ASX-listed MOD Resources says the feasibility study and funding for its 60 Mt T3 copper project in Botswana is on track for completion in March 2019.
The MOD Resources T3 Project forms part of the joint venture (JV) between MOD Resources (70%) and AIM listed Metal Tiger Plc (MTR) (30%), together with an extensive licence holding in the central Kalahari Copper Belt and is the subject of a transaction announced on 18 July 2018.
The transaction will allow MOD Resources to acquire the remaining 30% of the T3 Project from MTR and acquire rights to consolidate the wider joint venture licence package.
The in-country operating company is Tshukudu Metals Botswana.
MOD’s Technical Director, Steve McGhee comments, “Our management team and consultants have made excellent progress on the Feasibility Study to deliver a practical, cost effective engineering design and implementation strategy for T3, with emphasis on capital and operating cost savings.”
“The outstanding metallurgical test-work response means that we can target a far coarser grind size and potentially deliver significant benefits of reduced power consumption and operating costs.”
“The FS report is on target to be delivered by the end of March 2019. In addition, the Environmental and Social Impact Assessment (ESIA) is already well advanced and the detailed ESIA report is expected to be submitted to the Department of Environmental Affairs (DEA) in Q4 2018,” he continues.
The ESIA, which runs in parallel with the FS, requires approval from DEA and is also subject to a public review period.
Completion of the FS and approval of the ESIA are required ahead of applying for a mining license for the T3 Project, which is anticipated in H1, 2019.
Resource upgrade
The FS is based on a revised Mineral Resource of 60.2 Mt @ 0.98% Cu and 13.9g/t Ag at a cut-off of 0.4% Cu prepared by consultants CSA Global.
This includes 36.6 Mt @ 1.14% Cu and 15.8g/t Ag in the Indicated Mineral Resource Category.
SOURCE: MINING REVIEW
DATE: OCTOBER 16, 2018
