(Ecofin Agency) - The Adumbi project hosts over 100 tonnes of gold mineral resources in the DRC. Developing a gold mine on the site would increase Congolese gold exports, estimated at 34 tonnes by 2023.

Loncor Gold revealed on June 10 that it inked contracts for an 11,000m-deep-drilling program at its Adumbi gold project in the Democratic Republic of Congo. The goal is to increase the project’s mineral resources. The latest updates estimate that the project hosts 3.66 million ounces. Loncor owns 84.68% of the project.

Breaking News! Loncor Mobilises Three Core Rigs to Define Additional Mineral 3Resources Below and Along Strike from Adumbi’s Current 3.66 Million Ounce Open Pit Resources. Read the full release here: https://t.co/3qJzzStKSl pic.twitter.com/OPD2fBpXhy

— Loncor Gold Inc (TSX:LN) (OTCQX:LONCF) (FSE:LO51) (@Loncorgold) June 10, 2024

The drilling program aims to draw attention to the scale and quality of what we have, and what we continue to develop only 220kms from Africa’s largest gold mine, Kibali, commented Loncor CEO, John Barker. 

Boosting Adumbi’s resources is part of Loncor's efforts to develop its first gold mine in the DRC. If the company achieves this goal, it will represent a new industrial mining operation in the Congolese gold sector.

According to official statistics, the industrial sector accounted for 85% of the DRC's gold exports in 2023, or 29 tonnes, compared with 15% for the artisanal sector (5 tonnes).