Barrick Starts Quest for Kibali-2.
Drill rigs have made it through customs and are at the Kibali mine in the DRC, according to Loncor’s recent exploration update. Referencing news from joint venture partner Barrick, these rigs will start drilling priority targets in the Ngayu Greenstone Belt this quarter. Barrick’s quest to find another Kibali gold mine has started!
Loncor also commented in the report that, ‘At the time of reporting, of the eleven Areas of Interest identified during the last quarter, eight had been evaluated for potential of hosting Tier 1 deposits. Two of the eight assessed did not pass the preliminary indicators to host tier 1 deposits.’ – Implying that six targets did pass the preliminary indicators to host tier 1 deposits!
The first target to be drilled is expected to be Anguluku, where six holes are planned. Depending on results, additional holes will be drilled at Anguluku or the drills will be moved to Salisa/Lybie where an initial twelve holes are planned.
It’s testament to Loncor’s management and to the prospectivity of their concessions that Loncor has an exploration joint venture with Barrick. After all, Barrick has a market capitalisation of C$60.5 billion and Loncor has a market capitalisation of C$61.4 million. But despite the difference in size, the rewards for both companies are potentially enormous.
Download PDF to read full article