Myanmar will pay US$175,000 to assess and exercise an option and can then earn up to 85% by exploring and completing a definitive feasibility study.

The ground comprising the Tarlay and Mongywang applications covers a combined 1126sq.km and is reportedly surrounded by several small-scale high-grade gold mines.

According to Myanmar, previous surface channel sampling of small-scale mines adjacent to Tarlay returned 51.4 grams per tonne gold over 9m and 7gpt gold over 12m.

No modern exploration has been undertaken.

Myanmar's work on its new gold ground will come as it aims to complete feasibility work and start building a circa $300 million silver and lead operation at Bawdwin (in Myanmar) in the second half of 2020.

The Mark Creasy-backed Myanmar has about A$20 million cash.

Shares in Myanmar were up 2% to 5c in early trade, capitalising the company $78.5 million.

The stock is little changed from levels 12 months ago.