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MOD to expand drill squad

MOD Resources (AU:MOD) claims its recent drilling results in Botswana are “competitive with some of the largest copper companies”.
MOD to expand drill squad MOD to expand drill squad MOD to expand drill squad MOD to expand drill squad MOD to expand drill squad

Drilling tempo at T3 in Botswana set to increase this quarter

Staff reporter

MOD has reported infill drilling hitting 18m grading 4.3% Cu and 94g/t Ag at its 70%-owned T3 copper project.

A resource upgrade at T3 is expected late this month following the infill drilling late last year that targeted an August 2017 estimate of 36 million tonnes grading 1.14% Cu containing 409,000t of copper.

A prefeasibility study is underway at the project, while drilling is set to resume next week with eight rigs in action.

The project is currently seen as an open cut 20,000-25,000 tonne per annum copper producer, with underground potential also being flagged.

MOD aims to begin construction of the project early next year.

MOD's partner at T3 is AIM-listed Metal Tiger (LN:MTR).

The ASX-listed company started the December quarter with A$13.6 million (US$10.7 million) cash.

MOD raised $14.6 million last March by issuing new shares priced at $0.062 each.

Shares in MOD were up 10% to $0.056 in midday trade today, capitalising the company at $106 million.