MOD Resources encouraged by first-up copper hit

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THE DRILL SERGEANT: MOD Resources (ASX: MOD) has encountered encouraging copper mineralisation from the first two shallow RC drill holes the company has drilled at new target, T2, located 20 kilometres north of T3 in the Kalahari Copper Belt, Botswana.

MOD explained T2 is part of a Joint Venture between MOD Resources (70%) and AIM-listed Metal Tiger Plc (30%) and is being drilled to test two strong copper soil anomalies identified earlier this year.

T2 is the first new JV target to be drilled since the company announced discovery of T3 in March 2016 and is part of MOD’s regional exploration program to identify potential satellite deposits in the T3 region.

Highlights of the latest results include:

MO-G-52R intersected 15m visible copper oxide and sulphide mineralisation from 55m downhole depth;

MO-G-53R intersected 10m visible copper oxide and sulphide mineralisation from 8m downhole depth.

MOD indicated Both T2 soil anomalies are along strike from the high-grade Mahumo copper/silver deposit (T1) and appear to be associated with folding of the Mahumo contact; and

Copper soil values at T2 are up to three times higher than copper values that lead to MOD’s discovery of the Mahumo and T3 copper/silver deposits.

The T2 soil anomalies contain wide zones of consistently high copper values up to 87ppm copper at the T2 West anomaly and up to 83ppm copper at the T2 East anomaly.

By comparison, the highest copper value recorded in soil sampling at T3 is 28ppm copper and at Mahumo is 24ppm copper.

MOD has interpreted the T2 anomalies to appear to coincide with areas of intensive folding interpreted from magnetic data.

“The company’s experienced site team plans to adopt the same strategy that is being used at T3,” MOD Resources managing director Julian Hanna said in the company’s announcement to the Australian Securities Exchange.

“This strategy involves testing copper soil anomalies using low cost RC drilling to define near surface mineralisation.

“If successful, this is followed by deeper diamond core drilling on a regular grid pattern to provide more reliable geological, assay and resource data.

“To intersect visible copper mineralisation in the first drill hole, at the first target and on the first day of a major regional drilling campaign, speaks volumes about the untapped potential of this copper belt and the expertise of the site geological team.”

Website: www.modresources.com.au