TSX-listed Loncor Resources has changed its name to Loncor Gold in order to better brand the company’s business as a gold exploration company.
Loncor is a Canadian gold exploration company focused on the Ngayu Greenstone Gold Belt in the northeast of the Democratic Republic of the Congo (DRC).
Loncor’s growing resource base in the Ngayu Belt currently comprises the Imbo and Makapela Projects. At the Imbo Project, the Adumbi deposit and two neighbouring deposits hold an inferred mineral resource of 3 466 Moz of gold (42.996 million tonnes grading 2.51 g/t Au), with 84.68% of this resource being attributable to Loncor.
Adumbi shows promise of huge potential
The company is currently carrying out a drilling programme at the Adumbi deposit with the objective of outlining additional mineral resources. The Makapela project, which is 100%-owned by Loncor and is located approximately 50 kilometres from the Imbo project, has an indicated mineral resource of 614 200 oz of gold (2.20 million tonnes grading 8.66 g/t Au) and an inferred mineral resource of 549 600 oz of gold (3.22 million tonnes grading 5.30 g/t Au).
Arnold Kondrat, founder and CEO of Loncor, commented, “The company continues to develop its flagship open pit Adumbi gold deposit. More than 3,450 million inferred ounces of gold have been identified to date on the Imbo licence. Our current drill programme, which has had tremendous success in adding to the gold resource at Adumbi, demonstrates Adumbi continues at depth with higher grades and widths.
“We believe Adumbi has the potential to continue to grow significantly from the ongoing drill programme, into a Tier 1 deposit. In addition, discussions are underway on how best to mix the company’s high grade Makapela deposit located 50 km away into any future mine plan at Adumbi.”