Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Loncor Gold (TSX: LN) announced on Friday further significant assay results from its drilling program within the Imbo project in the eastern part of the Ngayu greenstone belt in the Democratic Republic of the Congo.
The Imbo project, which is 84.68% owned by Loncor, contains numerous targets of interest including the three resource-bearing deposits of Adumbi, Kitenge and Manzako, occurring within a 5-kilometre radius of each other.
The latest drill results are highlighted by borehole LADD016, which intersected wide zones of gold mineralization, returning 25.59 metres grading 2.39 g/t Au (including 6.09 metres grading 4.78 g/t Au) and 8.09 metres grading 1.90 g/t Au.
This was the deepest borehole drilled to date at the flagship Adumbi deposit, with a depth of 640 metres below surface and on section, and 300 metres below the shallower hole LADD013, which intersected 20.00 metres grading 4.21 g/t Au and 17.30 metres grading 2.48 g/t Au.
In addition, this deep hole intersected the thickest Banded Ironstone (BIF) host rock sequence in all the holes drilled so far, demonstrating that the BIF sequence is still continuing strongly at depth, Loncor said.
Drilling is continuing at Adumbi with two drill rigs, focusing on infill drilling within the inferred mineral resource open pit to generate indicated resources as well as below the pit to generate underground resources.
Shares of Loncor jumped 3.0% by noon EDT following the new drill results. The DRC-focused gold explorer has a market capitalization of C$90.6 million.
