MOD Resources extends interest in Golden Bay gold permits
BUSINESSDESK: MOD Resources, the ASX-listed gold, copper and silver explorer, has gained an interest in a second permit in the South Island's Golden Bay region.
NZ Petroleum & Minerals has granted the Barrons Flat exploration permit to Sams Creek Gold, a New Zealand subsidiary of Perth-based MOD Resources, it says in a statement to the ASX today.
The permit area is directly adjacent to the 1.024 million ounce Sams Creek Gold Project, of which MOD this month acquired a 40% interest under its OceanaGold joint venture. Under the JV, MOD will earn increases in its ownership of Sams Creek up to 80%.
The 31.1sq km Barrons Flat permit contains a 1km extension of the Sams Creek dyke, MOD says.
The company has two drilling programmes under way – Sams Creek and the Botswana Copper Project, which lies within Africa's Kalahari Copper Belt.
Shares of MOD last traded at 5.2 cents on the ASX and have tumbled 64% this year.
NZ Petroleum & Minerals manages the government's oil, gas, minerals and coal resources, known as the Crown Mineral Estate.