The latest drill results are highlighted by borehole LADD016, which intersected wide zones of gold mineralization, returning 25.59 metres grading 2.39 g/t Au (including 6.09 metres grading 4.78 g/t Au) and 8.09 metres grading 1.90 g/t Au.
This was the deepest borehole drilled to date at the flagship Adumbi deposit, with a depth of 640 metres below surface and on section, and 300 metres below the shallower hole LADD013, which intersected 20.00 metres grading 4.21 g/t Au and 17.30 metres grading 2.48 g/t Au.
In addition, this deep hole intersected the thickest Banded Ironstone (BIF) host rock sequence in all the holes drilled so far, demonstrating that the BIF sequence is still continuing strongly at depth, Loncor said.
Drilling is continuing at Adumbi with two drill rigs, focusing on infill drilling within the inferred mineral resource open pit to generate indicated resources as well as below the pit to generate underground resources.
Shares of Loncor jumped 3.0% by noon EDT following the new drill results. The DRC-focused gold explorer has a market capitalization of C$90.6 million.
