Loncor Resources Inc. ("
Loncor" or the
"
Company") (TSX: "LN"; OTCQX: "LONCF”; FSE:
"LO51") is pleased to announce that it has entered into two new
agreements with its joint venture partner Barrick Gold (DRC)
Limited which further strengthen the Loncor and Barrick joint
venture relationship in the Ngayu gold belt in the northeast of the
Democratic Republic of the Congo (“
DRC”). The
ground covered by these agreements includes a number of priority,
exploration targets already outlined by Barrick, two of which are
ready for initial scout, core drilling. Total acreage under the
various Barrick/Loncor joint ventures in Ngayu now totals
approximately 2,000 square kilometres.
In the first new agreement, three exploration
properties in the Ngayu gold belt previously held by Barrick
outside of its joint ventures with Loncor, have now been added to
an existing Loncor/Barrick joint venture agreement (the
“Amended Barrick JV”). These three Barrick
properties are located northwest of Loncor’s 100%-owned Makapela
project where indicated mineral resources of 614,200 ounces (2.2
million tonnes grading 8.66 g/t Au) and 549,600 ounces (3.22
million tonnes grading 5.30 g/t Au) of inferrred mineral resources
have already been outlined by Loncor. Two significant targets have
been delineated by Barrick at Mongaliema (7 kilometres northwest of
Makapela) and Ntokayulu (3 kilometres northwest of Makapela). At
Mongaliema, trenching and augering is continuing along a west
northwest trending shear zone with trench results including 37.3
metres grading 1.48 grammes per tonne of gold.
In the second new agreement (the
“New Isiro JV”),
Loncor and Barrick have replaced the existing joint venture
agreement between Barrick and Loncor relating to the Isiro
properties in the Ngayu gold belt, to focus on the three most
prospective Isiro properties. These three Isiro properties include
two of the drill targets identified by Barrick, Yambenda and Yasua,
and which Barrick plans to drill as part of its ongoing drill
campaign on priority targets in the Ngayu gold belt. At Yambenda, a
9.5 kilometre long banded ironstone ridge has a number of gold in
soil anomalies.
In addition to the above agreements, a new drill
target has been outlined by Barrick on one of the properties which
is part of the Barrick/Loncor joint venture entered into in June of
this year (reference is made to Loncor’s press release dated June
24, 2020). At the Mokepa target, scout core drilling is due to
commence shortly on a +250ppb gold-in-soil anomaly extending over
1,600 metres and where encouraging trench results of 110 metres
grading 0.5 grammes per tonne gold and 32 metres grading 0.99
grammes per tonne gold have been outlined. At Mokepa, the
mineralized system consists of banded ironstones in mafic volcanics
sandwiched between conglomerate and carbonaceous shale. 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.
Arnold Kondrat, CEO of Loncor, commented: “We
are very encouraged with Barrick’s decision to further enhance the
exploration potential of our joint ventures, especially when they
have already delineated a number of high potential drill targets
such as Yambenda and Mokepa. Barrick’s scout drilling program
continues on other parts of our joint venture ground and we expect
to announce preliminary drill results from other targets
shortly.”
The terms of the Amended Barrick JV and the New
Isiro JV are substantially the same. Under both JV agreements,
Barrick manages and funds all exploration of the joint venture
ground 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 area. Subject to the DRC’s free carried interest
requirements, Barrick would retain 65% of the SPV with Loncor
holding the balance of 35%. Loncor would be required to fund its
pro-rata share of the SPV in order to maintain its 35% interest or
be diluted.
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 approximately 2,000 km2 of Loncor
ground in the Ngayu Greenstone Belt that they are exploring. As per
the joint venture agreements entered between Loncor and Barrick,
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 joint ventures,
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 any of the joint ventures 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.
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 and other exploration under the joint venture agreements
with Barrick, drill results, potential gold discoveries, mineral
resource estimates, potential mineral resource increases, 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.
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