RE:NEWS..ADUMBI Increases by 1 M ounces..total 4.7 M ouncesRemarkable addition in just one year with limited drilling at Adumbi which remains open at depth and strike.
As you point out, these high grades within a $1500 pit shell will have very low cash costs, perhaps in the lowest decile for open pit mining, along with over 3.15 m ounces expandable, will provide for a PEA that will be in the $ Billion range
Equally important, more gold resources willmbe added below the pit shell where drilling is continuing with the objective of outlining underground resources (see Figure 2 in post ).
Drilling at Adumbi also demonstrates that grade is increasing at depth, which bodes well for a significant underground resource to be outlined.
Going forward, once drilling has been completed in Q2 2021, a Preliminary Economic Assessment (PEA) to determine the potential economic viability of Adumbi will be completed.
As I previously posted, Kimbali undeground resources are over 3 times that of open pit.
Given the near identical lithology with Kimbali, This raises the real possibility that Adumbi , when fully explored, will have over 10 million ounces of high grade gold.
Further, the recent discovery of very high grade gold over a very extensive area at Imbo East , suggests that another major gold discovery is waiting to be fully explored.
Adding Makapela 's 1.2 million super high grade gold resources, Loncor now have 4.7 m ounces in their gold resources.
Undoubtedly, the addition of new drilling ounces below the pit shell at Adumbi will elevate Loncors total 43-101 ounces above the 5 m ounce level.
That makes Imbo a Tier 1 asset for ABX.
Will ABX make an early Move ?
Gold resources discovered by ABX outside Imbo will be additional to this.
$5 here we come by exit 2021......