AsiaBaseMetal Inc.'s experienced and successful business and mining team, operating under high standards of business conduct (see Policies : Corporate-Sub-Menu), is further diversifying its portfolio, with special attention directed to advanced acquisition targets in the Americas, Asia and Africa for base metals [Copper (Cu) / Zinc (Zn)], alkali metals [Cobalt (Co) / Lithium (Li)] and precious metals [Gold (Au) / Silver (Ag)]. This has resulted in the company reviewing projects for acquisition, especially in Myanmar, with the first being the Thazi Mineral Claims (see About "Thazi Mineral Claims" below).
Entry in to Myanmar - Application made for Thazi Mineral Claims
The Company has applied for the exploration permit for the Thazi Mineral Claims(see About "Thazi Mineral Claims" below) from Myanmar's mining ministry ("M-MM"); further to the Company earlier having received registration from The Directorate of Investment and Company Administration ("DICA"), which handles company registrations for foreign businesses and serves as a secretary to the Myanmar Investment Commission (the "MIC"), the responsible body for investment applications. The Company has opened an interim-local branch/representative office ("ABZ-Myanmar-Office") and a local bank account, commencing operations in Myanmar.
About Thazi Mineral Claims
The Thazi Mineral Claims comprising approximately 74 square kilometers located in the Hlaing Det area in the Meiktila District, known as the main Feldspar-producing area of Myanmar, are located 14 kilometers from the town of Thazi in Central Myanmar. The Thazi Mineral Claims are accessible by road via the Meiktila-Thazi-Taunggyi highway, the main highway from central Myanmar to Shan State in the east, which eventually leads to the border of Thailand, and by train which runs through the central portion of the Thazi Mineral Claims. Power also runs along the highway and is available in the Hlaing Det area. Pursuant to geologic literature research, the Thazi Mineral Claimslikely contain mountainous pegmatite-bearing granites which favour the existence of both hard-rock and salar-type deposits. The Company is not aware of any modern systematic Lithium exploration being conducted on the Thazi Mineral Claims nor elsewhere in Myanmar, to date.
"The Company’s entry into Myanmar, a country having both China and India as neighbours (combined population of almost three billion people) who likely represent the largest buyers of gold, Copper and Zinc, and users of batteries in the world, is a significant move. Myanmar being endowed with impressive geology will allow the Company, now having commenced operation in the country successfully, to also pursue other assets, including gold, silver and copper assets. We look forward to capitalizing on the first mover advantage while adding and contributing to the growth of the country and its people." Raj Chowdhry, President, CEO & Chairman
The Company intends to design its initial work program on the Thazi Mineral Claims to explore for both hard-rock and salar-type (continental salts and brines) deposit potential for Lithium, using modern field techniques with International Organization for Standardization approved mineralogic studies and analytical assaying methods (SGS-Hardrock Lithium Processing Studies/SciAps-Z300 LIBS Analyser).
Previous work carried out in the Hlaing Det area is described in two separate reports. The first report [Report Exploration and Reserve Estimation for Feldspar, East of Indaingtha Village, Okthwin Village Tract, Thazi Township, Mandalay Division for Ceramic Industries Corporation, Ministry of No.1 Industry by Aung Myint Thein et al, Applied Geology Dept, Dept of Higher Education, July 1984. (the "Exploration & Reserve Estimate for Feldspar Report")] estimated that 672,500 Tons of Feldspar grading 22.5% Feldspar and 38% Qartz from 23 viens within a 6,000 foot by 1,500 foot area existed on the property immediately adjacent and north of the Thazi Mineral Claims. The second report ["Economic Aspects of Feldspar in the Hlaingdet-Payangazu area, Thazi Township, Mandalay Division by Nyo Min et al, Dept of Geology, Dagon University, Dagon University Research Journal 2011, Vol 3, as published in the 2011 research journal study published by Dagon University entitled Economic Aspects of Feldspar in the Hlaingdet-Payangazu Area, Thazi Township, Mandalay Division (the "Dagon Research Study")] stated that the Hlaing Det area is mined manually from pegmatite bodies within granite with lengths up to 60 metres and widths of up to 6 metres. The Dagon Research Study indicated, based on limited exploration activities (without drilling), that the average feldspar in the 7 veins within the Thazi Mineral Claimscontained 150,050 Tons of feldspar grading 45% feldspar located in the central portion of the Thazi Mineral Claims. This may not be indicative of future mineralization on the Thazi Mineral Claims. The Dagon Research Study, including the estimation of feldspar grade, was not prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and has not been verified by the Company or its qualified person.
Despite the Hlaing Det area being famous for salt deposits in its alluvial covered flat terrain, records (Report: Mineral Deposits of Burma by E. L. G. Clegg, Records of Geological Survey of India, 1940), although non-compliant with NI 43-101, indicate that up to 9,000 tons of salt were obtained/extracted in 1937 from salt-bearing sands from this area for use in silk-rinsing process. Analysis made at that time indicated only one compound NaCO3. The Company is not aware of any analytical determination of LiCO3 and other elements on these salts being made to date. NaCO3 is one of the common compounds contained together with LiCO3 in salar-type deposits of the world. In this aspect, the Company believes that these salt flats may contain LiCO3. Again, although water wells in the Hlaing Det area are locally known to be "salty and bitter", the Company is not aware of any analytical determination having ever been made to test these waters to date. The Company believes that the Thazi Mineral Claims have the potential to include salt deposits in its alluvial covered flat terrain.
The foregoing technical disclosure is not compliant with NI 43-101. A qualified person has not verified the data.
For the full Dagon University Research Journal study entitled Economic Aspects of Feldspar in the Hlaingdet-Payangazu Area, Thazi Township, Mandalay Division, 2011, Volume 3, see https://www.dagonuniversity.edu.mm/wp-content/uploads/2016/03/18-Geology-1.pdf
Myanmar’s Mining Opportunities
Fifty years ago, Myanmar was Asia’s richest economy, but today, as the nation emerges from sanctioned military rule, it is the poorest. This is now starting to changing quickly, given Myanmar’s large population base of 51.4 million. The nation’s abundance of natural resources, its strategic position between two of the world’s fastest-growing economies, being China and India, combined with today’s newfound democracy and business openness creates a true opportunity..
The wave of current reforms in Myanmar first began in 2008, with the first reformation of the nation’s constitution. This reformation resulted in Myanmar holding its first democratic elections in 2010; the first since 1960. Soon after the elections, Aung San Suu Ky, a high-profile opposition leader was released from house arrest and elected to parliament early in 2012. Most foreign sanctions against Myanmar have now been removed, including those of the United States, European Union, and Canada.
The lifting of sanctions makes it possible for Western corporations to at long last do business in Myanmar. Prompted by these changes, multinationals, including GE, Coca Cola and Visa have all forged new ventures in-country.
Myanmar is home to some of the world’s largest historic mines, and undeveloped mineral deposits. The Monywa copper mine hosts a resource of nearly 2 billion tonnes grading 0.40% Cu. The Mawchi tin-tungsten mine was the largest global producer of these metals during the World War II era. The Bawdwin silver-lead-zinc mine’s production dates to the 1500s, and today the undeveloped portion of this mineralized body represents one of the world’s largest silver and base metal endowments.
Today, most of Myanmar’s historic mines languish due to underinvestment and lack of technology transfer over the past five decades. Mining currently accounts for less than 2% of the nation’s GDP.
Despite its proven mineral richness, Myanmar remains nearly completely unexplored by modern geological and geophysical methods. A number of government-to-government mapping and assessment programs were conducted during the 1970s, but only at very local scale. Some reconnaissance-level work was carried out during a brief period of foreign investment in 1994 to 1998.