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MOD, Metal Tiger move closer to revised T3 openpit resource estimate

MOD Resources (ASX:MOD) and Metal Tiger (AIM:MTR) expect the revised mineral resource estimate for their joint venture T3 (Motheo) openpit project in Botswana’s Kalahari copper belt to be ready in June after completing resource infill and extension programme drilling.
MOD, Metal Tiger move closer to revised T3 openpit resource estimate MOD, Metal Tiger move closer to revised T3 openpit resource estimate MOD, Metal Tiger move closer to revised T3 openpit resource estimate MOD, Metal Tiger move closer to revised T3 openpit resource estimate MOD, Metal Tiger move closer to revised T3 openpit resource estimate

A revised mineral resource estimate for T3 openpit project in Botswana is expected in June

Staff reporter

The aim of the drilling was to convert the current inferred resources to the indicated and measured resource category and extend the total mineral resource to support the January prefeasibility study's expansion case.

The partners have received assay results for all holes to be included in the revised mineral resources estimate, with 70%-owner MOD noting that all results received so far were in line with expectations.

The highlighted intercepts within the base case pit included 35m at 2% copper and 34g/t silver from 102m, and 16m at 1.1% Cu and 10g/t Ag from 76m.

Below the expansion case pit, intercepts included 31.9m at 1% Cu and 9g/t Ag from 183m, and 13.8m at 2.3% Cu and 60g/t Ag from 248m, while holes outside the pit intercepted 11.5m at 1.8% Cu and 36g/t Ag from 243m, and 6.2m at 1.9% Cu and 40g/t Ag from 268m.

The companies have started an eight-hole geotechnical drilling programme for the expansion case pit, with sterilisation drilling also underway below the planned T3 plant site and other infrastructure.

MOD said three diamond rigs were being used to expedite the programmes, as they were important for the ongoing T3 pit feasibility study.

At the underground portion of the T3 project, about 50 holes were completed, with the continuity of two high-grade veins demonstrated along the 1,500m strike length, the partners said.

Metal Tiger CEO Michael McNeilly said the completion of the 50 holes in the T3 underground resource extension drilling programme would soon enable the JV to start estimating a T3 underground resource.

A major drilling campaign had also started at the T3 dome complex to test EM targets.

Meanwhile, at MOD's 100%-owned T1 (Mahumo) underground project, 20km north-east of T3, the company was carrying out a resource extension programme.

T1's preliminary resource was 2.7 million tonnes at 2% copper and 50g/t silver.

It said it was drilling on 200m-spaced sections below the 2.4km-long resource, with two diamond rigs at the western part of the deposit.

MOD said it had completed seven out of the 20 drill holes planned, with most intersecting visible copper mineralisation on the prospective NPF contact, which was "encouraging". It was still waiting for assays for all seven drill holes.

MOD's shares were up 2.08% Friday at A5c (US4c), while Metal Tiger was down 3.19% to 2.27p (US3c).