MOD Resources Doubles Botswana Exploration Budget

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THE DRILL SERGEANT: MOD Resources (ASX: MOD) plans to double its exploration budget to approximately $10 million at the company’s Botswana copper project.

MOD Resources said the budget increase recognises the substantial untested potential it considers to exists within the company’s regional licence holdings.

MOD plans to extend drilling well beyond T3, where a 70 hole diamond drilling campaign is in progress, to encompass district scale targets including a 50 kilometre long T3 Dome surrounding T3 and a 60km long T20 Dome 100km west of T3.

In addition to the existing T3 drilling currently underway, MOD’s revised exploration program is expected to include more than 160 diamond and 40 RC holes with the majority to focus upon targets along the T3 Dome and T20 Dome.

MOD Resources managing director Julian Hanna said that with a 50 per cent rise in the copper price during the past year, improving market sentiment and the rapidly evolving understanding of the potential of this copper belt means the company needs to scale up exploration now.

“While MOD’s first major discovery, T3, has substantial upside and will remain our primary focus to bring into production, it may be just the beginning of a much larger story,” Hanna said in the company’s announcement to the Australian Securities Exchange.

“Numerous other targets hold excellent potential, particularly along the same structural corridor which hosts T3 and other substantial resources already defined within the eastern Kalahari Copper Belt.”

MOD said the immediate focus of the drilling would be testing many of the 19 airborne EM targets it has already identified along the 50km long axis of the T3 Dome, centred around T3.

MOD is planning an Airborne EM survey over large areas of the T20 Dome as soon as possible to identify possible conductors, which may be associated with surface copper anomalies.

“We expect the doubling of the exploration budget will help us unlock and realise the potential of this completely under-explored copper belt,” Hanna said.

“The number of drill holes planned on regional targets is more than double what we have drilled at T3 to date which reflects our confidence in the potential of the wider region,”

Website: www.modresources.com.au