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Loncor Resources reports “multiple gold intercepts” in initial drilling at its Adumbi deposit in the DRC

Published: 14:43 30 Nov 2020 EST

Loncor Resources Inc -
Loncor Resources says current drilling is targeting a significant resource increase with the potential for a Preliminary Economic Assessment

Loncor Resources Inc (TSE:LN) (OTCQX:LONCF) announced that the first core hole of the 7,000 metre drill program at the Adumbi deposit on its 84.68% owned Imbo project in the Democratic Republic of the Congo (DRC) has hit “multiple gold sections,”  including 20.33 metres grading 2.47 grams per tonne (g/t) gold and 4.8 metres grading 5.40 g/t gold.

The company noted that the drill program’s objective is to outline additional mineral resources to the current 2.5 million inferred ounces on the project, grading 2.54 g/t gold, which includes the Adumbi, Kitenge and Manzako deposits.   

Loncor Resources' president Peter Cowley said in a statement: “We are encouraged by the results of this first hole of our 7,000 metre drilling program at Adumbi where we are targeting a significant increase of resources, both within and below the open pit shell. Exploration is also ongoing on new targets along the 14 kilometre long mineralized trend on the Imbo permit in order to generate additional drill targets. If we achieve our objectives, the next step will be a Preliminary Economic Assessment to illustrate the positive economic potential that we believe is contained within Adumbi and the neighbouring deposits and other targets within the Imbo exploitation permit.”

READ: Loncor Resources has the attention of major miners with its prospective gold projects in the DRC

The Adumbi deposit alone has a current inferred resource of 2.19 million gold ounces, with an average grade of 2.35 g/t Au, and Loncor said drilling will also focus on outlining mineral resources below the pit shell where the gold mineralization remains open at depth over a strike length of over 600 metres.

The company added that deeper holes are currently being drilled to intercept the down dip/down plunge mineralized zone below the open pit, targeting mineralization 150 metres below previous hole S53 drilled in 2017, which intersected 23.5 metres grading 6.08 g/t Au and 9.37 metres grading 3.70 g/t at the base of the open pit shell.

Loncor’s Imbo project sits in the eastern part of the Ngayu greenstone belt, 220 kilometres southwest of the Kibali gold mine operated by Barrick Gold. In 2016, Loncor Resources and Barrick signed a joint venture agreement in which Barrick Gold can earn up to 65% of any discovery within a group of 12 exploration permits along the Ngayu Belt.

Contact Sean at sean@proactiveinvestors.com

Loncor Gold releases Preliminary Economic Assessment on Adumbi Gold Deposit

Loncor Gold CEO John Barker joined Steve Darling from Proactive to share news the company has announced the results of the Preliminary Economic Assessment for the Adumbi gold deposit in the Congo. Barker telling Proactive the PEA includes a Pre-tax NPV of US$895 million and post-tax NPV of...

on 12/15/2021