Loncor Gold (TSX:LN) Resumes Drilling at Adumbi Project and Expands Exploration in DRC

Loncor Gold (TSX:LN) has announced the resumption of drilling operations at its Adumbi gold project, as well as at four additional exploration targets within its Imbo exploitation license. The company, which holds an 84.68% attributable interest in the project, has successfully mobilized drilling equipment and personnel to the Adumbi camp. This move marks a significant step forward for Loncor’s flagship project, which is located approximately 220 kilometers from the Kibali Gold Mine, one of Africa’s largest gold mines, jointly owned by Barrick Gold and AngloGold Ashanti.

Loncor’s Chief Executive Officer, John Barker, commented in a press release: “The imminent drilling below Adumbi’s 3.66 million ounce “in pit” resource has the potential to push the high-grade deposit aggressively towards Tier 1 status.  The drilling has been made possible by the cash raised by the Cdn$13.5 million asset sale announced in December 2023, without recourse to equity holders.”

The drilling campaign at Adumbi will focus on an 11,000-meter deep drilling program, utilizing two core rigs. This phase of the project aims to explore the potential below the existing open pit, where Loncor has already delineated an indicated mineral resource of 1.88 million ounces of gold, graded at 2.08 grams per tonne (g/t) Au over 28.185 million tonnes. In addition, an inferred mineral resource of 1.78 million ounces of gold, graded at 2.65 g/t Au over 20.83 million tonnes, has also been identified within a $1,600 per ounce open pit shell.

The company has stated that the Adumbi resource remains open at depth, with the Banded Ironstone Formation (BIF), the host rock, increasing in thickness as exploration moves deeper. According to a December 19, 2023 press release, Loncor estimates that the underground exploration target below the $1,600 per ounce pit shell could range between 8.9 million tonnes and 9.6 million tonnes, with grades of 4.7 g/t Au to 4.9 g/t Au, reaching depths of up to 800 meters. These estimates are, however, conceptual in nature, as there has not yet been sufficient exploration to define a mineral resource at these depths, and it remains uncertain whether further exploration will result in the delineation of such a resource.

The planned drilling program includes fifteen proposed intersections below the pit shell, aimed at outlining an inferred underground mineral resource. Of these, six intersections will be wedged off nine deeper holes to save time and reduce costs.

In addition to the Adumbi project, Loncor has also mobilized a core rig to undertake initial scout drilling on four exploration targets located 8 to 13 kilometers southeast of Adumbi. These targets, situated across the Imbo River at Imbo East, include Esio Wapi, Museveni, Mungo Iko, and Paradis. Previous geological mapping, soil geochemical analysis, rock chip sampling, and channel sampling of old colonial trenches and artisanal workings have identified significant mineralized trends in these areas. The initial drill program will consist of 12 holes totaling 2,400 meters to test these targets.

The estimation of the Adumbi underground exploration target’s tonnage and grade was carried out by Loncor’s independent geological consultants, Minecon Resources and Services Limited. The consultants used a 3-dimensional model constructed from cross-sectional and horizontal flysch plans of the geology and mineralization to assist in constraining the geological model. The underground exploration target has been estimated to a maximum depth of 800 meters below the surface.

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.