Loncor Gold Inc has estimated that the exploration target below the US$1,600 per ounce pit shell at the Adumbi projet in the DRC is in a range of between 8.9mln tonnes to 9.6mln tonnes of material grading between 4.7 grams per tonne gold and 4.9 grams.
"Between 2020 and November 2021 the relatively high-grade resource at Loncor's Adumbi deposit surged from 1.36mln ounces to 3.66mln ounces of gold, with 1.88mln ounces being converted from inferred into indicated at a conversion rate of 95%,” said Loncor's chief executive John Barker.
“An assessment of the area below these resources suggests there's the potential to continue the significant growth given the outlined underground exploration target.”
The recently agreed C$13.5mln sale of the non-core asset of Makapela provides Loncor with funding to further explore, drill and expand the flagship Adumbi deposit.
“Adumbi currently has an indicated mineral resource of 1.88mln ounces of gold,” continued Barker, “and an inferred mineral resource of 1.78mln ounces of gold (20.83mln tonnes grading 2.65 grams per tonne gold) – all within the pit shell, with 84.68% of these resources being attributable to Loncor, 10% to the government and a mining permit already in place."
The Adumbi resource remains open at depth below the pit shell, with the maximum depth of pit shell bottom levelling out at 550 metres below surface.
The company estimates further mineralisation could continue to a depth of 800 metres. The potential quantities involved are conceptual in nature at this stage.
Nevertheless, the gold mineralisation below the pit shell at Adumbi is considered Loncor's principal exploration target.
Near the bottom of the pit and below the pit shell, eleven core holes have been drilled which demonstrate that the favourable gold mineralised Banded Ironstone Formation host is thickening at depth, with grades and thicknesses potentially amenable to underground mining.