BASE METALS

MOD shares up on shallow copper hits

Shares in MOD Resources (ASX: MOD) gained ground this morning after the first two holes at the large T23 Dome target in Botswana intersected shallow visible copper.

Staff reporter
MOD drilling in Botswana

MOD drilling in Botswana

While there are no assays at this stage, the two widely spaced diamond holes intersected several zones of secondary copper and narrow veins starting just below surface.

The company said it opened up the potential of the wider T20 project, which covers around 3350sq.km.

"The immediate success of finding copper near surface at T23 Dome confirms the prospectivity of this exciting new target," MOD managing director Julian Hanna said.

"It also opens up the wider potential of the extensive T20 exploration project, dominated by a wide, 60km-long zone of copper and zinc soil anomalies which are as yet undrilled."

T23 Dome is around 15km west of T4, which returned a hit of 2m at 6.1% copper and 111 grams per tonne silver from 101m in February 2016.

The company's attention was then turned to T3, 100km to the east, when it was discovered in March 2016.

A feasibility study for T3 is due in the March 2019 quarter. T3 has a resource of 60 million tonnes at 0.98% copper.

Drilling at T4 is expected to resume shortly.

Yesterday, MOD published the prospectus for a London Stock Exchange listing.

The company expects to start trading on the LSE on Monday.

Shares in MOD jumped as much as 9% this morning to A36c, but last traded 3% higher at 34c.

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 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.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.