MOD hits further encouragement at T3

THE DRILL SERGEANT: In the lead-up to MOD Resources (ASX: MOD) managing director Julian Hanna presenting at the Brisbane Mining 2016 conference the company announced further assay results from the Phase 1 resource area at T3.

T3 is part of a Joint Venture MOD shares with AIM-listed Metal Tiger (30%) in the Kalahari copper belt of Botswana.

The JV has received assays from two batches of samples for seven deeper holes undertaken in the northeast part of the T3 Phase 1 resource area.

Six of the latest resource holes intersected encouraging widths of copper and silver, similar to previously announced intersections in this area.

Recent intersections include:

MO-G-26D
26.4 metres at 1.3 per cent copper and 11 grams per tonne silver from 131m downhole;

MO-G-28D
42m at 1.1 per cent copper and 11g/t silver from 127m downhole;

MO-G-29D
34.8m at 1.2 per cent copper and 14g/t silver from 128m downhole;

MO-G-31D
11.9m at 2.3 per cent copper and 42g/t silver from 181.9m downhole and 5m at 1.9 per cent copper and 51g/t silver from 211m downhole.

According to MOD only one hole (MO-G-32D) failed to intersect noteworthy widths of copper and silver values.

The company explained the drill-out of the Phase 1 resource, on an initial 100m by 100m drill pattern, is nearing completion to meet its target to finalise a maiden resource at T3 by the end of September.

The recent assay results are in line with MOD’s expectations and include intersections of copper and silver grades up to 42m estimated true width.

These results are now being forwarded to an independent resource consultant in South Africa to compile and use for the resource estimate.

“Each drill hole is not only contributing to the resource but also improving the understanding of the geology and controls of the mineralisation at T3, which we hope will be a template for further discoveries along the T3 Dome,” Julian Hanna said in the company’s announcement to the Australian Securities Exchange.

“Once the Phase 1 resource drilling is complete, the exploration team will start focusing on other targets along the T3 Dome which remains virtually unexplored.”

MOD took the opportunity to inform the market it has also completed the first deep diamond hole at T3 (M0-T3U-01D) to test the source of an IP anomaly approximately 400m down dip from the resource drilling.

The hole lifted 20 degrees and as a result, intersected the target sequence above the IP anomaly.

M0-T3U-01D intersected 48m of green siltstones and mudstones with weak finely disseminated chalcocite and bornite sulphides between 446.7m and 494.8m down hole depth.

MOD indicated it is now waiting on assay results to provide an indication of grade while a second drill hole is being considered to test the IP anomaly.

Website: www.modresources.com.au