- Loncor Gold (TSX:LN) has released material drill results from the Imbo project’s 3.66-million-ounce Adumbi gold deposit in the Democratic Republic of the Congo
- Highlights include 13.92 metres grading 6.01 grams per ton (g/t) gold, 0.87 metres grading 82.97 g/t gold and 7.40 metres grading 1.49 g/t gold, all from borehole LADD028
- 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 stock has added 76.47 per cent year-over-year but only 30.43 per cent since 2020
Loncor Gold (TSX:LN) has released material drill results from the Imbo project’s 3.66-million-ounce Adumbi gold deposit in the Democratic Republic of the Congo.
The company owns 84.68 per cent of the resource, which yielded a 2021 preliminary economic assessment detailing a post-tax net present value of US$624 million at US$1,600 gold, in addition to:
- Average annual production of 303,000 ounces.
- A 10.3-year life of mine.
- Average total cash costs of US$852 per ounce.
- All-in sustaining costs of US$950 per ounce.
The news follows high-grade results from LADD027 reported in February, including 22.64 metres grading 4.77 g/t gold, 16.07 metres grading 5.82 g/t gold and 0.45 metres grading 26.94 g/t gold.
Significant mineralization from borehole LADD028
Leadership insights
“This hole represents another excellent intersection from the ongoing drill program at Adumbi,” John Barker, Loncor Gold’s chief executive officer, said in a statement. “Hole LADD028 was situated in the central part of the Adumbi deposit and intersected the mineralization at a vertical depth of 290 metres below surface and within the US$1,600/oz pit shell. This hole intersected several zones of gold mineralization and showed good geological continuity with adjacent holes in the banded ironstone formation package. Drilling continues below the proposed open-pit shell with the aim of increasing the 3.66-million-ounce resource at Adumbi into a tier-1 project.”
About Loncor Gold
Loncor is a Canadian gold exploration company focused on the Ngayu Greenstone gold belt in the northeast of the Democratic Republic of the Congo. Management brings over two decades of operations experience in the Congo.
Loncor Gold stock (TSX:LN) is down by 1.64 per cent trading at C$0.60 per share. The stock has added 76.47 per cent year-over-year but only 30.43 per cent since 2020.
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