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NEW DRILLING RESULTS AT BAWDWIN SHOW HIGH-GRADE MINERALISATION IN UNTESTED AREAS OF DEPOSIT

Myanmar Metals Limited has announced the Bawdwin Joint Venture (“BJV”) has received first assay results from the ongoing drill program.

HIGHLIGHTS:

  • The first holes in the current drill program show high-grade mineralisation, not included in the existing Bawdwin resource
  • BWRC027 intersected 21m @ 5.7% Pb, 2.6% Zn, 174g/t Ag and 32m @ 4.2% Pb, 0.9% Zn and 91g/t Ag including 11m @ 8.8% Pb, 1.9% Zn and 206 g/t Ag
  • BWRC024 intersected 65m @ 4.5% Pb, 5.0% Zn and 125g/t Ag, and 40m @ 5.0% Pb, 1.8% Zn and 81g/t Ag including 6m @ 12.6% Pb, 2.8% Zn and 226g/t Ag
  • BWRC033 intersected 2m @ 5.5% Cu, 286g/t Ag, 2.7% Ni and 0.5% Co as well as a 28m wide zone of 2.9% Pb
  • Ongoing drilling has potential to add significant high-grade resources
  • More drilling results expected imminently, including the prospective faulted zone between China and Meingtha Lodes

Summary of drilling results

BWRC027, drilled in the southwest edge of China Lode intersected 32m @ 4.2% Pb, 0.9% Zn and 91g/t Ag, including 11m @ 8.8% Pb, 1.9% Zn and 206g/t Ag, west of the current China Lode Mineral Resources. The Company considers this drill result as highly significant as the Gradient Array Induced Polarisation (GAIP) survey recently completed over this area defined an anomaly west of the China Pit which may relate to additional mineralised zones, approximately 200m west of the current China Lode Mineral Resource. Further drilling will be planned both up and down dip to test the extent of this new mineralised zone.

BWRC024 targeted extensions of high-grade lead and zinc mineralisation from a China footwall lode closer to the surface. The hole was successful, intersecting 65m @ 4.5% Pb, 5.0% Zn and 125g/t Ag, and 40m @ 5.0% Pb, 1.8% Zn and 81g/t Ag, including a new higher-grade zone of 6m @ 12.6% Pb, 2.8% Zn and 226g/t Ag which was modelled as low grade in the resource block model.

BWRC033 was drilled in the northeast of China Lode targeting some high-grade copper mineralisation, associated with nickel and cobalt, as well as some lead halo mineralisation intersected in historic sampling. BWRC033 intersected 2m @ 5.5% Cu, 286g/t Ag, 2.8% Ni and 0.5% Co, as well as a 28m wide zone of 2.9% Pb.

BWRC028, one of the few holes drilled in Shan Lode, was testing continuity and accuracy of the resource model which was based predominantly on historic underground channel samples. The intersection of mineralisation as predicted by the resource block model has increased confidence and will be targeted by future drilling.

Context to Drilling Program

The current drilling program, utilising 2 rigs, commenced in August 2018. Whilst the diamond drilling has been focused on providing geotechnical and metallurgical samples for the Pre-Feasibility Study (PFS), the reverse circulation (RC) drill rig has been focused on upgrading resource classification in areas with remnant Inferred Mineral Resources and targeting possible high-grade extensions of the known lodes and areas with potential to host new mineralisation around the defined Bawdwin Mineral Resource.

The drilling program is being conducted simultaneously with an exploration program, which has provided strong indications of new zones of mineralisation outside Bawdwin’s known resources.

In 2019, the Company anticipates a drilling program which will include in-fill drilling, step-out drilling and exploration drilling. This program will be structured to both accelerate and maximise value realisation, by focusing on drilling activities for the near-term development of the China Pit and by demonstrating the outstanding exploration potential of Bawdwin.

The 2019 program will be further refined as more drilling results are received from the current program and will be detailed to Shareholders in due course.

Myanmar Metals Executive Chairman and CEO John Lamb stated, “These early drilling results are stunning and show potential for significant expansion of the Bawdwin resource envelope. Already we are seeing outstanding results in the west wall of the China Lode, in areas previously modelled as waste; high-grade lead-zinc-silver mineralisation in zones previously modelled as lower grade halo mineralisation; and excellent copper-nickel-cobalt mineralisation over smaller intervals in the north-eastern part of the China Lode.

“The Company is delighted with these first drilling results and very excited about imminent results from drilling in the faulted zone between the China and Meingtha Lodes, again currently mapped as void of mineralisation in the resource model.

“The BJV’s active drilling and exploration programs are delivering strong results from the outset, underlining the absolute quality of the Bawdwin Mineral Field.”

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