Myanmar Metals expects first-phase due diligence work on the Bawdwin Zinc, Lead, Silver and Copper Project in Myanmar to be completed by October. This work includes a scoping study to assess the technical viability and infrastructure requirements of the proposed mine.
It will also include a preliminary assessment of the underground exploration potential of the Bawdwin lease.
The work is led by Dr Neal Reynolds, of Perth-based consultancy CSA Global, who is a geologist with extensive experience working in Myanmar. CSA is working with Myanmar-based company Valentis to deliver the study.
The Bawdwin mine covers 38sqkm and includes the historic mine as well as a large ‘halo’ of lower-grade material in the vicinity of the Chairman lode. This material, for which a JORC-compliant resource estimate is under way, is amenable to open pit mining.
Myanmar Metals, formerly called Top End Minerals, has secured an 85% interest in the Bawdwin Mine for US$1.5 million from Win Myint Mo. Based on historical resources and previous exploration, the company believes Bawdwin has great potential.
Myanmar Metals’ chairman John Lamb said, “Bawdwin is indeed a world-class asset with enormous unlocked value.”
Meantime, the company has recently completed a $3 million capital raising on schedule and according to plan. The funds will provide the company with the required resources to complete the due diligence work.
John Lamb told shareholders what to expect in the coming year. “Between now and the end of the year, we expect to report a steady stream of updates on our activities in Myanmar.”
Myanmar Metals also recently advised that it is not proceeding with an investment in Cornerstone Resources Myanmar Limited (CRML). The company planned to acquire a 60% stake in CRML, which owns the Longh Keng Mine and Lashio Zinc Refinery, for US$43 million.
John Lamb said, “While we were certainly interested in CRML, the acquisition cost was prohibitive given the limited amount of guaranteed feedstock for the refinery.”
It is in “the best interests of [Myanmar Metals] shareholders that we focus all our energies on Bawdwin, which is by far the biggest prize.”
Myanmar Metals