Metal & Mining company, MOD Resources Limited (ASX: MOD) announced an update on its 100% owned, T3 (Motheo) open pit mine (“T3 Copper Project”). As per the T3 Copper Project Feasibility Study, ore reserve at T3 open pit increased to 34.4Mt at 1.0% Cu and 13.2 g/t Ag. The ore reserve contains 342.7kt (~756mlb) of copper and 14.6 Moz of silver. The Project Feasibility Study is expected to complete by the end of March 2019.
The revised ore reserve demonstrates both the significant scale of the T3 deposit within the planned open pit and the substantial increase in contained copper and silver compared with the Pre-Feasibility Study. The open pit is designed to be developed in stages to support a mine life that now extends beyond 11 years.
MOD Resources’ Managing Director, Julian Hanna, stated that the T3 Copper Project in Botswana is one of the best mining and investment jurisdiction in Africa. The increased findings in the T3 open pit ore reserve are significant for the company. It will not only create value for the company’s shareholders, but also for the people in the Ghanzi District.
The proposed six stage open pit mine and 3 Mtpa conventional processing plant is expected to produce high-margin, high-quality copper concentrates for more than 11 years. This should generate strong returns for investors and provide the potential to create increased employment opportunities and generate significant benefits for Botswana and the local communities.
Since the release of the T3 Pre-Feasibility Study on January 31, 2018, MOD Resources has completed an infill and extensional drilling program within a larger proposed pit shell boundary. The objective was to increase the density of drill hole spacing, improve confidence in the quality and continuity of the resource and facilitate a significant increase in the T3 open pit ore reserves.
The company is on track with planned 60-hole resource infill drilling program within the boundaries of the first two stages of the proposed T3 Copper Project open pit, with the aim of upgrading early production into the higher confidence.
On March 12, 2019, assay results for the first 11 infill holes were announced. The initial results from several holes intersected wide intervals of high-grade copper mineralisation.
The proposed T3 open pit mine site is located around 80 km north-east of Ghanzi and 200 km south-west of Maun, Botswana. The proposed T3 mine and associated mining infrastructure lie within freehold farmland within PL190/2008. MOD’s in-country operating company, Tshukudu Metals Botswana (Pty) Ltd has entered into a binding agreement to acquire the approximately 25 square km area of the farm, which will be the subject of a mining license application expected in mid-2019.
On stock information, MOD Resources’ shares traded at $0.310, down 1.587% (At Market Close on March 25, 2019) with the market capitalisation of ~$95.66 million. Today, it made day’s high at $0.330 and day’s low at $0.305 with average daily volume of 954,437. Its 52 weeks high was at $0.532 and 52 weeks low at $0.207 with an average volume of 530,170. Its absolute return for five-year, one-year, and six months are 99.97%, -28.98%, and -20.11%, respectively.
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