MOD Resources Ltd (ASX: MOD) is an Australian-listed copper exploration and development company with a focus on copper projects in the central and western Kalahari Copper Belt in Botswana. A combination of 100% owned holdings and JV licenses cover ~11,500km2 of this under-explored area.
MOD owns 70% of a UK incorporated joint venture company, Metal Capital Limited, with AIM-listed Metal Tiger Plc owning 30%. Metal Capital’s wholly owned subsidiary, Tshukudu Metals Botswana (Pty) Ltd (Tshukudu) is the Botswana operating company which owns the T3 copper/silver deposit – MOD’s flagship project. ‘Tshukudu’, meaning rhino in the Setswana language, manages all the daily on-site activities with specialist inputs from Australia.
The T3 discovery RC drill hole intersected 52m grading 2.0% Cu and 32g/t silver from shallow depth in March 2016 and MOD announced a substantial maiden copper/silver resource of 28Mt just six months after the initial discovery. A revised Mineral Resource estimate comprising 36Mt grading 1.14% copper and 12.8g/t silver, containing approximately 409Kt of copper and 14.8Moz silver (0.5% copper cut-off), was announced 24 August, 2017. A further revised resource was announced on 2 July 2018 comprising 60Mt grading 0.98% copper and 14g/t silver, containing 590Kt copper and 27 Moz silver at 0.4% copper cut-off.
Only 22 months after the initial discovery, MOD released the results (announced 31 January 2018) of the T3 Pit Project Pre-Feasibility Study (PFS) which confirmed a robust, long life copper mine generating ~US$730m (~A$960m) for the Base Case over 9 years. A Feasibility Study is currently underway which is expected to be completed in the March 2019 quarter followed by a Decision to Mine.
The Company is conducting a substantial drilling program exploring for similar T3 Type deposits at numerous other high priority targets around along the T3 Dome Complex. Drilling at the large A4 Dome within the T3 Dome Complex has already intersected strong copper mineralisation. Tshukudu is advancing other high priority exploration targets at the extensive T20 Dome and across the Company's wider regional holdings, testing the potential for district scale targets on licences that extend to the Namibian border.