MOD ACCELERATES DRILLING PROGRAM AT T3
22 JUNE 2016
. Wide zones of 1-2% copper intersected in latest Phase 1 resource diamond holes
(MO-G-07D, 08D, and 09D)
. Two copper mineralisation types now identified - vein and disseminated chalcopyrite
and vein hosted bornite/covellite with high silver grades
. Copper/zinc anomalies extended in a zone >12kmalong axis of T3 Dome
. 4th diamond drill rig to accelerate testing of new targets in T3 area
MOD Resources Limited (ASX: MOD) today announced new assay results with wide zones of 1-2% copper intersections and the identification of a new copper/zinc anomaly at the T3 prospect in the Kalahari Copper Belt, Botswana.
T3 is part of a joint venture between MOD Resources (70%) and AIM listed Metal Tiger (30%).
21 diamond drill holes have either been completed or are in progress within the Phase 1 resource area. All holes completed to date (MO-G-01D to MO-G-18D) have intersected significant copper mineralisation within the target sequence. A further 13 holes are planned to establish the initial resource estimate.
In addition to the vein hosted and disseminated chalcopyrite mineralisation, high tenor copper sulphides including bornite and covellite have been intersected in veins in many drill holes (Figure 1). Very high individual silver assays (including 199g/t, 244g/t and 363g/t Ag in hole MO-G-09D) are generally associated with very high individual copper assays (including 8.36%, 10.2% and 21.5% Cu in hole MO-G-
09D) within veins where assays are available. MO-G-09D is located at the eastern end of the resource area and further drilling is required to determine the extent of these bonanza Cu/Ag veins.
The Company received further soil samples that identified a new 4km long copper/zinc anomaly to the west of the Phase 1 resource area, extending the zone of soil anomalies >12km along the T3 Dome. RC drilling has commenced to test an extensive copper/zinc anomaly approximately 3km east of Phase 1.
Highlights include:
MO-G-07D
7.90m @1.03% Cu & 11g/t Ag from 260.60m downhole
5.60m @1.05% Cu & 21.5g/t Ag from 290.40m downhole
MO-G-08D
41.00m @1.55%Cu & 21g/t Ag from 132.00m downhole, including:
22.00m @2.29%Cu & 29g/t Ag from 141.00m downhole
MO-G-09D
21.61m @1.66%Cu & 24g/t Ag from 165.00m downhole, including:
12.00m @2.31%Cu & 41g/t Ag from 174.00m downhole
3.37m @6.08% Cu & 113g/t Ag from 213.63m downhole, including:
1.37m @13.26%Cu & 244g/t Ag from 213.63m downhole
Details of the drill holes are set out in the table below (Table 1).
Last week, senior executives from MOD and Metal Tiger attended the Botswana Resource Conference, followed by a site visit to operations at Ghanzi and T3.
MOD Resources’ Managing Director, Mr Julian Hanna, said the conference provided an excellent opportunity to update government departments on recent developments at the Botswana Copper/Silver Project.
“Visitors to the site were impressed with rapid progress at the Project, the volume of mineralised core being drilled daily and the high technical standards established by our General Manager Exploration, Mr Jacques Janse van Rensburg,” said Mr Hanna.
Approximately 60 people are now employed at T3 through the MOD/Metal Tiger joint venture, with activity expected to increase in July.
“We are on track to drill out the initial resource in the September quarter and a fourth diamond drill rig has been sourced to test deeper IP targets and other targets generated along the T3 Dome and surrounding licences,” he said.
“We are very encouraged by further expansion of the copper/zinc anomalies and our geological team will soon extend soil sampling coverage into adjacent areas,” Mr Hanna said. “This relatively simple, low-cost technique has proven very effective in locating copper sulphide deposits at shallow depth not only at T3 and T4, but also previously at MOD’s 100%Mahumo Project.”
Results from the ongoing resource drilling will be released as they become available.
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