A mineral resource released in April 2020 outlined an inferred resource for the Adumbi, Manzako and Kitenge deposits at nearly 30.7 million tons grading at 2.6 grams per ton gold for just over 2.5 million ounces of the yellow metal, most of which comes from the high-priority Adumbi target.
If the two companies should decide to move ahead with a full feasibility study, they would then create a special purpose vehicle to hold the specific discovery area where Barrick would retain 65% and Loncor would hold 35%.
Barrick is not the only mining company to hold an interest in Loncor, however: Australia’s Resolute Mining owns 26.5% of the company, making it Loncor’s largest shareholder.
In early June 2021, Loncor Resources changed its name to Loncor Gold Inc, to better brand itself as a gold focused explorer.
Commenting on the recent developments at the Adumbi deposit, Arnold Kondrat, CEO of Loncor Gold, said: “The company continues to develop its flagship open-pit Adumbi gold deposit.