PERTH (miningweekly.com) – ASX-listed junior Mod Resources was ‘rethinking’ its plans for the T3 copper project, in Botswana, following a resource upgrade.
The company on Thursday reported a 16% increase in the contained copper at the T3 project, which was now estimated to host a total mineral resource of 36-million tonnes, at 1.14% copper and 12.8 g/t silver for around 409 000 t of copper and 14.8-million ounces of silver.
The resource upgrade follows drilling work completed in the March quarter of this year.
“The 16% uplift to more than 400 000 t of contained copper has potential to add significant value and profitability to this project,” said MOD MD Julian Hanna.
“Coincidentally, copper has also risen around 30% since the maiden resource was announced, approaching the $3/lb copper price used for the upside case in the original T3 scoping study.”
Hanna said that as a result of the increased resource estimate, MOD’s feasibility team is rethinking the planned mining schedule and processing rate to be used in the prefeasibility study.