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MOD Resources Ltd.
Summary
| Project: | T3 | |
|---|---|---|
| Deposit: | T3, T23 | |
| Location: | Botswana | |
| Commodities: | Copper-Silver | |
| Date: | 7/30/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Environmental Approval | |
| Report details: | 30-7-2019: MOD Resources Ltd. announces an Exploration/Drilling Update report for its T3, T23 deposit at the T3 project. Drilling results incl. 6.6m @ 1.7% Cu, 25g/t Ag from 331m. MOD Resources Ltd. (ASX/LSE: MOD) (“MOD” or “the Company”) is pleased to re | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Bradley Ackroyd (Internal) | |
| ABSTRACT: | MOD Resources Ltd. (ASX/LSE: MOD) (“MOD” or “the Company”) is pleased to release this second quarter activities report for the period ended 30 June 2019. On 25 June 2019, the Company announced Sandfire Resources NL (“Sandfire”) made an offer to acquire 100% of MOD Resources Limited (“MOD”) (ASX/LSE:MOD) by way of a Scheme of Arrangement (“Scheme”). The Scheme values MOD at A$167 million for an equivalent value of A$0.45 per MOD Share. In a joint announcement on 25 June 2019 MOD’s Managing Director, Julian Hanna said, “The MOD Board considers the implementation of a Scheme with Sandfire to reflect a compelling value proposition for MOD shareholders, who will benefit from Sandfire’s platform to deliver the T3 Project into production and realise the full potential of the underexplored Kalahari copper belt.” The MOD Directors (“the Board”) have confirmed their present intention to vote in favour of the Scheme. The Board has unanimously recommended that, in the absence of a superior proposal and subject to the independent expert’s opinion appointed by the Company, that MOD shareholders vote in favour of the Scheme. All shareholders will have the opportunity to vote on the Scheme at the upcoming Extraordinary General Meeting (“EGM”) and the Scheme Meeting both targeted for 1 October 2019. During the quarter, the Company completed the 66-hole resource infill drilling program at T3. Assays continue to deliver impressive results as drilling intersected further highgrade, vein-hosted mineralisation while providing clarity around the up-dip extent of mineralisation within the first two stages of the proposed open pit mine. | |
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