Armadale Capital, the AIM-quoted investment company focused on natural resource projects in Africa, has completed its mining licence application and received the final results of the scoping study for its Mpokoto Gold Project in the Katanga Province of the Democratic Republic of Congo, which has a current Total Mineral Resource of 510,000oz gold from 11.2 Mt 1.42g/t Au at a cut-off grade of 0.5g/t.
The application for a mining licence for the Mpokoto Gold Project has been completed and approved for submission to the Government of the Democratic Republic of Congo. The licence application required the completion of several studies including an initial economic assessment, mine plan and related metallurgical and environmental reports. Armadale anticipates that the application may take up to six months to be processed but will continue to develop the Project in the meantime.
In addition, Armadale has received the final scoping study from Bara Consulting. The scoping study demonstrates the Mpokoto Gold Project is a compelling gold development project that provides strong returns and is resilient at lower gold prices.
“Development at Mpokoto continues at pace as we move through the gears towards commercial gold production. Submission of the mining licence application and the delivery of a positive Scoping Study are crucial milestones in achieving our strategic goals and unlocking the value of this highly prospective and commercially attractive low capex and low opex gold project,” said Armadale director Justin Lewis.
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