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MOD Resources shares ride higher on new gold intercepts in Botswana

Published: 03:00 17 Feb 2017 GMT

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An additional drill rig has now been deployed at site

MOD Resources (ASX:MOD) has intersected a significant new zone of mineralisation below the T3 Project in the Kalahari Copper Belt, Botswana.

The company’s shares were last trading 18% higher intra-day on Friday, at $0.046.

T3 forms part of a joint venture with Metal Tiger (LON:MTR) (30%) relating to an extensive holding of licences in the central and western parts of the Kalahari Copper Belt.

As part of the T3 pre-feasibility study, MOD commenced a program of resource infill drilling with the aim of improving the definition of high-grade mineralisation within the T3 resource.

The third hole of the resource infill program produced very positive results, including a 75 metre down hole width intersection with multiple intervals of copper sulphides starting at 247 metres.

T3 keeps delivering positive news and has never missed a beat since the impressive discovery hole of 52 metres at 2% copper and 32 g/t silver in March 2016.

MOD is encouraged by the recent intersection of another wide zone of mineralisation within a year of the initial discovery, confirming the growing potential of the project

An additional drill rig has been deployed to site to increase the rate of drilling to follow up the latest mineralisation intersected

A deep drill hole is also in progress to test an induced polarisation (IP) anomaly interpreted immediately south and below T3.

Depending on results, this hole is planned to continue to 600 metres to provide information to assist in the interpretation of the geology and structural controls of the deposit.

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