Loncor Resources Inc. (the "Company" or "Loncor") (TSX
VENTURE:LN)(NYSE MKT:LON)(NYSE Amex:LON) is pleased to announce the
results of Induced Polarisation (IP) surveys at the Company's
Nagasa prospect, Ngayu Gold Project, northeastern Democratic
Republic of the Congo (the "DRC").
The Company acquired IP equipment in January 2013 with the
objectives of: (a) locating potentially mineralized zones in areas
covered by transported overburden where soil geochemistry is
problematic, such as at Nagasa, and (b) testing for "blind" ore
bodies where mineralization does not reach surface.
In terms of the Company's Technical Services Agreement with
Newmont Mining Corporation ("Newmont"), two specialised IP survey
operators from Newmont visited the Ngayu Project from February 1 to
March 15, 2013 in order to carry out the initial survey, and to
train the Company's field staff in IP data collection. Field data
was forwarded to Accra, Ghana, for processing and interpretation by
Newmont's geophysicists.
The initial IP survey was carried out at the Nagasa prospect,
one of the priority targets developed from the regional BLEG stream
sediment and airborne geophysical surveys and located on the
southern limb of a regional structure called the Imva Fold. As
described in the Company's press release of June 14, 2012, Nagasa
is underlain by a sequence of sericite schists with several bands
of steeply-dipping banded ironstone formation (BIF).
Strike-parallel faults, probably thrusts, are interpreted, and the
lithostructural setting bears many similarities to the Geita gold
mine in northern Tanzania. Artisanal workings are common, the
miners mainly exploiting auriferous colluvium below a barren cover
of transported soil. These workings indicate potential exists for
mineralization over a strike of 3 - 4 km
In order to locate the primary source(s) of the gold-bearing
colluvium, an initial area of 2 x 2 km was selected for the IP
survey. This was firstly covered by Gradient Array IP, using a line
spacing of 50 m, and with chargeability and resistivity
measurements taken at 25 m intervals along the lines. This was
followed by five lines on a 500 m spacing using a Pole-Dipole
array, in order to obtain greater depth penetration and provide
cross-sectional IP data for drill site selection.
Figure 1 shows the airborne magnetic data (analytical signal)
from the Company's October 2012 survey, which was carried out on a
50 m line spacing. The main BIF unit forming the topographic ridge
in the north of the area is clearly defined. The magnetic data also
indicates the presence of three BIF units to the south of the main
ridge, which have been confirmed by mapping and which become
progressively thinner in a southerly direction. Strike parallel
faults or thrusts are interpreted to occur in the same E-W
direction as the strike of these BIF units. Part of BIF unit 3 in
the centre of the IP block appears to have undergone partial
demagnetization, possibly due to the introduction of mineralizing
hydrothermal fluids and the subsequent replacement of magnetite.
Figure 1 also shows the IP chargeability anomalies from the
Pole-Dipole sections projected vertically to surface. Anomaly 1 is
coincident with BIF unit 4. The surface projection of Anomaly 2
lies between BIF units 2 and 3; it trends exactly E-W, and
therefore appears to cross-cut the strike of BIFs 2 and 3 at an
acute angle. Anomaly 3 is slightly less well-defined than Anomalies
1 and 2 and is associated with BIF unit 1 on the main ridge.
Figure 2 shows the Gradient Array Chargeability map. For Anomaly
1, the highest chargeability in the extreme east correlates very
closely with the suboutcrop of BIF unit 4, and appears to be
increasing in intensity eastwards off the current grid. The
Gradient Array suggests that Anomaly 2 is weakening to the west and
east, although the anomaly is still well defined on the eastern and
western Pole-Dipole array lines and appears to be extending off the
grid in both directions. It is significant that the highest
chargeabilities in the Anomaly 2 Gradient Array data are near the
southern edge of the anomaly, and are coincident with the area of
possible demagnetization.
Gradient Array Resistivity data is shown in Figure 3. In the
case of Anomaly 2, there is a well-defined resistivity low
coincident with the chargeability high.
Examples of the Pole-Dipole sections are shown Figures 4 - 6.
Significantly, these Pole-Dipole sections highlight that anomalies
1 and 2 do not reach surface. Anomaly 2 is considered to be the
strongest anomaly and this will be the focus of the first phase of
diamond drilling with drill holes planned over a strike of 2
kilometres. In addition, holes will be drilled to test Anomaly 1.
Drilling in Phase 2 will focus mainly on Anomaly 3 with holes
planned over a strike of 1.5 kilometres. The 12-hole drilling
programme totals approximately 5,000 metres and is scheduled to
commence on May 3, 2013 with two rigs.
The Nagasa IP anomalies are all open-ended, and Pole-Dipole
lines are currently in progress to define their extensions to the
east and west. The IP survey team will then move to other
lithostructurally promising parts of the Ngayu project area where
transported overburden may be masking mineralization, such as at
Matete and Anguluku.
"These IP surveys at Nagasa have been very successful in
locating strong IP anomalies along the structurally prospective
Nagasa prospect trend," commented Loncor's President and CEO, Peter
Cowley. "The more prominent anomalies are associated with high
chargeability/low to moderate resistivity and demagnetized BIF
units indicative of hydrothermal fluid introduction including gold.
These surveys also highlight that the higher priority anomalies
have significant strike length (each in excess of 2 kilometres) and
also do not come to surface. IP surveys are continuing at Nagasa
along strike to the west and east and will then be extended to
other prospects such as Matete and Anguluku where alluvium and
colluvium cover is present."
Qualified Person
Dr. Howard Fall, Exploration Manager of Loncor, is the
"Qualified Person" (as such term is defined in National Instrument
43-101) who is responsible for the contents of this press
release.
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 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.
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
drilling and other exploration results, potential mineral
resources, potential mineralization and the Company's exploration
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 results will not be
consistent with the Company's expectations, 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, the uncertainties involved in interpreting
exploration 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 on 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 - Airborne magnetic data (analytical signal)
from Loncor's October 2012 survey, please visit the following link:
http://media3.marketwire.com/docs/LoncorFig142313.pdf.
To view Figure 2 - Gradient array chargeability map, please
visit the following link:
http://media3.marketwire.com/docs/LoncorFig242313.pdf.
To view Figure 3 - Gradient array resistivity map, please visit
the following link:
http://media3.marketwire.com/docs/LoncorFig342313.pdf.
To view Figure 4 - Pole-Dipole L6700E section, please visit the
following link:
http://media3.marketwire.com/docs/LoncorFig442313.pdf.
To view Figure 5 - Pole-Dipole L7200E section, please visit the
following link:
http://media3.marketwire.com/docs/LoncorFig542313.pdf.
To view Figure 6 - Pole-Dipole L7700E section, please visit the
following link:
http://media3.marketwire.com/docs/LoncorFig642313.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 Loncor Resources Inc.
Naomi Nemeth Investor Relations (416) 366-9189 or 1 (800) 714-7938
www.loncor.com
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