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.
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
MSCLIFSRFFLSLIT
(END) Dow Jones Newswires
December 14, 2018 02:01 ET (07:01 GMT)
Mod Resources (LSE:MOD)
Historical Stock Chart
From Apr 2024 to May 2024
Mod Resources (LSE:MOD)
Historical Stock Chart
From May 2023 to May 2024