The agreements include several exploration targets outlined by Barrick with two targets ready for initial scout, core drilling
Loncor and Barrick replaced the existing joint venture agreement relating to the Isiro properties. (Credit: Steve Bidmead from Pixabay)
Canadian gold exploration firm Loncor Resources has signed two agreements with its joint venture partner Barrick Gold, further strengthening their joint venture relationship within the Ngayu gold belt of the Democratic Republic of the Congo (DRC).
The Ngayu gold belt is located approximately 220km from the Barrick-operated Kibali gold mine.
The agreements include several exploration targets outlined by Barrick with two targets ready for initial scout, core drilling.
Under the various Barrick/Loncor joint ventures in Ngayu, the overall acreage now totals approximately 2,000km2.
Barrick/Loncor joint venture added with three exploration properties
As per the first new agreement, the existing Barrick/Loncor joint venture is added with three exploration properties in the Ngayu gold belt previously held by Barrick.
The three Barrick properties are located northwest of Loncor’s 100%-owned Makapela project.
Under the second new agreement, Loncor and Barrick have replaced the existing joint venture agreement relating to the Isiro properties in the Ngayu gold belt.
The move comes as the firms intend to focus on the three most prospective Isiro properties including two of the drill targets identified by Barrick, Yambenda and Yasua.
Additionally, Barrick has outlined a new drill target on one of the properties which is part of the Barrick/Loncor joint venture.
Loncor CEO Arnold Kondrat said: “We are very encouraged with Barrick’s decision to further enhance the exploration potential of our joint ventures, especially when they have already delineated a number of high potential drill targets such as Yambenda and Mokepa.
“Barrick’s scout drilling program continues on other parts of our joint venture ground and we expect to announce preliminary drill results from other targets shortly.”
Under two agreements, Barrick will be responsible for managing and fund all exploration of the joint venture ground until the completion of a pre-feasibility study.