Loncor Gold has announced an increase and upgrade in mineral resources at its Adumbi deposit in the Imbo Project (Loncor 84.68%) in the DRC.
Compared to the inferred mineral resource of 3.15 million ounces of gold (41.316 Mt grading 2.37 g/t Au) outlined in April 2021, the additional drilling information and the increased gold price used, have contributed significantly to the increased mineral resources of the Adumbi deposit with improved confidence to 1.88 million oz of gold in the indicated category and 1.78 Moz of gold in the inferred category. 84.68% of these mineral resources are attributable to Loncor via its 84.68% interest in the Imbo Project.
Commenting on today’s mineral resource increase and upgrade at Adumbi, Loncor’s President Peter Cowley said:
“This increase in mineral resources within a US$1,600 pit shell to 3.66 Moz of gold includes an indicated mineral resource of 1.88 Moz of gold and was achieved by infill drilling the shallower part of the Adumbi deposit.
“Compared to the previous resource estimate in April 2021, the indicated and inferred tonnages, grades and ounces for this resource update, are expected and relate to drilling density and increasing gold grades with depth at Adumbi.
“Gold mineralization is still open at depth below the pit shell where the favourable banded ironstone formation host is thickening and demonstrates potential for additional underground mineral resources.
“The mineral resources within the pit shell will be incorporated into the Preliminary Economic Assessment which the Company is undertaking to determine the economic viability of Adumbi and which is due for completion in December this year.”