Copper exploration and development company MOD Resources Limited’s (ASX: MOD) shares fell by 17.647 percent on 10 December 2018, after the release of additional results from its widely spaced drilling at T23 Dome.
As per the company’s announcement, the 3rd drill hole at T23 Dome has intersected zones of visible, finely disseminated copper sulfides within a wide interval from approximately 85m to 385 m downhole depth and T23 Dome has also intersected a strongly mineralized vein at 268.1m downhole depth. The interception of a strongly mineralized vein at 268.1m downhole depth has confirmed the potential for high-grade vein-hosted mineralization.
In 2019, the company is planning to do a large drilling campaign which will be focused on most compelling domes and structural targets of T23 Dome area. As per the company’s Managing Director Mr. Julian Hanna, the company is still at an early stage of exploring the T23 Dome and the management of the company is very encouraged by the first drilling results. He further informed that the exploration team of the company would soon start testing for the availability of high-grade mineralization in the specific structures of T23 Dome.
In the month of November, the company completed its 100 percent acquisition of T3 Copper Project which was a landmark transaction for MOD and its shareholders. With the 100% ownership of T3 copper mine, the company has secured development in the region as well as project funding flexibility.
At the end of the September quarter of 2018, the company was having net cash used in operating activities of $5.04 million, net cash used in Investing activities are $0.35 million, and net cash from financing activities was $0.93 million. As at 30 September 2018, the cash and cash equivalent of the company was $12.83 million. As at 30 June 2018, the company was having current assets of $21.653 million and current liabilities of $8.013 million. For the first half of 2018, the company incurred a total comprehensive loss of $2.47 million and basic and diluted loss per share (attributable to the ordinary equity holders) of 1.06 cents.
In the last six months, the share price of the company reduced by 26.09 percent as on 7 December 2018. MOD’s shares traded at $0.280 with a market capitalization of circa $84.51 million as on 10 December 2018 (AEST 4:00 PM).
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