Loncor Resources Inc. ("
Loncor" or the
"
Company") (TSX: "LN"; OTCQB: "LONCF") announces
that its 76.29%-owned subsidiary, Adumbi Mining SARL
(“
Adumbi Mining”), has entered into a joint
venture agreement (the "
New Barrick JV") with
Barrick Gold (DRC) Limited for two exploitation permits held by
Adumbi Mining (the “
JV Permits”) covering ground
contiguous to the Company’s Imva area within the Ngayu gold belt in
the northeast of the Democratic Republic of the Congo
(“
DRC”). The purpose of the New Barrick JV is to
conduct exploration on the JV Permit properties to evaluate
possible development and mining of such properties.
The Ngayu gold belt lies approximately 220
kilometres from the Kibali gold mine, operated by Barrick (TSX:
“ABX”; NYSE: “GOLD”). Kibali produced record gold production of
814,000 ounces of gold in 2019, at “all-in sustaining costs” of
US$693/oz.
The terms of the New Barrick JV are similar to
Loncor’s ongoing joint venture agreement with Barrick which covers
over 1,894 km2 of ground in the Ngayu gold belt including, among
other properties, certain properties in the Imva area. Under the
New Barrick JV, Barrick will manage and fund all exploration of the
JV Permit properties until the completion of a pre-feasibility
study. Once the joint venture committee has determined to move
ahead with a full feasibility study, a special purpose vehicle
("SPV") would be created to hold the specific
discovery areas. Subject to the DRC’s free carried interest
requirements, Barrick would retain 65% of the SPV with Adumbi
Mining holding the balance of 35%. Adumbi Mining would be required,
from that point forward, to fund its pro-rata share of the SPV in
order to maintain its 35% interest or be diluted.
The closing of the New Barrick JV, which is
expected to occur by July 18, 2020, is subject to certain closing
conditions customary for transactions of this nature.
Arnold Kondrat, CEO of Loncor, stated: “We are
pleased to see Barrick’s confidence in the Ngayu gold belt continue
to grow. This New Barrick JV further consolidates the control of
the Ngayu gold belt by Loncor and Barrick as partners.”
About Loncor Resources
Inc.Loncor is a Canadian gold exploration
company focussed on the Ngayu Greenstone Belt in the North East 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
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.
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.
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
future exploration by the New Barrick JV and potential gold
discoveries, mineral resource estimates, potential mineral resource
increases, drill 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
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.
For further information, please visit our
website at www.loncor.com, or contact: Arnold Kondrat, CEO,
Toronto, Ontario, Tel: + 1 (416) 366 7300.
Loncor Gold (TSX:LN)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024
Loncor Gold (TSX:LN)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024