MOD Resources Ltd Information

MOD Resources Ltd (ASX/LSE: MOD) is a dual-listed exploration and development company with a goal of becoming a substantial copper producer. After discovering copper in the first drill hole in March 2016, MOD is less than 5 months away from completion of a feasibility study for its 100% owned 60Mt T3 Pit Project in the Kalahari Copper Belt, Botswana. A major exploration program is also underway across a combination of 100% owned and JV licenses covering ~11,700km2, to explore for additional resources that could be processed through the planned T3 plant, potentially adding significant value to the project. The in-country operating company for the T3 Copper Project is Tshukudu Metals Botswana (Pty) Ltd. JV Exploration Assets are operated by Tshukudu Exploration (Pty) Ltd. Total cost of discovery of T3 and delineation of the maiden resource was an exceptionally low US$1.7 million, equivalent to only US0.22 cents/lb copper contained within the resource. After a number of resource upgrades, the total resource now comprises 60.2Mt @ 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 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. 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 A1 Dome which lie 8kms and 22km from the T3 Project respectively.