MOD Resources announces maiden Resource at T3 Copper Deposit
THE DRILL SERGEANT: MOD Resources (ASX: MOD) announced the completion of a maiden copper/silver resource at the company’s T3 copper deposit in Botswana.
The Resource has been defined within six months of the discovery of the deposit, which forms part of a Joint Venture between MOD Resources (70%) and AIM-listed Metal Tiger (30%) in the country’s Kalahari Copper Belt.
Combined Indicated and Inferred resource estimates using 0.5% Cu cut-off consist of:
28.36 million tonnes at 1.24 per cent copper and 15.7 grams per tonnes silver, containing approximately 350,200 tonnes of copper (approximately 772Mlbs copper) and 14.27 million ounces of silver.
This includes a high-grade resource using 1.5% Cu cut-off grade which consists of:
8.48 million tonnes at 2.16 per cent copper and 30.6g/t silver, containing approximately 182,900 tonnes of copper and 8.34 million ounces of silver.
MOD stressed the importance of 64 per cent of the total Resource tonnes being in the Indicated Resource category, saying it demonstrated the excellent continuity of the mineralisation, which has been drilled on a 100m by 100m grid pattern.
“This news represents a tremendous milestone for the Joint Venture and a major step towards MOD’s objective of becoming a long-life, copper producer in Botswana,” MOD Resources managing director Julian Hanna said in the company’s announcement to the Australian Securities Exchange.
“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.”
MOD explained 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.
The company declared an additional bonus to be 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,” Hanna said.
MOD said an open-pit scoping study was currently progressing well with a separate, highly experienced team to manage all facets of the process.
Drilling is currently testing for potential extensions to high-grade veins north east of the resource and targeting an IP target approximately 500m down dip from the resource.
Exploration will also step out along the T3 Dome and surrounding areas to test potential for other deposits of this type.
Website: www.modresources.com.au