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MOD Resources Ltd.
Summary
| Project: | T3 | |
|---|---|---|
| Deposit: | T3 | |
| Location: | Botswana | |
| Commodities: | Copper-Silver | |
| Date: | 3/6/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 6-3-2017: MOD Resources Ltd. announces an Exploration/Drilling Update report for its T3 deposit at the T3 project. JV - drilling results incl. 72.6m @ 27g/t Ag, 1.5% Cu from 250m. MOD Resources Ltd (ASX: MOD) is pleased to announce assay results have conf | |
| Resources: | (Resource, Total): 28.36Mt @ 1.24% Cu, 15.7g/t Ag at T3 | |
| CP/QP: | [Overall Report]: Jacques Janse van Rensburg (Internal) | |
| ABSTRACT: | MOD Resources Ltd (ASX: MOD) is pleased to announce assay results have confirmed the discovery of significant widths and grades of copper and silver mineralisation below the current T3 resource. The intersection comes exactly one year after the initial discovery of T3. T3 forms part of a joint venture with AIM-listed Metal Tiger Plc (30%) relating to an extensive holding of licences in the central and western parts of the Kalahari Copper Belt in Botswana. The new zone intersected by MO-G-65D comprises multiple intervals of disseminated, laminated, cleavage and vein hosted copper sulphides including bornite, chalcocite, covellite and chalcopyrite. The dominant host lithology is green/grey siltstone, overlying pink and grey sandstone. MOD’s Managing Director, Mr Julian Hanna, said the first assay results from this previously unknown zone were simply outstanding. “This new intersection exceeds the width and grade of the overlying T3 resource which is several times wider than most copper deposits in the Kalahari Copper Belt.” “While we haven’t yet reached the limits of understanding the potential at T3, it is clear we need to rethink ways to upscale the PFS production targets and ramp up exploration to a new level” said Mr Hanna. The potential for further discoveries around T3 has already been demonstrated by hole MO-G-66D, 100m east of MO-G-65D, which intersected mineralisation both within the resource and the underlying new zone to around 275m depth. Mr Hanna added “We have agreed with our JV partner Metal Tiger to accelerate resource drilling of the new zone intersected in MO-G-65D and in adjacent drill holes. If a substantial resource upgrade results from this drilling it will be incorporated into the T3 PFS which is in progress. Four drill rigs are now on site and MOD is well funded for the current program with approximately $5 million in the bank.” “In addition to the T3 extension drilling program, a substantial 3D IP survey over the surrounding area has been making good progress for the past two months,” Mr Hanna said. “We have received a preliminary interpretation of the IP data which has identified further exploration drilling targets, particularly to the north and adjacent to T3.” “We look forward to reporting further assay results from T3 and the outcomes of the IP survey soon.” | |
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