Loncor Resources Inc. ("
Loncor" or the
"
Company") (TSX: "LN"; OTCQX: "LONCF”; FSE:
"LO51") is pleased to announce that drilling has now commenced on
its 84.68% owned Imbo Project in the eastern part of the Ngayu
greenstone belt in the Democratic Republic of the Congo. The
objective of the drilling program is to outline additional mineral
resources to the current 2.5 million ounces at the Adumbi, Kitenge
and Manzako deposits (inferred mineral resources of 30.65 million
tonnes grading 2.54 g/t Au).
Core drilling will be undertaken with the
objective to increase mineral resources at the 2.19 million ounce
Adumbi deposit (inferred resources of 28.97 million tonnes grading
2.35 g/t Au, equivalent to 2.19 million ounces of gold within a
US$1,500/ounce pit shell). The initial holes will target
mineralized zones within the open pit shell where closer spaced
holes are required to outline additional resources. Drilling will
then focus on outlining additional resources below the pit shell
where the gold mineralization remains open at depth over a strike
length of over 600 metres.
Commenting on the commencement of drilling,
Loncor’s CEO Arnold Kondrat said: “Through this focussed drill
program we are targeting a significant increase of resources at the
Adumbi deposit, both within and below the open pit. If we achieve
our expectations, the next step will be a Preliminary Economic
Assessment to illustrate the positive economic potential that we
believe is contained within Adumbi and the neighbouring
deposits.”
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.
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 84.68% of this resource being attributable to Loncor via its
84.68% 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.
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 on the Company’s properties, potential gold discoveries,
mineral resource estimates, potential mineral resource increases, a
potential Preliminary Economic Assessment, the economic potential
of the Adumbi deposit and neighbouring deposits, drill targets,
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 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.
Loncor Gold (TSX:LN)
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