Loncor Gold Inc has announced an increase and upgrade in the mineral resources at its Adumbi deposit in the Imbo Project in the Democratic Republic of Congo (CRC).
The company noted that compared to the inferred mineral resource of 3.15 million ounces of gold - 41.316 million tonnes grading 2.37 grams per ton gold (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 ounces of gold in the indicated category and 1.78 million ounces of gold in the inferred category.
Loncor pointed out that 84.68% of these mineral resources are attributable to the company via its 84.68% interest in the Imbo Project.
READ: Loncor Gold reports multiple wide high-grade gold intersections at its Democratic Republic of Congo-based drill program
In a statement, Loncor’s President Peter Cowley commented: “This increase in mineral resources within a US$1,600 pit shell to 3.66 million ounces of gold includes an indicated mineral resource of 1.88 million ounces 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. "
He added: "Gold mineralization is still open at depth below the pit shell where the favourable banded ironstone formation host (BIF) 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 (PEA) which the Company is undertaking to determine the economic viability of Adumbi and which is due for completion in December this year.”
This mineral resource assessment was undertaken by the company’s independent geological consultants Minecon Resources and Services Limited. The updated estimate for Adumbi was based on additional drilling and a review of the Adumbi deposit including remodelling and grade estimation and considering the CIM requirement for mineral resources to have “reasonable prospects for economic extraction”.
An additional fourteen core holes totaling 6,362.59 metres were drilled with the focus in areas within the pit shell where insufficient drilling had been undertaken to outline mineral resources. The upper part of the open pit shell was drilled at closer spacing in order to upgrade mineral resources from the inferred to indicated category.
The Adumbi indicated and inferred mineral resources based on in-situ block cut-off grade at a 0.52 g/t Au for Oxide, 0.57 g/t Au for Transition and 0.63 g/t Au for Fresh material, and constrained within a US$1,600 per ounce optimized pit shell.
Loncor is a Canadian gold exploration company focused on the Ngayu Greenstone Gold Belt in the northeast of the DRC and the Loncor team has over two decades of experience of operating in the country.
The company's growing resource base in the Ngayu Belt currently comprises the Imbo and Makapela Projects. At the Imbo Project, the Adumbi deposit holds an indicated mineral resource of 1.88 million ounces of gold (28.185 million tonnes grading 2.08 g/t gold), and the Adumbi deposit and two neighbouring deposits hold an inferred mineral resource of 2.090 million ounces of gold (22.508 million tonnes grading 2.89 g/t Au), with 84.68% of these resources being attributable to Loncor. Loncor has been carrying out a drilling program at the Adumbi deposit with the objective of outlining additional mineral resources.
The Makapela Project (which is 100%-owned by Loncor and is located approximately 50 kilometres from the Imbo Project) has an indicated mineral resource of 614,200 ounces of gold (2.20 million tonnes grading 8.66 g/t Au) and an inferred mineral resource of 549,600 ounces of gold (3.22 million tonnes grading 5.30 g/t Au.
Contact the author at jon.hopkins@proactiveinvestors.com