MOD has early copper success with regional Botswana drilling

COPPER explorer MOD Resources has had immediate drilling success 6km from the mainstay T3 project in Botswana it’s seeking to develop next year.
MOD has early copper success with regional Botswana drilling MOD has early copper success with regional Botswana drilling MOD has early copper success with regional Botswana drilling MOD has early copper success with regional Botswana drilling MOD has early copper success with regional Botswana drilling

MOD and Metal Tiger on the regional hunt for copper in Botswana.

MOD said visible sulphides in intermittent veins were seen in a 90m interval from 360m downhole, with the hole being deepened and assaying still to be undertaken.

MOD is encouraged by the accuracy of geophysics for drill targeting, with a further six "buried domes" in the T3 Dome Complex to come under the attention of the rigs.

MOD's drilling away from T3 comes as it seeks to increase market appreciation of the regional prospectivity of its large ground position in Botswana.

The stock is at similar levels to those it was trading-at around 18 months ago, with feasibility work for development of T3 due to be completed in the first quarter of 2019.

Based on the prefeasibility assessment, MOD and 30% joint venture partner Metal Tiger will need to find around US$163 million to get the project built, with production slated to average 23,000 tonnes per annum of copper (plus 690,000 ounces of silver per annum).

MOD started the current quarter with about A$23 million cash, having last raised funds earlier this year by issuing new shares priced at 47c.

Shares in MOD were up 4.5% to 47c in afternoon trade, capitalising the company at about $109 million.

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