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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mod Resources Limited | LSE:MOD | London | Ordinary Share | AU000000MOD3 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 22.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMMOD
RNS Number : 0884L
MOD Resources Limited
20 December 2018
20 December 2018
MOD Resources Limited
A4 Assays Confirm Expansion Potential for T3 Copper Project
Positive results from initial phase of drilling at A4 Dome support the Company's strategy to define additional sources of ore within the T3 Expansion Project which could increase production through the planned T3 processing plant. This is supported by an independent conceptual underground mining study at A4 Dome.
-- 18 of 20 holes completed to date at >5km long A4 Dome all intersected copper -- Good widths and grades in both vein-hosted and NPF contact type mineralisation -- Potential at A4 Dome extends far outside the target area drilled to date -- Positive outcomes from preliminary conceptual underground mining study at A4 Dome
MOD Resources Limited ('MOD' or the 'Company') (ASX/LSE: MOD), the copper exploration and development company focused on the central Kalahari Copper Belt in Botswana, is pleased to report additional promising intersections from its initial drilling phase at the large A4 Dome. The >5km long A4 Dome forms part of the T3 Expansion Project held 70% by MOD and 30% by Joint Venture (JV) partner, Metal Tiger Plc (AIM: MTR), and lies only 8km from the 100% owned 60Mt T3 Copper Project (Figure 1).
Due to the large size of the A4 Dome, widely spaced drilling to date has tested less than one third of the prospective area (Figure 2). A combination of vein-hosted and NPF contact copper mineralisation was intersected in most holes with potential extending well beyond the initial 1,600m long target area.
In addition to substantial widths of disseminated and NPF contact mineralisation, forming a blanket below the A4 Dome, there are wide zones of vein-hosted mineralization at shallower depths in the dome (eg 52m @ 1.5% Cu & 14g/t Ag from 232.2m in MO-A4-003D announced 6 August 2018 and 42.9m @ 1% Cu & 19g/t Ag from 257.5m in MO-A4-008D announced 4 October 2018 and 15m @ 1.1% Cu & 16g/t Ag from 39m and 21m @ 1.1% Cu & 8g/t Ag from 59m in MO-A4-019D). Refer Figures 2 and 3 and Table 2 for significant intersections.
MOD's Managing Director, Julian Hanna, said:
"Recent drilling results from the A4 Dome, combined with the preliminary conceptual underground mining study, provide strong support to expand drilling along the dome and start developing it into a resource. If results continue to be positive, the A4 Dome has potential to provide substantial additional ore sources, which may lead to an increase in production levels through the proposed T3 process plant, only 8km from the A4 Dome."
"While the feasibility study for the T3 Copper Project is nearing completion, and represents a robust, long-life, stand-alone mining opportunity for the Company, the nearby A4 Dome keeps delivering good results. The large scale of the A4 Dome, and the potential to utilise capital and infrastructure planned at T3, has allowed us to consider modern, highly efficient underground mining techniques as a realistic option for A4 Dome."
Vein-hosted intersections extending 600m along the A4 Dome (west to east), include:
MO-A4-010D: 27m @ 1.1% Cu & 20g/t Ag from 394m downhole, including:
9m @ 2.1% Cu & 39g/t Ag from 412m downhole
MO-A4-008D: 42.9m @ 1% Cu & 19g/t Ag from 257.5m downhole, including:
3.4m @ 2.4% Cu & 41g/t Ag from 297m downhole (announced previously)
MO-A4-019D: 15m @ 1.1% Cu & 16g/t Ag from 39m downhole, and:
21m @ 1.1% Cu & 8g/t Ag from 59m downhole
MO-A4-003D: 52m @ 1.5% Cu & 14g/t Ag from 232.2m downhole, including:
15.5m @ 2.9% Cu & 42g/t Ag from 268.8m downhole (announced previously)
NPF contact intersections extending 1.4km along the A4 Dome (west to east), include:
MO-A4-020D: 31.5m @ 1% Cu & 10g/t Ag from 538m downhole, including
2.8m @ 4.9% Cu & 54g/t Ag from 566.7m downhole
MO-A4-003D: 31.2m @ 1.1% Cu & 11g/t Ag from 560m downhole, including:
5m @ 2.2% Cu & 22g/t Ag from 586.2m downhole (announced previously)
MO-A4-014D: 50.3m @ 0.9% Cu & 9g/t Ag from 451m downhole, including:
5.3m @ 1.9% Cu & 21g/t Ag from 496m downhole
MO-A4-012D: 26.6m @ 1.1% Cu & 11g/t Ag from 520m downhole, including:
6.6m @ 2.1% Cu & 25g/t Ag from 540m downhole
The initial phase of widely spaced drilling at A4 Dome was completed for a low all-in cost of A$2.5m.
A4 Dome Mineralisation
Two distinct types of mineralisation at A4 Dome are vein-hosted mineralisation associated with structures in the upper part of the dome and NPF contact hosted mineralisation, which appears to form a reasonably continuous blanket below the dome.
Vein-hosted mineralisation includes a recent intersection of 15m @ 1.1% Cu & 16g/t Ag from 39m and 21m @ 1.1% Cu & 8g/t Ag from 59m in MO-A4-019D. Given the very shallow depth of this mineralisation further drilling is planned to define this potential.
NPF contact mineralisation in A4 Dome occurs as a relatively shallow dipping, 3-6m wide layer of locally high-grade chalcocite mineralisation (generally between 1.5% and 2.4% Cu) overlain by a 15-50m wide zone of disseminated mineralisation (generally between 0.9% and 1.1% Cu). The NPF contact has similarities to other sediment hosted copper deposits (eg: Zambian/DRC Copper Belt) where the increasing concentration of high grade chalcocite towards the basal contact is referred to as 'bottom-loading.'
The NPF contact is the basal part of the Kalahari Copper Belt host sequence (D'Kar Formation), which overlies a distinctive red sandstone sequence (Ngwako Pan Formation).
The NPF contact is an important regional target in the Kalahari Copper Belt as it hosts substantial deposits including the 100Mt @ 2% Cu 'Zone 5' resources held by Cupric Canyon Capital, 125km east of A4 Dome.
Conceptual Underground Study
A preliminary, conceptual underground mining study of the A4 Dome has been undertaken by independent international underground mining consultants Entech, with inputs from one of Australia's leading underground mining service providers Barminco, a subsidiary of global mining house Ausdrill Limited.
The study evaluated a model based on developing decline access to the NPF contact, using room-and-pillar ore extraction of higher-grade contact mineralisation and long hole open stoping of the overlying, disseminated mineralisation. Room-and-pillar mining is a relatively low cost mining technique commonly used in continuous, shallow dipping orebodies.
While the underground mining study is conceptual at this stage, the Company is very encouraged by the preliminary findings and will assess the next steps to advance the A4 Dome early in 2019.
A version of the announcement containing images is available on our website at www.modresources.com.au.
-S-
For and on behalf of the Board.
Julian Hanna Mark Clements Managing Director Executive Chairman and Company Secretary Jane Stacey Jos Simson / Emily Fenton (UK PR & IR) AMN Corporate Tavistock +61 412 159 433 +44 207 920 3150 jane@amncorporate.com MOD@tavistock.co.uk
Subscribe at: www.modresources.com.au
Figure 1: T3 Expansion Project area showing location of A4 Dome and its proximity
to the T3 Copper Project
Please see images in the full version of the announcement at www.modresources.com.au
Figure 2: Interpreted plan of A4 Dome showing current Target Area (1600m by 800m)
and main structures targeted by drilling
Please see images in the full version of the announcement at www.modresources.com.au
Figure 3: Detailed plan of current A4 Dome Target Area showing significant intersections
in initial drilling on 200m spaced sections
Please see images in the full version of the announcement at www.modresources.com.au
Appendix 1
Table 1: Drill hole parameters for A4 Dome drill holes discussed or included in figures in this release
Hot Features
Premium
Drill Hole WGS84_34S_E WGS84_34S_N RL (m) EOH Azi Dip COLLAR
ID
------------ ------------ ------------ --------- -------
(m) (UTM) SURVEY
------------ ------------ ------------ --------- ------------ ------- ------- -------
MO-A4-001D 630352 7643992 1112 517.85 150.00 -70.00 GPS
------------ ------------ --------- ------------ ------- ------- -------
MO-A4-002D 629426.007 7643590.826 1108.757 685.40 150.00 -60.00 DGPS
------------ ------------ --------- ------------ ------- ------- -------
MO-A4-003D 628852.560 7642948.809 1108.915 613.88 330.00 -60.00 DGPS
------------ ------------ --------- ------------ ------- ------- -------
MO-A4-004D 628782.619 7643077.068 1108.750 525.58 330.00 -60.00 DGPS
------------ ------------ --------- ------------ ------- ------- -------
MO-A4-005D 628927.899 7642810.925 1108.714 532.40 330.00 -60.00 DGPS
------------ ------------ --------- ------------ ------- ------- -------
MO-A4-006D 628698.597 7642847.598 1109.029 604.60 330.00 -60.00 DGPS
------------ ------------ --------- ------------ ------- ------- -------
MO-A4-007D 629047.657 7643045.875 1108.343 583.63 330.00 -60.00 DGPS
------------ ------------ --------- ------------ ------- ------- -------
MO-A4-008D 628511.037 7642774.995 1108.876 610.55 330.00 -60.00 DGPS
------------ ------------ --------- ------------ ------- ------- -------
MO-A4-009D 629218.454 7643149.463 1109.003 517.45 330.00 -60.00 DGPS
------------ ------------ --------- ------------ ------- ------- -------
MO-A4-010D 628329.565 7642692.261 1108.801 604.50 330.00 -60.00 DGPS
------------ ------------ --------- ------------ ------- ------- -------
MO-A4-011D 628145.082 7642595.951 1109.099 655.35 330.00 -60.00 DGPS
------------ ------------ --------- ------------ ------- ------- -------
MO-A4-012D 629293.003 7643839.138 1108.702 568.45 150.00 -60.00 DGPS
------------ ------------ --------- ------------ ------- ------- -------
MO-A4-013D 628577.992 7642641.479 1108.757 508.50 330.00 -60.00 DGPS
------------ ------------ --------- ------------ ------- ------- -------
MO-A4-014D 629127.455 7642899.220 1108.755 520.63 330.00 -60.00 DGPS
------------ ------------ --------- ------------ ------- ------- -------
MO-A4-015D 628436.012 7642905.780 1108.934 490.90 330.00 -60.00 DGPS
------------ ------------ --------- ------------ ------- ------- -------
MO-A4-016D 628744.111 7643144.687 1108.793 320.02 160.00 -70.00 DGPS
------------ ------------ --------- ------------ ------- ------- -------
136.50
MO-A4-017D 627283 7642095 1112 incomplete 330.00 -60.00 GPS
------------ ------------ --------- ------------ ------- ------- -------
MO-A4-018D 628467.037 7643685.486 1108.973 508.73 150.00 -70.00 DGPS
------------ ------------ --------- ------------ ------- ------- -------
MO-A4-019D 628716.066 7643179.024 1108.717 414.59 150.00 -70.00 DGPS
------------ ------------ --------- ------------ ------- ------- -------
MO-A4-020D 628427.579 7642524.880 1108.817 583.80 330.00 -60.00 DGPS
------------ ------------ --------- ------------ ------- ------- -------
Table 2: A4 Dome - Significant intersections for holes described in this announcement
(shaded intersections not previously announced)
HOLE_ID SIGNIFICANT INTERSECTIONS Style Assay Status
MO-A4-001D* 0.7m @ 3.7% Cu & 69g/t Ag from 439.4m Vein Complete
downhole
----------------------------------------- ------ -------------
MO-A4-002D* 1.3m @ 1.3% Cu & 35g/t Ag from 420.7m Vein Complete
downhole
----------------------------------------- ------ -------------
MO-A4-003D 52m @ 1.5% Cu & 14g/t Ag from 232.2m Vein Complete
downhole
----------------------------------------- ------ -------------
Incl. 15.5m @ 2.9% Cu & 42g/t Ag from 268.8m Vein
downhole
----------------------------------------- ------ -------------
and: 31.2m @ 1.1% Cu & 11g/t Ag from 560m NPF
downhole
----------------------------------------- ------ -------------
Incl. 5m @ 2.2% Cu & 22g/t Ag from 586.2m NPF
downhole
----------------------------------------- ------ -------------
MO-A4-004D 2.8m @ 1.7% Cu & 36g/t Ag from 247.6m Vein Complete
downhole
----------------------------------------- ------ -------------
and: 19.3m @ 1% Cu & 10g/t Ag from 485m NPF
downhole
----------------------------------------- ------ -------------
Incl. 4.3m @ 2.3% Cu & 21g/t Ag from 500m NPF
downhole
----------------------------------------- ------ -------------
MO-A4-005D 0.5m @ 2.1% Cu & 29g/t Ag from 412m Vein Complete
downhole
----------------------------------------- ------ -------------
and: 6.9m @ 1.7% Cu & 16g/t Ag from 471.1m NPF
downhole
----------------------------------------- ------ -------------
Incl. 3.6m @ 2.4% Cu & 24g/t Ag from 474m NPF
downhole
----------------------------------------- ------ -------------
MO-A4-006D 1m @ 2.2% Cu & 32g/t Ag from 158.9m Vein Complete
downhole
----------------------------------------- ------ -------------
and: 1.4m @ 1.5% Cu & 32g/t Ag from 194m Vein
downhole
----------------------------------------- ------ -------------
Incl. 0.4m @ 3.1% Cu & 67g/t Ag from 195m Vein
downhole
----------------------------------------- ------ -------------
and: 19.7m @ 0.9% Cu & 8g/t Ag from 561m NPF
downhole
----------------------------------------- ------ -------------
Incl. 4.3m @ 1.4% Cu & 13g/t Ag from 563.7m NPF
downhole
----------------------------------------- ------ -------------
MO-A4-007D 4m @ 1.8% Cu & 34g/t Ag from 240m Vein Complete
downhole
----------------------------------------- ------ -------------
and: 7.8m @ 1.2% Cu & 29g/t Ag from 327m Vein
downhole
----------------------------------------- ------ -------------
Incl. 0.8m @ 6.2% Cu & 156g/t Ag from 334m Vein
downhole
----------------------------------------- ------ -------------
and: 20.7m @ 0.9% Cu & 9g/t Ag from 530m NPF
downhole
----------------------------------------- ------ -------------
Incl. 7m @ 1.3% Cu & 12g/t Ag from 530m NPF
downhole
----------------------------------------- ------ -------------
Incl. 4m @ 1.5% Cu & 15g/t Ag from 546.7m NPF
downhole
----------------------------------------- ------ -------------
MO-A4-008D 0.5m @ 11.2% Cu & 99g/t Ag from 165m Vein Complete
downhole
----------------------------------------- ------ -------------
and: 7.4m @ 1.3% Cu & 30g/t Ag from 230.6m Vein
downhole
----------------------------------------- ------ -------------
and: 42.9m @ 1% Cu & 19g/t Ag from 257.5m Vein
downhole
----------------------------------------- ------ -------------
Incl. 9.8m @ 1.4% Cu & 26g/t Ag from 264.8m Vein
downhole
----------------------------------------- ------ -------------
Incl. 9.1m @ 1.5% Cu & 31g/t Ag from 281.9m Vein
downhole
----------------------------------------- ------ -------------
Incl. 3.4m @ 2.4% Cu & 41g/t Ag from 297m Vein
downhole
----------------------------------------- ------ -------------
and: 4.6m @ 1% Cu & 10g/t Ag from 369.4m Vein
downhole
----------------------------------------- ------ -------------
and: 15m @ 0.9% Cu & 8g/t Ag from 570m NPF
downhole
----------------------------------------- ------ -------------
MO-A4-009D 4.5m @ 1% Cu & 8g/t Ag from 237m Vein Complete
downhole
----------------------------------------- ------ -------------
Incl. 0.6m @ 3.8% Cu & 49g/t Ag from 240.9m Vein
downhole
----------------------------------------- ------ -------------
and: 2m @ 1% Cu & 17g/t Ag from 433m downhole Vein
----------------------------------------- ------ -------------
and: 2.6m @ 1.1% Cu & 10g/t Ag from 452.5m Vein
downhole
----------------------------------------- ------ -------------
and: 19.7m @ 1% Cu & 10g/t Ag from 467m NPF
downhole
----------------------------------------- ------ -------------
Incl. 5.7m @ 1.2% Cu & 12g/t Ag from 481m NPF
downhole
----------------------------------------- ------ -------------
MO-A4-010D 27m @ 1.1% Cu & 20g/t Ag from 394m Vein Complete
downhole
----------------------------------------- ------ -------------
Incl. 9m @ 2.1% Cu & 39g/t Ag from 412m Vein
downhole
----------------------------------------- ------ -------------
and: 25m @ 0.9% Cu & 8g/t Ag from 564m NPF
downhole
----------------------------------------- ------ -------------
Incl. 4m @ 1.7% Cu & 18g/t Ag from 585m NPF
downhole
----------------------------------------- ------ -------------
HOLE_ID SIGNIFICANT INTERSECTIONS Style Assay
Status
MO-A4-011D 4.5m @ 1.2% Cu & 4g/t Ag from 185.8m Vein Complete
downhole
-------------------------------------- ------ ---------
and: 4.4m @ 1.9% Cu & 17g/t Ag from 627.6m NPF
downhole
-------------------------------------- ------ ---------
MO-A4-012D 26.6m @ 1.1% Cu & 11g/t Ag from NPF Complete
520m downhole
-------------------------------------- ------ ---------
incl: 6.6m @ 2.1% Cu & 25g/t Ag from 540m NPF
downhole
-------------------------------------- ------ ---------
MO-A4-013D 31.4m @ 0.9% Cu & 8g/t Ag from 463.7m NPF Complete
downhole
-------------------------------------- ------ ---------
incl: 4.7m @ 1.6% Cu & 16g/t Ag from 490.4m NPF
downhole
-------------------------------------- ------ ---------
MO-A4-014D 50.3m @ 0.9% Cu & 9g/t Ag from 451m NPF Complete
downhole
-------------------------------------- ------ ---------
incl: 5.3m @ 1.9% Cu & 21g/t Ag from 496m NPF
downhole
-------------------------------------- ------ ---------
MO-A4-015D 8m @ 1.3% Cu & 23g/t Ag from 245m Vein Complete
downhole
-------------------------------------- ------ ---------
and: 21m @ 0.9% Cu & 8g/t Ag from 454m NPF
downhole
-------------------------------------- ------ ---------
Incl: 4m @ 1.3% Cu & 12g/t Ag from 471m NPF
downhole
-------------------------------------- ------ ---------
MO-A4-018D* 11.1m @ 0.6% Cu & 6g/t Ag from 481m NPF Complete
downhole
-------------------------------------- ------ ---------
MO-A4-019D* 15m @ 1.1% Cu & 16g/t Ag from 39m Vein Partial
downhole
-------------------------------------- ------ ---------
and: 21m @ 1.1% Cu & 8g/t Ag from 59m Vein
downhole
-------------------------------------- ------ ---------
MO-A4-020D 9.9m @ 0.8% Cu & 7g/t Ag from 505.1m Vein Complete
downhole
-------------------------------------- ------ ---------
and: 31.5m @ 1% Cu & 10g/t Ag from 538m NPF
downhole
-------------------------------------- ------ ---------
Incl: 2.8m @ 4.9% Cu & 54g/t Ag from 566.7m NPF
downhole
-------------------------------------- ------ ---------
NOTES:
MO-A4-001D and MO-A4-002D: Both holes lifted and missed target
MO-A4-016D: Lifted and terminated before target
MO-A4-017D: Incomplete - shallow hole to be deepened to test target
MO-A4-018D: Low grade intersection on edge of target area
MO-A4-019D: Hole intersected shallow veins and stopped above NPF contact
About MOD Resources
MOD Resources Ltd (ASX/LSE: MOD) is a dual listed Australian copper company with a goal of becoming a substantial copper producer. After discovering copper in the first drill hole in March 2016, MOD is now under four months away from completion of a Feasibility Study for its 100% owned 60Mt T3 Copper Project in the central Kalahari Copper Belt, Botswana. The in-country operating company for the T3 Copper Project is Tshukudu Metals Botswana (Pty) Ltd (MOD 100%).
Total cost of discovery of T3 and delineation of the maiden resource was an exceptionally low US$1.7 million, equivalent to only US$0.22 cents/lb copper contained within the resource. After a number of resource upgrades, the total resource now comprises 60Mt @ 0.98% Cu and 13.9 g/t Ag containing 590.3 Kt copper and 26.9 Moz silver. Results of the Pre-feasibility Study, announced on 31 January 2018 suggest a robust, long life, open pit mining and processing operation at T3 with 9 year Base Case for 2.5Mtpa production, pre-tax NPV A$370m, IRR of 39% and payback within 2.7 years. Since the announcement of the PFS, there has been a 20% increase to the Base Case process plant throughput to 3Mtpa, with allowance for staged future expansion.
In parallel with the development of the T3 Copper Project, a major exploration program is underway across a combination of 100% owned and JV licenses covering more than 11,700km(2) in this under-explored region, to explore for additional resources that could be processed through the planned T3 process plant and potentially add significant value to the expanded project. JV Exploration Assets are operated by Tshukudu Exploration (Pty) Ltd, which is a wholly owned subsidiary of UK incorporated joint venture company, Metal Capital Exploration Limited, owned 70% by MOD and 30% by AIM-listed Metal Tiger Plc (AIM: MTR).
MOD's state of the art exploration techniques have developed the Company's understanding of the unique 'dome' style geology in the region. Drilling at multiple high priority exploration targets, supported by airborne electromagnetics has already proved successful in discovering encouraging copper mineralisation within the 5km long A4 Dome and the 12km long A1 Dome which lie only 8kms and 20kms from the T3 Copper Project respectively.
There are two styles of mineralisation being tested by drilling in the domes around the T3 Copper Project; shallower high-grade vein hosted mineralisation and deeper sediment contact hosted mineralisation known as the NPF contact. NPF contact mineralisation is an important target as this contact hosts most of the substantial copper deposits located east of MOD's licences, including the 100Mt @ 2% Cu 'Zone 5' resource planned to be mined underground by Cupric Canyon Capital.
MOD has an option to acquire MTR's interests in any new JV resource which progresses to a scoping study within three years from 15 November 2018, as well as an option to acquire all the remaining JV assets at the end of the three year period.
Competent Person's Statement
The information in this announcement that relates to Geological Data and the T3 Mineral Resource described in this release is reviewed and approved by Mr Bradley Ackroyd, BSc (Hons), Manager Mine Geology for MOD Resources Ltd. Mr Ackroyd is a registered member of the Australian Institute of Geoscientists and has reviewed the technical information in this report. Mr Ackroyd has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and the activity, which it is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Ackroyd consents to the inclusion in this announcement of the matters based on information in the form and context in which it appears.
No New Information
To the extent that this announcement contains references to prior exploration results and Mineral Resource estimates, which have been cross referenced to previous market announcements made by the Company, unless explicitly stated, no new information is contained. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.
Exploration Targets and Results
This announcement refers to Exploration Targets as defined under Sections 18 and 19 of the 2012 JORC Code. The Exploration Targets quantity and quality referred to in this announcement are conceptual in nature. There has been insufficient exploration at Exploration Targets, which include the NPF contact, A4 Dome and the T3 Expansion Project, mentioned in this announcement to define a Mineral Resource and it is uncertain if further exploration will result in the Exploration Targets being delineated as a Mineral Resource.
Forward Looking Statements and Disclaimers
This announcement includes forward-looking statements that are only predictions and are subject to risks, uncertainties and assumptions, which are outside the control of MOD Resources Limited.
Examples of forward looking statements included in this announcement are: 'Recent drilling results from the A4 Dome, combined with the preliminary conceptual underground mining study, provide strong support to expand drilling along the dome and start developing it into a resource. If results continue to be positive, the A4 Dome has potential to provide substantial additional ore sources, which may lead to an increase in production levels through the proposed T3 process plant, only 8km from the A4 Dome.' and 'While the feasibility study for the T3 Copper Project is nearing completion, and represents a robust, long-life, stand-alone mining opportunity for the Company, the nearby A4 Dome keeps delivering good results. The large scale of the A4 Dome, and the potential to utilise capital and infrastructure planned at T3, has allowed us to consider modern, highly efficient underground mining techniques as a realistic option for A4 Dome.' and 'Two distinct types of mineralisation at A4 Dome are vein-hosted mineralisation associated with structures in the upper part of the dome and NPF contact hosted mineralisation, which appears to form a reasonably continuous blanket below the dome.' and 'Vein-hosted mineralisation includes a recent intersection of 15m @ 1.1% Cu & 16g/t Ag from 39m and 21m @ 1.1% Cu & 8g/t Ag from 59m in MO-A4-019D. Given the very shallow depth of this mineralisation further drilling is planned to define this potential.' and 'While the underground mining study is conceptual the Company is very encouraged by the preliminary findings and will assess the next steps to advance the A4 Dome early in 2019.'
Actual values, results, interpretations or events may be materially different to those expressed or implied in this announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements in the announcement as they speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and ASX Listing Rules, MOD Resources Limited does not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement or any changes in events, conditions or circumstances on which any such forward-looking statement is based.
This announcement has been prepared by MOD Resources Limited. The document contains background information about MOD Resources Limited current at the date of this announcement. The announcement is in summary form and does not purport to be all-inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this announcement.
The announcement is for information purposes only. Neither this announcement nor information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction.
The announcement may not be distributed in any jurisdiction except in accordance with legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply to their own jurisdiction as a failure to do so may result in a violation of securities laws in such jurisdiction.
This announcement does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this announcement are not intended to represent recommendations of particular investments to particular persons.
Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.
To the fullest extent of the law, MOD Resources Limited, its officers, employees, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinion, estimates, forecasts or other representations contained in this announcement. No responsibility for any errors or omissions from the announcement arising out of negligence or otherwise is accepted.
JORC Code, 2012 Edition
Table 1 Reporting Exploration Results from Botswana Copper/Silver Project
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections)
Criteria JORC Code explanation Commentary
Sampling
techniques * Nature and quality of sampling (e.g. cut channels, * Drill core from A4 diamond core holes described in
random chips, or specific specialised industry this announcement has been sampled in 1m intervals or
standard measurement tools appropriate to the as appropriate to align with the geological contacts
minerals under investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc.). These
examples should not be taken as limiting the broad * All samples are geologically logged by a suitably
meaning of sampling. qualified geologist on site
* Include reference to measures taken to ensure sample * Samples will be submitted to ALS Laboratories in
representivity and the appropriate calibration of any Johannesburg
measurement tools or systems used.
* Aspects of the determination of mineralisation that
are Material to the Public Report.
* In cases where 'industry standard' work has been done
this would be relatively simple (e.g. 'reverse
circulation drilling was used to obtain 1m samples
from which 3kg was pulverised to produce a 30g charge
for fire assay'). In other cases more explanation may
be required, such as where there is coarse gold that
has inherent sampling problems. Unusual commodities
or mineralisation types (e.g. submarine nodules) may
warrant disclosure of detailed information.
================================================================ ==================================================================
Drilling
techniques * Drill type (e.g. core, reverse circulation, open-hole * The diamond drilling referred to in this release was
hammer, rotary air blast, auger, Bangka, sonic, etc.) either drilled by HQ diameter drill core or NQ
and details (e.g. core diameter, triple or standard diameter drill core
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by
what method, etc.).
================================================================ ==================================================================
Drill sample
recovery * Method of recording and assessing core and chip * Diamond drilling recorded recovery. Core recovery was
sample recoveries and results assessed. good
* Measures taken to maximise sample recovery and ensure
representative nature of the samples.
* Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse
material.
================================================================ ==================================================================
Logging
* Whether core and chip samples have been geologically * During the core logging geologists follow MOD's
and geotechnically logged to a level of detail to standard operating procedure for RC and Diamond
support appropriate Mineral Resource estimation, logging processes. The metre interval (from and to)
mining studies and metallurgical studies. is recorded and the data below is described within
the drill logs:
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc.) photography. Ø Major rock unit (colour, grain size, texture)
Ø Weathering
Ø Alteration (style and intensity)
* The total length and percentage of the relevant Ø Mineralisation (type of mineralisation, origin of
intersections logged. mineralisation, estimation of % sulphides/oxides)
Ø Veining (type, style, origin, intensity)
* Data is originally recorded on paper (hard copies)
and then transferred to Excel logging sheets
* Logging is semi quantitative based on visual
estimation
* For diamond drilling the geological logging process
documents lithological and structural information as
well as geotechnical data such as RQD, recovery and
specific gravity measurements
================================================================ ==================================================================
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * All NQ diameter core samples for the drill hole
and sample half or all core taken. intersections will be taken as half core samples. HQ
preparation diameter drill core samples will be taken as quarter
core samples
* If non-core, whether riffled, tube sampled, rotary
split, etc and whether sampled wet or dry.
* MOD takes photos of all core samples on site
* For all sample types, the nature, quality and
appropriateness of the sample preparation technique. * MOD has implemented an industry-standard QA/QC
program. Drill core is logged, split by sawing and
sampled at site. Samples are prepped at the ALS
* Quality control procedures adopted for all sample-prep lab onsite, bagged, labelled, sealed and
sub-sampling stages to maximise representivity of shipped to ALS laboratories in Johannesburg, SA.
samples.
* At the onsite prep-lab the split for analysis is
* Measures taken to ensure that the sampling is milled to achieve a fineness of 90% less than 106 um
representative of the in situ material collected, (or a fineness of 80 % passing 75 um. Prep QC: At
including for instance results for field least one out of every 10 samples of every batch is
duplicate/second-half sampling. screened at 75um or 106um, whichever is applicable,
to check that 80% of the material passes. The % loss
for samples screened should be
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
* Field duplicates, blanks and standards are inserted
at a ratio of 1:10. ALS also has its own internal
QA/QC control to ensure assay quality
================================================================ ==================================================================
Quality of
assay data * The nature, quality and appropriateness of the * Field duplicates, blanks and standards are inserted
and assaying and laboratory procedures used and whether at a ratio of 1:10 on site
laboratory the technique is considered partial or total.
tests
* Analysis for Cu and Ag by HF-HNO3-HClO4 acid
* For geophysical tools, spectrometers, handheld XRF digestion, HCl leach and ICP-AES. ME-ICP61 as well as
instruments, etc., the parameters used in determinin Nonsulfide Cu by sulfuric acid leach and AAS: Cu-AA05
g is standard.
the analysis including instrument make and model,
reading times, calibrations factors applied and thei
r * Results will be reported as down hole widths
derivation, etc.
* Nature of quality control procedures adopted (e.g.
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy
(i.e. lack of bias) and precision have been
established.
================================================================ ==================================================================
Verification
of sampling * The verification of significant intersections by * 15-20% QA/QC checks are inserted in the sample stream,
and assaying either independent or alternative company personnel. as lab standards, blanks and duplicates
* The use of twinned holes.
* Documentation of primary data, data entry procedures,
data verification, data storage (physical and
electronic protocols).
* Discuss any adjustment to assay data.
================================================================ ==================================================================
Location of
data points * Accuracy and quality of surveys used to locate drill * The collar coordinates of the drill hole were taken
holes (collar and down-hole surveys), trenches, mine by handheld GPS and later by DGPS and is reflected in
workings and other locations used in Mineral Resource Table 1 - Appendix 1
estimation.
* Down hole surveys will be done on all diamond holes
* Specification of the grid system used.
* Quality and adequacy of topographic control.
================================================================ ==================================================================
Data spacing
and * Data spacing for reporting of Exploration Results. * Samples of drill core for assaying are taken
distribution throughout at a maximum of 1m intervals
* Whether the data spacing, and distribution is
sufficient to establish the degree of geological and
grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and
classifications applied.
* Whether sample compositing has been applied.
================================================================ ==================================================================
Orientation
of data in * Whether the orientation of sampling achieves unbiased * Drilling planned at right angles to known strike and
relation to sampling of possible structures and the extent to at best practical angle to intersect the target
geological which this is known, considering the deposit type. mineralisation at approximately right angles
structure
* If the relationship between the drilling orientation
and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.
================================================================ ==================================================================
Sample
security * The measures taken to ensure sample security. * Pulps are tagged, logged and transported to ALS
laboratory in Johannesburg.
================================================================ ==================================================================
Audits or
reviews * The results of any audits or reviews of sampling * MOD's sampling procedure is done according to
techniques and data. standard industry practice
================================================================ ==================================================================
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral
tenement and * Type, reference name/number, location and ownership * PL190/2008 is a granted Prospecting Licence held by
land tenure including agreements or material issues with third 100% by Metal Capital Limited which is owned 70% MOD
status parties such as joint ventures, partnerships, Resources Ltd and 30% Metal Tiger Plc.
overriding royalties, native title interests,
historical sites, wilderness or national park and
environmental settings. * It has recently been extended by the Minister of
Mineral, Water and Energy until 30(th) September
2020.
* The security of the tenure held at the time of
reporting along with any known impediments to
obtaining a licence to operate in the area.
Exploration
done by other * Acknowledgment and appraisal of exploration by other * Previous exploration in the A4 Dome area by other
parties parties. parties was confined to airborne magnetics and widely
spaced soil sampling (Discovery Metals)
=============================================================== ============================================================
Geology
* Deposit type, geological setting and style of * The visible copper mineralisation intersected in
mineralisation. drill holes on PL190/2008 is interpreted to be a
Proterozoic or early Palaeozoic age vein related
sediment-hosted occurrence similar to other known
deposits and mines in the central Kalahari Copper
Belt
=============================================================== ============================================================
Drill hole
Information * A summary of all information material to the * Information relating to the diamond drill holes
understanding of the exploration results including a described in this announcement are listed in Table 1
tabulation of the following information for all and 2 - Appendix 1 of the release
Material drill holes:
* All diamond drill holes are surveyed
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea
level in metres) of the drill hole * There is no material change to this drill hole
collar information
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
* If the exclusion of this information is justified on
the basis that the information is not Material and
this exclusion does not detract from the
understanding of the report, the Competent Person
should clearly explain why this is the case.
=============================================================== ============================================================
Data
aggregation * In reporting Exploration Results, weighting averaging * Significant copper and silver intersections will be
methods techniques, maximum and/or minimum grade truncations compiled and reported by MOD when assay results are
(e.g. cutting of high-grades) and cut-off grades are received from the laboratory
usually Material and should be stated.
* Where aggregate intercepts incorporate short lengths
of high-grade results and longer lengths of low-grade
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail.
* The assumptions used for any reporting of metal
equivalent values should be clearly stated.
=============================================================== ============================================================
Relationship
between * These relationships are particularly important in the * True widths are estimated and are subject to
mineralisation reporting of Exploration Results. confirmation by further drilling
widths and
intercept
lengths * If the geometry of the mineralisation with respect to * Down hole widths are used throughout
the drill hole angle is known, its nature should be
reported.
* If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (e.g. 'down hole length, true width not
known').
=============================================================== ============================================================
Diagrams
* Appropriate maps and sections (with scales) and * Figure 1: Geological plan showing T3 Expansion
tabulations of intercepts should be included for any Project area and proximity of A4 Dome to the T3
significant discovery being reported These should Copper Project
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views. * Figures 2 and 3 showing interpretation of main
structural elements of A4 Dome and location of drill
holes and significant intersections reported to date
Balanced
reporting * Where comprehensive reporting of all Exploration * The accompanying document is considered to be a
Results is not practicable, representative reporting balanced report with a suitable cautionary note
of both low and high-grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results.
Other
substantive * Other exploration data, if meaningful and material, * All substantive data is reported
exploration should be reported including (but not limited to):
data geological observations; geophysical survey results;
geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
Further work
* The nature and scale of planned further work (tests * Any further work on A4 Dome and PL190/2008 will be
for lateral, depth extensions or large-scale step-out dependent on results from ongoing drill programs at
drilling). A4 Dome and across the T3 Expansion Project.
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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