Loncor Gold's (TSX: LN) Strategic Drilling Initiative Targets Expansion of High-Grade Adumbi Deposit

Key Highlights:

• Loncor Gold resumes drilling on its 3.66 million ounce Adumbi gold project in the DRC.
• Two rigs will focus on an 11,000-meter deep drilling program below the Adumbi open pit.
• A third rig will undertake scout drilling on four new exploration targets within the Imbo exploitation license.

Loncor Gold Inc. (TSX: LN) (OTCQX: LONCF) (FSE: LO51) has initiated a significant new phase in its exploration strategy, resuming drilling activities at its flagship Adumbi gold project in the Democratic Republic of the Congo (DRC). With the arrival of drilling equipment and personnel at the Adumbi camp, the company is poised to push its high-grade deposit towards Tier 1 status, a classification reserved for the world’s most prolific gold mines.

The Adumbi deposit, located approximately 220 kilometers from the Kibali Gold Mine, is a cornerstone of Loncor’s growing portfolio in the Ngayu Greenstone Gold Belt. The project currently boasts an indicated mineral resource of 1.88 million ounces of gold, with an inferred resource of 1.78 million ounces. This resource is housed within a pit shell valued at USD1,600 per ounce of gold, making it one of the most promising undeveloped gold resources in the region.

Loncor’s renewed drilling campaign at Adumbi is ambitious. Two core rigs will undertake an 11,000-meter deep drilling program aimed at exploring gold mineralization below the existing pit shell. This phase is critical, as the deposit remains open at depth, with geological data suggesting the potential for significant high-grade resources within the Banded Ironstone Formation (BIF) that hosts the gold.

The drilling program will include fifteen planned intersections below the current pit shell, with six of these utilizing a wedging technique to save time and reduce costs. The company’s geological consultants, Minecon Resources and Services Limited, estimate that this deep drilling could delineate an underground resource of between 8.9 and 9.6 million tonnes, grading between 4.7 g/t and 4.9 g/t gold, to a depth of 800 meters. While these figures are conceptual at this stage, they highlight the substantial upside potential at Adumbi.

Adding to this momentum, Loncor has deployed a third rig to scout four new exploration targets within its Imbo exploitation license. These targets, located 8 to 13 kilometers southeast of Adumbi, lie along a major structural trend. The initial 2,400-meter drilling program will focus on the Esio Wapi, Museveni, Mungo Iko, and Paradis prospects, each of which has shown promising signs of mineralization through preliminary geological mapping and sampling.

CEO John Barker has emphasized the strategic importance of this drilling program, noting that the progress at Adumbi has been facilitated by the CDN$13.5 million asset sale announced in December 2023. This capital infusion has allowed Loncor to advance its exploration activities without diluting shareholder equity, positioning the company for a potential revaluation as it proves up additional resources.

With the gold market remaining robust and investor appetite for high-quality gold projects undiminished, Loncor Gold’s strategic drilling initiatives could mark a pivotal moment in its journey towards becoming a major player in the African gold mining sector. Investors should keep a close eye on the outcomes of this drilling program, as positive results could significantly enhance Loncor’s market position and deliver substantial returns.

As of 13th August 2024, Loncor Gold Inc. (TSX: LN) shares are trading at CAD $0.019.