EXPLORATION & DEVELOPMENT

MOD drops despite T23 copper hits

MOD Resources (ASX:MOD) dropped almost 20% Monday, despite announcing further exploration potential at the T23 Dome target of its 70%-owned T20 project in Botswana’s Kalahari copper belt.

Staff reporter
Drill core from the third hole at the T23 target of MOD's T20 exploration projectin Botswana

Drill core from the third hole at the T23 target of MOD's T20 exploration projectin Botswana

MOD's shares were down 17.65% Monday to A28c (US20c).

The fall came despite the company, which has teamed up with Metal Tiger (AIM:MTR) in Botswana and recently listed in London, saying it had intersected wide zones of visible disseminated copper sulphides within an interval from 85m to 385m down hole depth at the third hole drilled at T23.

These were similar to the mineralisation intersected in the first two holes drilled at the target, although the previous discoveries pushed MOD shares higher.

It said the drilling of the hole had also intersected a strongly mineralised vein at 268.1m down hole depth, which confirmed the potential for high-grade mineralisation similar to several other copper discoveries along the Kalahari copper belt.

It is awaiting assay results to determine the copper grades for the third hole.

The first hole's assay results highlighted a shallow intersection of 25m at 0.36% copper and 4g/t silver from 65m downhole depth, including 3m at 9.7% copper and 10g/t silver from 65m and 1m at 1% copper and 13g/t silver from 80m.

The joint venture partners are planning a substantial drilling campaign for early 2019 to target some of the most compelling domes and structural targets in the T23 Dome area after electromagnetic (EM) data indicated the copper potential could extend over a wider area at shallow depth beyond T23.

MOD managing director Julian Hanna said the company was encouraged by the first drilling results at T23.

"Having confirmed the prospectivity if this area, our exploration team can now start testing the potential for high-grade mineralisation within specifics structures defined by the EM," he said.

MOD and Metal Tiger also collaborate on the nearby T3 copper project, with the A4 and A1 Domes also recently explored.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.