Minerals explorer Myanmar Metals (ASX:MYL), backed by legendary prospector Mark Creasy, has announced an impressive resource upgrade at its Bawdwin project, located in the underexplored region of northern Myanmar.
The project now contains a sizable Indicated and Inferred Mineral Resource of 82 million tonnes at 4.7% lead, 119 grams per tonne gold, 2.4% zinc and 0.2% Copper – up more than 5.1 million tonnes since its previous estimate disclosed in March this year.
Importantly, 20 million tonnes of the Mineral Resource sits in the Indicated category, which includes 5.0% lead and 130 grams per tonne gold.
The resource bump follows a major drilling campaign across 2017 and 2018, which saw the company punch over 5,300 metres of diamond core drilling and 2,014 m of Reverse Circulation drilling.
The aggressive drilling adds to an already vast 56,008 metres of historic sampling from underground exploration cross cuts.
Bawdwin’s China, Meingtha and Shan lodes lie along 4 kilometres of strike at the Bawdwin Fault zone, with the most prospective ‘halo’ mineralisation up to 150 metres wide at the China lode.
The increase in both tonnes and metal content is pleasing, noting that the recent drilling was primarily focused on infilling the resource and no exploration or resource extension drilling has yet been undertaken at Bawdwin,” Myanmar Metals chairman and CEO, John Lamb, said.
“Most importantly, this estimate includes the first mineral resources at Bawdwin to be classified in the Indicated category under JORC-2012, representing substantial progress towards the planned open pit redevelopment of the mine.”
The Mineral Resource estimate, which was completed by respected mining consultants CSA Global will be used to complete an updated scoping study, which the company expects to be completed by mid-June this year.