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MOD Resources Ltd.
Summary
| Project: | T3 | |
|---|---|---|
| Deposit: | T3 | |
| Location: | Botswana | |
| Commodities: | Copper-Silver | |
| Date: | 7/6/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 6-7-2016: MOD Resources Ltd. announces an Exploration/Drilling Update report for its T3 deposit at the T3 project. JV with Metal Tiger Plc - drilling results incl. 29.0m @ 1.8% Cu, 34g/t Ag from 112.0m. MOD Resources Limited (ASX: MOD) today announced fur | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Jacques Janse van Rensburg (Internal) | |
| ABSTRACT: | MOD Resources Limited (ASX: MOD) today announced further wide zones of 1-2% copper intersections within the Phase 1 resource target area at the T3 prospect in the Kalahari Copper Belt, Botswana. T3 is part of a joint venture between MOD Resources (70%) and AIM-listed Metal Tiger Plc (30%). Three diamond drill rigs are currently drilling within the Phase 1 resource area (Figure 1) with the initial resource estimate expected during the September quarter. The fourth diamond drill rig is testing deeper targets outside the current resource area. MOD Resources’ Managing Director, Mr Julian Hanna, said he was extremely encouraged by the continued flow of positive results from relatively shallow depth at T3. “With each new batch of assays, our confidence grows for the potential to develop an open pit mine,” said Mr Hanna. “Only four months since discovery, T3 is already generating copper intersections that compare very favourably on a global scale,” he said. “Given this growing momentum, we recognise the importance of having the right team in place to advance our objectives at a time of improving sentiment towards new resource projects.” The Company has appointed Mr Royce McAuslane as Study Manager to manage an open pit scoping study and aims to complete the study before the calendar year end. If the scoping study is positive, a prefeasibility study is expected to commence in early 2017. “While the Phase 1 resource drilling is already well advanced, our geologists have identified some very compelling deeper targets outside the current resource area,” Mr Hanna said. | |
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