Loncor Gold (LN.TO) has announced a third core rig has arrived on its Adumbi project site to accelerate the deep drilling program, which aims to get a better understanding of the high grade gold structures under the current open pit resource (which already hosts 3.6 million ounces of gold including almost 1.9 million ounces at 2.08 g/t in the indicated resource category).
The drill rig has the capacity to both complete core drilling as well as RC drilling, providing the company with the option to use the cheaper RC drilling to drill the pilot hole and then use core drilling to go deeper. The third rig was mainly added to make up for some lost time, as the drill program at Adumbi has gone slower than anticipated.
Meanwhile, the company’s Special Committee is still dealing with the unexpected acquisition offer from a third party. Loncor has not shared any specifics yet, but knowing chairman (and large shareholder) Kondrat has been saying for years he’s not interested in selling the company for a song so the fact that a special committee has been assembled indicates the company is taking the offer very seriously.
Disclosure: The author has a long position in Loncor Gold. Loncor has been a sponsor of the website in the past 12 months, but currently isn’t. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
