Loncor Gold Inc. reported that its latest deep‑drilling program at the Adumbi deposit in the Democratic Republic of Congo produced a series of high‑grade gold intercepts. Borehole LADD033 intersected 26.36 metres grading 4.19 g/t gold, including a 3.60‑metre section grading 15.23 g/t and a 1.36‑metre section grading an extraordinary 298 g/t. These intercepts confirm the presence of high‑grade mineralised zones below the existing 3.66‑million‑ounce resource shell, extending the potential mine life and supporting the company’s strategy to develop a viable underground operation.
The company clarified that LADD033’s 474‑metre intersection represents the deepest encounter with the banded iron formation (BIF) package, while another hole, LADD032, reached over 900 metres below the hill summit, marking the overall deepest drill intersection to date. The distinction resolves the earlier ambiguity and underscores the depth of the gold system.
The high‑grade zones are considered amenable to underground mining extraction, a key factor in de‑risking the asset and moving the project toward Tier 1 status. The new data reinforce the trend of increasing grades with depth that has driven the resource growth from 1.36 million ounces in 2020 to 3.66 million ounces within the current pit shell, and support the company’s target of 5 million ounces by the end of 2025.
Peter Cowley, Loncor’s president, said the results “demonstrate the viability of underground mining at Adumbi and provide a strong foundation for future resource definition and feasibility studies.” He added that the high‑grade intercepts “strengthen the company’s position as a de‑risked development asset and enhance the strategic value of the partnership with Barrick Gold and the pending acquisition by Chengtun Mining.”
The findings arrive amid the pending acquisition by Chengtun Mining, which announced a C$261 million all‑cash offer on October 14 2025 and received shareholder approval on December 11 2025. The high‑grade drill results reinforce the value of the Adumbi asset, supporting the premium offered by Chengtun and the continued collaboration with Barrick, which manages and funds exploration until a pre‑feasibility study is completed.
Analysts noted that the exceptional 298 g/t intercept and the overall depth extension provide a compelling case for underground development, aligning with the acquisition’s strategic rationale and bolstering investor confidence in Loncor’s long‑term growth prospects.
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