Loncor Gold posts multiple gold intersections from deepest hole at Adumbi deposit, DRC
Loncor Gold Inc. [TSX: LN; OTCQX: LONCF; FSE: LO5] reported encouraging drilling results from its deep drilling program at the company’s 3.66 million ounce Adumbi deposit, Democratic Republic of the Congo, where an indicated mineral resource of 1.88 million ounces of gold (28.185 million tonnes grading 2.08 g/t Au), and an inferred mineral resource of 1.78 million ounces of gold (20.83 million tonnes grading 2.65 g/t Au) have already been delineated within a USD1,600/oz open pit shell.
Borehole LADD029, the deepest borehole drilled at Adumbi, intersected 22.31 metres grading 3.05 g/t gold (including 4.64 metres grading 5.83 g/t gold), 14.50 metres grading 4.24 g/t gold (including 10.17 metres grading 5.23 g/t gold) and 15.57 metres grading 3.35 g/t gold.
It is estimated true width of the mineralized sections for core hole LADD029 is 64% of the intersected widths in the above table. Regular measurements of inclination and azimuth were taken at 30-metre intervals down the hole and all the core was orientated. All intercepted grades are uncut with maximum internal dilution equal to or less than 4 metres of intersected width. Assay results are still to be received for banded ironstone formation (BIF) from 817.77 to 855 metres.
Peter Cowley, president, said: “LADD029 is one of the most significant boreholes drilled at Adumbi with multiple zones of gold mineralization over an intersected width so far of 145.73 metres and indicates the significant, underground mineral resource potential below the 3.66 million ounces of the Adumbi open pit.
“It is also the deepest hole drilled to date and extends the gold mineralization down to 805 metres below the elevation of Adumbi Hill. In addition, LADD029 intersected the thickest banded ironstone formation (BIF) package ever drilled at Adumbi (148 metres true thickness) and demonstrates that the favourable, mineralized BIF host is still going strong and increasing in thickness with depth in the northwest of the deposit. Gold mineralization at Adumbi is directly related to the favourable chemical and physical properties of the BIF.”
Loncor is focused on the Ngayu Greenstone Gold Belt in the northeast of the Democratic Republic of the Congo (the DRC). The Loncor team has over two decades of experience of operating in the DRC.
Loncor’s growing resource base in the Ngayu Belt is focused on the Imbo Project where the Adumbi deposit holds the indicated mineral resource noted above, and the Adumbi deposit and two neighbouring deposits hold an inferred mineral resource of 2.090 million ounces of gold (22.508 million tonnes grading 2.89 g/t Au), with 84.68% of these resources being attributable to Loncor.
Following a drilling program carried out by the company at the Adumbi deposit in 2020 and 2021, the company completed a Preliminary Economic Assessment (PEA) of the Adumbi deposit and announced the results of the PEA in December 2021.