Loncor Gold (LN.TO) has released more assay results from the Imbo gold project in the DRC. The assay results of five holes drilled further strengthens the exploration theory and the thesis. Hole 21, which was drilled at the Adumbi deposit, for sure was the best result of the bunch as the headline result of the exploration update was the 15.73 meters of 5.28 g/t gold which was contained within an interval of 5 meters of 13.7 g/t gold (indicating the residual value of the remaining 10.7 meters was approximately 1.36 g/t gold). The true width of the interval encountered in hole 21 is estimated at 73%.
Some of the other holes are equally interesting. Hole 19 for instance, also encountered a grade of in excess of 2 g/t but only over a width of 7.03 meters (4.57 meters true width). The bonus here is that the mineralized interval started just a few meters below the surface. And that’s also what makes hole 22 interesting: 21.5 meters of 2.23 g/t gold including 8.5 meters of 4.23 g/t gold and a residual value of 13 meters of 0.85 g/t is fine, but as the mineralization starts just over 20 meters down hole, the hole lends more credibility to the 3.15 million ounce inferred resource at Adumbi. As a reminder, Loncor has a 84.68% ownership in the Imbo project (which hosts the Adumbi deposit).
In a more recent update, Loncor disclosed more higher grade drill results with for instance 19.1 meters of 4.11 g/t gold and 17.78 meters containing 3.2 g/t gold although these holes were slightly deeper as the aforementioned high-grade zones started respectively 343 meters and 236 meters down hole. In any case, Loncor is doing a good job in de-risking the project.
Disclosure: The author has no position in Loncor Resources. Please read our disclaimer.
