Loncor Gold's New Drilling Program: Insights and Future Outlook

Loncor Gold Launches New Drilling Initiative

Loncor Gold Inc. (TSX: LN, OTCQX: LONCF) has announced an exciting milestone in its exploration activities with the commencement of an extensive 11,000 metre deep drilling program at the Adumbi site. This particular initiative is pivotal as it targets an indicated mineral resource totaling 1.88 million ounces of gold. Furthermore, there's an inferred resource of 1.78 million ounces, all situated within a defined USD 1,600 per ounce open pit shell. The mineralisation at Adumbi showcases promising potential as it remains open at depth, and notably, the ironstone host thickens as we delve deeper.

Drilling Progress and Initial Results

Currently, drilling operations are underway with one rig operational at Adumbi, while a second rig is set to join the efforts in the upcoming weeks. The team is not just focusing on the Adumbi site; scout drilling with a portable core rig has also begun on four additional exploration targets located 8 to 13 kilometres southeast of Adumbi. This drilling is part of the larger structural trend that the company is keen to explore further. So far, five shallow holes have been completed, amounting to 1,123 metres. Noteworthy preliminary assays were received from two high-grade intervals encountered in hole LIDD003 at the Museveni prospect, where visible gold was discovered in the core.

Table of Drilling Results

In the ongoing exploration, a detailed table outlines the results from borehole LIDD003, which is of significant interest due to its high-grade assays:

Borehole Summary

The borehole results include notable findings from two intervals where substantial grades were obtained. For instance, one section showed a width of 1.18 metres with a high-grade of 69.7 grams of gold per tonne, indicating the quality of the drill results is promising.

Strategic Insights from the CEO

John Barker, CEO of Loncor, expressed his enthusiasm regarding the drilling efforts in a recent statement. He acknowledged the logistical challenges faced in transporting equipment during the rainy season but highlighted that the deep drilling program at Adumbi holds immense potential. With the prospect of pushing this high-grade deposit towards a Tier 1 status, there is a collective optimism about the results emanating from the scout drilling across multiple targets along the 14 km structural trend.

Quality Control Measures in Drilling

Loncor is committed to maintaining high-quality control standards throughout the drilling process. Core samples are meticulously prepared, with one-metre intervals being sawed and sent to the on-site facility for analysis. After crushing to achieve a consistent quality, samples undergo rigorous testing at an independent laboratory to ensure accuracy in the gold grade results. The company has stringent QA/QC protocols in place to enhance the reliability of the data collected during this drilling initiative.

About Loncor Gold Inc.

Loncor Gold Inc. is a Canadian entity specializing in gold exploration within the Ngayu Greenstone Gold Belt, located in the northeast region of the Democratic Republic of the Congo. With a team possessing over 20 years of operational experience in the DRC, the company has built a robust resource base, including significant mineral counts at the Imbo and Makapela projects. The anticipated completion of the sale for the Makapela Project is set for the fourth quarter of the upcoming year, marking a strategic move for the company's future. As research and drilling intensify, Loncor is well-placed for potential growth in the gold sector.

Frequently Asked Questions

What drilling program has Loncor Gold initiated recently?

Loncor Gold has initiated an 11,000 metre deep drilling program at the Adumbi site, targeting significant indicated and inferred mineral resources.

What has been discovered at the Museveni prospect?

At the Museveni prospect, visible gold was observed in core samples, and preliminary assays indicate high-grade intervals in hole LIDD003.

What quality control measures does Loncor have in place?

Loncor employs stringent quality control measures for core sampling and assaying, including independent testing and adherence to internationally recognized standards.

Who is Loncor’s CEO and what did he say about the drilling program?

John Barker is the CEO, and he expressed optimism about the potential of the new drilling program to enhance the high-grade deposit at Adumbi.

What is the significance of the Makapela Project's anticipated sale?

The sale of the Makapela Project, expected to close in the fourth quarter of the upcoming year, represents a strategic step for Loncor towards optimizing its portfolio and focusing on growth.

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