- Top-grade Silver and medium grade lead reported
- Estimated to provide net value of $828 million
- From Bawdwin pit, north-east of coastal Burma
Myanmar Metals has announced today extremely high-grade silver at its pit.
24.7Mt of mineralised metal was surveyed, displaying silver grades of 168g/t, lead grades of 6.4 per cent and zinc grades of 3.2 per cent.
The company also reported high income ahead after processing the minerals, alongside low-cost expenditure.
Over a pay-back period of four years, the site is expected to provide the company a whopping net value of $828 million.
Lead pricing has been estimated at US$2,170 per tonne, silver pricing at $17.3 per ounce and zinc pricing at $2,535 per tonne.
Total capital expenditure before taxation is estimated at US$267 million. The company also expects a free cash flow during mining operations of US$1,458,000.
The project site is located just outside of Namtu, north-east of coastal Burma.
CEO John Lamb says the announcement today is the result of long-time operations and company input.
“With the infrastructure paid for in Phase 1 it is clear that future mining operations, including the first two underground mines now under scoping study, have potential to be very value accretive,” he said.
Mayanmar Metals updated their maiden JORC Ore Reserve to 18.4 Mt. Company ore reserve average grades sit at 6.4 per cent lead, 169 g/t silver and 3.4 per cent zinc.
Despite the positive announcement, Myanmar Metals’ share prices dropped to 7.9 per cent today.
The company’s market cap sits at $107.2 million and dropped 5.95 per cent in the ASX today. Their compiled monthly charts can be seen below.