First drilling, first (full) hit! After gold explorer Loncor Resources (TSX LN / FWB LO51) Just recently positive news about the joint venture with the industry giant Barrick (WKN 870450) presented, one can now come up with outstanding drilling results from the Imbo project, also located in the Democratic Republic of the Congo!
The first new drill hole in a 7,000 meter drill program at the Adumbi deposit, on which Loncor has already proven a resource of 2.19 million ounces of gold, encountered numerous sections of gold mineralization, including 20.33 meters of 2, 47 g / t gold (including 4.8 meters with 5.40 g / t gold), 7.33 meters with 5.80 g / t gold and 20.77 meters with 1.72 g / t gold!
The aim of the drill program is to use the existing resources of the Imbo project, which consists of the Adumbi, Kitenge and Manzako deposits and a resource totaling 2.5 million ounces of gold (30.65 million tons averaging 2.54 g / t gold). On Adumbi, Loncor is targeting mineralization zones within a conceptual open pit that is based on a gold price of USD 1,500. Drilling there is necessary at shorter intervals, according to the company, to prove additional resources. At the same time, Loncor intends to identify additional resources below the perimeter of the pit as the gold mineralization there remains open over a strike length of 600 meters below!
In addition to the first borehole LADD001, the company has now also completed borehole LADD003 further south-east and will now transfer the samples to the laboratory. The deeper holes LADD004 and LADD005 are currently being completed to test the dipping zone of mineralization below the pit. Hole LADD004 is targeting mineralization 150 meters below the old S53 well from 2017, which tested 23.5 meters at 6.08 g / t gold and 9.37 meters at 3.70 g / t gold.
As Loncor’s President Peter Cowley stated, exploration is also being carried out on new targets within the nine-mile-long mineralization trend on the Imbo property to generate additional drill targets. If the current work is overall successful, according to Mr. Cowley, the next step is a Preliminary Economic Assessment (PEA) to reveal the positive economic potential that Loncor believes has in Adumbi and the surrounding deposits as well as other destinations within the Imbo property.
Loncor had already stated in advance that it was very confident that it would be able to increase the resources there with the drilling on Adumbi, as this had already been achieved once (we reported). And given the spectacular results from the first well, it seems like we’re on the right track! Of course, there is no guarantee that the next wells will be as successful as the one now reported, but we believe the chances are good as Loncor management appears to be very clear about what it is doing. We will definitely keep the readers of GOLDINVESt.de up to date on how this certainly risky but, in our opinion, very exciting company will continue!
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In accordance with Section 34b WpHG and Section 48f Paragraph 5 BörseG (Austria), we would like to point out that partners, authors and / or employees of GOLDINVEST Consulting GmbH can hold shares in Loncor Resources and thus a conflict of interest could exist. Furthermore, we cannot rule out that other stock market letters, media or research firms will discuss the values we have discussed during the same period. Therefore, symmetrical generation of information and opinions can occur during this period. Furthermore, there is a consulting or other service contract between GOLDINVEST Consulting GmbH and a third party in the issuer’s warehouse (Loncor Resources), which creates a conflict of interest, especially since this third party provides GOLDINVEST Consulting GmbH for a fee for reporting on Loncor Resources rewarded. This third party may also hold, sell or buy shares in the issuer and would benefit from an increase in the price of Loncor Resources’ shares. This is another conflict of interest.
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