Loncor Resources Inc. ("
Loncor" or the
"
Company") (TSX: "LN"; OTCQX: "LONCF") announces
that, further to its July 9, 2020 and July 31, 2020 press releases,
it has closed the balance of its Cdn$5,000,000 non-brokered private
placement financing (the "
Financing"), such
balance involving the issue of 2,000,000 common shares of the
Company at a price of Cdn$0.50 per share for gross proceeds of
Cdn$1,000,000. The Company intends to use the proceeds from
the Financing for a drill program to increase mineral resources at
the Company’s 76.29%-owned Imbo Project in the DRC and for general
corporate purposes.
At the Imbo Project, inferred mineral resources
have already been delineated at the Adumbi deposit (28.97 million
tonnes grading 2.35 g/t Au equivalent to 2.19 million ounces of
gold), the Kitenge deposit (0.91 million tonnes grading 6.6 g/t Au
equivalent to 0.19 million ounces of gold) and the Manzako deposit
(0.77 million tonnes grading 5.0 g/t Au equivalent to 0.12 million
ounces of gold). A 10,000 metre core drilling program is
planned to commence next month at these deposits to further
increase the total 2.50 million ounce current inferred mineral
resources.
At the Adumbi deposit, an initial 12 core holes
are planned to be drilled at depth where grades are increasing and
where the potential exists to significantly increase the current
2.19 million ounce inferred resource. At the satellite
Kitenge and Manzako deposits, approximately four kilometres from
Adumbi, mineralisation remains open at depth and along strike and
further drilling will be undertaken at these two deposits, again
with the potential to significantly increase the present mineral
resources.
Dependent on the results from this drilling,
Loncor will commence a Preliminary Economic Assessment to ascertain
early stage economics of Adumbi and other deposits at the Imbo
Project. In this regard the Company will also be reviewing
its 100% owned Makapela high grade deposit and how it may be
included to enhance the economics of Adumbi. This
deposit contains 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 millon tonnes
grading 5.30 g/t Au). The Makapela deposit remains open at
depth.
Additional fieldwork by the Company this year at
the Imbo Project has been focussed along the mineralised trend in
the southeast of the project area and where geological mapping,
gridding, soil sampling and channel sampling has been undertaken.
Initial studies indicate good potential for drill targets to
be generated on this untested part of the Imbo Project.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy nor shall there be any
sale of any of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities
Act”), or the securities laws of any state of the United
States and may not be offered or sold within the United States (as
defined in Regulation S under the U.S. Securities Act) unless
registered under the U.S. Securities Act and applicable state
securities laws or pursuant to an exemption from such registration
requirements.
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 (TSX: “ABX”; NYSE: “GOLD”). 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 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 have commenced 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 Belt 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. 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).
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 (which includes the Adumbi
deposit) 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 the Company at the Adumbi Project,
drilling by Barrick under the joint venture agreement with the
Company, potential gold discoveries, mineral resource estimates,
potential mineral resource increases, drill targets, preparation of
a Preliminary Economic Assessment, exploration results, and future
exploration and 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 programs (by both the Company
and Barrick) will be delayed, 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, uncertainties relating
to the availability and costs of financing needed in the future,
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.
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