AGORACOM Small-cap Investor Relations Blog

• The Imbo inferred mineral resource increased by 49% to 2.5 million ounces (30.65 million tonnes grading 2.54 g/t Au). 76.29% of this gold resource is attributable to Loncor via its 76.29% interest in the Imbo Project.
• 76.29% of this gold resource is attributable to Loncor via its 76.29% interest in the Imbo Project.
• A planned drill program will look to add to the Adumbi resource over the next twelve months.

TORONTO, June 10, 2020 (GLOBE NEWSWIRE) — Loncor Resources Inc. (“Loncor” or the “Company“) (TSX: “LN”; OTCQB: “LONCF”) announces that it has filed on SEDAR an independent National Instrument 43-101 technical report (the “Technical Report”) relating to the Company’s Imbo Project, in particular, the updated gold mineral resource estimates for the Imbo Project reported in the Company’s April 17, 2020 press release.  The Technical Report, which was prepared by Minecon Resources and Services Limited, has an effective date of April 17, 2020 and is entitled “Independent National Instrument 43-101 Technical Report on the Imbo Project, Ituri Province, Democratic Republic of the Congo”.

Highlights from April 17, 2020 press release confirmed in Technical Report:

• The Imbo Project inferred mineral resource increased by 49% to 2.5 million ounces of gold (30.65 million tonnes grading 2.54 g/t Au).  76.29% of this gold resource is attributable to Loncor via its 76.29% interest in the Imbo Project. 
• Within the Imbo Project, the Adumbi deposit inferred mineral resource increased by 61% to 2.19 million ounces of gold (28.97 million tonnes grading 2.35 g/t Au) (the Adumbi deposit is one of the three deposits at Imbo currently with a resource). 
• A planned drill program will look to add to the Adumbi resource over the next twelve months.

The Imbo mineral resources are in addition to Loncor’s resources at its Makapela Project (which is 100%-owned by Loncor) where there is 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). 

Arnold Kondrat, CEO of Loncor, stated: “This filing of the 43-101 represents the culmination of many years of persistence by the Loncor team in the Ngayu greenstone belt.  We believe this region is one of the few remaining areas around the world where Tier 1 gold deposits can still be discovered, built and mined profitably as shown by Barrick Gold at the Kibali mine.  Over the next 12 months, Loncor will look to drive forward with a drill program at the Adumbi deposit, with the aim of significantly increasing the current resource, while simultaneously awaiting with interest news on the imminent drilling program at the drill targets defined by our Joint Venture partner Barrick Gold.”

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 Person
Peter 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 Reports
Additional 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. 

Tags: #19$Gold, #Assay, #Barrick, #Congo, #Discovery, #DRC, #Drilling, #leadership, #Loncor, #NewmontGold, #Ngayu