A PROGRAM of geochemical sampling and mapping as well as data analysis continues at PanAust’s exploration licences in Myanmar. The company hopes this program will identify potential drill targets by the end of the year.
|Samples gathered from PanAust’s exploration licences in northern Myanmar.|
Following approval by the Government of Myanmar Cabinet and President’s Office earlier this year, PanAust was granted three exploration licences. These comprise three tenement blocks – Hel Chain, Pin Hin Hka and Nam Awl – in Sagaing Division covering a 600sqkm area.
Sagaing is in the northern region of Myanmar and is considered to be highly prospective for copper and gold.
The company’s field focus has been geochemical sampling and mapping while it intends to strengthen its presence in the country by establishing a permanent office in Banmauk township as well as seeking other potential exploration opportunities. Historical exploration data undertaken by western mining companies during the 1990s has been made available by the Government of Myanmar.
PanAust, which is a subsidiary of Chinese state-owned Guangdong Rising Assets Management, holds an 80% interest in Wuntho Resources Company Limited (WRCL) and has established a joint venture with Myanmar Energy Resources Group International Company Limited (MERG), a Myanmar based company, which holds the remaining 20% of WRCL. WRCL owns 100% of the rights to the areas covered by the exploration licences.
With Myanmar’s proximity to Laos, where PanAust has operating projects, managing director Dr Fred Hess said the company had been able to cost-effectively prepare an exploration team for mobilisation prior to the licences being granted while providing administrative support from its existing operations. This team includes a number of Myanmar nationals.
Dr Hess said the company was delighted to have entered Myanmar and the exploration licences fitted well with PanAust’s corporate strategy to maximise returns from producing assets while advancing projects that offered potential to sustain and grow the business in the long term.
He said in progressing activities in Myanmar, PanAust leveraged its award winning sustainability practices and would continue to do so to ensure the company’s activities contributed to the nation’s long-term growth and prosperity.
“It is an exciting time to be in Myanmar and this is an excellent opportunity to strengthen our presence in Asia. Myanmar is undergoing rapid change and PanAust stands ready to participate in the economic transition under way within the country.”