- Loncor Resources (TSX:LN) has boosted inferred resources 49 per cent at its Imbo project in the Congo
- Inferred resources have gone from 1.675 million ounces to 2.5 million ounces
- The increase has come from one specific deposit, the Adumbi deposit
- The company re-examined the resource, with renewed focus on Loncor’s economic ability to mine the deposit
- Loncor Resources (TSX:LN) is holding steady trading at C$0.44 per share with a market cap of $44 million
Loncor Resources (TSX:LN) has announced a 49 per cent increase in mineral resources at its Imbo Project in the Congo.
The mining company own 76.29 per cent of the Imbo Project in the Democratic Republic of the Congo.
In January, inferred mineral resources were 1.675 million ounces of gold (20.78 million tonnes grading at 2.5 grams per tonne gold). The inferred mineral resource is now 2.5 million ounces of gold (30.65 million tonnes, grading at 2.54 grams per tonne gold). This is an increase of 49 per cent.
The mineral resources come from three deposits on the company’s Imbo project, the Adumbi, Kitenge, and Manzako deposits.
The big increase is down to the Adumbi deposit, which Loncor has now re-examined. The company’s independent geological team reviewed the deposit, including remodelling and grade capping. The team also considered the CIM requirement for mineral resources to have reasonable prospects for economic extraction.
Loncor’s President said that the company finds these results very encouraging.
“The significant increase in mineral resources at the Adumbi deposit was developed from exploration conducted during the 2014-2017 period. This followed on from the recommendations from the 2014 independent study.
“We now have a clear strategy going forward to increase the mineral resources on the Imbo Project, by undertaking additional drilling and advancing the project up the value curve by initiating a Preliminary Economic Assessment on the Adumbi deposit.
“Significant potential still exists at Adumbi to increase and upgrade mineral resources within the open pit. There is also underground potential, since the mineralization remains open at depth,” the President said.
Loncor (LN) is holding steady, trading at $0.44 per share at 9:48am EST.