Loncor to resume drilling on its 3.66 Million Ounce Adumbi Deposit and Four Prospects on its Imbo Exploitation Licence

Issuer: Loncor Gold Inc / Key word(s): Drilling Result Loncor to resume drilling on its 3.66 Million Ounce Adumbi Deposit and Four Prospects on its Imbo Exploitation Licence 13.08.2024 / 16:20 CET/CEST The issuer is solely responsible for the content of this announcement.

Press Release

 

Loncor to resume drilling on its 3.66 Million Ounce Adumbi Deposit and Four
Prospects on its Imbo Exploitation Licence

 

• Two rigs to target gold mineralisation below the open pit and an additional rig will undertake scout drilling of four exploration targets along the Adumbi mineralised structural trend

                            

Toronto, Canada – August 13, 2024 – Loncor Gold Inc. ("Loncor" or the "Company") (TSX: "LN"; OTCQX: "LONCF”; FSE: "LO5") is pleased to announce that drilling equipment and personnel have arrived at the Adumbi camp to resume drilling on the Company’s flagship Adumbi gold project and at four prospects within the Imbo exploitation licence and where Loncor Gold has a 84.68% attributable interest.

Adumbi is situated approximately 220 kilometres from Africa’s largest gold mine, Barrick Gold/ AngloGold Ashanti’s Kibali Gold Mine, a hub for many mining related contractors in the DRC.

 

Two core rigs will focus on a 11,000-metre-deep drilling program below the Adumbi open pit where an indicated mineral resource of 1.88 million ounces of gold (28.185 million tonnes grading 2.08 g/t Au), and an inferred mineral resource of 1.78 million ounces of gold (20.83 million tonnes grading 2.65 g/t Au) have already been delineated within a USD1,600/oz open pit shell. 

 

The Adumbi resource remains open at depth below the USD1,600/oz pit shell with the favourable Banded

Ironstone Formation (BIF) host increasing in thickness.  As stated in the Company’s press release of December 19, 2023, the Company estimates the potential Adumbi underground exploration target below the USD1,600/oz pit shell as between 8.9 million tonnes to 9.6 million tonnes grading 4.7 g/t Au to 4.9 g/t Au to a depth of 800 metres (reference is made to the said press release, which can be found at SEDAR+ at www.sedarplus.ca, for additional information with respect to this estimate).  These potential quantities and grade are conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the Adumbi underground exploration target being delineated as a mineral resource.