Loncor Resources Inc. ("
Loncor" or the
"
Company") (TSX: "LN"; OTCQB: "LONCF") is pleased
to announce a 49% increase in mineral resources at its Imbo Project
(Loncor 76.29%) in the D.R. Congo.
Compared to the inferred mineral resources of
1.675 million ounces of gold (20.78 million tonnes grading 2.5 g/t
Au) outlined in January 2014 by independent consultants Roscoe
Postle Associates Inc. (“RPA”) on
three separate deposits, Adumbi, Kitenge and Manzako at Imbo,
inferred mineral resources have now increased by 49% to 2.5 million
ounces of gold (30.65 million tonnes grading 2.54 g/t Au), this
increase coming from the Adumbi deposit. This assessment was
undertaken by the Company’s independent geological consultants
Minecon Resources and Services Limited
(“Minecon”). The updated estimate for Adumbi was
based on a review of the Adumbi deposit including remodelling,
grade capping and considering the CIM requirement for mineral
resources to have “reasonable prospects for economic extraction”.
76.29% of this updated gold resource is attributable to Loncor via
its 76.29% interest in the Imbo Project.
Combined with the Company’s Makapela Project
(100%) (see Figure 1), total mineral resources at Loncor’s
properties in the Ngayu belt now stand at 3.05 million ounces of
inferred mineral resources (33.87 million tonnes grading 2.80 g/t
Au) plus 0.614 million ounces of indicated mineral resources (2.205
million tonnes grading 8.66 g/t Au ).
Commenting on today’s inferred mineral resource
increase on the Imbo Project, Loncor’s President Peter Cowley said:
“We are very encouraged by the significant increase in mineral
resources at the Adumbi deposit, which was developed from
exploration conducted during the period 2014-17, following on from
the recommendations from the independent RPA study in 2014.
We now have a clear strategy going forward to increase the
mineral resources on the Imbo Project by undertaking additional
drilling and advancing the project up the value curve by initiating
a Preliminary Economic Assessment on the Adumbi deposit.
Significant potential still exists at Adumbi to increase and
upgrade mineral resources within the open pit as well as
underground potential since the mineralization remains open at
depth.”
As outlined in the Company’s press release dated
January 28, 2020, Loncor has been focussing on the Adumbi deposit
(see Figures 2 and 3), where Minecon had identified significant
resource upside potential from additional exploration evaluation,
including drilling that was undertaken during 2017. Much of
this exploration work was undertaken following on from the
recommendations made by RPA in their 2014 NI 43-101 technical
report and included:
- Additional
Drilling RPA recommended additional drilling at Adumbi to
test the down dip/plunge extent of the mineralization. In 2017,
four deeper core holes (see Figures 3 and 8) 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 |
Due to funding constraints, no follow up
drilling was undertaken at the Adumbi deposit after 2017.
- Survey and Georeferencing All the Adumbi drill
hole collars, trenches and accessible adits and adit portals were
accurately surveyed and the data appropriately georeferenced.
In addition, all accessible underground excavations and
workings were accurately surveyed.
- Re-logging of All Drill Holes All boreholes
(153 holes totalling 33,651 metres) from Adumbi were systematically
relogged and all data was put on (Strata Logs software) including
core orientations. The re-logging of drill holes defined the
presence of five distinct geological domains in the central part of
the Adumbi deposit where the BIF (Banded Iron Formation) unit
attains a thickness of up to 130 metres (see Figures 3 and 4).
From northeast to southwest these are:
- 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 in
thickness.
- Footwall Schists: similar to the hanging wall schist
sequence.
In the central part of the Adumbi deposit, three
main zones of gold mineralization are present (see Figures 5 and
6). These include the following mineralization:
- 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; and
- a weaker zone in the upper part of the Upper BIF Sequence.
There is a higher-grade zone of gold
mineralization termed the Replaced Rock Zone (“RP
Zone”) associated with alteration and structural
deformation that has completely destroyed the primary host
lithological fabric. The RP Zone occurs in the lower part of
the Upper BIF package and in the Lower BIF package, and
transgresses the Carbonaceous Marker, located between the Upper and
Lower BIF packages, both along strike and down dip (see Figures 3
and 4).
- 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 resource
estimates. Relative to the 6 oxide RD measurements used for tonnage
estimation in the RPA model, 297 oxide RD measurements within the
mineralized 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 Updated
Mineralised Average RD Measurements for Adumbi Deposit
Material Type |
RD used in Previous RPA Model |
RD Determinations Used in Current Model |
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 have had positive implications with respect to
ore type classification and associated metallurgical recoveries,
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 have positive implications on the data spacing and
classification of mineral resources at the Adumbi deposit.
- Quality Control and Quality Assurance
Assessment of assay standards and blanks of the Adumbi deposit by
RPA indicated that 1,014 samples within some batches failed QC and
were identified for re-assay. A total of 616 pulps and 382 quarter
core samples were retrieved for re-assay. The samples were
submitted to the SGS Laboratory (which is independent) in Mwanza,
Tanzania in November 2014, together with international reference
material from Rocklabs (8 per 100 samples) and blanks (4 per 100
samples). This was undertaken to ensure the samples passed internal
QA/QC analytical procedures.For the post 2014 drilling campaign,
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 in Mwanza. The core samples were then crushed at
the laboratory 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 internal QA/QC analytical procedures.Minecon has
reviewed the quality of all the assay data used for the modelling
and estimation of resources to ensure that they all passed the
Company’s internal QA/QC criteria.
- Gold PriceA gold price of US$1,200 per ounce
was used in 2014 for the RPA study. To reflect more recent market
conditions, a gold price of US$1,500 per ounce has been used in
Minecon’s resource determinations.
In summary, this additional 2014 to 2017
information resulted in better quantification with improved
confidence in updating the geological model for grade interpolation
and pit optimisation studies to determine mineral resources for the
Adumbi deposit.
Geological Modelling and Grade
EstimationThe Adumbi 3-Dimensional model was constructed
by Minecon in collaboration with on site geologists using cross
sectional and horizontal flysch plans of the geology and
mineralization (see Figures 3 and 4) and was used to assist in the
constraining of the 3-D geological model. The mineralization
model was constrained within a wireframe at 0.5 g/t Au cut-off
grade (see Figures 5 and 6). Grade interpolation was
undertaken using:
- 2 metre sample composites capped at 18 g/t Au to improve the
reliability of the block grade estimates.
- Ordinary Kriging to interpolate grades into the block
model.
- Relative densities of 2.45 for oxide, 2.82 for transitional and
3.05 for fresh rock were applied to the block model for tonnage
estimation.
Pit Optimisation ParametersTo
constrain the depth extent of the geological model and any mineral
resources, an open pit for the Adumbi deposit was constructed based
on the following pit optimisation parameters:
- A long-term gold price of US$1,500 per ounce.
- Block size: 8 metres x 8 metres x 8 metres.
- A two-metre minimum mining width and a maximum of four metres
of internal waste was applied.
- Mining dilution of 100% of the tonnes at 95% of the grade.
- Ultimate slope angle of minus 45 degrees.
- Metallurgical recoveries of 95% for oxide and transitional
material and 90% for fresh rock (in the RPA study a fresh rock
metallurgical recovery of 95% was used while Minecon reduced this
to a more conservative 90% even though no additional metallurgical
testwork was undertaken after the RPA study).
- Average mining cost of US$2.5/t mined.
- Mineral resources were estimated at a block cut-off grade of
0.9 g/t Au constrained by a Whittle pit with processing and G&A
costs of US$30/t.
- Transport of gold and refining costs equivalent to 4.5% of the
gold price.
- No additional studies on depletion by artisanal activity was
undertaken since the 2014 RPA study and the same total amount of
material was used by Minecon.
The results of the Adumbi pit optimisation (see
Figure 7) indicated an inferred mineral resource within the pit of
2.19 million ounces of gold (28.97 million tonnes at 2.35 g/t gold)
(see Table II below).
Mineral Resources Within the
US$1,500 pit shell (Figure 7), the following is classified as
inferred mineral resource at the Adumbi deposit:
Table II: Inferred Mineral Resource for
the Adumbi Deposit (with an effective date of April 17,
2020)
Material Type |
Tonnage(Tonnes) |
Grade (g/t Au) |
Contained Gold Ounces |
Oxide |
3,820,000 |
2.44 |
300,000 |
Transitional |
3,320,000 |
2.69 |
290,000 |
Fresh |
21,820,000 |
2.28 |
1,600,000 |
TOTAL |
28,970,000 |
2.35 |
2,190,000 |
Note: Numbers may not add up due to
rounding.
The additional drilling information, the higher
RD determinations and the increased gold price, have contributed
significantly to the increased mineral resources of the Adumbi
deposit with improved confidence.
In summary for the Imbo Project, the inferred
mineral resource for the Adumbi, Manzako and Kitenge deposits now
totals 2,503,000 ounces of gold (30,650,000 tonnes grading 2.54 g/t
Au) and is summarised in Table III below. 76.29% of this
inferred mineral resource is attributable to Loncor via its 76.29%
interest in the Imbo Project.
Table III: Inferred Mineral Resource for
the Imbo Project (with an effective date of April 17,
2020)
Deposit |
Tonnage(Tonnes) |
Grade (g/t Au) |
Contained Gold Ounces |
Adumbi |
28,970,000 |
2.35 |
2,190,000 |
Kitenge |
910,000 |
6.60 |
191,000 |
Manzako |
770,000 |
5.00 |
122,000 |
TOTAL |
30,650,000 |
2.54 |
2,503,000 |
Note: Numbers may not add up due to
rounding.
Additional Resource Potential and
Recommendations for Further WorkThere is significant
additional resource potential within the Imbo project permit:
- At the Adumbi deposit, the gold mineralization is still open at
depth and, subject to securing the necessary financing, the
drilling of an additional 12 core holes (7,000 metres) has the
potential to add and upgrade mineral resources within the US$1,500
pit as well as outline potential underground resources below the
pit (see Figure 8). After this proposed drilling program has
been completed, additional drilling may be undertaken (subject to
securing the necessary financing) before a Preliminary Economic
Assessment is initiated to include additional mineral resource
determinations, metallurgical testwork, open pit and potential
underground studies, metallurgical plant processing,
infrastructural, environmental and economic studies.
- At the Kitenge and Manzako deposits, additional drilling may
also be undertaken (subject to securing the necessary financing) to
further define and increase the inferred mineral resources at these
deposits.
- Ongoing exploration including gridding, soil sampling,
trenching and channel sampling is planned to be undertaken at the
Imbo East prospect in order to generate potential drill
targets.
An independent National Instrument 43-101
technical report relating to the mineral resource estimates on the
Imbo Project reported in this press release will be filed on SEDAR
and EDGAR within the period required by National Instrument
43-101.
Qualified PersonMr. Daniel
Bansah, Chairman and Managing Director of Minecon, is the
"qualified person" (as such term is defined in National Instrument
43-101) who is responsible for the mineral resource estimates and
other technical information disclosed in this press release.
Mr. Bansah has reviewed and approved the contents of this
press release.
About Loncor Resources
Inc.Loncor is a Canadian gold exploration company focussed
on the Ngayu Greenstone Belt in the Democratic Republic of the
Congo (the “DRC”). The Loncor team has over
two decades of experience of operating in the DRC. Ngayu has
numerous positive indicators based on the geology, artisanal
activity, encouraging drill results and an existing gold resource
base. The area is 200 kilometres southwest of the Kibali gold
mine, which is operated by Barrick Gold (Congo) SARL
(“Barrick”). In 2019, Kibali produced record
gold production of 814,000 ounces at “all-in sustaining costs” of
US$693/oz. Barrick has highlighted the Ngayu Greenstone Belt
as an area of particular exploration interest and is moving towards
earning 65% of any discovery in 1,894 km2 of Loncor ground that
they are exploring. As per the joint venture agreement signed
in January 2016, Barrick manages and funds exploration on the said
ground at the Ngayu project until the completion of a
pre-feasibility study on any gold discovery meeting the investment
criteria of Barrick. In a recent announcement Barrick
highlighted six prospective drill targets and are moving towards
confirmation drilling in 2020. 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.
In addition to the Barrick JV, certain parcels
of land within the Ngayu project surrounding and including the
Makapela and Adumbi deposits have been retained by Loncor and do
not form part of the joint venture with Barrick. Barrick has
certain pre-emptive rights over the Makapela deposit.
Loncor’s Makapela deposit (which is 100%-owned by Loncor) 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). Adumbi and two neighbouring deposits hold an inferred
mineral resource of 2.5 million ounces of gold (30.65 million
tonnes grading 2.54 g/t Au), with 76.29% of this resource being
attributable to Loncor via its 76.29% interest in the
project.
Resolute Mining Limited (ASX/LSE: "RSG") owns
26% 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.
Additional information with respect to Loncor
and its projects can be found on Loncor's website at
www.loncor.com.
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 Imbo 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.
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 mineral resource estimates, potential mineral
resource increases, securing financing, drill targets, exploration
results, future drilling and other future exploration, potential
gold discoveries and future development (including initiating a
Preliminary Economic Assessment) 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 planned drilling programs will be delayed, uncertainties
relating to the availability and costs of financing needed in the
future, activities of the Company may be adversely impacted by the
continued spread of the recent widespread outbreak of respiratory
illness caused by a novel strain of the coronavirus (“COVID-19”),
including the ability of the Company to secure additional
financing, 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 6, 2020 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. If such estimates are inaccurate or are
reduced in the future, this could have a material adverse impact on
the Company.
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, or contact: Arnold Kondrat, CEO,
Toronto, Ontario, Tel: + 1 (416) 366 7300.
The 8 Figures referred to in this announcement
are available
at http://ml.globenewswire.com/Resource/Download/bbd0ed16-70ee-4cfb-ab29-e90a2d6d03d8.
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