The junior has also upgraded the copper resource using modern JORC standards to 861,000 tonnes of contained copper at a grade of 1.15%. Of that, measured and indicated resources are 466,000 tonnes of contained copper.
On a comparable basis, the total resource increased by 6%.
Kevin van Wouw, Cradle Arc’s chief executive, said the emphasis was now on increasing throughput and building towards profitability.
The accelerated plan will see four mining units in service in the Mowana open pit to access ore below the 950m level.
A new US$10mln debt facility has been arranged to fund the new mine plan and also to refinance the offtake linked facility with Fujax.
“The net funds raised will enable us to bolster our mining fleet, accelerate access to the supergene and sulphide ores where grades are higher and recoveries have been shown to be strong,” said Van Wouw.
Initial production at Mowana is expected to be 12,000 tonnes of copper each year rising to 20,000tpa eventually through the introduction of a processing technique known as dense media separation.
A maiden JORC (2012) ore reserve estimate for Mowana is scheduled for this quarter.