Ann: First Assays From T2 West Prospect-MOD.AX, page-23

Exactly right. It's not as if the results from T2 have been bad; they're actually very decent for this type of deposit. People just have to remember that it's different geology from T3 and thus the reference is Zone 5 and Mahumo, not T3. T2 looks better than Mahumo - which is what MOD's announcements have also said.

Mahumo (if I recall correctly) is your 'classic' Kalahari redox deposit. Mineral-rich fluids upwelling and crystallising out at the redox interface between footwall and hanging wall sediments. You can make a good asset with those - e.g. Cupric Canyon's 100 MT Zone 5 and 191 MT banana zone resources are of that style.

As I understand it, the way these redox boundary deposits work is that you get a big sheet of (relatively thin) copper mineralisation being laid down at the sandstone/mudstone interface. They're relatively thin (check out the reported Mahumo intersections from 2014-2015, we're talking 1.5-3m there), but they go on for ages and ages, hence the 100 MT+ sized deposits. Zone 5 for instance is >4.3km along strike and >1200m down dip and open in all directions, and has been called the best mid-sized copper discovery of recent years.

If you remember the original strategy of the acquisition of the licences, it was to find extension of the existing resource MOD had. MOD sit on significant value at Mahumo and getting the JV to find more stuff and extend it far enough that it reaches "escape velocity" and becomes a viably big enough resource to flog is a v. good idea. That looks to be what these T2 West/East extensions are delivering, at first sight.

The soil anomalies linking T2 West/Mahumo and T2 East extend over 12 km, so the potential along strike looks very good. The soil anomaly data also points to high levels of copper. Finally, the early results from the T2 West high grade intersections are significantly wider than those seen at Mahumo (5-7 m vs 1.5-3 m) and that's ignoring for the moment the wide widths of disseminated mineralisation also reported. For a 'classic Kalahari' redox interface asset, these look excellent results.

T3 is completely different of course - it's not a redox interface deposit but something else, which is why its intersections are so much wider than Mahumo/T2 - it's a different geological process making it. But just because the exploration teams are focusing on redox style deposits doesn't mean the T3 story is over at all - the last presentation said that after JORC they will go straight into extensional drilling.

And T3 may well not be unique - remember the high Cu soil anomalies sitting a few kilometres to the north, and to the NE?

As desertpunter noted, there will be no shortage of buyers for your shares if you want to sell, including me