Loncor Resources Inc. (the "Company" or "Loncor") (TSX:LN)(NYSE
MKT:LON) is pleased to provide an update on its exploration
activities at its Ngayu Gold Project in the northeastern Democratic
Republic of the Congo (the "DRC").
The Nagasa Prospect is one of the priority targets developed
from the regional BLEG (Bulk Leach Extractable Gold) stream
sediment and airborne geophysical surveys, and is located on the
southern limb of a regional structure called the Imva Fold (Figure
1). Nagasa is underlain by a sequence of chlorite schists with
several bands of steeply-dipping banded ironstone formation (BIF).
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.
As announced previously in the Company's press release of April
23, 2013, Induced Polarization (IP) geophysical surveys were
conducted over an initial 2 km x 2 km block at Nagasa, and three
well-defined anomalies were delineated. Additional IP surveys were
subsequently carried out to the east and west to determine the
strike potential of the anomalies. The southernmost Anomaly
(Anomaly 1) has a strike length of at least 6 km, and is associated
with the zone of colluvial workings mentioned above, and with
localized remnants of colonial mining activity. Pole-Dipole IP
arrays were also undertaken to produce pseudo cross sections which
indicated that the higher chargeability anomalies were located at
depth. Anomalous rock chips samples are also present (Figure 2).
Two diamond drill holes, with a strike separation of 2,800 metres,
were drilled to test Anomaly 1. IP Anomaly 2 was defined over a 2.9
km strike and located 500 metres north of, and parallel to Anomaly
1. Two wide spaced holes, 500 metres apart, were drilled into
Anomaly 2. Again the higher chargeability anomalies from the
Pole-Dipole sections appeared to prominent at depth and did not
come to surface. One core hole was also drilled into the delineated
1.6 km IP Anomaly 3, which is located about 1 km north of Anomaly
2, and occurs on a topographic high associated with the main BIF
unit. Four other shallower diamond drill holes have also been
completed by the Company at Nagasa.
Details of the 9 drill holes completed at Nagasa to date are
shown in Table 1. The most significant intersections are in
NNDD002, NNDD004 and NNDD007, which were all drilled on Anomaly 1.
The values occur within a zone of hydrothermal alteration (dolomite
+ silica +/- chlorite + pyrite +/- pyrrhotite) in the vicinity of
BIF unit 4 (Figure 2). Although the IP data indicates that the
Anomaly 1 alteration package has a strike of over 6 km, it appears
that the gold mineralization indicated by the artisanal/colonial
workings, rock chip sampling data and drilling, is irregularly
distributed and possibly occurs as plunging shoots. Further closer
spaced drilling is required to delineate areas within the altered
package with potentially economic gold grades and widths.
Table 1. Nagasa Drilling Results
----------------------------------------------------------------------------
Mineralization
----------------------------
Incli-
Northing Easting Azimuth nation Depth From To Width Au
Hole UTM UTM (degree) (degree) (m) (m) (m) (m) (g/t)
----------------------------------------------------------------------------
NNDD001 199640 547200 360 -50 176.05 21.54 22.52 0.98 1.12
----------------------------
52.10 53.10 1.00 0.85
----------------------------
160.49 161.43 0.94 1.87
----------------------------------------------------------------------------
NNDD002 199724 547200 360 -50 199.15 133.00 135.00 2.00 2.22
----------------------------------------------------------------------------
NNDD003 199926 547200 360 -50 170.45 84.53 86.29 1.76 1.95
----------------------------------------------------------------------------
NNDD004 199811 547203 360 -50 165.30 72.14 72.90 0.76 9.03
----------------------------
75.85 79.57 3.72 3.17
----------------------------------------------------------------------------
NNDD005 200190 546700 360 -50 455.75 No significant intersection
----------------------------------------------------------------------------
NNDD006 200225 547200 360 -50 407.05 No significant intersection
----------------------------------------------------------------------------
NNDD007 199710 544815 360 -50 332.15 29.46 30.75 1.29 0.80
----------------------------
129.91 130.32 0.41 27.4
----------------------------------------------------------------------------
NNDD008 199455 547700 360 -50 415.60 No significant intersection
----------------------------------------------------------------------------
NNDD009 201400 546200 360 -50 299.15 No significant intersection
----------------------------------------------------------------------------
Drill hole assays are uncut. True thicknesses are estimated to be
approximately 87% of intersected drill widths.
The Mondarabe Prospect is situated on the Imva Fold, to the west
of Nagasa (Figure 1), and was identified as a high priority target
by the regional BLEG survey. Soil and rock chip sampling delineated
two anomalous areas, as described in the Company's press release of
June 14, 2012 and shown in Figure 3.
Five diamond drill holes have been completed on the northern
anomaly where gold mineralization is associated mainly with
foliation-parallel quartz veins and veinlets within a series of
metapelites, intruded by sills of dolerite and minor quartz
porphyry. Shearing has preferentially affected the dolerite, and
hydrothermal fluids have mineralized the shear zones to varying
degrees. The most significant mineralized intersections are shown
in Table 2 and in Figure 4 and included 10.46 metres grading 2.01
g/t Au, 2.14 metres grading 31.1 g/t Au and 0.66 metres grading 148
g/t Au.
Two drill holes were completed on the southern soil anomaly,
which is associated with folded BIF (Figure 3). Both holes
intersected significant widths of BIF, with individual units of up
to 96 metres, interbedded with sericite schist. The BIF is locally
quartz-veined and pyritized, the sulphide occurring as disseminated
crystals, massive bands and patches. Despite the fairly widespread
hydrothermal alteration, the mineralized zones are relatively
narrow, the best intersections in holes 6 and 7 being 3.23 metres
grading 3.78 g/t Au and 1.23 metres @ 9.46 g/t Au respectively.
Table 2. Mondarabe Drilling Results
----------------------------------------------------------------------------
Mineralization
---------------------------
Inclina-
Northing Easting Azimuth tion Depth From To Width Au
Hole UTM UTM (degree) (degree) (m) (m) (m) (m) (g/t)
----------------------------------------------------------------------------
NMADD001 201582 536099 030 -50 221.05 123.90 126.04 2.14 31.15
---------------------------
Includes: 0.70 93.1
---------------------------
134.91 137.71 2.80 2.25
---------------------------
150.64 153.00 2.36 1.39
---------------------------
162.82 168.14 5.32 0.60
----------------------------------------------------------------------------
NMADD002 201654 536140 030 -50 179.75 18.00 21.10 2.10 1.72
---------------------------
35.40 36.40 1.00 2.19
---------------------------
52.80 67.00 14.20 0.56
----------------------------------------------------------------------------
NMADD003 201510 536242 030 -50 203.00 131.40 132.90 1.50 1.38
---------------------------
138.35 140.00 1.65 1.28
---------------------------
152.44 153.40 0.96 2.66
---------------------------
162.80 163.80 1.00 1.85
---------------------------
166.66 177.12 10.46 2.01
---------------------------
187.75 188.66 0.91 2.10
---------------------------
198.48 202.00 3.52 3.61
----------------------------------------------------------------------------
NMADD004 201660 536321 030 -50 118.35 5.90 7.20 1.30 1.59
---------------------------
46.70 47.27 0.57 13.20
---------------------------
58.80 59.40 0.60 3.37
---------------------------
71.60 72.26 0.66 148.0
----------------------------------------------------------------------------
NMADD005 201646 536622 030 -50 164.05 86.48 87.13 0.65 0.91
----------------------------------------------------------------------------
NMADD006 199980 535840 360 -50 236.65 116.55 118.51 1.96 2.23
---------------------------
158.43 159.47 1.04 3.10
---------------------------
186.58 189.81 3.23 3.78
---------------------------
224.30 227.95 3.65 1.29
---------------------------
230.97 232.07 1.10 2.22
----------------------------------------------------------------------------
NMADD007 200055 536160 360 -50 97.65 92.00 93.23 1.23 9.46
----------------------------------------------------------------------------
Drill hole assays are uncut. True thicknesses are estimated to be
approximately 76% of intersected drill widths.
IP surveys are currently in progress at the Matete and Anguluku
prospects (Figure 1) where the surface expression of mineralization
may be masked by the presence of transported overburden. Both
prospects were identified as high priority BLEG targets, and the
airborne magnetic data indicates that the areas currently being
covered by IP are underlain by structurally favourable (folded and
faulted) BIF. At both prospects, 4 sq km will initially be covered
by gradient array IP, followed by selected lines of pole-dipole to
provide sectional data for drill targeting.
In terms of the Makapela P.E.A. (Preliminary Economic
Assessment), due to the sharply lower gold price, it has been
decided not to incur any further expenditure on the study until the
gold market improves.
"Much more drilling and further groundwork is required to
adequately test our targets on our large landholdings at Ngayu,"
commented Loncor's President and CEO, Peter Cowley. "However, the
recent sharp decrease in the gold price and its marked affect,
especially on the junior gold exploration sector, has necessitated
that we reduce our exploration effort and overhead costs until
market conditions improve."
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 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
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 drilling and other
exploration results, mineral resources and 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
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.
For further information, please visit our website at
www.loncor.com.
To view Figures 1-4, please visit the following link:
http://media3.marketwire.com/docs/lon731i.pdf
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 (416) 366-9189 or 1
(800) 714-7938. Loncor Resources Inc. Naomi Nemeth Investor
Relations (416) 366-9189 or 1 (800) 714-7938. www.loncor.com
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