource Estimate using a 2% lead cut summary table.
John Lamb, Chairman and CEO said:
“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. 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.
The late-2018 drilling campaign that underpins this update was confined to the area of the planned China Pit. It aimed to improve our understanding and tighten up our resource modelling parameters, and to increase drill density and confidence in the vicinity of the pit.
The Bawdwin Joint Venture has been rewarded for this work by a stunning 50% gain in Indicated resource to 37 million tonnes – bigger than the total resource of many base metal deposits. The portion of the high-grade core in the indicated category has now risen to 40%, while 12 million tonnes of new lower-grade halo mineralisation was added in and around the planned China Pit.”
NEW YEGON DEEPS TARGET IDENTIFIED
ASX Announcement 6 February 2019
Highlights
- Pole-Dipole IP survey completed over China and Yegon Ridge Lodes has identified a large chargeability anomaly at depth of similar magnitude to the China Lode. The “Yegon Deeps” target is 250m below and separate from the recently discovered Yegon Ridge mineralisation and the main China Lode
- BWDD021, a geotechnical hole drilled from Yegon Ridge to test the west wall rocks of the China Pit, intersected alteration in the vicinity of the anomaly. Diamond holes to test the Yegon Deeps anomaly are planned for later in the season, while assays are pending from two shallow holes drilled into the Yegon Ridge targets north and south of discovery hole BWDD018
- BWDD015, drilled as a geotechnical hole in the Meingtha Gap intersected:
- - 17.6m at 8% Pb, 1.5% Zn and 169g/t Ag from 52.7m, and 20.8m at 9.2% Pb, 3.1% Zn and 185g/t Ag from 75.2m
- Assay results from in-fill drilling include: Shan Lode
- BWRC050: 29m at 6.6% Pb, 5.5% Zn and 167g/t Ag from surface, and 7m at 3.3% Pb, 8.5% Zn and 149g/t Ag from 128m;
- BWRC051: 50m at 2.8% Pb from surface, and 21m at 6.5% Pb, 8.3% Zn, 232g/t Ag from 67m;
Western Hangingwall Lode
- BWRC055: 4m at 3% Cu, 0.2% Co and 0.2% Ni from surface, and
- 41m at 4.7% Pb, 4.7% Zn and 105g/t Ag from 40m
Figure 1. New Yegon Deeps chargeability target shown in relation to chargeability response of large China Lode system.
John Lamb, Chairman and CEO said:
“It is early days, but Yegon Deeps has potential to be another significant mineralised zone within the Bawdwin mineral province. We will assess the drilling results from BWDD021 and plan to investigate this exciting target further. In the meantime, exploration drilling in highly prospective ER Valley is underway. Ground conditions for drilling are challenging but our team is making good progress.”
Figure 2. Lode positions and drilling locations on topography
New deep Pole-Dipole geophysical survey defines strong anomalies
In late November and December 2018, five pole dipole (PDIP) survey traverses were conducted over areas showing anomalous chargeability responses in the recent gradient array IP (GAIP) survey (Figure 3).
Figure 3. Image of chargeability anomalies generated in the recent GAIP survey. Five arrays of pole-dipole IP (black lines) were conducted to test the most prospective GAIP anomalies. Note the intensity and continuity of the ER Valley anomaly
DECEMBER 2018 QUARTERLY ACTIVITIES REPORT
ASX Announcement 31 January 2019
Highlights
- Discovery of new high-grade Yegon Ridge Lode
- New high-grade mineralisation discovered within the China Pit shell in the Western Hangingwall Lode, a region previously modelled as waste
- Continuity of high-grade mineralisation between China and Meingtha Lodes in the ‘Meingtha Gap’, an area previously treated as waste in the Bawdwin resource model
- Exploration process proven, with GAIP anomaly leading to multiple drill targets and discovery of Yegon Ridge Lode
- Pre-Feasibility Studies on track for completion in early 2019
- Drilling of exploration targets in early 2019
- Bawdwin Mineral Field now comprises 3 historically-mined lodes, on which a JORC-compliant Mineral Resource of 82 million tonnes has been defined to-date, with extensions to each lode (not yet modelled), one newly discovered lode and five high-priority exploration targets as well as further untested potential
Figure 1. Drilling pad for the discovery hole on Yegon Ridge. Historical China Lode open-pit in background Overview
The December 2018 Quarter was an active period for Myanmar Metals Limited (“MYL” or “the Company”) and its partners in the Bawdwin Joint Venture (“BJV”). The 2018 drilling program led to the discovery of the Western Hangingwall Lode (marking the western extent of the China mine sequence), high-grade mineralisation in the Meingtha Gap, and the Yegon Ridge Lode. The Company believes the value generated from this drilling program will be evident in updated resource assessments and project feasibility studies. The first comprehensive site-wide generative exploration program ever conducted at Bawdwin was completed during the quarter, resulting in the identification of a number of significant exploration targets to be drill tested in early 2019. The BJV’s Pre-Feasibility Study (“PFS”) is well supported by leading consultants and remains on track for completion at the end of March 2019.
Figure 2: Cuprite and native copper in drill core from Yegon Ridge discovery hole BWDD018.
