- Loncor Resources Inc (TSX:LN) has announced that Barrick Gold’s exploration rigs will begin drilling this quarter at the Ngayu project in DRC
- Barrick’s rigs were held up at the DRC border during the first quarter, due to coronavirus concerns
- In the interim, Barrick was conducting reconnaissance work at the joint venture property to identify drilling targets
- Loncor has identified six potential tier one deposits on the Ngayu project
- Loncor Resources (LN) is up 28 per cent and is trading at C$0.61 per share with a market cap of $65 million
Loncor Resources Inc (TSX:LN) has announced that exploration rigs will begin drilling this quarter at the Ngayu Greenstone Belt project in DRC.
Loncor and Barrick Gold are joint venture partners in the Ngayu project, with Barrick’s subsidiary Barrick Gold Congo SARL the operational partner.
Loncor has a huge footprint in the north-eastern Congo mineral belt, which includes its own majority owned exploration licenses alongside the joint venture project.
The company was delayed in getting its drilling program started due to coronavirus, but the two Barrick drill rigs are now on site at Barrick’s Kibali mine and are scheduled to move to Ngayu within the quarter.
In February of this year, Loncor announced they had identified a number of drill targets within the nearly 2000-square kilometre land package.
The first of these will be at Anguluku where an initial six core holes are planned to be drilled.
Depending on the results of these holes, the rigs could be moved to Salisa-Lybie where an initial twelve holes are planned.
There was an initial exploration program conducted at the Ngayu project in the first quarter, which was largely reconnaissance follow up. This program identified new targets to drill, or to eliminated them from future drilling schedules.
Thus far, the company has identified 11 drill targets, stating that six had the potential of hosting tier one deposits.
Loncor Resources Inc (LN) is up 28 per cent, with shares trading for $0.61 at 3:45 pm EDT.