Canadian Miner Targets Deep Gold Deposits in Ambitious New Phase

In a move that underscores its ambitions to advance one of Africa’s most promising gold assets, Loncor Gold Inc. (TSX: LN) has announced the resumption of drilling operations at its flagship Adumbi gold project in the Democratic Republic of the Congo (DRC). This development marks a significant milestone for the Toronto-based miner, which has been steadily building its presence in the region’s highly prospective Ngayu Greenstone Gold Belt. The renewed drilling effort is set to explore untapped gold mineralization beneath the existing open pit and assess four additional prospects within the company’s Imbo exploitation license, where Loncor holds an 84.68% stake.

Background and Context: Loncor’s Strategic Play in the DRC

Loncor Gold has established itself as a key player in the DRC’s gold exploration landscape, with a focus on the Ngayu Greenstone Belt—a region known for its rich mineral resources. The company’s flagship Adumbi project is situated approximately 220 kilometers from the Kibali Gold Mine, one of Africa’s largest and most productive gold mines, operated by industry giants Barrick Gold and AngloGold Ashanti. Loncor’s proximity to Kibali not only underscores the geological potential of the Adumbi site but also positions the company to leverage existing infrastructure and expertise in the region.

The Adumbi deposit is already recognized for its significant gold resources, boasting an indicated mineral resource of 1.88 million ounces and an inferred resource of 1.78 million ounces within a $1,600 per ounce open-pit shell. The current phase of drilling aims to explore the extension of these resources at depth, targeting gold mineralization below the existing pit and testing new prospects along the same mineralized trend.

Key Highlights and Advantages: A Focus on High-Grade Gold

Loncor’s latest drilling campaign is driven by two key objectives: to expand the known resources at Adumbi and to uncover new mineralization along the Imbo structural trend. The company has mobilized two core drilling rigs to conduct an 11,000-meter deep drilling program beneath the Adumbi open pit. This program will target 15 intersections below the pit shell, where early indications suggest the presence of high-grade gold mineralization.

Key highlights of the Adumbi project include:

• Significant Resource Potential: The drilling program is designed to outline an inferred underground mineral resource, building on the current estimated potential of 8.9 to 9.6 million tonnes grading 4.7 to 4.9 grams per tonne (g/t) of gold at depths of up to 800 meters.
• Strategic Location: Adumbi’s proximity to the Kibali Gold Mine enhances its strategic value, offering potential synergies in exploration and production.
• Exploration of New Targets: In addition to Adumbi, Loncor is set to drill four new exploration targets—Esio Wapi, Museveni, Mungo Iko, and Paradis—located 8 to 13 kilometers southeast of Adumbi. These targets have been identified through geological mapping and sampling, and they represent significant opportunities for resource expansion.

Potential Impact and Significance: Advancing Toward Tier 1 Status

The resumption of drilling at Adumbi could be a game-changer for Loncor, potentially transforming the project into a Tier 1 gold asset—a status reserved for the world’s largest and most profitable gold mines. With the potential to add substantial high-grade resources beneath the existing open pit, the company is well-positioned to significantly enhance the value of its Adumbi project.

Moreover, the exploration of new targets within the Imbo license could lead to further discoveries, reinforcing Loncor’s foothold in the region and attracting increased investor interest. The company’s strategic decision to fund the drilling through proceeds from the recent C$13.5 million asset sale, without diluting equity, demonstrates prudent financial management and a commitment to shareholder value.

Expert Opinions and Analysis: Industry Leaders Weigh In

Loncor’s Chief Executive Officer, John Barker, expressed optimism about the drilling program’s potential. “The imminent drilling below Adumbi's 3.66 million ounce 'in pit' resource has the potential to push the high-grade deposit aggressively towards Tier 1 status,” Barker stated. He emphasized that the drilling has been made possible by recent strategic moves, including the asset sale, which have positioned Loncor to advance the project without placing additional burden on equity holders.

Industry analysts have noted that the DRC remains one of the most underexplored yet richly endowed regions for gold, with significant upside potential for companies like Loncor that are willing to navigate the challenges of operating in the region. The company’s focus on deep drilling and resource expansion aligns with broader industry trends, where miners are increasingly looking to unlock value from high-grade, underground deposits.

Challenges and Considerations: Navigating Risks in the DRC

While the potential rewards of Loncor’s drilling program are significant, the company must also navigate a range of challenges inherent to operating in the DRC. These include logistical complexities, regulatory hurdles, and the need for robust community engagement and environmental management practices. Loncor’s experienced management team, with over two decades of operating in the DRC, is well-versed in addressing these challenges. The company’s ongoing efforts to mitigate risks and build strong local partnerships will be critical to the success of its drilling program and future operations.

Conclusion: A Promising Future for Loncor Gold

As Loncor Gold resumes drilling at its flagship Adumbi project, the company is poised to make significant strides in advancing one of the DRC’s most promising gold assets. With a clear focus on expanding high-grade resources and exploring new targets, Loncor is strategically positioned to enhance its value proposition to investors and solidify its status as a leading gold explorer in Africa. For investors and the broader business community, Loncor’s latest developments offer a compelling opportunity to participate in the growth of a company that is making bold moves in a resource-rich region with substantial upside potential.

View original press release here: https://www.newswire.ca/news-releases/loncor-to-resume-drilling-on-its-3-66-million-ounce-adumbi-deposit-and-four-prospects-on-its-imbo-exploitation-licence-808277860.html