- Loncor (LN) has reported multiple high-grade gold intersections from its Imbo Project in the Congo
- Highlights include 14.70 m grading 7.19 g/t gold and 11.20 m grading 4.93 g/t gold
- With drilling finalized for the year, the company is focused on completing a preliminary economic assessment by year’s end
- Loncor is a Canadian gold exploration company focused on the Ngayu Greenstone Gold Belt in the northeast of the Democratic Republic of the Congo
- Loncor Gold (LN) is up by 18.57 per cent and is currently trading at $0.83 per share
Loncor (LN) has reported multiple high-grade gold intersections from its Imbo Project in the Congo.
Assay results from the 84.68-per-cent owned project stem from the Adumbi Deposit.
Grade (g/t) gold
Peter Cowley, Loncor’s President, stated,
“This core hole was situated below the open pit shell in the northwest of the Adumbi Deposit and intersected the mineralization at a vertical depth of 480 m below surface. These results with high grades over significant widths further demonstrate the underground resource potential below the pit shell as well as excellent continuity of the mineralized banded ironstone formation. The gold mineralization at Adumbi is directly related to the chemical and physical properties of the BIF host rock and the mineralized BIF is increasing in thickness with depth.
Drilling has now been completed for this year with the immediate focus now being ongoing metallurgical, processing, mining, infrastructural, environmental and financial studies in order to complete the preliminary economic assessment by year’s end. As part of the PEA, an updated resource within the pit shell is being undertaken with the aim of maximizing the available in-pit ounces and converting a sizeable percentage of the existing inferred resource into the indicated category.”
Loncor Gold (LN) is up by 18.57 per cent and is currently trading at $0.83 per share as of 1:33 pm ET.