Loncor Resources Inc. (the "Company" or "Loncor") (TSX
VENTURE:LN)(NYSE MKT:LON)(NYSE Amex:LON) is pleased to announce
further core drilling results at the Company's Makapela and Itali
prospects, Ngayu Gold Project, northeastern Democratic Republic of
the Congo (the "DRC").
Exploration at Makapela is focusing on a quartz vein system
within a sequence of basalts, thin units of banded iron formation,
and dolerite sills. The veins outcrop in three large artisanal pits
(Main, North and Sele Sele) which are each between 170 metres and
290 metres in length, located along a strike of 2.2 kilometres. In
May 2012, the Company announced a maiden Inferred Mineral Resource
of 1.0 million ounces (4.10 million tonnes grading 7.59 g/t Au) at
a 2.75g/t Au cut-off, based on the results of 58 core holes
totalling 15,523 metres (see the Company's press release dated May
29, 2012).
Results have been received for an additional eleven drill holes
which intersected Veins 1 and 2 in the area of the Main and North
pits, and the Sele Sele vein to the north (see Table 1 and Figures
1 and 2). The current drill holes intersected mineralization at
vertical depths of between 150 metres and 480 metres below surface.
The holes were inclined at between minus 50 degrees and minus 65
degrees, and averaged 426 metres in depth with a maximum downhole
depth of 600 metres. Core recovery averaged 99% within the
mineralized sections.
Table 1 - Latest Drill Hole Results for Veins 1, 2 and Sele
Sele, Makapela
-----------------------------------------------------------------------
Easting Northing
Hole UTM UTM Azimuth Inclination
-----------------------------------------------------------------------
NMDD067 552108 219515 110 -62
-----------------------------------------------------------------------
NMDD068 551589 218018 110 -60
-----------------------------------------------------------------------
NMDD069 551778 218037 110 -50
-----------------------------------------------------------------------
NMDD070 551752 217876 110 -50
-----------------------------------------------------------------------
NMDD070-1D 551752 217876 110 -50
-----------------------------------------------------------------------
NMDD071 551824 218430 110 -62
-----------------------------------------------------------------------
NMDD072 551902 218335 110 -52
-----------------------------------------------------------------------
NMDD073 552108 219515 110 -50
-----------------------------------------------------------------------
NMDD074 551752 217876 110 -62
-----------------------------------------------------------------------
NMDD075 551902 218335 110 -65
-----------------------------------------------------------------------
NMDD076 551963 219574 110 -52
-----------------------------------------------------------------------
NMDD077 551854 218179 110 -65
-----------------------------------------------------------------------
----------------------------------------------------------------------------
Mineralization
------------------------------------------------------
True
From To Width Width (g/t)
Hole Vein (m) (m) (m) (m) Au(i)
----------------------------------------------------------------------------
NMDD067 SS H/W 305.35 306.20 0.85 0.49 1.99
----------------------------------------------------------------------------
NMDD068 1 597.39 598.22 0.83 0.74 4.64
------------------------------------------------------
2 542.95 546.86 3.91 3.23 3.04
----------------------------------------------------------------------------
NMDD069 1 333.35 335.19 1.84 1.61 13.29
------------------------------------------------------
2 297.77 298.73 0.96 0.81 1.80
----------------------------------------------------------------------------
NMDD070 1 (upper
splay) 338.79 340.85 2.06 1.67 4.28
------------------------------------------------------
1 (lower 348.50 354.50 6.00 4.86 2.59
splay)
Includes 1.85 1.50 5.04
------------------------------------------------------
2 207.72 209.36 1.64 1.26 1.77
----------------------------------------------------------------------------
NMDD070-1D 1 (upper
splay 340.69 342.16 1.47 1.19 7.45
------------------------------------------------------
1 (lower
splay) 356.35 356.65 0.30 0.24 105.0
----------------------------------------------------------------------------
NMDD071 2 512.60 517.34 4.74 4.04 2.68
Includes 3.24 2.76 3.32
----------------------------------------------------------------------------
NMDD072 2 305.13 310.86 5.73 4.77 5.35
----------------------------------------------------------------------------
NMDD073 SS H/W 193.47 201.90 8.43 6.02 3.13
------------------------------------------------------
SS 263.01 264.54 1.53 0.81 1.97
----------------------------------------------------------------------------
NMDD074 1 458.07 460.80 2.73 1.68 1.89
------------------------------------------------------
2 (upper
splay) 273.73 277.00 3.27 1.78 3.27
------------------------------------------------------
2 (lower
splay) 283.22 285.82 2.60 1.41 5.14
----------------------------------------------------------------------------
NMDD075 2 422.94 431.76 8.82 4.37 1.74
Includes 3.03 1.50 3.61
----------------------------------------------------------------------------
NMDD076 SS H/W 419.31 430.87 11.56 8.64 2.35
Includes 2.00 1.50 6.07
------------------------------------------------------
SS 452.85 475.68 22.83 17.48 1.62
Includes 1.96 1.50 4.49
----------------------------------------------------------------------------
NMDD077 2 430.70 435.10 4.40 2.76 9.85
Includes 2.39 1.50 17.19
----------------------------------------------------------------------------
(i)Assay results reported are uncut.
Vein 1 has been intersected on the Main pit trend over a
potential strike length of 480 metres down to a maximum vertical
depth of 480 metres and is open at depth. In the holes drilled to
date, the true width of the mineralization averages 2.15 metres
with an average grade of 11.15 g/t Au. Vein 1 tends to have a
glassy, white massive texture and pyrite is much less common than
in Vein 2. The vein is hosted by basalt and dolerite, crosscuts the
lithologic strike and merges with Vein 2.
Vein 2 has been intersected on the North pit trend over a strike
length of 800 metres, the most significant grades occurring in the
central section over a potential strike length of 480 metres. In
this central area, in the holes drilled to date, which has so far
been drilled to a maximum vertical depth of 418 metres, the
mineralization has an average true width of 3.52 metres with an
average grade of 8.44 g/t Au. Vein 2 has a smoky grey, brecciated
texture with common disseminations and stringers of pyrite and
local pyrrhotite. The vein appears to have followed a shear zone
within and on the margins of a 1 - 6 metre thick unit of banded
iron formation, and is parallel to the lithological strike.
Approximately 2,000 metres to the north of the North pit, the
probable continuation of Vein 2 at the Sele Sele pit has been
intersected over a potential strike length of 480 metres. The
mineralization is generally wider, but lower grade than on the
North pit trend. The best intersection drilled is 15.68 true
thickness metres grading 5.35 g/t Au. Recent drilling in the
southwest of the Sele Sele area intersected a new zone of
mineralization in the hanging wall of the main vein, with true
thickness intersections of 6.02 metres grading 3.13 g/t Au and 8.64
metres grading 2.35 g/t Au (see Table 1, Figure 2).
A Preliminary Economic Assessment is currently underway, with
the objective of determining whether the Makapela Prospect has the
potential to be mined as an economic underground operation. A
number of composite, representative bulk samples have been
submitted for metallurgical testwork.
At the Itali prospect, gold mineralization is associated with
zones of quartz veining and pyritization within basalt, near the
contact with an overlying sequence of metapelites and graphitic
metapelites. Mineralization was first intersected by Trench IT002
and core hole NIDD001, which returned 42.50 metres grading 2.11 g/t
Au and 38.82 metres grading 2.66 g/t Au respectively (see the
Company's press release dated January 26, 2012). Artisanal workings
and soil sampling results indicate that there is potential for the
mineralized zone to extend over a strike of approximately 1
kilometre.
Results have been received for an additional three core holes
(see Table 2). Drill hole NIDD002 is located down-dip of drill hole
NIDD001, and holes NIDD003 and NIDD004 were drilled 160 metres
along strike to the east (see Figure 3). Additional drilling will
be considered after results have been received for the fifth drill
hole, located 320 metres west of NIDD001, and data from a recently
completed, detailed aeromagnetic survey have been assessed.
Table 1 - Latest Drill Hole Results for the Itali Prospect
----------------------------------------------------------------------------
Mineralization
---------------------------------
True
Easting Northing From To Width Width (g/t)
Hole UTM UTM Azimuth Inclination (m) (m) (m) (m) Au(i)
----------------------------------------------------------------------------
NIDD001 554185 217916 180 -50
(ii) 12.57 16.94 4.37 4.27 0.60
---------------------------------
25.48 31.50 6.02 5.89 0.59
---------------------------------
52.28 91.10 38.82 37.97 2.66
----------------------------------------------------------------------------
NIDD002 554185 208075 180 -50 177.25 178.30 1.05 0.95 1.07
---------------------------------
193.00 194.00 1.00 0.95 1.17
---------------------------------
206.58 227.78 21.20 19.20 0.68
----------------------------------------------------------------------------
NIDD003 554345 207966 180 -50 126.00 133.00 7.00 6.34 0.77
---------------------------------
151.80 161.95 10.15 9.20 1.07
----------------------------------------------------------------------------
NIDD004 554345 208076 180 -50 118.00 119.00 1.00 0.91 28.2
---------------------------------
203.30 218.00 14.70 13.32 1.68
---------------------------------
224.30 231.00 6.7 6.07 2.07
---------------------------------
253.60 257.55 3.95 3.58 19.5
----------------------------------------------------------------------------
(i)Assay results reported are uncut. Internal dilution of up to 4.5m at less
than 0.5 g/t has been used for continuity in the reported intersections.
(ii)Results previously reported.
"These additional drill results from Makapela will be
incorporated into a revised resource which will form part of the
Makapela Preliminary Economic Assessment which is due for
completion by the end of March 2013," commented Loncor President
& CEO Peter Cowley. "The initial Itali drilling program is the
start of scout drilling on a number of regionally generated
prospects including Nagasa, Mondarabe, Matete and Anguluku."
Drill cores for assaying were taken at a maximum of one metre
intervals and were cut with a diamond saw with one-half of the core
placed in sealed bags by Company geologists and sent to the SGS
Laboratory (which is independent of the Company) in Mwanza,
Tanzania. The core samples were then crushed down to minus 2 mm,
and split with one half of the sample pulverized down to 90%
passing 75 microns. Gold analyses were carried out on 50g aliquots
by fire assay. Internationally recognized standards and blanks were
inserted as part of the Company's internal QA/QC analytical
procedures.
Qualified Person
The exploration results disclosed in this press release have
been reviewed, verified (including sampling, analytical and test
data) and compiled by the Company's geological staff based in Beni,
DRC, under the supervision of Dr. Howard Fall (Aus.I.M.M), the
Company's Exploration Manager and a "qualified person" (as such
term is defined in National Instrument 43-101).
Technical Report
Additional information with respect to the Company's Ngayu Gold
Project is contained in the technical report prepared by Venmyn
Rand (Pty) Ltd, dated May 29, 2012 and entitled "Updated National
Instrument 43-101 Independent Technical Report on the Ngayu Gold
Project, Orientale Province, Democratic Republic of the Congo". A
copy of this report can be obtained from SEDAR at www.sedar.com and
EDGAR at www.sec.gov.
Loncor Resources Inc. is a Canadian gold exploration company
focused on two key projects in the Democratic Republic of the Congo
("DRC") - the Ngayu and North Kivu projects. The Company has
exclusive gold rights to an area covering 2,087 km2 of the Ngayu
Archaean greenstone belt in Orientale province in the northeast
portion of the DRC. Loncor also owns or controls 55 exploration
permits in North Kivu province, covering 17,760 square kilometres,
located west of the city of Butembo. Both areas have historic gold
production. Led by a team of senior exploration professionals with
extensive African experience, Loncor's strategy includes an
aggressive drilling program to follow up on initial known targets
as well as covering the entire greenstone belt with regional
geochemical and geophysical surveys. Additional information with
respect to the Company's projects can be found on the Company's web
site at www.loncor.com.
Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission (the "SEC")
permits U.S. mining companies, in their filings with the SEC, to
disclose only those mineral deposits that a company can
economically and legally extract or produce. Certain terms are used
by the Company, such as "Inferred Mineral Resources", that the SEC
guidelines strictly prohibit U.S. registered companies from
including in their filings with the SEC. U.S. Investors are urged
to consider closely the disclosure in the Company's Form 40-F
Registration Statement, File No. 001-35124, which may be secured
from the Company, or from the SEC's website at
http://www.sec.gov/edgar.shtml.
Cautionary Note Concerning Forward-Looking Information
This press release contains forward-looking information. All
statements, other than statements of historical fact, that address
activities, events or developments that the Company believes,
expects or anticipates will or may occur in the future (including,
without limitation, statements regarding mineral resource
estimates, drilling and other exploration results, potential
mineral resources, potential mineralization and the Company's
exploration and development plans) are forward-looking information.
This forward-looking information reflects the current expectations
or beliefs of the Company based on information currently available
to the Company. Forward-looking information is subject to a number
of risks and uncertainties that may cause the actual results of the
Company to differ materially from those discussed in the
forward-looking information, and even if such actual results are
realized or substantially realized, there can be no assurance that
they will have the expected consequences to, or effects on the
Company. Factors that could cause actual results or events to
differ materially from current expectations include, among other
things, risks related to the exploration stage of the Company's
properties, the possibility that future exploration or development
results will not be consistent with the Company's expectations,
failure to establish estimated mineral resources (the Company's
mineral resource figures are estimates and no assurance can be
given that the indicated levels of gold will be produced), changes
in world gold markets or equity markets, political developments in
the DRC, uncertainties relating to the availability and costs of
financing needed in the future, gold recoveries being less than
those indicated by the metallurgical testwork carried out to date
(there can be no assurance that gold recoveries in small scale
laboratory tests will be duplicated in large tests under on-site
conditions or during production), the uncertainties involved in
interpreting drilling results and other geological data and the
other risks disclosed under the heading "Risk Factors" and
elsewhere in the Company's annual report on Form 20-F dated March
30, 2012 filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov.
Forward-looking information speaks only as of the date on which it
is provided and, except as may be required by applicable securities
laws, the Company disclaims any intent or obligation to update any
forward-looking information, whether as a result of new
information, future events or results or otherwise. Although the
Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
For further information, please visit our website at
www.loncor.com.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/ln1025fig1.pdf.
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/ln1025fig2.pdf.
To view Figure 3, please visit the following link:
http://media3.marketwire.com/docs/ln1025fig3.pdf.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Loncor Resources Inc. Peter N. Cowley President and
Chief Executive Officer +44 (0) 790 454 0856 Loncor Resources Inc.
Arnold T. Kondrat Executive Vice President +1 416 366 2221 Loncor
Resources Inc. Naomi Nemeth Investor Relations +1 (416) 366-9189 or
+1 (800) 714-7938 www.loncor.com
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