MOD Resources Announces Encouraging Assay Results From T3 Project

MOD Resources Ltd has announced very encouraging assay results from its resource infill and extension drilling programmee at the T3 Copper Project in Botswana. T3 forms part of a joint venture with AIM-listed Metal Tiger Plc (30%) within an extensive holding of licences in the central and western parts of the Kalahari Copper Belt in Botswana.

As a consequence of the outstanding results delivered in the Pre-Feasibility Study emphasis was placed on additional infill and extension drilling of the planned T3 open pit. The objectives of this drilling program, which is now effectively complete, were convert additional Inferred Mineral Resources into Indicated and Measured categories.

Drilling acitivity at Mod Resources project in Botswana

It was also meant to increase confidence in the Expansion Case model which assumes an ore processing rate of 2.5Mtpa for ~3 years, followed by a processing rate of 4Mtpa for ~8 years and increase reliability in the resources and the mineralisation types in the first open pit pushback which will provide ore for the first two to three years of production.

MOD’s Managing Director, Julian Hanna, said he was very pleased by the latest results, which are starting to confirm the potential for the Expansion Case model at T3 as well as the potential for an overall increase in T3 mineral resources.

Julian Hanna, MD at MOD Resources

“The impact of the recent drilling is probably best illustrated by comparing the two long sections in Figure 2. They show the sizeable difference between the resource announced on 24 August 2017 compared with the extent of mineralisation based on drilling information available today,” said Hanna. A revised resource estimate is targeted for completion in early June, once the remaining assays from 34 additional holes at the T3 Pit drilling programme are received.

Current Drilling Programme

T3 and T1

Underground Following completion of the T3 Pit infill and extension drilling, the focus has moved to defining a potential high grade vein hosted underground resource at T3 (two drill rigs). In addition, drilling is now testing extensions to the high grade underground resource at T1 (two drill rigs).

T3 Dome

Approval of the Environmental Management Plan (EMP) for a substantial drilling campaign to test high priority EM and soil anomalies along the T3 Dome has been delayed due to staffing issues at the Department of Environmental Affairs (DEA).

Progress is being made and MOD has arranged meetings with senior officials in Gaborone this week with the objective to receive EMP approval for the T3 Dome drilling to commence as soon as possible. T-Rex Dome Drilling is testing structural targets within the T-Rex Dome (two drill rigs).

Three widely spaced holes in the eastern part of the T-Rex Dome, centred around T3, all intersected wide zones (>20m) of lower grade (0.4-0.5% Cu) copper mineralisation directly above the prospective Ngwako Pan Formation (NPF) contact. The NPF contact is an important target across the T3 Dome, in areas of structural complexity and doming.

MOD Resources Ltd (ASX: MOD) is an Australian-listed copper company actively exploring in the Kalahari Copper Belt, Botswana. MOD owns 70% of a UK incorporated joint venture company, Metal Capital Limited with AIM-listed Metal Tiger Plc (30%). Metal Capital’s wholly owned subsidiary, Tshukudu Metals Botswana (Pty) Ltd (Tshukudu) is the Botswana operating company which owns the T3 copper/silver deposit where a discovery RC drill hole intersected 52m @ 2.0% Cu and 32g/t Ag from shallow depth in March 2016.

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