ASX-listed MOD Resources has been granted two year extensions for key JV prospecting licences at the T3 Copper Project and surrounding ~950 km2 T3 Expansion Project.
An additional 5 PL’s covering ~1,824.6 km2 of the highly prospective T20 Exploration Project have also been extended for two years.
MOD’s MD, Julian Hanna, says the extension and transfer of the JV licences represents a hugely important step for MOD for many reasons, including:
- Provides certainty of title for the T3 Copper Project and highly prospective T3 Expansion Project
- Satisfies key conditions to complete the transaction with MTR to acquire 100% of the T3 Copper Project
- Separates exploration (Tshukudu Exploration) from future development (Tshukudu Metals) activities
- Reinforces government support for MOD and Tshukudu’s substantial in-country activities
Hanna says, “The licence extensions were received well ahead of their scheduled expiry date of 31 December 2018.
"This provides us with confidence that MOD’s two in-country subsidiaries now have clear title to advance the T3 Copper Project towards a decision to mine, progress the potential of satellite deposits within the exciting T3 Expansion Project and commence drilling on the huge T20 Exploration Project.”
He continues, “The transfer of licences will enable completion of the major transaction with Metal Tiger which is expected to give the company greater control and flexibility over its assets and open up the potential for significant additional value for shareholders.”