After ASX grilling, Myanmar says sorry, we just have a really good eye for copper
Mining & Resources
Mining & Resources
The ASX has taken Myanmar Metals (ASX:MYL) to task over a fluffily-worded drilling announcement about its Bawdwin field.
The news earlier this week was entitled “Drilling results deliver high grades and extension of mineralised zones”.
The market operator’s beef was why Myanmar, a company that used to be associated with ‘Diamond’ Joe Gutnick, didn’t include in the first announcement the fact that a new mineralisation discovery was based on someone looking at it, rather than chemical analysis.
On March 11, the explorer said onsite logging of drilling at the ER Valley, located in a hilly region in Myanmar’s north-west, showed “disseminated copper mineralisation in all holes, with BWDD023 intersecting several intervals of breccia vein to massive chalcopyrite from 145 metres down hole”.
A day later it updated the announcement to say the news was based on a visual inspection only.
Other results from the campaign were more optimistic, providing mid-high grade results from the China Hangingwall lode and China Pit, and extending the deposit at the neighbouring Meingtha Gap area.
Anything over 10 per cent lead, 12 per cent zinc and 50g/t silver is generally considered high-grade.
Before the Second World War, Bawdwin was the largest producing lead mine and one of the largest producing silver mines in the world. Myanmar is also looking for zinc.
The Western Hangingwall lode included an intercept at 16m at 12.8 per cent lead, 7.4 per cent zinv and 324g/t gold from 34m
At the China Pit the best intersection was 20m at 8.1 per cent lead, 6.7 per cent zinc, and 144 g/t gold from 278m.
“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,” said chairman and CEO John Lamb.
Myanmar has made several major discoveries as the explorer ventures away from the old mine site.
Shares rose 1 per cent to 8.3c.