As a result of the increased mineral resource at Adumbi, the total inferred mineral resource of the Imbo project, which contains two other deposits, (Kitenge and Manzako), is now 3.466 million ounces of gold (42.996 million tonnes grading 2.51 g/t Au).
A total of 84.68% of this inferred mineral resource is attributable to Loncor via the company’s interest in the Imbo project.
“This major increase in mineral resources within a $1,500 pit shell to 3.15 million ounces of gold is an important milestone in demonstrating the potential economic viability of the Adumbi deposit. Sensitivities show this mineral resource within the pit shell is robust and not markedly sensitive to changes in the gold price. Gold mineralization is open at depth below the pit shell where drilling is continuing with the objective of outlining underground resources,” Loncor president Peter Cowley said in a news release.
“Drilling at Adumbi also demonstrates that grade is increasing at depth, which bodes well for a significant underground resource to be outlined,” he added.
Going forward, once drilling has been completed in Q2 2021, the company intends to embark on a preliminary economic assessment (PEA) to determine the potential economic viability of Adumbi.