Loncor Gold Inc will be allowed to convert its exploration permit at Makapela into a mining permit, the company announced.
Loncor was informed that the standing evaluation committee has given a positive recommendation, following a detailed review and analysis of the company’s environmental and social impact studies on Makapela. The recommendation has been forwarded to the DRC Mining Cadastral for further processing prior to ministerial sign-off.
"Loncor is now in the final administrative phase of obtaining the award of a mining permit at Makapela,” CEO John Barker said in a statement. “Given Makapela's relatively high gold grade, we believe there are various routes to release value, either as a potential feed source for a future gold operation at Adumbi, or as an independent stand-alone high-grade project, with other deposits like Mokepa and Mongaliema of interest as additional future sources of ore feed.”
READ: Loncor Gold applies for exploitation permit to develop its Makapela gold resource in the Ngayu greenstone gold belt
“Makapela remains open at depth, along strike, plus has a number of parallel zones that require further investigation,” he added.
The mining permit would apply to the potential development of the 1.164 million ounce Makapela gold resource found within the Ngayu greenstone gold belt in the northeast of the Democratic Republic of the Congo.
Makapela has an indicated mineral resource of 614,200 ounces of gold (2.20 million tonnes grading 8.66 grams per ton) and an inferred mineral resource of 549,600 ounces of gold (3.22 million tonnes grading 5.30 g/t) at a 2.75 g/t cutoff. The Makapela project is owned 100% by Loncor and is located approximately 50 kilometers from its flagship 3.66 million ounce Adumbi deposit which already has a mining permit.
Loncor is engaged in discussions with potential strategic partners regarding the development of its assets, including Makapela, the company said. Loncor has 5.1 million ounces of inferred and indicated resources under its control in total.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel