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 approximately ~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 @ 2.0% Cu and 32g/t Ag from shallow depth in March 2016 and MOD announced a substantial maiden copper/silver resource of 28Mt just six months after the initial discovery.
On 24 August 2017, MOD announced a revised Mineral Resource estimate comprising 36Mt grading 1.14% copper and 12.8g/t silver, containing approximately 409Kt of Cu and 14.8Moz silver. 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 regional drilling program exploring for satellite deposits at numerous other high priority targets around T3 and along the T3 Dome, T20 Dome and across its wider regional holdings testing the potential for district scale targets on licences that extend to the Namibian border.