COPPER explorer MOD Resources may double the production profile of its' planned development in Botswana’s Kalahari copper belt.
The company has announced it will increase the size of the T3 project by 25% to 2.5 million tonnes per annum, and is designing a plant to allow for a possible future expansion up to 4Mtpa.
The original concept – as per a scoping study completed late last year – was for a 2Mtpa operation producing an average of about 20,000tpa of copper for 10 years.
The increase in production profile comes as drilling intersects “wide zones of visible copper 300m west and northeast of planned pit”, and with seven drill rigs now in action.
It also comes as the stock has become becalmed over the past six months since $14.6 million was raised in March by issuing new shares priced at 6.2c each.
However in the 12 months prior to that MOD’s share price had increased a stunning 1500% or so.
MOD’s discovery drill hit was made in March 2016 when it intersected 52m grading 2% copper from 76m depth, below a “subtle” 28 parts per million copper soil anomaly.
The company has 400,000t of contained copper at T3 and “district scale” exploration targets in the Kalahari copper belt.
A development decision on T3 has been flagged for the end of next year.
Shares in MOD closed Tuesday at 6c, capitalising the company at $111 million.