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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.
MOD shares up on shallow copper hits MOD shares up on shallow copper hits MOD shares up on shallow copper hits MOD shares up on shallow copper hits MOD shares up on shallow copper hits

MOD drilling in Botswana

Staff reporter

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.