Probable reserves at the planned open pit T3 copper mine on MOD Resources Ltd.'s Botswana property grew 61% to 34.4 million tonnes grading 1.0% copper and 13.2 g/t silver for 342,700 tonnes of copper and 14.6 million ounces of silver.
Reserves at T3 can now support a mine life of over 11 years. Mod resources will develop the open pit in six stages alongside a processing plant with an average throughput rate of 3 million tonnes per year.
Contained copper increased 57% and contained silver increased by 107%, the company said March 25. A feasibility study is expected by the end of the month.
The estimate incorporates data from infill and extensional drilling completed within a larger proposed pit shell boundary compared to the January 2018 pre-feasibility study and is based on a resource estimate completed in July 2018.
The pre-feasibility study defined a pretax net present value of A$370 million for the base case scenario, with a 9.6-year mine life.
MOD Resources is working on a 60-hole resource infill drill program within the boundaries of the first two stages of the proposed open pit to upgrade early production material to the higher-confidence measured resource category.
In December 2018, the Botswana government granted the company two-year extensions for all prospecting licenses covering the T3 project.