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MOD Resources Ltd.
Summary
| Project: | T3 | |
|---|---|---|
| Deposit: | T3 | |
| Location: | Botswana | |
| Commodities: | Copper-Silver | |
| Date: | 3/25/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 25-3-2019: MOD Resources Ltd. announces a Resource Estimation report for its T3 deposit at the T3 project. Updated ore reserve estimate at T3 Open pit. MOD Resources Ltd (ASX/LSE: MOD), is very pleased to announce a substantial upgrade to the Ore Reser | |
| Resources: | (Reserve, Prob.): 34.4Mt @ 1.0% Cu for 342.7Kt Cu contained at T3 Open pit | |
| CP/QP: | [Overall Report]: Bradley Ackroyd (Internal) | |
| ABSTRACT: | MOD Resources Ltd (ASX/LSE: MOD), is very pleased to announce a substantial upgrade to the Ore Reserve within the planned, 100% owned, T3 (Motheo) open pit mine (“T3 Copper Project”). The T3 Copper Project Feasibility Study, which incorporates this revised Ore Reserve, is nearing completion, is expected to be announced before the end of March 2019 and will provide further detailed information on the T3 Copper Project. 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's Managing Director, Julian Hanna said: “The T3 Copper Project is an outstanding project located in Botswana, arguably the best mining and investment jurisdiction in Africa. With this >60% increase in the size of the ore reserve, we have continued to improve on the already strong fundamentals identified within the Pre-Feasibility Study announced in January 2018.” “Since publication of the Pre-Feasibility Study, the Company has focused on developing a better understanding of the geology that underpins the proposed T3 open pit, conducted substantial additional drilling and continued to identify and define further copper mineralisation, improving what was already a robust investment case.” “The increase in the T3 open pit Ore Reserve is significant for MOD, our supportive shareholders and people in the Ghanzi District. The proposed six stage open pit mine and 3Mtpa 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 potential to create increased employment opportunities and generate significant benefits for Botswana and local communities.” The T3 Ore Reserve was updated as part of the T3 Copper Project FS. The modifying factors supporting the Ore Reserve were developed by experienced Competent Persons (“CP”) from a range of disciplines and in accordance with the requirements of the JORC 2012 Code. The T3 open pit Ore Reserves are contained within a conventional, six-staged, open pit design with a LOM stripping ratio of 5.7:1 (Figure 1).. | |
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