Barrick kicks off drill campaign at Loncor JV
Loncor Resources (TSX: LN) announced Monday that Barrick Gold SARL has commenced its core drilling program on several priority gold targets within the Ngayu greenstone belt in the northeast of the Democratic Republic of the Congo (DRC).
The beginning of the drill campaign signals a significant step in the sequence to assess numerous areas of potential at the Imbo project, Luncor said in a media statement.
Since entering the JV agreement with Loncor in January 2016, Barrick has conducted various exploratory programs to define drill targets that have the early potential of attaining Tier 1 status.
“Having built the successful Kibali gold mine approximately 220 km away, Barrick has now embarked on its drilling program at Ngayu, an area that we believe holds the potential for further significant gold discoveries similar to our own Adumbi deposit,” Loncor’s CEO Arnold Kondrat said.
Further drilling is planned at the other priority targets of Medere, Makasi, Lybie, Salisa and Bakpau NE in the Imva area in the west of the Ngayu belt, he added.
The Imbo project, in the east of the Ngayu belt, contains 2.5 million ounces of inferred mineral resource (30.65 million tonnes grading 2.54 g/t Au), which includes the 2.19 million ounce inferred mineral resource of the Adumbi deposit (28.97 million tonnes grading 2.35 g/t), with 76.29% of this resource being attributable to Loncor via its 76.29% interest in the Imbo project.
Monday afternoon, Loncor’s stock was trading up 6.9% on the TSE. The company has a C$63.3 market capitlization.