Loncor Gold's Deep Drill Success at Adumbi Signals Resource Growth and Investment Upside

Loncor Gold Inc. (LGC:TSX-V) has delivered a pivotal update from its Adumbi gold project in the Democratic Republic of the Congo (DRC), with its deepest-ever drill hole, LADD029, intersecting multiple high-grade gold zones. The results, extending mineralization to 805 meters below Adumbi Hill, highlight the deposit’s potential for significant resource expansion and underscore its position as a key asset in Loncor’s portfolio. Here’s what investors need to know.

Drill Results: A Deepening Resource Base

Borehole LADD029, the deepest drilled to date at Adumbi, returned 145.73 meters of intersected mineralization, including standout intervals:
- 22.31 meters grading 3.05 g/t gold, with a 4.64-meter subset at 5.83 g/t.
- 14.50 meters grading 4.24 g/t gold, including 10.17 meters at 5.23 g/t.
- 15.57 meters grading 3.35 g/t gold.

While the true width of these zones is estimated at 64% of the drilled intervals due to drilling orientation, the results demonstrate vertical continuity of high-grade gold at unprecedented depths. Loncor’s President, Peter Cowley, called LADD029 “one of the most significant boreholes drilled at Adumbi,” emphasizing its implications for underground resource potential below the existing open-pit shell.

Geological Context: BIF’s Role in Unlocking Value

The Banded Ironstone Formation (BIF), the primary host for gold at Adumbi, played a central role in these results. LADD029 intersected a 148-meter-thick BIF package—the thickest ever recorded at the deposit—indicating that BIF thickness increases with depth in the northwest portion of the deposit. This is critical because:
- Gold grades are directly tied to BIF properties, creating a structural and chemical environment conducive to mineralization.
- The thickening BIF suggests lateral and vertical continuity of mineralization, which could expand resource estimates beyond the current 3.66 million-ounce open-pit shell (1.88Moz Indicated, 1.78Moz Inferred).

Resource Potential and Economic Outlook

Loncor’s Adumbi deposit currently holds:
- Indicated resources: 1.88 million ounces (28.185M tonnes at 2.08 g/t Au).
- Inferred resources: 1.78 million ounces (20.83M tonnes at 2.65 g/t Au).

The PEA completed in 2021 evaluated an open-pit scenario, but LADD029’s results strongly support underground mining potential. If confirmed, this could unlock additional ounces below the open-pit cutoff. Key considerations for investors:
- Pending assays for the 817.77–855-meter interval (still pending as of April 25) may add further ounces to the resource base.
- Loncor’s 20+ years of DRC expertise and the deposit’s strategic location in the Ngayu Greenstone Belt reduce exploration risk.

QA/QC and Technical Rigor

The results are bolstered by robust QA/QC protocols:
- Drill cores were sampled at 1-meter intervals, with half sealed and sent to Loncor’s facility.
- Gold assays were conducted by SGS Tanzania using fire assay methods, with screen fire assays for high-grade samples.
- Standards, blanks, and duplicates were included to ensure accuracy.

This technical diligence adds credibility to the results, which Loncor will likely use to update its resource estimates and advance toward a pre-feasibility study.

Market Impact and Investment Considerations

Loncor’s shares could benefit from these results, particularly if follow-up drilling confirms the underground potential. Key catalysts for investors include:
1. Resource update: An expanded resource base could attract interest from majors or strategic buyers.
2. PEA update: Revised economics incorporating deeper mineralization might improve the project’s NPV.
3. Political stability: The DRC’s regulatory environment remains a risk, but Loncor’s long-standing operations provide some mitigation.

Conclusion: A High-Potential Gold Story

Loncor’s deep drilling success at Adumbi marks a critical milestone. The extension of mineralization to 805 meters depth, the discovery of a record-thick BIF package, and the robust grades highlight the deposit’s transformative potential. With 3.66 million ounces already defined, and the possibility of adding underground resources, Adumbi could become a cornerstone asset for Loncor’s growth.

Investors should watch for:
- The results of the pending BIF assays in the 817.77–855m section.
- Updates to the resource estimate and any moves toward a pre-feasibility study.

Loncor’s $XX million market cap (as of [date]) appears undervalued relative to its resource potential. For contrarian gold investors, this is a name to watch as it navigates the path from exploration to production.

Risks include assay delays, DRC political risks, and gold price volatility.