El Salvador lawmakers overturn mining ban in win for president
The legislation will grant the Salvadoran government sole authority over mining activities within the country's land and maritime territory.
Loncor Resources (TSX: LN) announced on Thursday further assay results from its drilling program within the Imbo project, including the deepest borehole drilled to date at its flagship Adumbi deposit.
The highlighted drill hole intersected 32.15 m grading 6.17 g/t Au (including 1.46 m grading 94.77 g/t Au), 15.36 m grading 3.73 g/t Au (including 5.89 m grading 6.56 g/t Au), 5.00 m grading 3.17 g/t Au and 7.45 m grading 1.48 g/t Au.
“These excellent results combined with previous results from the ongoing drilling program indicate that gold grades are increasing with depth,” Loncor president Peter Cowley said in a press release.
“We continue to be excited by the results at Adumbi. The holes from our current drilling program have intersected significant widths and grades and will increase the current open pittable, inferred mineral resource of 2.19 million ounces (28.97 million tonnes grading 2.35 g/t Au) at the Adumbi deposit. Studies are underway to quantify this increase.”
The Imbo property is located in the eastern part of the Ngayu greenstone belt in the Democratic Republic of Congo (DRC). Loncor currently holds an 84.68% interest in the project, which contains the Adumbi, Kitenge and Manzako deposits with total inferred mineral resources of 30.65 million tonnes grading 2.54 g/t Au.
Within the Ngayu greenstone belt, the company also holds a 100% interest in the Makapela project, located approximately 50 km from the Imbo property. Makapela has an indicated mineral resource of 614,200 ounces of gold (2.20 million tonnes grading 8.66 g/t Au) and an inferred mineral resource of 549,600 ounces of gold (3.22 million tonnes grading 5.30 g/t Au).
Shares of Loncor Resources jumped 5.4% by midday Thursday following the latest drill results. The DRC-focused gold explorer has a market capitalization of C$97.2 million.
