Top End Minerals (ASX:TND) has successfully completed its technical due diligence on the Lashio zinc refinery in Myanmar.
In late November 2016, Top End acquired the option to purchase a 60% interest in the Longh Keng zinc mine and Lashio zinc refinery in Myanmar for US$43 million.
Corporate due diligence and financial due diligence is due to commence in February 2017.
Top End is pleased with the results of the due diligence to date and will update shareholders as it progresses.
Shares in Top End have continued to rise in 2017, up 68% through January.
The assets are held by Cornerstone Resources (Myanmar) Ltd, which will be the focus of the upcoming due diligence.
The 8 square kilometre mining lease hosts two high grade zinc outcrops, collectively containing a non-JORC inferred resource of circa 171,194 tonnes grading 36.84% zinc.
The refinery plant currently produces 10,000 tonnes of refined zinc per annum and is the only modern zinc refinery within Myanmar’s prospective zinc and base metal province.
Top End has paid an upfront non-refundable deposit of US$500,000 for the nine-month option agreement.
Top End also recently completed a $2.2 million share placement to fund the option purchase.
In addition, Yandal Investments, affiliated with legendary prospector Mark Creasy, agreed to invest A$500,000.
The option agreement provides Top End with the opportunity to become a near-term zinc producer at one of the highest grade ore projects in the world.
Shares have risen 250% over the past three months, currently trading at $0.09.
Following changes in Myanmar’s political landscape and the recent lifting of U.S. and E.U. sanctions, Myanmar has the potential to be a major attraction for mining investment due to its significant geological setting and untapped potential.
Results on the completed due diligence will be highly anticipated by the market.
Source: Proactiveinvestors
