- Barrick Gold (ABX) and its joint venture partner Loncor Resources (LN) have hit promising early results at the Imbo project in the DRC
- Drilling around the site’s Adumbi deposit has hit “significant” gold intersects, including 33.30 metres at 3.25 grams per tonne gold
- Another drill hole hit 10.45 metres at 3.88 grams per tonne of gold
- These were the first two drill holes of the ongoing 7,000-metre program, which is hoping to significantly increase the site’s resources, both within and below the open pit shell
- Barrick Gold is up 0.98 per cent and is trading at C$29.32 per share
- Loncor Resources remains unchanged at 55 cents per share
Barrick Gold (ABX) and its joint venture partner Loncor Resources (LN) have hit promising early results at the Imbo project in the DRC.
Drilling around the site’s flagship Adumbi deposit has hit “significant” gold intersects, including 33.30 metres grading 3.25 grams per tonne gold, which contained higher grade segments at 7 grams per tonne and 5.11 grams per tonne over 5.70 metres and 9.07 metres, respectively.
A separate drill hole hit 10.45 metres grading at 3.88 grams per tonne of gold.
These were the first two drill holes of the ongoing 7,000-metre program, which is hoping to significantly increase the site’s resources, both within and below the existing open pit shell.
Commenting on the latest drilling results, Loncor President Peter Cowley was very encouraged by the first two core holes of the program.
“These two infill holes were drilled within the open pit shell where there is already an inferred resource of 2.19 million ounces. These results will further increase the inferred resource. Deeper drilling is now being focussed on the plunging/downdip mineralization below the pit shell,” he added.
Mining giant Barrick formed the joint venture to help Loncor explore the region’s emerging Ngayu greenstone belt. Barrick’s own Kibali gold mine is located 220 kilometres northeast of the Imbo project, and the company is, therefore, eager to have a part in belt’s ongoing exploration.
Barrick Gold is up 0.98 per cent and is trading at $29.32 per share at 11:49am EST.
Meanwhile, Loncor Resources remains unchanged at 55 cents per share at 11:49am EST.
