(MENAFN- ProactiveInvestors - Australia) MOD Resources (ASX: MOD) has had four of its licences on the Kalahari Copper Belt in Botswana renewed for a further two years.
The licences cover 1,323 square kilometres of the company's total 8,600 square kilometre landholding located between Discovery Metals' (ASX: DML) 131 million tonne at 1.3% copper and 16.2 grams per tonne (g/t) silver Boseto Project and Hana Mining's Ghanzi Project.
The highly prospective nature of the Kalahari Copper Belt has been recognised with a recent A$829 million takeover offer from Chinese groups Cathay Fortune Corporation and China-Africa Development Fund, a $5 billion fund, on the table for Discovery Metals.
The licences renewed include the Corner K copper-silver prospect, where MOD has delivered a maiden resource of 9.5 million tonnes at 1.14% copper equivalent.
The Corner K discovery remains open at depth and at both ends, providing exploration upside.
The copper-silver mineralisation at the prospect extends across the boundaries of MOD's PL686 licence and into adjoining licences held by Discovery Metals.
Corner K was the first target drilled by MOD on the Kalahari Copper Belt.
The Kalahari Copper Belt became Africa's newest mining province in June 2012 when Discovery Metals commissioned its Boseto mine, which is designed to produce around 36,000 tonnes of copper and 1.1 million ounces of silver per annum.
The sediment hosted mineralisation being discovered throughout the Kalahari Copper Belt is similar in style to the prolific Central African Copper Belt, which extends throughout Zambia and into the Democratic Republic of Congo.
There is believed to be significant scope for the mineralisation at Corner K to be increased, with high resolution imagery highlighting the potential for both a duplication of the mineralised horizon and higher grade mineralisation.
MOD is continuing to assess opportunities to optimise its footprint on the Kalahari Copper Belt.
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