MOD Resources has begun 2018 with a bang, reporting a record high grade copper intersection at its 70 per cent-owned T3 copper project in Botswana.
Investors welcomed the news with the stock climbing as much as 12 per cent to an intraday high of 5.7c after reporting 18m at 4.3 per cent copper and 94 grams per tonne silver from 146 metres.
The record intersection is part of the latest assay results from the company’s resource infill drilling program at the project.
The drilling program is testing the potential for additional resource extensions including high-grade vein mineralisation within and outside the planned pit design at T3.
MOD’s Managing Director Julian Hanna said the big widths of copper, high-grade intercepts, numerous regional drill targets and continued strength in copper prices provided the company with a compelling start to 2018.
“MOD is punching well above its weight and while we may currently have a modest market cap, our drill results are competitive with some of the largest copper companies,” said Mr Hanna.
“MOD is gearing up for its biggest year ever in 2018 and we look forward to announcing new results from the ramped-up exploration campaign and feasibility studies in the next few months,” he added.
The company will resume its drilling campaign next week with eight drill rigs focusing on targets at T3 and T-Rex. Further drilling is also planned at T1 to drill out a revised resource and test other anomalies for deposits similar to T3.
A T3 resource upgrade is anticipated for later this month.