POSITIVE UNDERGROUND EXPLORATION ESTIMATES FORECAST GROWTH FOR ADUMBI
ESTABLISHMENT OF MINING LICENCE AT EGYPT ’ S ABU MARAWAT CONCESSION
PROJECTS AND EXPLORATION •
demonstrates that the favourable gold mineralised Banded Ironstone Formation host is thickening at depth below the pit shell with grades and thicknesses potentially amenable to underground mining . image from pngtree . com
POSITIVE UNDERGROUND EXPLORATION ESTIMATES FORECAST GROWTH FOR ADUMBI
Location : DRC Phase : Exploration Resource : Gold
Adumbi currently has an indicated mineral resource of 1.88 million ounces of gold ( 28.185 million tonnes grading 2.08g / t Au ), and an inferred mineral resource of 1.78 million ounces of gold ( 20.83 million tonnes grading 2.65g / t Au ).
In December 2023 , Loncor Gold Inc . announced that its priority exploration target below the Adumbi USD1 600 / oz pit shell is estimated to be in a range from 8.9 million tonnes to 9.6 million tonnes , grading from 4.7g / t Au to 4.9g / t Au below USD1 600 / oz pit shell .
Loncor ’ s CEO , John Barker , commented : “ Between 2020 and November 2021 the relatively high-grade resource at Loncor ’ s Adumbi deposit surged from 1.36 million ounces to 3.66 million ounces of gold , with 1.88 million ounces being converted from inferred into indicated at a conversion rate of 95 %. An assessment of the area below these resources suggests that there is the potential to continue the significant growth given the outlined underground exploration target .
“ The recent announcement of the CAD13.5-million sale of the non-core asset of Makapela , provides Loncor with funding to further explore , drill and expand the company ’ s flagship Adumbi deposit . Adumbi currently has an indicated mineral resource of 1.88 million ounces of gold ( 28.185 million tonnes grading 2.08g / t Au ), and an inferred mineral resource of 1.78 million ounces of gold ( 20.83 million tonnes grading 2.65g / t Au ) – 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 USD1 600 pit shell ( maximum depth of pit shell bottom 550m below surface ), with the company ’ s estimates of the potential underground exploration target suggesting it could contain between 8.9 million tonnes to 9.6 million tonnes grading 4.7 g / t Au to 4.9 g / t Au to a depth of 800 metres . These potential quantities and grade are conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the Adumbi underground exploration target being delineated as a mineral resource .
The gold mineralisation below the USD1 600 pit shell at Adumbi is considered Loncor ’ s principal “ exploration target ” to generate additional mineral resources . Near the bottom of the pit and below the pit shell , eleven core holes have been drilled which
Image by Freepik . com
ESTABLISHMENT OF MINING LICENCE AT EGYPT ’ S ABU MARAWAT CONCESSION
Location : Egypt Phase : Exploration Resource : Gold
In January this year , Aton Resources Inc . announced the establishment and issuance of the exploitation lease , or the mining licence , at its 100 % -owned Abu Marawat Concession in the Eastern Desert of Egypt .
“ This is a transformational event for Aton , and also for the mineral exploration and mining sector in Egypt , and we wish to thank our partners at the Egyptian Mineral Resources Authority ( EMRA ) and
Aton now becomes the first international company to be issued a licence to mine gold in Egypt since the Sukari mining licence was awarded in 2005 .
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