Loncor Resources Inc. ("
Loncor" or the
"
Company") (TSX: "LN"; OTCQB: "LONCF") is pleased
to provide an update on its activities within the Ngayu Greenstone
Belt, where the Company has a dominant foot-print through its joint
venture with Barrick Gold (Congo) SARL (“
Barrick”)
and on its own majority-owned prospecting licences and exploitation
concessions.
The Ngayu Archean Greenstone Belt of
northeastern Democratic Republic of the Congo (the
“DRC”) is geologically similar to the belts which
host the world class gold mines of AngloGold Ashanti/Barrick’s
Kibali mine in the DRC and AngloGold Ashanti’s Geita mine in
Tanzania. Gold mineralization at Ngayu is spatially related to
Banded Ironstone Formation (“BIF”), which is the
case at both Kibali and Geita and is highlighted in Figures 1 and 2
below. The Ngayu belt is significantly larger in extent than the
Geita belt.
Adumbi DepositSince the
Company’s acquisition of 71.25% of the KGL-Somituri gold project
from Kilo Goldmines Ltd. in September 2019, Loncor has focussed on
the Imbo exploitation concession in the east of the Ngayu belt
where an Inferred Mineral Resource of 1.675 million ounces of gold
(20.78 million tonnes grading 2.5 g/t Au, with 71.25% of this
Inferred Mineral Resource being attributable to Loncor via its
71.25% interest) was outlined in January 2014 by independent
consultants Roscoe Postle Associates Inc
(“RPA”) on three separate
deposits, Adumbi, Kitenge and Manzako (see Figures 3 and 4 below).
In this study, RPA made a number of recommendations on
Adumbi, which were subsequently undertaken during the period
2014-18. The Company’s geological consultants Minecon Resources and
Services Limited (“Minecon”) has been assessing
the implications of this additional exploration data on Adumbi,
which are summarised below.
Additional Drilling RPA
recommended additional drilling at Adumbi to test the down
dip/plunge extent of the mineralization. In 2017, four deeper core
holes were drilled below the previously outlined RPA inferred
resource over a strike length of 400 metres and to a maximum depth
of 450 metres below surface. All four holes intersected significant
gold mineralization in terms of widths and grade and are summarised
below:
Borehole |
From(m) |
To(m) |
Intercept Width(m) |
True Width(m) |
Grade (g/t) Au |
SADD50 |
434.73 |
447.42 |
12.69 |
10.67 |
5.51 |
|
|
|
|
|
|
SADD51 |
393.43 |
402.72 |
9.29 |
6.54 |
4.09 |
|
|
|
|
|
|
SADD52 |
389.72 |
401.87 |
12.15 |
7.01 |
3.24 |
|
419.15 |
428.75 |
9.60 |
5.54 |
5.04 |
|
|
|
|
|
|
SADD53 |
346.36 |
355.63 |
9.27 |
5.70 |
3.71 |
|
391.72 |
415.17 |
23.45 |
14.43 |
6.08 |
The above drilling results which are shown on
the longtitudinal section (see Figure 5 below), indicate that the
gold mineralization is open along strike and at depth. The drilling
of an additional 12 core holes has the potential to significantly
increase the Adumbi mineral resource as highlighted on the
longitudinal section.
Survey and Georeferencing The
Adumbi drill hole collars, trenches, and accessible adits/portals
have now been accurately surveyed and the data appropriately
georeferenced. In addition, all accessible underground excavations
and workings have been accurately surveyed. The new and improved
quality of the exploration data will have positive implications on
potential future classification of the mineral resources.
Re-logging of All Drill Holes
The re-logging of drill holes after the RPA study has defined the
presence of five distinct geological domains in the central part of
the Adumbi deposit where the BIF unit attains a thickness of up to
130 metres (see Figure 4 below). From northeast to southwest:
- Hanging wall schists: dominantly quartz carbonate schist, with
interbedded carbonaceous schist.
- Upper BIF Sequence: an interbedded sequence of BIF and chlorite
schist, 45 to 130 metres in thickness.
- Carbonaceous Marker: a distinctive 3 to 17 metre thick unit of
black carbonaceous schist with pale argillaceous bands.
- Lower BIF Sequence: BIF interbedded with quartz carbonate,
carbonaceous and/or chlorite schist in a zone 4 to 30 metres
wide.
- Footwall Schists: similar to the hanging wall schist
sequence.
In the central part of Adumbi, three main zones
of gold mineralization are present. These include
mineralisation:
- Within the Lower BIF Sequence.
- In the lower part of the Upper BIF Sequence. Zones 1 and
2 are separated by the Carbonaceous Marker, which is essentially
unmineralized.
- A weaker zone in the upper part of the Upper BIF Sequence.
The lack of a detailed geological model in the
previous resource estimates resulted in wireframes being
constructed using only assay values with little regard to
geological domains. This has resulted in wireframes cross-cutting
the geology which could have resulted in underestimating the
previous resource estimate.
Relative Density (“RD”)
MeasurementsThe increase in the sample population coupled
with the application of a more rigid RD determination procedure
based on recommendations from the RPA resource study, indicates
that the new RD measurements from both mineralized and
unmineralized material and from the various material types and
lithologic units have improved the confidence in the relative RD
determination to be applied to any future resource estimates.
Relative to the 6 oxide RD measurements used for tonnage estimation
in the RPA model, 297 oxide RD measurements within the mineralised
domain were undertaken during the review work. For the transition
and fresh material, equal number of determinations relative to the
previous RD sample volumes were undertaken with the review process
employing more rigid RD determination procedures.
Table 1 below indicates significate positive
variance between the previous model RD and the reviewed work for
the oxide and transition materials.
Table 1: Summary of Previous and
Reviewed Mineralised Average RD Measurements
Material Type |
RD used in Previous RPA Model |
Additional RD Determinations |
RD Variance (%) |
Oxide |
1.80 |
2.45 |
36.1 |
Transition |
2.20 |
2.82 |
28.2 |
Fresh |
3.00 |
3.05 |
1.7 |
Oxidation and Fresh Rock
SurfacesThe re-logging of the core as per the RPA
recommendations identified major differences between the depths of
Base of Complete Oxidation (BOCO) and Top of Fresh Rock (TOFR), and
the depths used by RPA in the 2014 model. In the RPA model, the
BOCO was negligible and the TOFR corresponded approximately to the
re-logged BOCO. The deeper levels of oxidation that were observed
during the re-logging exercise should have positive implications
for the Adumbi project with respect to ore type classification and
associated metallurgical recoveries and mining and processing cost
estimates.
Adit Sampling and
GeoreferencingFollowing the accurate surveying of the 10
historical adits and appropriately georeferencing, the 796 adit
samples (1,121 metres in total) when applied should have positive
implications on the data spacing and classification of any future
mineral resources.
In summary, most of the previous recommendations
from the 2014 RPA mineral resource study on Adumbi have been
undertaken. In addition, the previously recommended LIDAR survey by
RPA was completed this month over Adumbi by Southern Mapping of
South Africa.
The results of all the above tasks coupled with
the higher current gold price compared with the previous study in
2014 indicate significant upside at Adumbi. Minecon is undertaking
further studies to better quantify this significant upside. At
present and subject to the Company securing the necessary
financing, the Company is planning to drill the additional 12
deeper holes at Adumbi and then commence a preliminary economic
assessment when an updated mineral resource study will be
undertaken.
Ongoing studies are also continuing by Minecon
on further assessing the data elsewhere on the Imbo exploitation
concession including Kitenge and Manzako.
As announced in November 2019, joint venture
partner and operator Barrick has identified a number of priority
drill targets within the 1,894 square kilometre joint venture land
package (the “JV Areas”) at Ngayu and that are
planned to be drilled during the current dry season. Drill targets
include Bakpau, Lybie-Salisa and Itali in the Imva area as well as
Anguluku in the southwest of the Ngayu belt and Yambenda in the
north. As per the joint venture agreement signed in January 2016,
Barrick manages and funds exploration on the JV Areas at the Ngayu
project until the completion of a pre-feasibility study on any gold
discovery meeting the investment criteria of Barrick. Subject to
the DRC’s free carried interest requirements, Barrick would earn
65% of any discovery with Loncor holding the balance of 35%. Loncor
will be required, from that point forward, to fund its pro-rata
share in respect of the discovery in order to maintain its 35%
interest or be diluted.
About Loncor Resources
Inc.Loncor is a Canadian gold exploration company focused
on two projects in the DRC - the Ngayu and North Kivu projects.
Both projects have historic gold production. Exploration at the
Ngayu project is currently being undertaken by Loncor’s joint
venture partner Barrick Gold Corporation through its DRC subsidiary
Barrick Gold (Congo) SARL (“Barrick”). The Ngayu
project is 200 kilometres southwest of the Kibali gold mine, which
is operated by Barrick and in 2018 produced approximately 800,000
ounces of gold. As per the joint venture agreement signed in
January 2016, Barrick manages and funds exploration at the Ngayu
project until the completion of a pre-feasibility study on any gold
discovery meeting the investment criteria of Barrick. Subject to
the DRC’s free carried interest requirements, Barrick would earn
65% of any discovery with Loncor holding the balance of 35%. Loncor
will be required, from that point forward, to fund its pro-rata
share in respect of the discovery in order to maintain its 35%
interest or be diluted.
Certain parcels of land within the Ngayu project
surrounding and including the Makapela and Yindi prospects have
been retained by Loncor and do not form part of the joint venture
with Barrick. Barrick has certain pre-emptive rights over these two
areas. Loncor’s Makapela prospect has an Indicated Mineral Resource
of 614,200 ounces of gold (2.20 million tonnes grading 8.66 g/t Au)
and an Inferred Mineral Resource of 549,600 ounces of gold (3.22
million tonnes grading 5.30 g/t Au). Loncor also recently acquired
a 71.25% interest in the KGL-Somituri gold project in the Ngayu
gold belt which has an Inferred Mineral Resource of 1.675 million
ounces of gold (20.78 million tonnes grading 2.5 g/t Au), with
71.25% of this resource being attributable to Loncor via its 71.25%
interest.
Resolute Mining Limited (ASX/LSE: "RSG") owns
27% of the outstanding shares of Loncor and holds a pre-emptive
right to maintain its pro rata equity ownership interest in Loncor
following the completion by Loncor of any proposed equity offering.
Newmont Goldcorp Corporation (NYSE: "NEM"; TSX: "NGT") owns 7.8% of
Loncor’s outstanding shares.
Additional information with respect to Loncor
and its projects can be found on Loncor's website at
www.loncor.com.
Qualified PersonPeter N. Cowley, who is
President of Loncor and a "qualified person" as such term is
defined in National Instrument 43-101, has reviewed and approved
the technical information in this press release.
Technical ReportsCertain additional information
with respect to the Company’s Ngayu project is contained in the
technical report of 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 the said report can be obtained
from SEDAR at www.sedar.com and EDGAR at www.sec.gov.
Certain additional information with respect to
the Company’s recently acquired KGL-Somituri project is contained
in the technical report of Roscoe Postle Associates Inc. dated
February 28, 2014 and entitled "Technical Report on the Somituri
Project Imbo Licence, Democratic Republic of the Congo". A
copy of the said report, which was prepared for, and filed on SEDAR
by, Kilo Goldmines Ltd., can be obtained from SEDAR at
www.sedar.com. To the best of the Company’s knowledge, information
and belief, there is no new material scientific or technical
information that would make the disclosure of the KGL-Somituri
mineral resource set out in this press release inaccurate or
misleading.
Cautionary Note to U.S.
InvestorsThe 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 20-F annual report, 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 InformationThis 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
potential mineral resource increases, exploration results, mineral
resource estimates, future drilling and other future exploration,
potential gold discoveries and future development) 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, the possibility that the
planned drilling programs (by both Barrick and the Company) will be
delayed, uncertainties relating to the availability and costs of
financing needed in the future, risks related to the exploration
stage of the Company's properties, the possibility that future
exploration (including drilling) 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 assurances 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, 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), fluctuations in
currency exchange rates, inflation, changes to regulations
affecting the Company's activities, delays in obtaining or failure
to obtain required project approvals, 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 April
1, 2019 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, or contact: Arnold Kondrat, CEO,
Toronto, Ontario, Tel: + 1 (416) 366 7300.
The 5 Figures referred to in this announcement are available
at http://ml.globenewswire.com/Resource/Download/4788cf7b-48be-4e3c-b9a1-d56bcb1b5ad2
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