Loncor Resources Inc. ("
Loncor" or the
"
Company") (TSX: "LN"; OTCQB: "LONCF") announces
that Barrick Gold (Congo) SARL has commenced its core drilling
program on several priority gold targets within the Ngayu
greenstone belt in the northeast of the Democratic Republic of the
Congo (“
DRC”). The beginning of the drilling
campaign signals a significant step in the sequence of events
necessary to assess numerous areas of potential. Since entering the
JV agreement with Loncor in January 2016, Barrick has conducted
various exploratory programs to define drill targets, targets that
offer the early potential of attaining “Tier 1” status.
Commenting on the start of drilling at Ngayu,
Loncor’s CEO Arnold Kondrat said: “Barrick continues to illustrate
the progress that can be made in the DRC. Having built the
successful Kibali gold mine approximately 220 kms away, Barrick has
now embarked on its drilling program at Ngayu, an area that we
believe holds the potential for further significant gold
discoveries similar to our own Adumbi deposit.”
The drilling on the Anguluku prospect is
targeting a folded and thrust sequence of mineralised banded
ironstone formation (“BIF”). Further drilling is planned to be
undertaken by Barrick at the other priority targets of Medere,
Makasi, Lybie, Salisa and Bakpau NE in the Imva area in the west of
the Ngayu belt (see Figure 1 below).
Loncor Continues to Explore - Imbo
Exploitation Permit (Loncor 76.29%)
Outside of the Barrick joint venture,
exploration activities by Loncor continued on Loncor’s Imbo Project
in the east of the Ngayu belt. The Imbo Project contains 2.5
million ounces of inferred mineral resource (30.65 million tonnes
grading 2.54 g/t Au), which includes the 2.19 million ounce
inferred mineral resource of the Adumbi deposit (28.97 million
tonnes grading 2.35 g/t), with 76.29% of this resource being
attributable to Loncor via its 76.29% interest in the Imbo Project.
Fieldwork by Loncor geologists have been focusing on the Imbo East
prospect 12 kilometres southwest of the Adumbi deposit, along the
same mineralised structural trend. Gridding, soil and rock sampling
are being undertaken over a strike length of 3.6 kilometres at Imbo
East.
In addition, two new targets have been
generated. Both these target areas were identified from the
compilation and interpretation of previous, historical exploration
data including soil geochemistry, rock chip and channel sampling.
At Mambo Bado, 1.5 kilometres northwest of the Adumbi deposit, a
prominent geochemical gold in soil anomaly is located on an
extensional, E-W structural jog along the 14-kilometre northwest
trending mineralised shear zone within the Imbo permit area. No
drilling has been undertaken previously on this promising target.
Two kilometres south of the Adumbi deposit, at Lisala, altered and
brecciated BIF with anomalous rock sampling requires further follow
up with gridding, soil sampling and additional channel
sampling.
About Loncor Resources
Inc.Loncor is a Canadian gold exploration
company focussed on the Ngayu Greenstone Belt in the northeast of
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 220 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
Adumbi and Makapela 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. 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. The 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).
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.
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 ReportsAdditional information with
respect to the Company’s Imbo Project is contained in the technical
report of Minecon Resources and Services Limited dated April 17,
2020 and entitled "Independent National Instrument 43-101 Technical
Report on the Imbo Project, Ituri 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.
Additional information with respect to the
Company’s Makapela Project, and certain other properties of the
Company in the Ngayu gold belt, 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.
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
drilling by Barrick and potential gold discoveries, mineral
resource estimates, potential mineral resource increases, drill
targets, other exploration targets, exploration results, future
drilling and other future exploration, 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
drilling results (and other exploration results) or development
results will not be consistent with the Company's expectations, the
possibility that drilling programs will be delayed, uncertainties
relating to the availability and costs of financing, 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, 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.
For further information, please visit our
website at www.loncor.com, or contact: Arnold Kondrat, CEO,
Toronto, Ontario, Tel: + 1 (416) 366 7300.
Figure 1 Ngayu Belt.
Developing Prospectivity, Work Programs and Drill Targets for
2020
https://www.globenewswire.com/NewsRoom/AttachmentNg/3815aee9-3799-4ad1-bb3e-780d31938090
(From Barrick Q1 2020 joint venture report)
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