Loncor Resources Inc. (the "Company" or "Loncor") (TSX
VENTURE:LN)(NYSE MKT:LON)(NYSE Amex:LON) is pleased to announce
increases and upgrades of Mineral Resources at the Company's
Makapela prospect, Ngayu Gold Project, northeastern Democratic
Republic of the Congo (the "DRC"). These Mineral Resources
incorporate an additional 13 core holes from the initial,
Inferred-only maiden resource of 1.00 million ounces (4.10 million
tonnes grading 7.59 g/t Au using a 2.75 g/t Au cut-off grade) that
was announced by the Company in a press release dated May 29, 2012.
This current resource statement has been undertaken as part of the
Preliminary Economic Assessment ("PEA") currently being undertaken
by a number of independent consultants at Makapela with completion
slated for the end of May 2013.
"We are very encouraged by this increase in total mineral
resources as well as upgrading of over 600,000 ounces into the
Indicated category," commented Loncor President & CEO Peter
Cowley. "The good continuity along strike and at depth bode well
for a potential underground mining operation and we are currently
undertaking a PEA of this resource to assess its potential economic
viability. This includes additional metallurgical test work, mining
and infrastructural studies, capital and operating costs and
preliminary environmental considerations. The gold grades outlined
to date have the potential to deliver an economic operation with
competitive gold production and operating costs."
Core drilling began at Makapela in October 2010 and has focused
on a quartz vein system within a sequence of basalts, thin units of
banded iron formation and dolerite sills of Archaean age. A total
of 71 core holes totalling 21,635 metres (including deflections)
have been used to estimate these Indicated and Inferred Mineral
Resources at Makapela. Drilling has been focused on three main
veins: Reef 1, Reef 2, and Sele Sele that occur over a total strike
length of 2.2 kilometres. Core drilling was undertaken on an
approximate grid pattern of 80 by 80 metres down to a vertical
depth of 240 metres and then on a 160 by 80 metre grid pattern down
to a maximum depth of 480 metres.
Tables I and II below summarise the Indicated and Inferred
Mineral Resources at Makapela using various cut-off grades
including a base case economic cut-off grade of 2.75 g/t Au that
used a US$1,500/oz gold price and appropriate cost parameter
assumptions and metallurgical recoveries.
TABLE I - MAKAPELA INDICATED MINERAL RESOURCES (with an effective date of
April 9, 2013)
----------------------------------------------------------------------------
Cut-off Grade Average Grade Tonnes (Mt) Gold Content
(g/t Au) (g/t Au) (Ounces)
----------------------------------------------------------------------------
1.00 7.45 2.683 643,000
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2.00 8.14 2.407 629,700
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2.75(i) 8.66 2.205 614,200
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3.00 8.87 2.130 607,200
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4.00 9.97 1.764 565,500
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Minimum mining true thickness of 1.5 metres. (i)Cut-off grade estimated
using a USD$1,500/oz gold price with appropriate cost parameter assumptions
for mining and other economic factors.
TABLE II - MAKAPELA INFERRED MINERAL RESOURCES (with an effective date of
April 9, 2013)
----------------------------------------------------------------------------
Cut-off Grade Average Grade Tonnes (Mt) Gold Content
(g/t Au) (g/t Au) (Ounces)
----------------------------------------------------------------------------
1.00 3.49 6.944 779,800
----------------------------------------------------------------------------
2.00 4.29 4.900 675,900
----------------------------------------------------------------------------
2.75(i) 5.30 3.223 549,600
----------------------------------------------------------------------------
3.00 5.69 2.781 508,700
----------------------------------------------------------------------------
4.00 7.26 1.640 382,600
----------------------------------------------------------------------------
Minimum mining true thickness of 1.5 metres. (i)Cut-off grade estimated
using a USD$1,500/oz gold price with appropriate cost parameter assumptions
for mining and other economic factors.
In terms of material type, approximately 9% of the total Mineral
Resources are in oxides, 6% in transitional and 85% in fresh
rock.
These Mineral Resource estimates were prepared by independent
consultants Venmyn Deloitte ("Venmyn"). The geology and drilling
information was analysed, interpreted and estimated by Andrew Clay
of Venmyn, who is a "qualified person" as such term is defined in
National Instrument 43-101. Mr. Clay has visited the site to review
data collection procedures, geological interpretations and
modelling, and estimation using geostatistical techniques.
Venmyn also reviewed the geological and grade continuity to
supplement the review of data quality in order to confer Mineral
Resource classification categories to reflect the variable sample
coverage. Venmyn is satisfied that all drilling, sampling, database
and geological modelling protocols comply with the standards
prescribed by National Instrument 43-101.
The following key assumptions, parameters and methodologies were
used to estimate the mineral resources:
-- Datamine Studio 3(TM) software was the modelling package used for the
determination of the mineral resources.
-- Gold grades were determined using ordinary kriging interpolation into a
3-dimensional block model constrained by mineralization wireframes
developed from a 2g/t Au sample cut-off grade and a minimum horizontal
width of 1.5 metres.
-- The mineralization models were constrained within the wireframe with
primary block dimensions of 10 metres N-S (along strike), 5 metres E-W
(cross strike direction) and 10 metres in the vertical direction.
-- Grade interpolation was effected separately for the individual
mineralized zones and Datamine's dynamic anisotropy process was employed
to control the orientation and axes of the search volumes.
-- The down dip extrapolations were restricted to three times the variogram
range from the last drillhole used in the interpolation and the model
was trimmed off at a maximum depth of 500 metres from the surface for
reporting purposes.
-- Portions of the resource have been re-classified from Inferred to
Indicated based on increased geological confidence and grade continuity
due to data quality and data density following infill drilling. Criteria
for Indicated are sufficient samples within one variogram range to
achieve valid local estimates, in respect of positive kriging
efficiency.
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. In addition, checks assays were also carried out by
the screen fire assay method to verify high grade sample assays
obtained by fire assay. Internationally recognized standards and
blanks were inserted as part of the Company's internal QA/QC
analytical procedures.
A total of 2,614 core samples were taken to determine relative
density measurements for the various reefs and oxide, transitional
and fresh rock components.
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.
Qualified Person
Mr. Andrew Clay, Managing Director of Venmyn, is the "qualified
person" (as such term is defined in National Instrument 43-101) who
is responsible for the Mineral Resource estimates disclosed in this
press release. Mr. Clay has reviewed and approved the contents of
this press release.
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 sq km of the Ngayu
Archaean greenstone belt in Orientale province in the northeast
portion of the DRC. Loncor also owns or controls 53 exploration
permits in North Kivu province 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 "Indicated" and "Inferred" "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 the estimation of Mineral
Resources, possible future gold production, 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, changes in world gold markets and 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 28, 2013 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.
Cautionary Note Concerning Mineral Resource Estimates
The Mineral Resource figures referred to in this press release
are estimates and no assurances can be given that the indicated
levels of gold will be produced. Such estimates are expressions of
judgment based on knowledge, mining experience, analysis of
drilling results and industry practices. Valid estimates made at a
given time may significantly change when new information becomes
available. While the Company believes that the Mineral Resource
estimates included in this press release are well established, by
their nature Mineral Resource estimates are imprecise and depend,
to a certain extent, upon statistical inferences which may
ultimately prove unreliable.
Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability. There is no certainty that Mineral
Resources can be upgraded to Mineral Reserves through continued
exploration.
Due to the uncertainty that may be attached to Inferred Mineral
Resources, it cannot be assumed that all or any part of an Inferred
Mineral Resource will be upgraded to an Indicated or Measured
Mineral Resource as a result of continued exploration. Confidence
in the estimate is insufficient to allow meaningful application of
the technical and economic parameters to enable an evaluation of
economic viability worthy of public disclosure (except in certain
limited circumstances). Inferred Mineral Resources are excluded
from estimates forming the basis of a feasibility study.
For further information, please visit our website at
www.loncor.com.
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 Loncor Resources Inc.
Naomi Nemeth Vice President, Investor Relations (416) 366-9189 or 1
(800) 714-7938, Ext. 2802 www.loncor.com
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