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MOD Resources Ltd.
Summary
| Project: | T3 | |
|---|---|---|
| Deposit: | T3 | |
| Location: | Botswana | |
| Commodities: | Copper-Silver | |
| Date: | 9/26/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Scoping Study | |
| Report details: | 26-9-2016: MOD Resources Ltd. announces a Resource Estimation report for its T3 deposit at the T3 project. JV with Metal Tiger Plc - Initial mineral resource estimate for project. MOD Resources Ltd (ASX: MOD) is pleased to announce it has completed a subs | |
| Resources: | (Resource, I+I): 28.358Mt @ 1.24% Cu, 15.7g/t Ag at T3 (0.5% Cu cutoff) | |
| CP/QP: | [Resources]: A.I. Pretorius (Independent) | |
| ABSTRACT: | MOD Resources Ltd (ASX: MOD) is pleased to announce it has completed a substantial maiden copper/silver resource at T3 within six months of discovery. T3 forms part of a joint venture between MOD Resources Ltd (70%) and AIM-listed Metal Tiger Plc (30%) in the Kalahari Copper Belt, Botswana. Combined Indicated and Inferred resource estimates using 0.5% Cu cut-off consist of 28.36Mt @ 1.24% Cu and 15.7g/t Ag, containing approximately 350,200t Cu (~772Mlbs copper) and 14.27 million oz Ag. This includes a high-grade resource using 1.5% Cu cut-off grade which consists of 8.48Mt @ 2.16% Cu and 30.6g/t Ag, containing approximately 182,900t Cu and 8.34 million oz Ag (Table 1). Importantly, 64% of the total resource tonnes are in the Indicated Resource category demonstrating the excellent continuity of the mineralisation drilled on a 100m by 100m grid pattern (Figure 2). MOD Resources’ Managing Director, Mr Julian Hanna, said today’s news represented a tremendous milestone for the joint venture and a major step towards MOD’s objective of becoming a long-life, copper producer in Botswana. “To be able to report 350,000 tonnes of contained copper and more than 14 million ounces of silver in the first resource from a new discovery in a relatively unexplored region is a great achievement for the whole team,” said Mr Hanna. The unusual geometry of the T3 deposit with wide and continuous zones of shallow dipping mineralisation provides the opportunity for potential low cost open pit mining. An additional bonus is the large amount of silver (>14Moz) which is expected to be able to be recovered into the copper concentrate, assuming the project goes into commercial production. “Success at T3 has been achieved in a short time frame and to a very high standard - a credit to all the people on-site, including our many Botswana employees and contractors who have worked hard to achieve this excellent result,” Mr Hanna said. | |
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