Gold Exploration Project
Myanmar Metals has a 51% shareholding, with the ability to earn up to 85%, in Locrian Precious Metals Company (Locrian) which holds the highly prospective Tarlay gold integrated exploration licence, located in eastern Shan State, Myanmar.
The Tarlay licence covers an area of 456 km2 adjacent to the Myanmar-Thai-Laos border, in a region known as the Tarlay Gold Belt, hosting numerous medium-scale gold mines. Locrian also holds an application for a exploration licence over the Mongwyang area, covering 668 km2 further east in the Tarlay Gold Belt.
The Tarlay licence has the potential to host multiple styles of mineralisation, including mesothermal and epithermal gold, as well as gold-copper porphyry.
Since 2015, over 300 stream sediment and panned concentrate samples and over 100 rock chip samples have been collected on and immediately adjacent to the Locrian projects areas. The sampling programs have demonstrated the presence of high-grade gold and highlighted the importance of the pull-apart basin margin faults in focusing mineralisation.
A 2016 channel sampling program in small-scale mines adjacent to the Tarlay concession boundary returned an assay result of 51.4g/t gold over 9m (open-ended), including 1m at 334g/t gold and 7.0g/t gold over 12m.
The forward exploration program will be comprised of:
- Acquisition of satellite imagery to provide detailed base map of field area and ASTER imagery to map mineral alteration systems
- Magnetic survey to provide structural geological framework and assist in defining possible mineralisation related intermediate intrusives
- Infill stream sediment program
- Geological mapping and rock chip sampling of outcrops
- Definition of drilling targets