- Loncor Gold (LN) has announced the results of the Preliminary Economic Assessment (PEA) for its Adumbi gold deposit
- The deposit is located within its Imbo Project in the Democratic Republic of the Congo
- The results from the Adumbi PEA demonstrates a robust project with an average of +300,000 ounces of gold per annum over 10 years with low total cash costs
- Further drilling is required so that studies can be undertaken for a combined open pit and underground mining scenario at Adumbi
- The Adumbi deposit is the main gold deposit on the company’s 122 square kilometre Imbo Project
- Loncor is a Canadian gold exploration company
- Loncor Gold Inc. (LN) opened trading at C$0.78 per share
Loncor Gold (LN) has announced the results of the Preliminary Economic Assessment (PEA) for its Adumbi gold deposit.
The deposit is located within its 85 per cent-owned Imbo Project in the Democratic Republic of the Congo.
John Barker, CEO of Loncor Gold sat down with Caroline Egan to highlight the PEA results.
Loncor’s President Peter Cowley remarked on the results.
“The results from the Adumbi PEA demonstrates a robust project with an average of +300,000 ounces of gold per annum over 10 years with low total cash costs and AISC costs of US$852 and US$950 per ounce respectively over the LOM.”
“There also remains significant upside potential at Adumbi and environs to increase mineral resources, gold production, reduce operating costs and further improve the economics of the project. Further drilling is required so that studies can be undertaken for a combined open pit and underground mining scenario at Adumbi.
The Imbo Project which contains the Adumbi deposit is situated at the eastern end of the Ngayu Archean greenstone gold belt in the Ituri Province of northeastern DRC.
This PEA was undertaken on the Adumbi deposit, which is the main gold deposit on the company’s 122 square kilometre Imbo Project. Loncor has an 84.68 per cent interest in the Imbo Project through its subsidiary Adumbi Mining S.A. The Imbo exploitation permit is valid until February 2039.
Drilling commenced on the Adumbi deposit in 2010 and to date, 21,512 metres (74 core holes) have been drilled.
Loncor is a Canadian gold exploration company focused on the Ngayu Greenstone Gold Belt in the northeast of the Democratic Republic of the Congo.
Loncor Gold Inc. (LN) opened trading at C$0.78 per share.