TIDMMOD
RNS Number : 1556H
MOD Resources Limited
30 July 2019
30 July2019
MOD Resources Limited
("MOD" or the "Company")
MOD SIGNS SCHEME IMPLEMENTATION DEED WITH SANDFIRE TO UNDERPIN
T3 COPPER PROJECT
-- Signed a binding Scheme Implementation Deed with Sandfire
Resources NL (ASX:SFR) for the acquisition of 100% of MOD
shares
-- The Scheme values the equity of MOD at A$167 million for an
equivalent value of A$0.45 per MOD share
-- Provides MOD shareholders with certainty of funding for
development of T3 Copper Project and exposure to substantial
exploration upside
-- Completed 66-hole T3 resource infill drilling program with
additional impressive copper intersections confirming continuity of
mineralisation
-- Progress on expansion of grid power infrastructure which will benefit T3
MOD Resources Ltd. (ASX/LSE: MOD) ("MOD" or "the Company") is
pleased to release this second quarter activities report for the
period ended 30 June 2019.
On 25 June 2019, the Company announced Sandfire Resources NL
("Sandfire") made an offer to acquire 100% of MOD Resources Limited
("MOD") (ASX/LSE:MOD) by way of a Scheme of Arrangement ("Scheme").
The Scheme values MOD at A$167 million for an equivalent value of
A$0.45 per MOD Share.
In a joint announcement on 25 June 2019 MOD's Managing Director
Julian Hanna, said:
"The MOD Board considers the implementation of a Scheme with
Sandfire to reflect a compelling value proposition for MOD
shareholders, who will benefit from Sandfire's platform to deliver
the T3 Project into production and realise the full potential of
the underexplored Kalahari copper belt."
Commentary
The MOD Directors ("the Board") have confirmed their present
intention to vote in favour of the Scheme. The Board has
unanimously recommended that, in the absence of a superior proposal
and subject to the independent expert's opinion appointed by the
Company, that MOD shareholders vote in favour of the Scheme. All
shareholders will have the opportunity to vote on the Scheme at the
upcoming Extraordinary General Meeting ("EGM") and the Scheme
Meeting both targeted for 1 October 2019.
During the quarter, the Company completed the 66-hole resource
infill drilling program at T3. Assays continue to deliver
impressive results as drilling intersected further high-grade,
vein-hosted mineralisation while providing clarity around the
up-dip extent of mineralisation within the first two stages of the
proposed open pit mine.
On 7 May 2019, the Company announced its growth strategy with
the two main objectives being to build additional high-grade
mineral resources in the T3 Expansion Project and demonstrate the
unique copper-belt scale opportunity of MOD's extensive licence
holdings through new discoveries.
As part of the growth strategy, drilling re-commenced at T23
Dome, which forms part of a structural zone with several exciting
exploration targets, 100km west of T3. Drilling intersected further
zones of disseminated copper mineralisation interpreted from
shallow depth. The next phase of drilling at T23 Dome is expected
to focus on structural targets which could host high grade
vein-hosted mineralisation.
Further progress was reported by Botswana Power Corporation on
the North West Transmission Grid Connection project, to bring power
within 14km of the T3 Copper Project, targeted in early 2020 and
should result in significant cost benefits for T3.
Overview of Operations
During the second quarter of 2019, there were no reported safety
incidents. The Company recorded a Lost Time Injury Frequency Rate
("LTIFR") of 1.27 per million hours worked. These statistics
include both contractors and employees.
The T3 Infill drilling program was completed and returned
further significant results, intersecting high-grade mineralisation
while providing more clarity around the up-dip extent of
mineralisation within the first stages of the planned open pit.
Infill drilling was completed during the quarter. Results from the
Infill program are summarised in this report and significant
intersections are listed in Appendix 1 - Table 1. No further
resource drilling is planned at T3 during the third quarter.
Infill drilling of the early stages of production within the T3
open pit comprised a total of 66 holes using up to three diamond
drill rigs for approximately 8,463 metres (Table 1).
Table 1: Holes drilled within MOD 100% and MOD 70% JV Licenses
during June quarter
Area / Target Q2 2019 Comments
T3 Copper Project 26 T3 Resource Infill
T3 Copper Project 5 T3 UG Target
T23 Dome 9 Exploration, some assays
pending
TOTAL 40
During the second quarter, the Company submitted the final draft
of the ESIA for the T3 Copper Project to the Department of
Environmental Affairs ("DEA") incorporating comments and feedback
received from the first draft of the ESIA, submitted in December
2018. Following a meeting with the ESIA Reference Group in July,
MOD is awaiting further feedback from the DEA and approval to
commence the public review of the ESIA. Final approval is targeted
late in the third quarter of 2019.
Once the approved ESIA is received, MOD's in-country operator,
Tshukudu Metals Botswana Pty Ltd ("Tshukudu Metals"), expects to
apply for the T3 Mining Licence.
In addition, during the second quarter, the Company outlined its
growth strategy as the T3 open pit ("T3") continues towards the
Mining Licence application and decision to mine. Priority targets
identified include resource definition drilling of the T3
Underground Project and the A4 Dome, 8km west of T3, and follow-up
drilling of potential near surface disseminated and vein-hosted
mineralisation at T23 Dome. During 2018, MOD announced significant
vein-hosted and NPF contact mineralisation intersected in the
initial 20 diamond core drill holes at A4 Dome.
While MOD focuses on implementation of the Sandfire transaction,
exploration and resource drilling activity has been put on hold.
This has provided an opportunity for the in-country exploration
team Tshukudu Exploration Pty Ltd ("Tshukudu Exploration") to
progress with the interpretation of geological and drill data from
the T3 Infill program and the A4 Dome and T23 Dome prospects in
preparation for further drilling expected to resume in the fourth
quarter.
Substantial soil sampling programs are also in progress within
the extensive T20 Exploration Project to provide better definition
of copper/zinc soil anomalies previously identified within an area
of approximately 750km(2) (Figure 5).
During the quarter, the Company continued to expand its
stakeholder engagement and community relations activities and
initiatives. This included ongoing meetings with cattle farmers in
the area surrounding T3 and attendance at the Botswana Resource
Sector Conference in Gaborone. Notable community relations
sponsored projects that have commenced include the establishment of
the Beekeeping Project and commencement of the Plant Nursery
Project in Ghanzi to propagate local and endemic plant species for
the future rehabilitation of the T3 mine site.
Figure 1 - Licence plan showing T3 Copper Project, T3 Expansion
Project and the T20 Exploration Project
Please see image in the full version of the announcement at
www.modresources.com.au
T3 COPPER PROJECT (100% MOD)
T3 Environmental and Social Impact Assessment (ESIA)
At the end of 2018, the Company submitted the draft ESIA to the
DEA. Following the submission, members of the ESIA review panel
attended site and held discussions with key stakeholders as a part
of the project review process. The DEA provided the Company with
feedback on the draft ESIA. The comments received from the DEA in
relation to the ESIA did not require material amendments or
additions to the ESIA. The Company submitted the second draft of
the ESIA during the second quarter of 2019 and in late July
attended the ESIA Reference Group meeting in Ghanzi. MOD is
awaiting further feedback from the DEA and approval to commence the
public review of the ESIA.
Subject to a favourable public review, the Company targets
receipt of approval of the ESIA around the end of the third quarter
of 2019.
Mining Licence Application
On receipt of the approved ESIA the Company will prepare an
application to the Ministry of Mineral Resources, Green Technology
and Energy Security for the T3 Copper Project Mining Licence.
T3 Accommodation Village
Currently, the T3 Accommodation Village located 5km east of
Ghanzi on the A3 Highway (Figure 2) includes individual rooms for
40 persons with a substantial kitchen and mess complex and an
administration office. However, during construction, mine
development and production, a 400-person village is required.
Following engagements with the DEA, the Company was advised that
the village expansion requires an Environmental Management Plan
("EMP"), rather than a more onerous ESIA. The Company submitted the
village EMP to the DEA during the second quarter of 2019 and is
awaiting approval from the DEA to submit the EMP for public
review.
Design work for the village expansion and associated services
and infrastructure will be carried out during the EMP approval
process. The expansion of the village is aligned with the schedule
of works that aims to accommodate the growing number of personnel
through the T3 site pre-works, mining and construction activities
and into production.
Figure 2 - Stage 1 Accommodation Village near Ghanzi. (Office
and Kitchen/Mess complex located to right of picture)
Please see image in the full version of the announcement at
www.modresources.com.au
Regional Infrastructure
The Government of Botswana through Botswana Power Corporation
("BPC") has embarked on a program to improve power supply to the
North West Region, including the Ghanzi District.
The North West Transmission Grid Connection Project aims to
install a power transmission line and associated substations and
infrastructure to extend the power grid to the North West, Chobe
and Ghanzi districts to meet the power demands from mining and
Government projects with an investment of P4.8 billion (US$500
million).
The project is currently underway with construction of
transmission infrastructure towards Ghanzi (Figure 3). The BPC has
indicated that power infrastructure is expected to be installed
within 14kms of the T3 Copper Project in early 2020.
Figure 3 - North West Transmission Grid being installed along A3
highway between Maun and Ghanzi
Please see image in the full version of the announcement at
www.modresources.com.au
T3 EXPANSION PROJECT
The T3 Copper Project (Figure 4) is centrally located within the
T3 Expansion Project (963km(2) ) comprising PL 189/2008, PL
190/2008, PL 074/2017. It includes the T1 Resource (100% MOD), A1
Dome (70% MOD), A4 Dome (70% MOD) and the T3 Underground (100% MOD)
Projects. The T3 Expansion Project forms part of a strategy to
explore for additional resources within transport distance of the
planned T3 Copper Project process plant, to benefit from
significant infrastructure being established at T3 and provide the
opportunity to add substantial value to the project.
Figure 4 - T3 Expansion Project Area showing current priority
exploration targets
Please see image in the full version of the announcement at
www.modresources.com.au
T3 Open Pit (100% MOD)
At the end of the second quarter, the Company completed the T3
Pit Infill Drilling program utilising up to three diamond drill
rigs, completing 26 holes during the quarter for a total of 66
holes and 8,463 metres drilled.
The infill drilling continued to intersect wide intervals of
copper/silver mineralisation within the planned pit boundaries.
Significant intersections from the T3 Pit Infill results
announced on 29 April 2019, include:
-- MO-G-199D with 21m at 1.5% Cu and 30g/t Ag from 118m,
o including 10m at 2.0% Cu and 44g/t Ag from 118m
-- MO-G-200D with 26m at 1.8% Cu and 25g/t Ag from 119m
o including 6.4m at 4.6% Cu and 75g/t from 120.6m
-- MO-G-201D with 16.5m at 1.8% Cu and 18g/t Ag from 83.5m
-- MO-G-202D with 60m at 1.0% Cu and 13g/t Ag from 78m
-- MO-G-203D with 11.4m at 2.1% Cu and 16g/t Ag from 74.6m
-- MO-G-204D with 41.9m at 1.4% Cu and 25g/t Ag from 82m
o including 4.4m at 2.6% Cu and 141g/t Ag from 87m
-- MO-G-212D with 16m at 1.9% Cu and 26g/t Ag from 117m
-- MO-G-217D with 20.5m at 2.2% and 44g/t Ag Cu from 105.5m
Significant intersections from the most recent T3 Pit Infill
drill holes include:
-- MO-G-239D with 20.4m @ 1.1% Cu and 5g/t Ag from 86.2m
-- MO-G-241D with 21m @ 1% Cu and 7g/t Ag from 81m,
o and 35.3m @ 1.5% Cu and 19g/t Ag from 119.7m
-- MO-G-247D with 2.7m @ 1.9% Cu and 19g/t Ag from 106.5m
-- MO-G-252D with 13m @ 1% Cu and 5g/t Ag from 71m
Significant intersections from the 66-hole infill drilling
program are listed in Appendix 1 - Table 1.
T3 Underground Project (100% MOD)
Previously announced results from drilling has indicated the
potential for high-grade vein hosted copper/silver mineralisation
along strike and down-dip from the current planned T3 open pit,
which could potentially be accessed from underground.
High-grade intersections announced 7 December 2017, include:
-- MO-G-93D with 6.5m at 2% Cu and 49g/t Ag from 190m downhole
-- MO-G-93D with 2m at 2.1% Cu and 46g/t Ag from 227m downhole
-- MO-G-96D with 18m @ 1.9% Cu & 14g/t Ag from 120m downhole
o including 6.2m at 3% Cu and 24g/t Ag from 128.8m downhole
-- MO-G-132D with 11.5m at 1.8% Cu and 36g/t Ag from 243m downhole
-- MO-G-145D with 6.2m at 1.9% Cu and 40g/t Ag from 268m downhole
-- MO-G-162D with 1.5m at 6.3% Cu and 106g/t Ag from 155.5m downhole
During the second quarter, resource definition drilling
commenced at the T3 Underground Project, with five holes completed
utilising one diamond drill rig for 1,884 metres drilled. Results
of assays are included in Appendix 1 - Table 2.
Significant intersections from the most recent T3 Underground
drill holes include:
-- MO-G-253D with 6.6m @ 1.7% Cu and 25g/t Ag from 331m
-- MO-G-256D with 7.4m @ 1.3% Cu and 31g/t Ag from 275m
-- MO-G-257D with 2.7m @ 1.5% Cu and 26g/t Ag from 260m
o and 6.1m @ 1.1% Cu and 26g/t Ag from 277.4m
o and 5.2m @ 1.6% Cu and 32g/t Ag from 296.8m
A preliminary review of the T3 Underground drilling data
suggests the presence of continuous, potentially economic widths
and grades of mineralisation. If this is confirmed through further
drilling, it could provide an opportunity to contribute additional
higher-grade throughput to the T3 process plant, potentially
supporting increased production in the medium-term.
T20 EXPLORATION PROJECT
As announced on 7 May 2019, the Company commenced RC and diamond
drilling at the T23 Dome to follow-up encouraging disseminated
copper mineralisation at shallow depth in the first three holes,
announced 10 December 2018.
T23 Dome is the first target (apart from the T4 Prospect) to be
drilled within the extensive T3 Exploration Project considered
prospective for sediment hosted copper based on interpretation of
magnetic, EM, soil geochemical and structural data. T23 Dome shows
several similarities to the strongly mineralised T3 and A4 Domes,
100km along strike to the east.
The T23 Dome is interpreted to be a part of a major ENE trending
structural zone linking the T23 Dome to the T4 Prospect along the
northern margin of the T20 Exploration Project, over 20-30km
(Figure 5).
The recent drilling at T23 Dome intersected further zones of
disseminated and bedded copper/silver mineralisation dominated by
the high tenor copper sulphide, chalcocite. A total of nine holes
have been completed to date with significant intersections included
in Appendix 1-Table 4. Assay results are pending for MO-T23-004D.
Disseminated mineralisation has now been intersected along 1km
strike length along the southern limb of the interpreted T23 domal
structure and remains open.
While further drilling is required to demonstrate potentially
economic grades of mineralisation at T23 Dome, the continuity of
copper mineralisation intersected in the initial drilling is very
encouraging. Potential exists for high grade vein-hosted and NPF
contact mineralisation within this large, structurally complex
target.
Figure 5 - T20 Exploration Project showing the location of T23
and T4 prospects
Please see image in the full version of the announcement at
www.modresources.com.au
MOD RESOURCES BOTSWANA (MOD 100%)
During 2018, MOD Resources Botswana was granted four additional
prospecting licences, PL065/2018, PL334,2018, PL335/2018 and
PL336/2018 to cover a number of interpreted intrusions north of the
central part of copper belt. The addition of the licences has
increased the Company's overall licence area by 3,582km(2) to
14,853km(2) . Preliminary exploration is planned to include
detailed ground magnetics and gravity to better define these
interpreted intrusions.
SUSTAINABILITY
Health and Safety
During the quarter and following receipt of the fire truck,
several Tshukudu Exploration staff received fire and emergency
response training. Training was conducted over three days and
covered core concepts of fire protection, management as well as
basic fire-fighting and rescue techniques for Tshukudu operations
and to support Ghanzi Fire Brigade (Figure 6).
Figure 6 - Tshukudu Team undergoing Fire and Emergency Response
Training
Please see image in the full version of the announcement at
www.modresources.com.au
Environment
During the second quarter, there were no reportable
environmental incidents.
During the quarter, there was a strong focus on monitoring of
compliance against the approved T3 Project Environmental Management
Plan, looking particularly at how on-site contractors manage and
control hydrocarbon and chemical spills.
Tshukudu HSE staff conducted 80 site inspections of drilling
contractor work places, identifying adherence to health, safety and
environment protocols and reviewing if the drilling contractors
were taking the necessary precautions to mitigate and manage
spills. While it was noted that the drillers were in compliance
with the EMP, some opportunities for improvement were identified
and include:
-- Contractor record keeping of spills / incidents must be improved;
-- A fauna reporting procedure must be implemented; and
-- Housekeeping and waste management procedures must be
strengthened to reduce and avoid litter at the drillers camp to
reduce the risk of attracting wildlife.
Site health, safety and environment inspections will continue
with the aim of setting the standard of expectations of contractors
and to set the culture of the workforce ahead of the commencement
of T3 construction activities.
Community Relations
The Company continued to engage with members of the local
farming community, facilitating the successful delivery of all
long-term exploration access agreements. A meeting was also held
with farmers surrounding the T3 Project area, whose main concern
relates to the potential impact that mining activities could have
on groundwater supply and quality. MOD discussed the hydrogeology
reports that were prepared by Water Surveys Botswana and Knight
Piesold as part of the Feasibility Study and presented a proposed
bore water monitoring plan. It was agreed that a hydrocensus of the
mine area and surrounding farms should be conducted and the results
presented to the farmers before mining activities commence.
Additionally, Tshukudu implemented a formal procedure for the
evaluation of Community Social Investment Program projects and
approved a partnership with the Kanabo Conservation Link
("KCL").
The Tshukudu-KCL partnership is a vulture awareness and
conservation program aimed at targeting students and members of the
local community. The formal launch of the sponsorship has been
scheduled for the second half of 2019 and a stakeholder engagement
programme has been developed.
During the second quarter, Tshukudu achieved several major
milestones related to the Beekeeping Project and the pilot site has
been prepared with the first beehives received (Figure 7). During
the quarter, Tshukudu staff recruited members of the local Ghanzi
community for the Bee Project and they expect to activate the
beehives and officially launch the project in the second half of
2019. The Bee Project is also expected to act as a wild life
deterrent for the T3 Project.
Figure 7 - Tshukudu Beekeeping Project being established
Please see image in the full version of the announcement at
www.modresources.com.au
Subsequent to the end of the quarter, the Company commenced
planning for a Plant Nursery for the propagation of local and
endemic plant species to facilitate progressive rehabilitation
works that will be conducted across the T3 Project site.
During the second quarter, members of Tshukudu attended and
presented at the well-attended Botswana Resource Sector Conference
("BRSC") in Gaborone in June (Figure 8), followed by meetings with
senior officials from a range of key government departments and the
Mines Ministry. The resource conference and subsequent meetings
confirmed the strong in-country support for development of the T3
Copper Project which will become the first mine in Ghanzi District
and a major employer in the region.
Figure 8 - Tshukudu Community Relations staff at the 2019 BRSC
in Gaborone
Please see image in the full version of the announcement at
www.modresources.com.au
CORPORATE
Cash & Debt Position
At the end of the quarter, the cash balance was $8.3 million.
The Company remains debt free.
Sandfire and MOD Resources execute a binding Scheme
Implementation Deed
On 25 June 2019, MOD Resources and Sandfire announced the
binding Scheme of Implementation Deed for Sandfire to acquire 100%
of MOD Resources by way of a Scheme of Arrangement ("Scheme").
Under the Scheme, Sandfire and MOD will combine, with the corporate
structure of MOD incorporated into that of Sandfire. This process
will ensure that the culture of MOD and its in-country operating
companies remain intact to ensure an orderly transition and to
provide stakeholders with comfort that existing relationships will
be maintained while ensuring the continuation of the significant
body of corporate knowledge associated with the Project and in
Botswana.
The implied Scheme Consideration is A$0.45 per MOD share(1) ,
valuing the equity of MOD at $167 million(2) , with MOD
shareholders to elect either:
-- Scrip Consideration of 0.0664 Sandfire shares for every 1 MOD share held; or
-- Cash Consideration of A$0.45 per share, subject to an aggregate Cash Cap of A$41.6 million(3)
The implied Scheme Consideration represents a premium of:
-- 45% to the closing MOD share price of A$0.310 per share on 24 June 2019;
-- 45% to the 20-day MOD VWAP of A$0.310 per share up to and including 24 June 2019(4) ; and
-- 108% to the undisturbed closing MOD share price on 18 January
2019 (i.e. confirmation of Sandfire's preliminary, indicative and
non-binding approach to MOD as reported in the media)
The MOD Board of Directors has unanimously recommended the
Scheme of Arrangement and have confirmed their present intention to
vote in favour of the scheme in respect of approximately 7.02% of
MOD shares(5) .
Metal Tiger has agreed to vote in favour of the Scheme in
respect of approximately 10.48% of MOD shares currently held and
MOD shares that it will hold after the exercise of options prior to
the Scheme meeting to a maximum of 19.9% of MOD shares. In
addition, the Scheme will consolidate 100% MOD's tenement package
across the Kalahari copper belt with MOD to also acquire Metal
Tiger Plc's 30% interest in several exploration licences.
The Scheme will be subject to the conditions set out in the SID
(announced 25 June 2019), which include:
-- Approval being received from the MOD shareholders;
-- Regulatory approvals;
-- Court approval;
-- The Independent Expert concluding that the Scheme is in the
best interests of MOD shareholders and not changing that
conclusion; and
-- Other conditions customary for a transaction of this nature.
Shareholders of MOD will be asked to approve the Scheme at a
meeting which is targeted to be held on 1 October 2019. Further
details of the Scheme, transaction terms and recommendations will
be provided to MOD shareholders through an Explanatory Booklet
which will include an Independent Expert's Report. It is expected
that this booklet will be mailed to MOD shareholders in late August
2019. Please see Table 2 for an indicative timetable of events.
Table 2: Proposed indicative transaction timeframe
Event Indicative Date
Proposed first court date 20 August 2019
Dispatch Scheme Booklet 26 August 2019
and Notice of EGM to shareholders
EGM 1 October 2019
Scheme Meeting 1 October 2019
Proposed second court date 8 October 2019
Record date 16 October 2019
Implementation date 23 October 2019
----------------
Sams Creek Gold JV, New Zealand (80% MOD)
Sams Creek is a substantial undeveloped gold project with >1
million-ounce porphyry hosted gold resource (see Appendix 1 - Table
6) which remains open at depth and along strike, supporting
significant additional exploration potential. The Company remains
focussed on advancing its T3 Copper Project in Botswana and is
considering opportunities to divest this non-core project.
([1]) Based on Sandfire's Volume Weighted Average Price (VWAP)
for the 5 trading days up to and including 24 June 2019 (volumes
traded on the ASX and Chi-X) .
(2 Includes unlisted options held by Metal Tiger, unlisted
performance rights and shares issued by MOD to Metal Tiger for the
acquisition of Metal Tiger's 30% indirect interest in several
licences.)
(3 European Holders will receive Scrip Consideration only. In
the event the Cash Cap is exceeded, the amount of cash paid per
share to shareholders electing cash will be reduced pro rata, and
Sandfire shares issued in respect of the shortfall, at a deemed
Sandfire share price of A$6.78.)
4 Volume weighted average price (VWAP) for the 20 trading days
up to and including 24 June 2019 (volumes traded on the ASX and
Chi-X).
(5 In the absence of a superior proposal and subject to a
favourable opinion of the independent expert. Present intention
only and subject to change. This holding is prior to dilution on
the exercise of options by Metal Tiger, upon which the commitments
by directors will represent 6.28%.)
For and on behalf of the Board.
Julian Hanna Mark Clements
Managing Director Executive Chairman and Company
Secretary
Jeff Sansom Jos Simson / Emily Fenton (UK
Investor Relations PR & IR)
E: IR@modresources.com.au Tavistock
P: +61 (8) 9322 8233 P: +44 (0) 207 920 3150
P: +44 (0) 778 855 4035
E: MOD@tavistock.co.uk
Subscribe at: www.modresources.com.au
About MOD Resources
MOD Resources Ltd (ASX/LSE: MOD) is a dual listed copper
exploration and development company with a dominant land position
within the Kalahari Copper Belt in Botswana. The Company is
focussed on the 100% MOD owned T3 Copper Project, expected to be a
high-margin, low-cost copper mine. In parallel with the development
of the T3 Copper Project, MOD continues its exploration program
across several priority drill targets and within untested areas of
interesting and potentially significant Electromagnetic and Cu-Zn
soil anomalies.
MOD has a social licence to operate within Botswana as well as
within the host community of Ghanzi. MOD will continue to work
collaboratively with Government regulators and members of the
Ghanzi District community to ensure that any social investments and
developments are targeted to create a positive and lasting
legacy.
Competent Person's Statement
The information in this news release that relates to Mineral
Resource estimates (excluding prior estimates) is based on and
fairly represents information and supporting documentation compiled
by Dr Matthew Cobb; an employee of CSA Global Pty Ltd. Dr Cobb is a
member of both The Australasian Institute of Mining and Metallurgy
and Australian Institute of Geoscientists. Dr Cobb has sufficient
experience relevant to the style of mineralisation under
consideration and to the activity which he 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". Dr Cobb consents to the inclusion in
this announcement of the matters based on their information in the
form and context in which it appears.
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.
The information in this announcement that relates to Geological
Data and Exploration Results at the Sams Creek Gold Project is
based on and fairly represents information compiled by Mr Paul
Angus, Project Manager of Sams Creek and a Director of MOD
Resources Limited's subsidiary, Sams Creek Gold Limited. Mr Angus
is a member of the Australasian Institute of Mining and Metallurgy
and has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration to qualify
as a Competent Person as defined in the December 2012 edition of
the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves (JORC Code). Mr Angus has approved the
Statement as a whole and consents to the inclusion in this
announcement 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 material 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.
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. 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 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. The document contains
background information about MOD 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, 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 1
Table 1: T3 Infill Drilling Results
HOLE ID T3 INFILL SIGNIFICANT INTERSECTIONS
As announced 29 April 2019
MO-G-198D 6.3m @ 0.6% Cu & 7g/t Ag from 67m downhole
---------------------------------------------
and 4.3m @ 1.3% Cu & 11g/t Ag from 84m downhole
---------------------------------------------
and 6m @ 0.9% Cu & 4g/t Ag from 92m downhole
---------------------------------------------
and 4.4m @ 0.9% Cu & 2g/t Ag from 103.6m
downhole
---------------------------------------------
MO-G-199D 10m @ 1.4% Cu & 20g/t Ag from 72m downhole
---------------------------------------------
and 2.1m @ 1.9% Cu & 7g/t Ag from 87.9m downhole
---------------------------------------------
and 13m @ 0.4% Cu & 5g/t Ag from 95m downhole
---------------------------------------------
and 21m @ 1.5% Cu & 30g/t Ag from 118m downhole
---------------------------------------------
Inc. 10m @ 2% Cu & 44g/t Ag from 118m downhole
---------------------------------------------
MO-G-200D 23.8m @ 1.2% Cu & 23g/t Ag from 81.2m
downhole
---------------------------------------------
Inc. 9.8m @ 2% Cu & 48g/t Ag from 81.2m downhole
---------------------------------------------
and 26m @ 1.8% Cu & 25g/t Ag from 119m downhole
---------------------------------------------
Inc. 6.4m @ 4.6% Cu & 75g/t Ag from 120.6m
downhole
---------------------------------------------
MO-G-201D 16.5m @ 1.8% Cu & 18g/t Ag from 83.5m
downhole
---------------------------------------------
and 19m @ 2.1% Cu & 37g/t Ag from 111m downhole
---------------------------------------------
Inc. 8m @ 4.1% Cu & 76g/t Ag from 121m downhole
---------------------------------------------
and 8m @ 0.8% Cu & 4g/t Ag from 134m downhole
---------------------------------------------
and 4.4m @ 1% Cu & 3g/t Ag from 145.6m downhole
---------------------------------------------
MO-G-202D 60m @ 1% Cu & 13g/t Ag from 78m downhole
---------------------------------------------
MO-G-203D 11.4m @ 2.1% Cu & 16g/t Ag from 74.6m
downhole
---------------------------------------------
and 32m @ 1.3% Cu & 16g/t Ag from 117m downhole
---------------------------------------------
MO-G-204D 41.9m @ 1.4% Cu & 25g/t Ag from 82m downhole
---------------------------------------------
Inc. 4.4m @ 2.6% Cu & 141g/t Ag from 87m downhole
---------------------------------------------
and 3.8m @ 1.1% Cu & 7g/t Ag from 133.2m
downhole
---------------------------------------------
MO-G-205D 11m @ 0.9% Cu & 8g/t Ag from 87m downhole
---------------------------------------------
and 5m @ 0.6% Cu & 3g/t Ag from 101m downhole
---------------------------------------------
MO-G-206D 19.8m @ 0.6% Cu & 4g/t Ag from 74.2m
downhole
---------------------------------------------
MO-G-207D 15m @ 1.1% Cu & 7g/t Ag from 81m downhole
---------------------------------------------
and 22.4m @ 1.2% Cu & 20g/t Ag from 118.6m
downhole
---------------------------------------------
MO-G-208D 10m @ 0.6% Cu & 2g/t Ag from 40m downhole
---------------------------------------------
and 9m @ 0.9% Cu & 11g/t Ag from 73m downhole
---------------------------------------------
and 26.4m @ 0.8% Cu & 5g/t Ag from 85.6m
downhole
---------------------------------------------
MO-G-209D 13m @ 0.6% Cu & 2g/t Ag from 27m downhole
---------------------------------------------
and 7m @ 1.1% Cu & 3g/t Ag from 44m downhole
---------------------------------------------
MO-G-210D 15m @ 1.2% Cu & 8g/t Ag from 86m downhole
---------------------------------------------
and 13.6m @ 0.9% Cu & 3g/t Ag from 105m downhole
---------------------------------------------
MO-G-211D 28.5m @ 1% Cu & 7g/t Ag from 85m downhole
---------------------------------------------
and 7m @ 1.1% Cu & 16g/t Ag from 129m downhole
---------------------------------------------
MO-G-212D 16m @ 1% Cu & 4g/t Ag from 65m downhole
---------------------------------------------
and 7.5m @ 0.8% Cu & 10g/t Ag from 96.5m
downhole
---------------------------------------------
and 16m @ 1.9% Cu & 26g/t Ag from 117m downhole
---------------------------------------------
MO-G-213D 22.4m @ 1.5% Cu & 6g/t Ag from 76.6m
downhole
---------------------------------------------
and 15.2m @ 0.7% Cu & 12g/t Ag from 117m
downhole
---------------------------------------------
MO-G-214D 14m @ 1% Cu & 4g/t Ag from 63m downhole
---------------------------------------------
and 9m @ 0.5% Cu & 7g/t Ag from 92m downhole
---------------------------------------------
MO-G-215D 12.1m @ 0.9% Cu & 4g/t Ag from 65.5m
downhole
---------------------------------------------
and 17m @ 1.5% Cu & 17g/t Ag from 93m downhole
---------------------------------------------
MO-G-216D 17m @ 0.7% Cu & 2g/t Ag from 52m downhole
---------------------------------------------
and 11.5m @ 0.7% Cu & 5g/t Ag from 94m downhole
---------------------------------------------
MO-G-217D 9.3m @ 1.2% Cu & 5g/t Ag from 77m downhole
---------------------------------------------
and 20.5m @ 2.2% Cu & 44g/t Ag from 105.5m
downhole
---------------------------------------------
MO-G-218D No significant intersection: outside
deposit
---------------------------------------------
MO-G-219D No significant intersection: outside
deposit
---------------------------------------------
MO-G-220D 15.3m @ 1.6% Cu & 23g/t Ag from 72m downhole
---------------------------------------------
and 15.5m @ 0.6% Cu & 6g/t Ag from 103m downhole
---------------------------------------------
MO-G-221D 7.4m @ 1.2% Cu & 5g/t Ag from 82.6m downhole
---------------------------------------------
and 19m @ 1.4% Cu & 26g/t Ag from 107m downhole
---------------------------------------------
MO-G-222D 18.3m @ 1% Cu & 23g/t Ag from 72m downhole
---------------------------------------------
and 4.4m @ 1.4% Cu & 7g/t Ag from 116m downhole
---------------------------------------------
As announced 30 July 2019
MO-G-232D 16m @ 0.7% Cu & 4g/t Ag from 50m downhole
---------------------------------------------
MO-G-239D 20.4m @ 1.1% Cu & 5g/t Ag from 86.2m
downhole
---------------------------------------------
and 3.8m @ 1.1% Cu & 27g/t Ag from 127.2m
downhole
---------------------------------------------
MO-G-241D 21m @ 1% Cu & 7g/t Ag from 81m downhole
---------------------------------------------
and 35.3m @ 1.5% Cu & 19g/t Ag from 119.7m
downhole
---------------------------------------------
MO-G-247D 2.7m @ 1.9% Cu & 19g/t Ag from 106.5m
downhole
---------------------------------------------
MO-G-252D 13m @ 1% Cu & 5g/t Ag from 71m downhole
---------------------------------------------
and 7m @ 0.8% Cu & 8g/t Ag from 111m downhole
---------------------------------------------
Table 2: Recent T3 Underground Drilling Results
HOLE ID T3 UNDERGROUND SIGNIFICANT INTERSECTIONS
MO-G-253D 6.6m @ 1.7% Cu & 25g/t Ag from 331m downhole
---------------------------------------------
MO-G-254D 5.1m @ 0.9% Cu & 21g/t Ag from 276.5m
downhole
---------------------------------------------
MO-G-255D 3.9m @ 0.9% Cu & 16g/t Ag from 254.1m
downhole
---------------------------------------------
MO-G-256D 7.4m @ 1.3% Cu & 31g/t Ag from 275m downhole
---------------------------------------------
and 3m @ 1.2% Cu & 35g/t Ag from 294m downhole
---------------------------------------------
MO-G-257D 2.7m @ 1.5% Cu & 26g/t Ag from 260m downhole
---------------------------------------------
and 6.1m @ 1.1% Cu & 26g/t Ag from 277.4m
downhole
---------------------------------------------
and 5.2m @ 1.6% Cu & 32g/t Ag from 296.8m
downhole
---------------------------------------------
Table 3: T3 Infill Drill Collar Parameters
Drill Hole Easting Northing RL (m) EOH (m) Azi (UTM) Dip Collar Survey Prospect
ID
MO-G-198D 636202.41 7641708.59 1116.82 127.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-199D 636348.83 7641825.73 1116.17 148.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-200D 636341.38 7641847.61 1116.14 151.5 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-201D 636318.5 7641845.92 1116.07 157.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-202D 636300.03 7641824.16 1116.1 151.5 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-203D 636327.35 7641824.59 1116.14 154.7 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-204D 636272.83 7641821.29 1116.06 154.5 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-205D 636192.12 7641732.5 1116.42 127.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-206D 636117.05 7641742.83 1116.12 151.5 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-207D 636229.03 7641797.41 1116.14 151.7 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-208D 636278.02 7641746.91 1116.56 130.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-209D 636301.37 7641750.95 1116.6 121.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-210D 636195.03 7641795.83 1116.1 163.7 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-211D 636248.79 7641814.66 1116.03 154.7 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-212D 636376.56 7641833.32 1116.37 154.7 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-213D 636201.14 7641778.01 1116.18 148.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-214D 636399.84 7641839.88 1116.32 145.7 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-215D 636209.56 7641752.93 1116.29 139.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-216D 636450.24 7641853.2 1116.25 121.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-217D 636183.91 7641757.26 1116.23 139.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-218D 636375.32 7641761.72 1116.73 112.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-219D 636169.96 7641661.1 1117.03 94.62 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-220D 636442.03 7641877.95 1116.19 136.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-221D 636160.58 7641754 1116.13 145.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-222D 636460.67 7641888.89 1116.17 160.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-223D 636436.57 7641748.19 1117 91.62 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-224D 636455.48 7641782.77 1116.81 94.57 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-225D 636459.99 7641827.64 1116.69 121.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-226D 636491.71 7641812.42 1116.95 100.5 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-227D 636499.01 7641867.27 1116.32 100.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-228D 636382.35 7641738.55 1116.99 100.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-229D 636109.79 7641677.52 1116.99 121.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-230D 636162.74 7641682.97 1116.97 127.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-231D 636226.96 7641704.91 1116.87 112.5 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-232D 636358.3 7641803.48 1116.35 142.5 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-233D 636091.38 7641658.89 1117.02 115.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-234D 636096.98 7641637.65 1117.26 100.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-235D 636114.75 7641656.44 1117.18 106.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-236D 636394.98 7641788.49 1116.62 124.5 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-237D 636140.97 7641670.05 1116.99 124.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-238D 636351.58 7641752.34 1116.76 109.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-239D 636432.11 7641901.25 1116.21 160.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-240D 636208.18 7641686.31 1116.92 121.5 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-241D 636366.19 7641857.5 1116.13 160.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-242D 636332.02 7641739.2 1116.85 106.5 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-243D 636234.01 7641681.16 1116.9 109.7 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-244D 636310.45 7641728.68 1116.78 109.5 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-245D 636409.73 7641744.7 1117.12 100.6 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-246D 636217.85 7641661.38 1117.07 97.62 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-247D 636102.89 7641703.83 1116.55 133.7 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-248D 636125.95 7641631.96 1117.39 97.62 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-249D 636152.32 7641646.75 1117.27 97.62 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-250D 636469.46 7641805.34 1116.93 94.62 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-251D 636106.11 7641614.57 1117.46 91.62 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-252D 636490.15 7641892.27 1116.27 124.7 160 -60 DGPS T3-Infill
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-253D 636708 7642412 1116 352.6 160 -60 GPS T3-UG
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-254D 636227 7642259 1116 340.7 160 -60 GPS T3-UG
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-255D 636274 7642269 1116 397.7 160 -60 GPS T3-UG
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-256D 636411 7642340 1116 400.6 160 -60 GPS T3-UG
---------- ----------- -------- -------- ---------- ---- -------------- ----------
MO-G-257D 636317 7642304 1116 391.7 160 -60 GPS T3-UG
---------- ----------- -------- -------- ---------- ---- -------------- ----------
Table 4: T23 Intersections (announced 29 January 2019 and 30
July 2019)
HOLE_ID T23 SIGNIFICANT INTERSECTIONS STYLE RELEASE DATE
MO-T23-001D 25m @ 0.4% Cu & 4g/t Ag from Disseminated 29 January
65m downhole 2019
------------------------------------------ ------------------------ ---------------------------
Incl. 3m @ 0.7% Cu & 10g/t Ag from Disseminated
65m downhole
------------------------------------------ ------------------------ ---------------------------
Incl. 1m @ 1% Cu & 13g/t Ag from 80m Disseminated
downhole
------------------------------------------ ------------------------
Incl. 2m @ 0.6% Cu & 7g/t Ag from Disseminated
88m downhole
------------------------------------------ ------------------------ ---------------------------
and: 4m @ 0.6% Cu & 13g/t Ag from Disseminated (Hole extended)
258m downhole
30 July 2019
------------------------------------------ ------------------------ ---------------------------
and: 4.5m @ 0.7% Cu & 14g/t Ag from Disseminated
268.5m downhole
------------------------------------------ ------------------------ ---------------------------
and: 6m @ 0.8% Cu & 27g/t Ag from Disseminated
343m downhole
------------------------------------------ ------------------------
and: 7.2m @ 0.7% Cu & 24g/t Ag from Disseminated
383.9m downhole
------------------------------------------ ------------------------ ---------------------------
MO-T23-002D 1.7m @ 1.2% Cu & 24g/t Ag from Disseminated 29 January
225.3m downhole 2019
------------------------------------------ ------------------------ ---------------------------
MO-T23-003D 18m @ 0.4% Cu & 10g/t Ag from Disseminated 29 January
172m downhole 2019
------------------------------------------ ------------------------ ---------------------------
Incl. 7m @ 0.5% Cu & 16g/t Ag from Disseminated
172m downhole
------------------------------------------ ------------------------ ---------------------------
and: 0.6m @ 3.1% Cu & 128g/t Ag Vein
from
268m downhole
------------------------------------------ ------------------------
and. 4m @ 0.5% Cu & 22g/t Ag from Disseminated
353m downhole
------------------------------------------ ------------------------
and. 5.3m @ 0.4% Cu & 22g/t Ag from Disseminated
366.5m downhole
------------------------------------------ ------------------------
and. 9m @ 0.4% Cu & 18g/t Ag from Disseminated
376m downhole
------------------------------------------ ------------------------ ---------------------------
MO-T23-004D Assays pending
------------------------------------------ ------------------------ ---------------------------
MO-T23-001R 6m @ 0.7% Cu & 48g/t Ag from Disseminated 29 January
59m downhole 2019
------------------------------------------ ------------------------ ---------------------------
and: 11m @ 0.4% Cu & 19g/t Ag from Disseminated
164m downhole
------------------------------------------ ------------------------ ---------------------------
and: 16m @ 0.4% Cu & 22g/t Ag from Disseminated
180m downhole
------------------------------------------ ------------------------ ---------------------------
MO-T23-002R NSI 30 July 2019
------------------------------------------ ------------------------ ---------------------------
MO-T23-003R 44m @ 0.3% Cu & 4g/t Ag from Disseminated 29 January
59m downhole 2019
------------------------------------------ ------------------------ ---------------------------
MO-T23-004R 13m @ 0.4% Cu & 6g/t Ag from Disseminated 30 July 2019
67m downhole
------------------------------------------ ------------------------ ---------------------------
and: 3m @ 0.5% Cu & 15g/t Ag from Disseminated
87m downhole
------------------------------------------ ------------------------ ---------------------------
and: 6m @ 0.4% Cu & 5g/t Ag from Disseminated
175m downhole
------------------------------------------ ------------------------ ---------------------------
MO-T23-005R 3m @ 0.5% Cu & 13g/t Ag from Disseminated 30 July 2019
47m downhole
------------------------------------------ ------------------------ ---------------------------
and: 4m @ 0.6% Cu & 10g/t Ag from Disseminated
62m downhole
------------------------------------------ ------------------------ ---------------------------
and: 3m @ 1.4% Cu & 29g/t Ag from Disseminated
77m downhole
------------------------------------------ ------------------------
and: 3m @ 0.6% Cu & 16g/t Ag from Disseminated
125m downhole
------------------------------------------ ------------------------
and: 7m @ 0.5% Cu & 14g/t Ag from Disseminated
188m downhole
------------------------------------------ ------------------------ ---------------------------
Table 5: T23 Drill Collar Parameters
Drill Hole Easting Northing RL (m) EOH (m) Azi (UTM) Dip Collar Survey
ID
MO-T23-001D 554653 7613723 1170 445.9 160.00 -60.00 GPS
-------- --------- ------- -------- ---------- ------- --------------
MO-T23-002D 554550 7614001 1170 301.4 160.00 -60.00 GPS
-------- --------- ------- -------- ---------- ------- --------------
MO-T23-003D 555134 7614141 1170 430.9 160.00 -60.00 GPS
-------- --------- ------- -------- ---------- ------- --------------
MO-T23-004D 555036 7614373 1170 340.9 160.00 -60.00 GPS
-------- --------- ------- -------- ---------- ------- --------------
MO-T23-001R 555201 7613988 1170 204 160 -60 GPS
-------- --------- ------- -------- ---------- ------- --------------
MO-T23-002R 555564 7614105 1170 189 160 -60 GPS
-------- --------- ------- -------- ---------- ------- --------------
MO-T23-003R 554313 7613566 1170 103 160 -60 GPS
-------- --------- ------- -------- ---------- ------- --------------
MO-T23-004R 554291 7613668 1170 199 160 -60 GPS
-------- --------- ------- -------- ---------- ------- --------------
MO-T23-005R 554718 7613575 1170 205 160 -60 GPS
-------- --------- ------- -------- ---------- ------- --------------
Table 6: Sams Creek Resource Table (9 October 2013)
Sams Creek Resource Cut-Off Tonnes Grade Contained
Category g/t Au (Mt) g/t Au 000's oz
Au
-------- ------- --------
Indicated 0.7 10.1 1.77 575
Inferred 0.7 10.4 1.31 439
--------------------- -------- ------- -------- ----------
TOTAL 0.7 20.5 1.54 1,014
--------------------- -------- ------- -------- ----------
Indicated 1.0 7.9 2.03 515
Inferred 1.0 5.8 1.70 315
TOTAL 1.0 13.7 1.89 830
-------- ------- --------
Indicated 1.5 5.0 2.48 402
Inferred 1.5 2.5 2.33 187
TOTAL 1.5 7.5 2.43 588
-------- ------- --------
Botswana Copper/Silver Project - Schedule of Exploration
Licences
LICENCE NUMBER SIZE (Km(2) HOLDING TITLE HOLDER COMMENCEMENT RENEWAL
) DATE DATE
MOD Botswana
MOD Resources
Botswana
PL686/2009 463.0 100% (Pty) Ltd 1-Jan-19 31-Dec-20
MOD Resources
Botswana
PL204/2014 35.5 100% (Pty) Ltd 1-Apr-18 31-Mar-20
MOD Resources
Botswana
PL280/2014 70.2 100% (Pty) Ltd 1-Apr-18 31-Mar-20
MOD Resources
Botswana
PL034/2010 619.5 100% (Pty) Ltd 1-Apr-18 31-Mar-20
MOD Resources
Botswana
PL035/2010 496.6 100% (Pty) Ltd 1-Apr-18 31-Mar-20
MOD Resources
Botswana
PL036/2010 470.0 100% (Pty) Ltd 1-Apr-18 31-Mar-20
MOD Resources
Botswana
PL141/2012 387.3 100% (Pty) Ltd 1-Apr-18 31-Mar-20
MOD Resources
Botswana
PL211/2017 974.0 100% (Pty) Ltd 1-Jan-18 31-Dec-20
MOD Resources
Botswana
PL065/2018 644.0 100% (Pty) Ltd 1-Oct-18 30-Sep-21
MOD Resources
Botswana
PL334/2018 976.0 100% (Pty) Ltd 1-Oct-18 30-Sep-21
MOD Resources
Botswana
PL335/2018 946.0 100% (Pty) Ltd 1-Oct-18 30-Sep-21
MOD Resources
Botswana
PL336/2018 996.0 100% (Pty) Ltd 1-Oct-18 30-Sep-21
---------------------- -------- ------------- ----------
Tshukudu Exploration
Tshukudu Exploration
PL186/2008 557.0 70% (Pty) Ltd 1-Jan-19 31-Dec-20
Tshukudu Exploration
PL187/2008 648.8 70% (Pty) Ltd 1-Jan-19 31-Dec-20
Tshukudu Exploration
PL188/2008 395.0 70% (Pty) Ltd 1-Jan-19 31-Dec-20
Tshukudu Exploration
PL189/2008 210.7 70% (Pty) Ltd 1-Oct-18 30-Sep-20
Tshukudu Exploration
PL191/2008 572.0 70% (Pty) Ltd 1-Jan-19 31-Dec-20
Tshukudu Exploration
PL192/2008 604.5 70% (Pty) Ltd 1-Jan-19 31-Dec-20
Tshukudu Exploration
PL102/2005 331.1 70% (Pty) Ltd 1-Jan-19 31-Dec-20
Tshukudu Exploration
PL103/2005 131.1 70% (Pty) Ltd 1-Jan-19 31-Dec-20
Tshukudu Exploration
PL104/2005 285.3 70% (Pty) Ltd 1-Jan-19 31-Dec-20
Tshukudu Exploration
PL060/2012 809.2 70% (Pty) Ltd 1-Jan-19 31-Dec-20
Tshukudu Exploration
PL061/2012 974.9 70% (Pty) Ltd 1-Jan-19 31-Dec-20
Tshukudu Exploration
PL231/2016 65.0 70% (Pty) Ltd 1-Oct-16 30-Sep-19
Tshukudu Exploration
PL074/2017 45.0 70% (Pty) Ltd 1-Apr-17 31-Mar-20
Tshukudu Exploration
PL093/2018 160.0 70% (Pty) Ltd 1-Oct-18 30-Sep-21
Tshukudu Exploration
PL099/2017 285.0 70% (Pty) Ltd 1-Oct-17 30-Sep-20
Tshukudu Exploration
PL189/2017 370.0 70% (Pty) Ltd 1-Oct-17 30-Sep-20
Tshukudu Exploration
PL126/2013 341.4 70% (Pty) Ltd 1-Oct-18 30-Sep-20
Tshukudu Exploration
PL127/2013 668.6 70% (Pty) Ltd 1-Oct-18 30-Sep-20
---------------------- -------- ------------- ----------
Tshukudu Metal
Tshukudu Metals
PL190/2008 Botswana
(1) 708.0 70% (Pty) Ltd 1-Oct-18 30-Sep-20
-------- -------------
14,853
TOTAL (2)
Notes:
1. The Prospecting Licence held by Tshukudu Metals includes the
T3 Project (100% MOD) and the large part of the T3 Dome Complex.
The area of the T3 Dome Complex outside of the T3 Project (683
km(2) ) is held in trust on behalf of Tshukudu Exploration. All
exploration activities on this area of the T3 Dome Complex will be
undertaken by Tshukudu Exploration as part of the Joint Venture
Agreement between MOD and Metal Tiger.
2. Total licence holding of 15,260km(2) , however prospecting
licences, PL065/2018 and PL141/2012 overlap in area for a total of
14,853km(2) .
LICENCE NUMBER SIZE (Km(2) HOLDING TITLE HOLDER COMMENCEMENT RENEWAL
) DATE DATE
Sams Creek Gold
EP40338 30.6 80% Limited 27-Mar-98 26-Mar-21
Sams Creek Gold
EP54454 32.0 100% Limited 25-Sep-12 25-Sep-22
-------- ---------------- ------------- ------------
TOTAL 62.6
JORC Code, 2012 Edition
Table 1 Reporting Exploration Results from Botswana
Copper/Silver Project
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections)
Criteria JORC Code explanation Commentary
Sampling
techniques * Nature and quality of sampling (e.g. cut channels, * Diamond drill (DD) core from the T3 Deposit was
random chips, or specific specialised industry sampled on 1m intervals or as appropriate to align
standard measurement tools appropriate to the with the geological contacts
minerals under investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc.). These
examples should not be taken as limiting the broad * Reverse Circulation (RC) holes from the T23
meaning of sampling. Exploration Project were sampled on 1m intervals by
cone-splitting.
* Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any * All samples were geologically logged by a suitably
measurement tools or systems used. qualified geologist on site
* Aspects of determination of mineralisation that are * Samples are submitted to ALS Laboratories in
Material to the Public Report. Johannesburg
* In cases where 'industry standard' work has been done
this would be relatively simple (e.g. 'reverse
circulation drilling was used to obtain 1m samples
from which 3kg was pulverised to produce a 30g charge
for fire assay'). In other cases more explanation may
be required, such as where there is coarse gold that
has inherent sampling problems. Unusual commodities
or mineralisation types (e.g. submarine nodules) may
warrant disclosure of detailed information.
------------------------------------------------------------ -----------------------------------------------------------------
Drilling
techniques * Drill type (e.g. core, reverse circulation, open-hole * The DD referred to in this release was drilled by HQ
hammer, rotary air blast, auger, Bangka, sonic, etc.) diameter drill core.
and details (e.g. core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by * RC drilling generally used 5.5" face-sampling bits.
what method, etc.).
------------------------------------------------------------ -----------------------------------------------------------------
Drill sample
recovery * Method of recording and assessing core and chip * RC and DD core recovery was assessed as part of the
sample recoveries and results assessed. drilling process. Both RC drill chip and diamond
drill core recovery was considered excellent
* Measures taken to maximise sample recovery and ensure
representative nature of the samples.
* Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse
material.
------------------------------------------------------------ -----------------------------------------------------------------
Logging
* Whether core and chip samples have been geologically * During the DD core and chip logging, geologists
and geotechnically logged to a level of detail to follow MOD's standard operating procedure for logging
support appropriate Mineral Resource estimation, processes.
mining studies and metallurgical studies.
* For RC and DD, the metre interval (from and to) is
* Whether logging is qualitative or quantitative in recorded and the data below is described within the
nature. Core (or costean, channel, etc.) photography. drill logs:
* The total length and percentage of the relevant * Major rock unit (colour, grain size, texture)
intersections logged.
* Weathering
* Alteration (style and intensity)
* Mineralisation (type of mineralisation, origin of
mineralisation, estimation of % sulphides/oxides)
* Veining (type, style, origin, intensity)
* Data is originally recorded on paper (hard copies)
and then transferred to Excel logging sheets
* Logging is semi quantitative based on visual
estimation
* For diamond drilling, the geological logging process
documents lithological and structural information as
well as geotechnical data such as RQD, recovery and
specific gravity measurements
------------------------------------------------------------ -----------------------------------------------------------------
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * All HQ diameter core samples for the drill hole
and sample half or all core taken. intersections were taken as quarter core samples. NQ
preparation diameter core samples are taken as half core
* If non-core, whether riffled, tube sampled, rotary
split, etc and whether sampled wet or dry. * MOD took photos of all core samples on site
* For all sample types, the nature, quality and * MOD has implemented an industry-standard QA/QC
appropriateness of the sample preparation technique. program. Drill core is logged, split by sawing and
sampled at site. Samples are bagged, labelled, sealed
and shipped to ALS laboratory in Johannesburg, SA
* Quality control procedures adopted for all
sub-sampling stages to maximise representivity of
samples. * Field duplicates, blanks and standards are inserted
at a ratio of 1:10. ALS also has its own internal
QA/QC control to ensure assay quality
* Measures taken to ensure that the sampling is
representative of the in situ material collected,
including for instance results for field
duplicate/second-half sampling.
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
------------------------------------------------------------ -----------------------------------------------------------------
Quality of
assay data * The nature, quality and appropriateness of the * Field duplicates, blanks and standards are inserted
and assaying and laboratory procedures used and whether at a ratio of 1:10 on site
laboratory the technique is considered partial or total.
tests
* At the lab the split for analysis is milled to
* For geophysical tools, spectrometers, handheld XRF achieve a fineness of 90% less than 106 um (or a
instruments, etc., the parameters used in determining fineness of 80% passing 75 um). Prep QC: At least one
the analysis including instrument make and model, out of every 10 samples of every batch is screened at
reading times, calibrations factors applied and their 75um or 106um, whichever is applicable, to check that
derivation, etc. 80% of the material passes. The % loss for samples
screened should be
* Nature of quality control procedures adopted (e.g.
standards, blanks, duplicates, external laboratory * Analysis for Cu and Ag by HF-HNO3-HClO4 acid
checks) and whether acceptable levels of accuracy digestion, HCl leach and ICP-AES. ME-ICP61 as well as
(i.e. lack of bias) and precision have been Non sulphide Cu by sulfuric acid leach and AAS:
established. Cu-AA05
* All reported results are down hole widths
------------------------------------------------------------ -----------------------------------------------------------------
Verification
of sampling * The verification of significant intersections by * 15-20% QA/QC checks are inserted in the sample stream,
and assaying either independent or alternative company personnel. as lab standards, blanks and duplicates
* The use of twinned holes.
* Documentation of primary data, data entry procedures,
data verification, data storage (physical and
electronic protocols).
* Discuss any adjustment to assay data.
------------------------------------------------------------ -----------------------------------------------------------------
Location of
data points * Accuracy and quality of surveys used to locate drill * The collar coordinates of the drill holes were taken
holes (collar and down-hole surveys), trenches, mine by GPS and later by DGPS and are reflected in
workings and other locations used in Mineral Resource Appendix 1 - Table 3 & 5.
estimation.
* Down hole surveys have been done on all diamond drill
* Specification of the grid system used. holes
* Quality and adequacy of topographic control.
------------------------------------------------------------ -----------------------------------------------------------------
Data spacing
and * Data spacing for reporting of Exploration Results. * Samples of RC and DD core for assaying were taken at
distribution a maximum of 1m intervals
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and
grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and
classifications applied.
* Whether sample compositing has been applied.
------------------------------------------------------------ -----------------------------------------------------------------
Orientation
of data in * Whether the orientation of sampling achieves unbiased * Drilling planned at right angles to known strike and
relation to sampling of possible structures and the extent to at best practical angle to intersect the target
geological which this is known, considering the deposit type. mineralisation at approximately right angles
structure
* If the relationship between the drilling orientation
and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.
------------------------------------------------------------ -----------------------------------------------------------------
Sample
security * The measures taken to ensure sample security. * Sample bags were tagged, logged and transported to
ALS laboratory in Johannesburg
------------------------------------------------------------ -----------------------------------------------------------------
Audits or
reviews * The results of any audits or reviews of sampling * MOD's sampling procedure is done according to
techniques and data. standard industry best practice
------------------------------------------------------------ -----------------------------------------------------------------
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this
section)
Criteria JORC Code explanation Commentary
Mineral
tenement and * Type, reference name/number, location and ownership * PL192/2008 is a granted Prospecting Licence which is
land tenure including agreements or material issues with third held under the title of Tshukudu Exploration (Pty)
status parties such as joint ventures, partnerships, Ltd under the 70/30 JV agreement with Metal Tiger.
overriding royalties, native title interests, Tshukudu Exploration (Pty) Ltd is a wholly owned
historical sites, wilderness or national park and subsidiary of MOD Resources, wholly owned by MOD
environmental settings. Resources Botswana (Pty) Ltd
* The security of the tenure held at the time of * In December 2018, the Minister of Minerals, Water an
reporting along with any known impediments to d
obtaining a licence to operate in the area. Energy transferred the licence and extended the
licence date to 31 December 2020
--------------------------------------------------------------- --------------------------------------------------------------
Exploration * Limited previous exploration in the area of drilling
done by other * Acknowledgment and appraisal of exploration by other
parties parties.
--------------------------------------------------------------- --------------------------------------------------------------
Geology
* Deposit type, geological setting and style of * The copper mineralisation intersected is interpreted
mineralisation. to be a Proterozoic or early Palaeozoic age vein
related sediment-hosted occurrence similar to other
known deposits and mines in the central Kalahari
Copper Belt
--------------------------------------------------------------- --------------------------------------------------------------
Drill hole
Information * A summary of all information material to the * Information relating to the RC and DD holes described
understanding of the exploration results including a in this announcement are listed within the release
tabulation of the following information for all above.
Material drill holes:
* All diamond drill holes are surveyed
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea
level in metres) of the drill hole * There is no material change to this drill hole
collar information
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
* If the exclusion of this information is justified on
the basis that the information is not Material and
this exclusion does not detract from the
understanding of the report, the Competent Person
should clearly explain why this is the case.
--------------------------------------------------------------- --------------------------------------------------------------
Data
aggregation * In reporting Exploration Results, weighting averaging * Significant copper and silver intersections will be
methods techniques, maximum and/or minimum grade truncations compiled and reported by MOD when all assay results
(e.g. cutting of high-grades) and cut-off grades are from the current drilling program are received from
usually Material and should be stated. the laboratory
* Where aggregate intercepts incorporate short lengths
of high-grade results and longer lengths of low-grade
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail.
* The assumptions used for any reporting of metal
equivalent values should be clearly stated.
--------------------------------------------------------------- --------------------------------------------------------------
Relationship
between * These relationships are particularly important in the * True widths are not estimated due to the wide spacing
mineralisation reporting of Exploration Results. of the few holes completed at T23 Dome to date
widths and
intercept
lengths * If the geometry of the mineralisation with respect to * Down hole widths are used throughout
the drill hole angle is known, its nature should be
reported.
* If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (e.g. 'down hole length, true width not
known').
--------------------------------------------------------------- --------------------------------------------------------------
Diagrams
* Appropriate maps and sections (with scales) and * Figure 4: T3 Expansion Project Area showing current
tabulations of intercepts should be included for any priority exploration targets
significant discovery being reported. These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional * Figure 5: T20 Exploration Project showing the
views. location of T23 and T4 prospects
--------------------------------------------------------------- --------------------------------------------------------------
Balanced
reporting * Where comprehensive reporting of all Exploration * The accompanying document is considered to be a
Results is not practicable, representative reporting balanced report with a suitable cautionary note
of both low and high-grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results.
--------------------------------------------------------------- --------------------------------------------------------------
Other * All substantive data is reported
substantive * Other exploration data, if meaningful and material,
exploration should be reported including (but not limited to):
data geological observations; geophysical survey results;
geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
--------------------------------------------------------------- --------------------------------------------------------------
Further work
* The nature and scale of planned further work (tests * Further drilling at T23 Exploration Project is
for lateral, depth extensions or large-scale step-out planned to start during the second half of 2019
drilling).
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
--------------------------------------------------------------- --------------------------------------------------------------
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
DRLLIFFEDVIIVIA
(END) Dow Jones Newswires
July 30, 2019 02:02 ET (06:02 GMT)
Mod Resources (LSE:MOD)
Gráfica de Acción Histórica
De Dic 2024 a Ene 2025
Mod Resources (LSE:MOD)
Gráfica de Acción Histórica
De Ene 2024 a Ene 2025
