Armadale, the AIM-quoted investment company focused on natural resources projects in Africa, has announced an updated JORC Code compliant mineral resource estimate for the Mpokoto Gold project in the Katanga Province in the south of the Democratic Republic of the Congo, following a detailed re-logging and re-interpretation of the regolith zone (weathered rock profile).
Armadale, who has the right to an 80% interest in Mpokoto, announced that the oxide mineral resource has increased by more than 500% to 109,500 oz Au from 20,500 oz Au. The increased amount of oxide ore has a significant overall positive economic effect on the project – the oxide layer is amenable to gravity separation and therefore more cost effective processing compared to deeper unweathered (sulphide) parts of the ore body.
“The five-fold increase in the oxide portion of the Mineral Resource estimate contained within the 506,700 oz global resource at Mpokoto significantly enhances the economics of the Mpokoto Project,” said Armadale director Justin Lewis.
“By increasing the amount of ore that can be treated by gravity separation we are able to further improve the commercial value of the Project, as we can process the gold at much lower cost than the deeper part of the ore body. With this strengthened outlook for the Project economics, our activities remain focused on the further delineation of near-surface gold resource, together with the additional critical development work required ahead of commencing low cost commercial gold production.”
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