Modern Mining October 2016

MINING News

MOD announces substantial maiden resource at T3

ASX-listed MOD Resources has com- pleted a substantial maiden copper/silver resource at its T3 deposit within six months of discovery. T3 forms part of a joint ven- ture between MOD Resources (70 %) and AIM-listed Metal Tiger (30 %) in the

Kalahari Copperbelt of Botswana. Combined indicated and inferred resources using a 0,5 % Cu cut-off consist of 28,36 Mt at 1,24 % Cu and 15,7 g/t Ag, containing approximately 350 200 tonnes Cu (772 Mlb copper) and 14,27 Moz Ag. This includes a high-grade resource using a 1,5 % Cu cut-off grade which consists of 8,48 Mt at 2,16 % Cu and 30,6 g/t Ag, con- taining approximately 182 900 tonnes Cu and 8,34 Moz Ag. Importantly, 64 % of the total resource tonnes are in the indicated resource category demonstrating the excellent continuity of the mineralisation drilled on a 100 m by 100 m grid pattern. MOD Resources’ Managing Director, Julian Hanna, said the maiden resource represented a tremendous milestone for the joint venture and a major step towards MOD’s objective of becoming a long-life, copper producer in Botswana. “To be able to report 350 000 tonnes of contained copper and more than 14 mil- lion ounces of silver in the first resource from a new discovery in a relatively unex- plored region is a great achievement for the whole team,” said Hanna. “The unusual geometry of the T3 deposit with wide and continuous zones

of shallow dipping mineralisation provides the opportunity for potential low cost open-pit mining. An additional bonus is the large amount of silver (>14 Moz) which is expected to be able to be recovered into the copper concentrate, assuming the project goes into commercial production. “Success at T3 has been achieved in a short time frame and to a very high stan- dard – a credit to all the people on-site, including our many Botswana employees and contractors who have worked hard to achieve this excellent result,” Hanna said MOD’s open-pit scoping study is pro- gressing well with a separate, highly experienced team to manage all facets of the process. Drilling is currently testing for potential extensions to high-grade veins north-east of the resource and targeting an IP target approximately 500 m down dip from the resource. Exploration will also step out along the T3 Dome and surrounding areas to test potential for other deposits of this type. The copper and silver mineralisation which is the basis for the T3 Phase One mineral resource is interpreted by MOD to be a Proterozoic or early Palaeozoic age, vein-related sediment-hosted deposit which is different to other known depos- its and mines in the central Kalahari Copperbelt in Botswana. The mineral resource has been defined along a 1,4 km long strike length at T3 and the copper and silver sulphide mineralisa- tion occurs in veins and disseminations within mudstone, siltstone, sandstone and marls as host rocks. The resource occurs in sediments and veins considered part of the D’Kar Formation. The footwall to the resource is generally defined by lower grade disseminated Pb and Zn mineralisa- tion within the host rocks, still considered part of the D’Kar Formation. Mineralisation is very continuous at the T3 deposit and is dominated by mainly chalcopyrite with chalcocite and bornite copper sulphides occurring in lesser amounts. Mineralisation extends from shallow depth (approximately 35 m depth) to the limit of drilling at approxi- mately 274 m depth. Minor malachite and chrysocolla oxide mineralisation occurs near surface between approximately 10 and 25 m depth. 

A drill site at the T3 deposit (photo: Nick O’Reilly, QP for Metal Tiger).

DRA Group appoints Chief Executive Officer DRA Group Holdings has announced the appoint- ment of Wray Carvelas (left) as CEO, with imme- diate effect. Tim Netscher, Carvelas replaces Andrew Naudé who acted as interim CEO from May 2016, in addition to his role as Chief Financial Officer and Strategy Director. Wray also embodies DRA’s values with his unwavering conviction and commitment,” Netscher says.

Chairman of DRA, s a y s t h a t t h e DRA board went

“We thank Andrew for his excellent leadership over the last few months,” says Netscher. “Together with the Global Executive Committee, he has ensured that our organisation continued to move for- ward both strategically and operationally.” Naudé will continue to work with Carvelas and the DRA Group Executive Committee in the next few months to ensure a smooth transition. Carvelas assumed the role as Group CEO on 1 October 2016 and he will officially be appointed to the DRA Board in November 2016. He will be embarking on a global roadshow over the coming weeks to for- mally introduce himself to DRA’s teams and clients in all regions. 

through an extensive recruitment process interviewing high calibre internal and external candidates. “Wray was the outstanding candidate for the role,” says Netscher. “This is evident in his considerable experience in both busi- ness and engineering, with a strong track record of success throughout his career.” Carvelas has been with DRA for 15 years, having joined the company in 2001. He pre- viously held the role of Projects Director and was appointed as CEO of DRA’s Americas operations in 2011. He holds an MBA cum laude from the University of Stellenbosch. “In addition to his impressive career,

12  MODERN MINING  October 2016