Company
TSE:LN
Loncor Gold Inc is a Canadian gold exploration company focused on projects on the Ngayu Belt in the Democratic Republic of the Congo. The Adumbi gold deposit is the current focus of Loncor's activity and can be found within Loncor's 84.68% owned Imbo Project. Loncor has Africa’s largest gold producer, the Barrick-managed Kibali Gold mine as a neighbour 130 miles away.
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The company said Barker has been involved in various copper, diamond and platinum corporate initiatives in Southern Africa including consulting for the globally recognised mining entrepreneur Robert Friedland
The reported results come from four holes at the Adumbi deposit at the site, which hit significant widths and grades
The deepest borehole drilled to date at its flagship Adumbi deposit, LADD016, intersected 25.59m grading 2.39 g/t gold
Loncor said it intends to use the proceeds for continued exploration and development of its Imbo project in the Democratic Republic of the Congo
Results include 25.77 metres grading 6.24 grammes per tonne (g/t) gold, including 9.29 metres grading 9.68 g/t gold and 5.50 metres grading 9.75 g/t gold at the Adumbi deposit, in the firm’s Imbo Project
The placement will consist of up to 7 million units of the company priced at C$0.70 per unit
Adumbi boasts an inferred resource of 41.32 million tons grading 2.37 grams per ton for 3.15 million ounces of gold
Loncor expects its shares to begin trading on the Toronto Stock Exchange under the new name on Thursday, June 10
The results included 20 metres grading 4.21 grams per tonne (g/t) gold, including 11 metres grading 6.91 g/t gold, and 17.30 metres grading 2.48 g/t gold
Further drilling has now raised the resource at Adumbi by 44% to 3.15 million ounces of gold, compared to 2.19 million ounces in a 2020 report
Thursday’s results, when combined with previous results from the ongoing drilling program, indicate that gold grades are increasing at depth, according to the company
Loncor president Peter Cowley told investors that the company continues to be impressed with the drill results from Adumbi
The company received analytical results for all soil samples from the completed 5.4 kilometre by 2.3 kilometre grid east of the Imbo River, which outlined four significant mineralized trends
Hole LADD007, intersected 55.43 metres grading 2.76 grams per ton of gold, including 12.45 metres grading 8.11 grams per ton
The company said it intends to use the private placement funds for continued exploration and development of its Imbo Project in the Democratic Republic of the Congo
Loncor said 1.4 million units of the private placement were purchased by company insiders
The company said it intends to use the proceeds from the financing for continued exploration and development of its Imbo Project, including additional drilling on the Adumbi gold deposit, and for general corporate purposes
In a statement, the company noted the intersection was at 28 metres grading 3.26 grams per ton of gold
Assays included 33.30m at a grade of 3.25 g/t gold, which included an intercept of 5.70m at 7 g/t of the yellow metal
Drill results from the company's 84.68% owned Imbo Project in the Democratic Republic of the Congo include 20.33 metres grading 2.47 g/t gold
