03:12 PM EST, 01/17/2025 (MT Newswires) -- Loncor Gold ( LONCF ) was at last look down 3.5% on Friday, although still near 52 week high levels, despite announcing "encouraging" drilling results from a scout drilling program along trend from the company's 3.66 million ounce Adumbi deposit.

According to the company, an indicated mineral resource of 1.88 million ounces of gold (28.185 million tonnes grading 2.08 g/t Au), and an inferred mineral resource of 1.78 million ounces of gold (20.83 million tonnes grading 2.65 g/t Au) have already been delineated within a US$1,600/oz open pit shell.

"We remain encouraged by the presence of significant drilling results from Imbo East, an area over 8km from Adumbi," said CEO John Barker in a statement. "The wide spaced, scout drilling occurred on a small section of a 16km structure that lies within our permit, ground that has historically hosted numerous gold-bearing occurrences, including Adumbi. While our focus remains firmly on increasing resources at Adumbi, the recent drilling at Imbo East presents another interesting area for further potential exploration."

Price: 0.56, Change: -0.02, Percent Change: -3.45