MOD Resources Reports Quarterly Results

MOD Resources (ASX: MOD) has announced its quarterly activities report for the period to 30 June 2018 detailing significant progress at its Botswana operation, the T3 project.

Managing Director Julian Hanna said:

“We’ve had a very successful quarter with a substantial increase in the T3 resource, followed by the agreement to consolidate 100 percent of the T3 project to give us full control over this growing asset. In addition, on the exploration front we had immediate success with the drilling program at the T3 dome complex, intersecting significant visible copper in the first two holes.

“Our recent exploration success, combined with the corporate activities of the share consolidation and proposed transaction with our long‑term JV partner, are laying the foundations for accelerating the development of this rapidly emerging copper rich region in Botswana.”

As highlighted in the press release:

• Binding agreement with Metal Tiger (LSE:MTR) to consolidate 100 percent of T3 project
• Agreement includes rights to acquire all other JV exploration assets
• 44 percent increase in T3 resource to ~590Kt contained copper
• T3 feasibility study on track for completion Q1 2019
• T3 dome complex drilling hits significant visible copper at A4 dome
• A$17.3M cash on hand as at 30 June 2018

Click here to read the full MOD Resources (ASX:MOD) press release.