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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 : 4993K
MOD Resources Limited
14 December 2018
14 December 2018
MOD Resources Limited
All Copper Belt JV Licence Extensions and Transfers Granted
-- All JV Prospecting Licences now extended and transferred -- Licences cover 8,163 km(2) along the under-explored Kalahari Copper Belt -- Provides certainty of title for the T3 Copper Project and surrounding Expansion Project -- Licence extensions include the highly prospective 3,350 km(2) T20 Exploration Project
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 all Prospecting Licences' (PL) across its joint venture (JV) landholdings, have been granted two year extensions. In addition, a new licence PL093/2018, has been issued for three years. Refer to Figure 1 and Table 1 in Appendix A for location and details of individual licences.
The PL extensions were granted by the Minister for Mineral Resources, Green Technology and Energy Security ahead of the scheduled expiry date on 31 December 2018 with 100% of the area of all licences being retained, and no surrenders required. The majority of the extensions have been granted for two years providing certainty of title and confidence in the extensive exploration and development activities being undertaken by MOD's in-country subsidiaries at the T3 Copper Project, the T3 Expansion Project and the T20 Exploration Project.
All JV PL's (excluding PL 190/2008) have been transferred to the JV in-country exploration company, Tshukudu Exploration (Pty) Ltd (Tshukudu Exploration). Tshukudu Exploration is a wholly owned subsidiary of UK incorporated JV company, Metal Capital Exploration Limited, owned 70% by MOD and 30% by AIM-listed Metal Tiger Plc (AIM: MTR).
These approvals follow the announcement on 26 October 2018, where the first eight of 18 licences were extended and transferred to Tshukudu Exploration (Pty) Ltd. The transference of PL's forms part of the MTR transaction announced on 18 July 2018 and completed on 15 November 2018.
MOD's Managing Director, Julian Hanna, said:
"The extension of our prospecting licences is a major milestone for MOD Resources as we explore and potentially develop the many copper targets on our extensive licence holdings. Recent exploration has been very successful with copper found in almost every drill hole across the previously under-explored Central Structural Corridor within this highly prospective region."
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.
Hot Features
Premium
Julian Hanna Mark Clements
Managing Director Executive Chairman and Company
Secretary
Jane Stacey Jos Simson / Emily Fenton (UK
AMN Corporate PR & IR)
+61 412 159 433 Tavistock
jane@amncorporate.com +44 207 920 3150
MOD@tavistock.co.uk
Subscribe at: www.modresources.com.au
Figure 1: Licence plan showing T3 Copper Project, T3 Expansion Project and T20 Exploration Project
Please see images in the full version of the announcement at www.modresources.com.au
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 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 T23 Dome and the T20 Exploration Project, and other EM targets, domes and soil anomalies 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: 'The extension of our prospecting licences is a major milestone for MOD Resources as we explore and potentially develop the many copper targets on our extensive licence holdings. Recent exploration has been very successful with copper found in almost every drill hole across the previously under-explored Central Structural Corridor within this highly prospective region.'
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.
APPIX A
Table 1: Schedule of Botswana Copper/Silver Project Prospecting Licences
Permit/Licence Size (km(2) MOD Holding Title Holder Extension and Extension
Number ) (approx.) Transfer Status Date
MOD/MTR JV Licences
Tshukudu Exploration Transferred 31 Dec
PL186/2008 557.0 70% (Pty) Ltd & Extended 20
------------- ------------ ------------------------- ----------------- ----------
Tshukudu Exploration Transferred 31 Dec
PL187/2008 648.8 70% (Pty) Ltd & Extended 20
------------- ------------ ------------------------- ----------------- ----------
Tshukudu Exploration Transferred 31 Dec
PL188/2008 395.0 70% (Pty) Ltd & Extended 20
------------- ------------ ------------------------- ----------------- ----------
Tshukudu Exploration Transferred 30 Sep
PL189/2008 210.7 70% (Pty) Ltd & Extended 20
------------- ------------ ------------------------- ----------------- ----------
Tshukudu Metals Botswana
(Pty) Ltd
(Includes MOD's 25km(2) 30 Sep
PL190/2008 708.0* 100% T3 Project) Extended 20
------------- ------------ ------------------------- ----------------- ----------
Tshukudu Exploration Transferred 31 Dec
PL191/2008 572.0 70% (Pty) Ltd & Extended 20
------------- ------------ ------------------------- ----------------- ----------
Tshukudu Exploration Transferred 31 Dec
PL192/2008 604.5 70% (Pty) Ltd & Extended 20
------------- ------------ ------------------------- ----------------- ----------
Tshukudu Exploration Transferred 31 Dec
PL102/2005 331.1 70% (Pty) Ltd & Extended 20
------------- ------------ ------------------------- ----------------- ----------
Tshukudu Exploration Transferred 31 Dec
PL103/2005 131.1 70% (Pty) Ltd & Extended 20
------------- ------------ ------------------------- ----------------- ----------
Tshukudu Exploration Transferred 31 Dec
PL104/2005 285.3 70% (Pty) Ltd & Extended 20
------------- ------------ ------------------------- ----------------- ----------
Tshukudu Exploration Transferred 31 Dec
PL060/2012 809.2 70% (Pty) Ltd & Extended 20
------------- ------------ ------------------------- ----------------- ----------
Tshukudu Exploration Transferred 31 Dec
PL061/2012 974.9 70% (Pty) Ltd & Extended 20
------------- ------------ ------------------------- ----------------- ----------
Tshukudu Exploration 30 Sep
PL231/2016 65.0 70% (Pty) Ltd Transferred 19
------------- ------------ ------------------------- ----------------- ----------
Tshukudu Exploration 31 Mar
PL074/2017 45.0 70% (Pty) Ltd Transferred 20
------------- ------------ ------------------------- ----------------- ----------
Tshukudu Exploration 30 Sep
PL093/2018 160.0 70% (Pty) Ltd New Licence 21
------------- ------------ ------------------------- ----------------- ----------
Tshukudu Exploration 30 Sep
PL099/2017 285.0 70% (Pty) Ltd Transferred 20
------------- ------------ ------------------------- ----------------- ----------
Tshukudu Exploration 30 Sep
PL189/2017 370.0 70% (Pty) Ltd Transferred 20
------------- ------------ ------------------------- ----------------- ----------
Tshukudu Exploration Transferred 30 Sep
PL126/2013 341.4 70% (Pty) Ltd & Extended 20
------------- ------------ ------------------------- ----------------- ----------
Tshukudu Exploration Transferred 30 Sep
PL127/2013 668.6 70% (Pty) Ltd & Extended 20
------------- ------------ ------------------------- ----------------- ----------
TOTAL 8,162.6
------------
*PL 190/2008, Tshukudu Metals Botswana (Pty) Ltd - 683km(2) held in trust for the MOD/MTR JV; 25km(2) = MOD's 100% owned T3 Project Area
Permit/Licence Size (km(2) MOD Holding Title Holder Licence Commencement Extension
Number ) (approx.) Date Date
MOD Licences
MOD Resources Botswana 31 Dec
PL686/2014 463.0 100% (Pty) Ltd In progress 18
------------- ------------ ----------------------- --------------------- ----------
MOD Resources Botswana 31 Mar
PL204/2014 35.5 100% (Pty) Ltd 01 Apr 18 20
------------- ------------ ----------------------- --------------------- ----------
MOD Resources Botswana 31 Mar
PL280/2014 70.2 100% (Pty) Ltd 01 Apr 18 20
------------- ------------ ----------------------- --------------------- ----------
MOD Resources Botswana 31 Mar
PL034/2015 619.5 100% (Pty) Ltd 01 Apr 18 20
------------- ------------ ----------------------- --------------------- ----------
MOD Resources Botswana 31 Mar
PL035/2015 496.6 100% (Pty) Ltd 01 Apr 18 20
------------- ------------ ----------------------- --------------------- ----------
MOD Resources Botswana 31 Mar
PL036/2015 470.0 100% (Pty) Ltd 01 Apr 18 20
------------- ------------ ----------------------- --------------------- ----------
MOD Resources Botswana 31 Mar
PL141/2012 387.3 100% (Pty) Ltd 01 Apr 18 20
------------- ------------ ----------------------- --------------------- ----------
MOD Resources Botswana 31 Dec
PL 211/2017 974.0 100% (Pty) Ltd 01 Jan 18 20
------------- ------------ ----------------------- --------------------- ----------
TOTAL 3,516.1
------------- ------------------------------------------------------------------------
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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December 14, 2018 02:01 ET (07:01 GMT)
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