Myanmar Metals (MYL) has discovered a new high-grade polymetallic lode at the Bawdwin deposit. Drilling aimed at following up an electromagnetic geophysical anomaly has intercepted 16m @ 8.5% Zn+Pb, 4.7oz/t Ag and 0.9% Cu beneath the Yegon Ridge on the opposite side of the Bawdwin Valley. Importantly, the discovery hole has just hit the edge of the chargeable target, with stronger anomalies to the north and south. In addition, further drilling in the Meingtha gap has returned more high-grade hits showing potential to link the fault offset China and Meingtha lodes. MYL is not only discovering more mineralisation with ongoing drilling, but it is reclassifying areas of previously modelled waste into ore within the China starter pit. This will significantly reduce the already low strip ratio of 2.8:1. SPEC BUY recommendation and $0.20 target price maintained.
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