Loncor Resources Inc (TSE:LN) (OTCQX:LONCF) (FRA:LO51) reported significant assay results from its drilling program at the Imbo Project, at the Ngayu Greenstone Gold Belt in the northeast of the Democratic Republic of the Congo.
The Canadian gold exploration company revealed that borehole LADD013 drilled at its flagship Adumbi deposit, intersected 20 metres grading 4.21 grams per tonne (g/t) gold (including 11 metres grading 6.91 g/t Au), 17.30 metres grading 2.48 g/t gold (including 8.20 metres grading 4.71 g/t Au), and 7.04 metres grading 2.68 g/t gold.
In addition, the company said borehole LADD013 had an "inclination of minus 72 degrees and azimuth of 218 degrees at the start of the hole" and regular measurements of inclination and azimuth were taken at 30-metre intervals down the hole. “Borehole LADD013 intersected the mineralization at a depth of approximately 65 metres below the open pit shell,” noted the company.
READ: Loncor Resources lifts inferred open pit resource at Adumbi deposit by 44%
In a statement, Loncor President Peter Cowley said: “Borehole LADD013 was targeting the northwest edge of the mineralization but encountered a better than expected thickness of the banded ironstone package as well as grades due to the increased higher grade zones of replacement rock drilled.”
“This suggests a shallower northwest plunge to the mineralization than the previously indicated sub vertical plunge at depth. Our focus now is to outline substantial underground resources at depth below the 3.15-million-ounce inferred resource pit shell where higher grades are being intersected.”
According to Loncor, gold mineralization at Adumbi is associated with a thick package (up to a maximum of 130 metres) of interbedded banded ironstone formation and quartz carbonate and chlorite schist with higher grade sections being found in a strongly altered siliceous unit termed “Replaced Rock” where structural alteration has completely destroyed the primary host lithological fabric.
The objective of the current drilling program at Adumbi is to outline additional mineral resources to the current inferred mineral resource of 3.46-million-ounces of gold on Loncor’s 84.68%-owned Imbo Project. It contains the Adumbi, Kitenge and Manzako deposits with total inferred mineral resources of 43 million tonnes grading 2.51 g/t Au.
Barrick JV update
Loncor received exploration reports from its joint venture (JV) partner Barrick Gold, who is managing and funding the JV which covers 2,000 square kilometres (km) of the Ngayu Archean Greenstone Belt. The JV doesn’t include Loncor’s Imbo Project.
“Barrick commenced a scout drilling program on a number of target prospects in the Ngayu, as well as continued to delineate additional priority targets for follow-up drilling,” said the company. High priority targets were developed at Yambenda/Yasua, Mokepa and Mongaliema with scout drilling completed at Yambenda/Yasua and Mokepa.
At Yambenda, four drill sections tested a 3.6-km portion of the 9.5 km long anomalous soil corridor. The best drill intercepts included 14 metres grading 0.85 g/t Au in YBDD0001, 49 metres grading 0.52 g/t Au and 14.5 metres grading 1.38 g/t Au in YBDD0002 and 35.05 metres at 0.60 g/t Au in YBDD0006.
At Mokepa, six scout holes were drilled with the best holes assaying 19 metres grading 1.04 g/t Au in borehole ADDD0001, and 46.7 metres grading 1.32 g/t Au in hole ADDD0002.
At Mongaliema, pitting was undertaken to the southwest of the trench which graded 32 metres grading 1.37 g/t Au. “Further work is warranted from the results received to date at Mongaliema,” said the company.
Loncor said it will assess the results of the Barrick JV to determine if exploration by Loncor on the JV ground is warranted. In particular, the Mongaliema target, which is only seven km from Loncor’s Makapela deposit.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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