Canadian precious metals producer Centurion Minerals has signed preliminary agreements with mining groups in Myanmar as part of its acquisition strategy outside Indonesia. The company has been evaluating exploration projects available for acquisition and has commenced due diligence on several prospective gold exploration prospects.
The Canadian government recently lifted sanctions on economic relationships with Myanmar, prompting Centurion to move quickly to identify prospective projects and potential mining partners within the mineral-rich country.
Centurion is also opening an office in Yangon in a bid to advance the opportunities, and has been invited by several local mining companies to consider partnering with them to further develop their gold projects.
“Now that economic sanctions have been lifted, we are very pleased to be able to return to Myanmar which has such potential for discovering world class mining projects,” says Centurion’s chairman Alfred Lenarciak.
The gold prospects under Centurion’s consideration lie within two of the major gold and associated mineral belts that span the north-south axis of Myanmar for hundreds of kilometres.
More than 340 epithermal and intrusion-style gold occurrences of varying stages of exploration have been noted along the belts, but only a small number of them have been explored systematically using modern methods.
Historical exploration by international and local companies has enabled development of a few of these gold prospects into currently producing gold mines with grades varying from 3 to 15 grams/tonne gold.
Meantime, Centurion will maintain only one of its Indonesian projects, after the new law requiring international mining companies only hold a 49% interest in local projects by their 10th year of production.
The company will keep its core Banda Raya project in Aceh, which is adjacent to the Miwah gold property, which Centurion owns an interest in through a financial partnership with PT Bayu Kamona Karya. Drilling and sampling at Banda Raya has identified several promising epithermal gold and porphyry copper-gold prospects on this project.
“We are confident that the newly elected Aceh government will succeed in improving the provincial investment climate to enable full development of its mining resource potential,” says Alfred Lenarciak.