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American Creek $AMK.ca Provides Update and Information on Annual General & Special Shareholder Meeting $TUD.ca $SII.ca $GTT.ca $AFF.ca $SEA.ca $SA $PVG.ca $AOT.ca $ESK.ca

Posted by AGORACOM-Eric at 10:10 AM on Friday, November 27th, 2020

Cardston, Alberta–(Newsfile Corp. – November 27, 2020) – American Creek Resources Ltd. (TSXV: AMK) (the “Company” or “American Creek”) – announces that with respect to its annual general and special meeting (the “Meeting“) of shareholders (“Shareholders“) scheduled to take place on Thursday, December 3, 2020 in Vancouver, British Columbia, the Company is encouraging Shareholders and proxyholders not to attend the Meeting in person, particularly if they are experiencing any COVID-19 symptoms.

In order to comply with the Orders of the British Columbia Provincial Health Officer currently in effect related to the COVID-19 pandemic, and in response to the additional directives of the Provincial and Federal governments and health authorities, the Meeting will not be open to the public. Access to the Meeting will be limited to essential personnel and registered Shareholders and proxyholders entitled to attend and vote at the Meeting. There will be strict limitations on the number of persons permitted entry to the Meeting in order to ensure adherence to social distancing requirements. It will also be mandatory for all persons in attendance at the Meeting to wear a face mask/covering.

In order to minimize group sizes and respect social distancing regulations, all Shareholders are urged to vote on the matters before the Meeting by proxy which can be submitted electronically, by mail, or by phone as further described in the Company’s management information circular dated October 29, 2020, by no later than 10:00 a.m. (Vancouver time) on December 1, 2020.

Given the current exceptional circumstances and the requirement to mitigate COVID-19 pandemic risks, there will be no management presentation at the Meeting, nor will there be a question and answer session with management.

As the situation regarding COVID-19 is rapidly evolving, the Company reserves the right to implement additional precautionary measures related to the Meeting if deemed appropriate.

The Company thanks its valued Shareholders and apologizes for any inconvenience caused as a result of the precautionary safety measures taken in respect of the Meeting.

About American Creek

American Creek holds a strong portfolio of gold and silver properties in British Columbia.

Two of those properties are located in the prolific “Golden Triangle”; the Treaty Creek joint venture project with Tudor (Walter Storm) as well as the 100% owned past producing Dunwell Mine.

The Company also holds the Gold Hill, Austruck-Bonanza, Ample Goldmax, Silver Side, and Glitter King properties located in other prospective areas of the province.

For further information please contact Kelvin Burton at: Phone: 403 752-4040 or Email:
[email protected]. Information relating to the Corporation is available on its website at www.americancreek.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Actual results could differ materially because of factors discussed in the Company’s management discussion and analysis filed with applicable Canadian securities regulators, which can be found under the Company’s profile on www.sedar.com. The Company does not assume any obligation to update any forward-looking statements.

Gold Miners Free Cash Flow Yield Turns Positive SPONSOR: Durango Resources $OSK.ca $BTR.ca $SII.ca $TLG.ca

Posted by AGORACOM-Eric at 12:07 PM on Tuesday, November 24th, 2020
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sponsor: Durango owns 100% interest in the Trove claims, in the Windfall Lake area between Val d’Or and Chibougamau, Quebec., which are surrounded by Osisko Mining Inc. The property is compelling due to the coincidence of gold found in tills, coinciding with magnetic highs, several Induced Polarization anomalies and two faults crosscutting the property. Durango is undergoing a final review process for the proposed 3,000m drill program in 2020. Click Here For More Info

Crescat November Research Letter:

Gold & Silver Miners Turn Over a New Leaf:

  • Top 50 largest gold and silver miners have had five straight quarters of positive free cash flow for the first time in the last three decades.
  • Gold and silver mining companies are the real beneficiaries of today’s macro environment with strong balance sheets, high growth, and still incredible undervaluation.

One of the few areas of the equity market that is meaningfully improving fundamentally is the precious metals mining industry. With gold and silver prices at their current levels, these companies are set to massively expand their margins. This is indeed a new phenomenon for the miners. After 25 years of constantly losing money and regrettably creating a long-standing reputation of being capital destroyers, this industry is becoming one of the most disciplined and profitable businesses in the global economy today. In fact, the median stock among top 50 largest gold and silver miners has had five straight quarters of positive free cash flow for the first time in the last three decades. We believe this is only the beginning. These stocks are becoming new cash flow machines with the strong support of precious metals prices moving higher. Gold and silver mining companies are the real beneficiaries of today’s macro environment with strong balance sheets, high growth, and still incredible undervaluation.

Risk Parity Exhaustion

Among all the demand drivers for gold, we view the lack of competing cheap assets being a major one. For the first time in history, junk bonds and stocks are record overvalued in tandem. We have only seen the exact opposite of this. That was in the Global Financial Crisis when US equities and corporate bonds both hit rock bottom. This time, we are on the other side of the coin. Both sides of the so-called risk parity strategy, stocks and bonds, are at extreme valuations. In a world of near zero to negative yields and frothy valuations across almost every risky asset, it will become imperative for investors to seek out undervalued assets that are true beneficiaries of the current macro environment. In our view, precious metals are poised to become the new core must-have asset for capital allocators. Gold and silver are risk-off alternatives to bonds in the portfolios of prudently minded investors in today’s market. At the same time, attractively priced, high-growth gold and silver mining companies serve to ignite the animal spirits of traders and investors looking for a risk-on alternative to overvalued, low-growth stocks at large.

source: https://www.crescat.net/crescat-november-research-letter/

VIDEO – American Creek Resources $AMK.ca Discusses Reasons For Spinout, Including Protecting Assets From Possible Acquisition $TUD.ca $SII.ca $GTT.ca $AFF.ca $SEA.ca $SA $PVG.ca $AOT.ca $ESK.ca

Posted by AGORACOM-Eric at 3:34 PM on Monday, November 23rd, 2020
American Creek Provides Update on Its First Quarter Filings

American Creek Resources (AMK:TSX-V) Treaty Creek Project has been the subject of incredible discussion in 2020, including by Eric Sprott who stated Treaty Creek may have as much as 50,000,000 ounces of gold this summer.

There isn’t a single junior exploration company that isn’t envious of Treaty Creek and the one good problem it is creating for the Company – it is overshadowing everything else in the Company.  As such, AMK recently announced the following:

“American Creek Announces Spinout of Dunwell Property and Other Properties and Assets and Sets Date for Annual General & Special Meeting”

Watch this powerful interview with CEO Darren Blaney as to the reasons for the spinout that go well beyond the obvious. 

Loncor $LN.ca Provides Exploration Update on Barrick Joint Venture $TECK.ca $RSG $NGT.to $GOLD $NEM

Posted by AGORACOM-Eric at 8:58 AM on Monday, November 23rd, 2020
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  • Barrick commenced a scout drilling program on a number of prospects in the Ngayu greenstone belt
  • Scout drilling was undertaken at the Medere, Bakpau and Anguluku prospects to better understand the structural setting for the gold mineralisation
  • Ground exploration has also outlined additional high priority drill targets at Mokepa and Mongaliema and where some of the most significant trench results since the start of the Barrick joint venture have been obtained

TORONTO, Nov. 23, 2020 (GLOBE NEWSWIRE) — Loncor Resources Inc. (“Loncor” or the “Company“) (TSX: “LN”; OTCQX: “LONCF”; FSE: “LO51”) is pleased to provide an update on its exploration activities within the Ngayu greenstone belt, where the Company has a joint venture with Barrick Gold (DRC) Limited (“Barrick”) as well as its own majority-owned projects.  

Loncor received exploration reports from joint venture partner Barrick, who are managing and funding the joint venture that covers approximately 2,000 square kilometres of the Ngayu Archean greenstone belt. As announced previously, Barrick commenced a scout drilling program on a number of prospects in the Ngayu greenstone belt as well as continuing to delineate additional priority targets for follow-up drilling. Scout drilling was undertaken at the Medere, Bakpau and Anguluku prospects to better understand the subsurface geology including the structural setting for the gold mineralisation at these targets. Ongoing ground exploration has also outlined additional high priority drill targets at Mokepa and Mongaliema and where some of the most significant trench results since the start of the Barrick joint venture have been obtained (see Figure 1 below).

The east-west trending Medere mineralized zone is located approximately 10 kilometres south of Makapela and subparallel and 250 metres in the footwall to the south of the Makasi/Itali trend. Both these trends are located along a shear corridor between basalts and carbonaceous meta sediments coincident with a 800 metre long +100ppb gold in soil anomaly. Previous drilling along the Itali mineralized trend by Loncor intersected significant gold mineralization including 38.82 metres grading 2.66 g/t Au in core hole NIDD0001 and 14.70 metres grading 1.68 g/t and 3.95 metres grading 19.50 g/t Au in core hole NIDD0004 and where the depth of complete oxidation exceeded 130 metres. Three core holes were drilled by Barrick to obtain a better understanding of the structural setting of the mineralization at Medere and its relationship to the Itali mineralized trend with the best intersection to date of 9.05 metres grading 3.75 g/t Au from 39.82 metres in core hole ITDD0003 which is located 200 metres east of the Loncor hole NIDD0001. The Itali mineralized trend remains open to the east and further drilling is warranted on this mineralized trend.

Drilling at the Bakpau and Anguluku prospects were undertaken to test various geological concepts. At Bakpau, the favourable geological setting of a mineralized shear system hosted mainly within a coarse-grained quartz-monzonite intrusion at the contact with sheared and brecciated banded ironstone was tested. Resampling of old trenches outlined wide zones of gold mineralization including 70 metres grading 0.34 g/t Au and 33 metres grading 0.53 g/t Au. Two holes have been drilled and final assay results are awaited. At Anguluku, drilling was undertaken to test a complexly folded and thrust banded ironstone sequence below a barren overlying banded ironstone unit. Drilling results indicated that this prospect did not have the potential for hosting a Tier one deposit to meet Barrick’s filters and no further drilling is planned at this prospect.

At the Yambenda/Yasua prospect in the north of the Ngayu greenstone belt, a core rig has now been mobilised to test the prominent +9 kilometre long banded ironstone ridge associated with a number of +100 ppb gold in soil anomalies. A number of core hole sections will be drilled to fully evaluate this extensive strike length.

Ongoing exploration within the Ngayu joint venture generated new priority drill targets that have the potential to attain Barrick’s Tier 1 status at Mokepa and Mongaliema.

The Mokepa target is located on the northern margin of the major domain boundary adjacent to the interpreted F2 fold hinge in a structural setting similar to Barrick’s Kibali mine. The subsequent field mapping and trenching has defined a corridor of matrix-supported rheological contrast with complex geology composed of banded ironstone formation (BIF) and basalt interbedded with fine-grained sediments mainly with moderate to strong shearing associated with an alteration assemblage of moderate to intense silica-limonite-sericite+boxworks. Encouraging trench results have been received from trenches ADTR0004 and ADTR0005, 600 metres apart with wide zones of gold mineralization of 110 metres grading 0.50 g/t Au and 32 metres grading 0.99 g/t Au. Assay results are awaited from trench ADTR0006 which is located 1.5 kilometres southwest of trench ADTR0004 and where a 80 metre wide zone of sheared, altered and fractured BIF and basalt has been excavated (see Figure 2 below). The first core hole at Mokepa has now commenced.

Mongaliema is situated approximately 7 kilometres 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 inferred mineral resources have already been outlined by Loncor. The target area is a west northwest trending shear zone hosted within altered meta sediments with cherty units near the contact of a dolerite intrusive. During the quarter, geological mapping, auger drilling, scout-pitting and trenching was undertaken with an encouraging trench/artisanal pit assay result of 37.3 metres grading 1.48 g/t Au plus several rock samples from old artisanal workings yielding gold mineralization including 14.9 g/t, 5.23g/t, 2.9g/t and 2.43g/t Au. Pitting, trenching and augering is continuing to determine the full extent of this mineralized system.

Commenting on these latest results, Loncor’s President Peter Cowley said: “We are encouraged by the exploration results received to date from the Barrick joint venture and especially the generation by Barrick geologists of additional new, high priority drill targets such as Mokepa and look forward to receiving drilling results from this and other priority targets including Yambenda/Yasua in the north of the Ngayu belt. In terms of other drilling at Ngayu, the first hole at our 84.6%-owned Adumbi deposit has now been completed and the mineralized core section has been submitted to the independent S.G.S laboratory at Mwanza, Tanzania.”

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

AGORACOM Small Cap 60: Affinity Metals $AFF.ca Starts Drilling Carscallen Extension Adjoining Melkior/Kirkland Lake Gold JV $OSK.ca $RKR.ca $MKR.ca $SII.ca $KL.ca

Posted by AGORACOM-Eric at 10:39 AM on Thursday, November 19th, 2020
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Affinity Metals discusses rational for recently acquired Carscallen Extension property. The Carscallen Extension immediately adjoins the Melkior/Kirkland Lake Gold JV Carscallen Project located approximately 6 km west of Pan American Silver’s West Timmins Mine and approximately 25 KM West of Timmins. The company has recently announced the commencement of drilling on trend with the projected extension of the Shenkman-ZamZam gold system which has been the focus of the Melkior/Kirkland Lake Gold JV.

Durango $DGO.ca Provides Update on Windfall Lake Drill Campaign $OSK.ca $BTR.ca $SII.ca $TLG.ca

Posted by AGORACOM-Eric at 9:32 AM on Thursday, November 19th, 2020

Durango Resources Inc.(TSXV:DGO) (Frankfurt-86A1) (OTC:ATOXF), (the “Company” or “Durango“) is pleased to provide an update on the exploration program on its wholly owned Trove Property and East Barry Property at Windfall Lake, Quebec.

Trove Property

To date, 1,047m have been drilled in six holes on the Trove Property at an average depth of 174m. The objective of the drill campaign is to test IP anomalies derived from previous exploration work on the Trove Property. The Company is satisfied that the induced polarization (“IP“) target zones have been intersected as planned on the first six holes. Further, approximately 1,000 samples are pending assays at the labs. The samples were submitted to the labs in batches as they were collected, and are expected to be completed soon.

Unseasonably wet and warm weather in the Windfall area has proved challenging for moving the drill between holes at Trove. The weather provided the exploration team an opportunity to take a short break which also helped to reduce the back log with the labs (currently up to 45 day turn around) before the scheduled resumption of drilling expected on Monday, November 23, 2020. Another six high priority holes are planned on the Trove Property to test coincident geophysical and geochemical anomalies beginning on Monday.

East Barry Property

Durango has recently submitted drill permit applications for the East Barry claim block to test a high priority target coincident with high till anomalies of up to 2.19 g/t gold and pristine gold grains in till trend. As soon as the weather conditions are favourable for access, a drill will be commissioned to East Barry to test a geophysical anomaly which aligns with an artificial intelligence (“AI“) target.

Marcy Kiesman, CEO of Durango, stated, “While the warm weather was helpful for Durango’s exploration crew expanding the ground exploration program onto the East Barry Property this past month, it has created challenges for drilling on the Trove Property. Our team has been successful working on three of the four IP grids and drilling six of the high priority holes as planned on the Trove Property thus far. Our team was also effective in completing surface work on the East Barry Property which provided a compelling case for test drilling in an area with a known AI target. We look forward to continued drilling into the winter months and releasing the assay results as they become available.”

The technical contents of this press release were approved by George Yordanov, professional geologist, an Independent Qualified Person as defined by National Instrument 43-101. The Trove Property has not yet been subject to an NI-43-101 report.

Trove Property, Quebec

Durango owns 100% interest in the Trove claims, which are surrounded by Osisko Mining Inc. (TSX-OSK), in the Windfall Lake area between Val d’Or and Chibougamau, Quebec. The 1,185 hectare property is compelling due to the coincidence of gold found in tills coinciding with magnetic highs, several Induced Polarization anomalies and two faults crosscutting the property. The fault systems north and south of the Trove, control gold mineralization elsewhere, indicating the Trove has excellent exploration potential. Durango received all the final drill permits for the Trove property in September 2019 and is currently undertaking its inaugural drill program.

East Barry Property, Quebec

Durango owns 100% interest in the East Barry claims which run parallel to Trove claims. The East Barry block is over 7,740 hectares in size and borders the eastern perimeter of Osisko’s holdings and the southern perimeter of Bonterra’s holdings and is less than 4km south of the Gladiator deposit. The East Barry claims host a gold trend which covers approximately 10km in length and is subparallel to the main Barry Fault held by Osisko Mining. In 2018, a till sampling program was conducted by Durango and one of the till samples returned forty-two (42) pristine gold grains with reported gold values of 2.184 g/t Au. A high count of pristine gold grains indicates that the gold has travelled a very short distance from its source. The East Barry block underwent an Induced Polarization (“IP“) survey in 2018 which identified a high priority target coincident with the high count of pristine gold grains.

About Durango

Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company is positioned for discovery with a 100% interest in a strategically located group of properties in the Windfall Lake gold camp in the Abitibi region of Quebec, Canada.

For further information on Durango, please refer to its SEDAR profile at www.sedar.com.

Marcy Kiesman, CEO

Telephone: 604.428.2900 or 604.339.2243

Email: [email protected]

Website: www.durangoresourcesinc.com

Affinity Metals $AFF.ca Commences Initial Drill Program on Carscallen Extension Property $TUD.ca $GTT.ca $AMK.ca $OSK.ca $RKR.ca $MKR.ca $SII.ca $KL.ca

Posted by AGORACOM-Eric at 8:50 AM on Thursday, November 19th, 2020
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Vancouver, British Columbia–(Newsfile Corp. – November 19, 2020) – Affinity Metals Corp. (TSXV: AFF) (FSE: 34IA) (“the Corporation”) (“Affinity”) is pleased to announce that it has started its first drill program on the recently acquired Carscallen Extension property. The Carscallen Extension immediately adjoins the Melkior/Kirkland Lake Gold JV Carscallen Project located approximately 6 km west of Pan American Silver’s West Timmins Mine and approximately 25 KM West of Timmins, Ontario.

Affinity’s planned drilling is on trend with the projected extension of the Shenkman-ZamZam gold system which has been the focus of the Melkior/Kirkland Lake Gold JV. Melkior has reported that the Shenkman-ZamZam zone extends for 800 meters and is open to both the northwest and southeast, as well as at depth. High grade intercepts reported by Melkior on the Carscallen include 23.5 g/t Au over 8.0 meters (Melkior news release 28/11/2019) and 25.7 g/t Au over 6.0 meters (Melkior news release 7/5/2020).

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Rob Edwards, CEO of Affinity Metals, remarks, “We are very excited to commence our initial drill program on our Carscallen Extension property as we are located on trend and within a kilometer of work being conducted by Kirkland Lake. We have some very promising targets that have been identified by our geophysics. It will be an eventful winter season here at Affinity, as we await assays from our Regal Property and focus on the initial drill program on the Carscallen Extension. We are very optimistic about the value that will be created by our work on these properties this year.”

About Affinity Metals

Affinity is focused on the acquisition, exploration and development of strategic metal deposits within North America. Affinity is following a hybrid approach of combining the advancement of strategic assets along with following a Project Generator model.

Affinity recently completed a drill program on the Regal Project located near Revelstoke, British Columbia and is now awaiting assay results from that work.

The Corporation recently acquired the Carscallen Extension property located immediately adjacent to the Melkior-Kirkland Lake Carscallen project in Ontario as well as the Windfall North property, located adjacent to Osisko’s Windfall project in Quebec. Affinity also holds four additional properties located in Ontario and one additional property located in British Columbia.

On behalf of the Board of Directors

Robert Edwards, CEO and Director of Affinity Metals Corp.

The Company can be contacted at: [email protected]

Information relating to the Company is available at: www.affinity-metals.com

AGORACOM Small Cap 60: Durango Resources (DGO:TSXV) Drilling The Trove Property in Windfall Lake Adjoining Osisko $OSK.ca $BTR.ca $SII.ca $TLG.ca

Posted by AGORACOM-Eric at 9:53 AM on Wednesday, November 18th, 2020
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Highlights:

  • Maiden Drill program underway at Trove
  • Located in Windfall Lake gold District
    • Surrounded by Osisko
  • 100% interest in the Trove and East Barry claims
  • Currently the most active gold exploration camp in Canada
    • 21 drill rigs onsite at Windfall in 2020
  • 40% Inside Ownership
    • Marcy Kiesman, President & CEO owns 16%
  • Positioned for Discovery

Loncor $LN.ca and Barrick $ABX.ca Further Strengthen Joint Venture Relationship in DRC $TECK.ca $RSG $NGT.to $GOLD $NEM

Posted by AGORACOM-JC at 8:46 AM on Wednesday, November 11th, 2020
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  • 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.

TORONTO, Nov. 11, 2020 — 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 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 (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. Investors
The 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 Information
This 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 resultspotential 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.

Labrador Gold $LAB.ca Announces Discovery of Visible Gold in Quartz Vein at Kingsway $RIO.ca $WHM.ca $SIC.ca $NXS.ca $NVO.ca $CFE.ca $NFG.ca $SII.ca

Posted by AGORACOM-Eric at 10:51 AM on Monday, November 9th, 2020

Highlights

  • Two occurrences of visible gold found in quartz vein separated by 15 metres
  • The northeast trending quartz veining has been traced over 550m
  • Textures of quartz veining are typical of epizonal style gold deposits

TORONTO, Nov. 09, 2020 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce the discovery of visible gold in quartz vein at its Kingsway Project near Gander Newfoundland. The Kingsway project is located within the highly prospective Gander Gold District to the northeast of New Found Gold Corp’s gold discovery announced earlier this year.

Two occurrences of visible gold in quartz vein were found, the first in outcrop and the second in subcrop, separated by approximately 15 metres. The quartz vein occurs in an underexplored area of the Kingsway Property where recent mapping and prospecting has uncovered a corridor of northeast-trending quartz veining hosted primarily in green-grey to black shale that extends over a strike length of at least 550 metres. While nine-metre-wide blow-outs of the quartz vein are seen sporadically along this corridor, contacts between the vein and host rock have not yet been adequately exposed to determine the true thickness of the vein over its length.

Veining is typically bright white, massive to vuggy, locally stylolitic with carbonate and sericite alteration. Vugs often contain euhedral quartz infilling. Prospecting has revealed that quartz veins along this corridor locally contain pyrite, chalcopyrite, and arsenopyrite. Fine grained visible gold has been observed in annealed quartz and vuggy gray quartz in the two occurrences. These features are characteristic of epizonal gold deposits similar to those identified on New Found Gold’s Queensway property to the south. Detailed sampling and mapping of this veining is ongoing. Samples collected to date will be delivered to Eastern Analytical laboratory today and results will be reported when available. Historical assessment reports do not note this quartz vein occurrence.

A photo accompanying this announcement

https://ml.globenewswire.com/Resource/Download/ba3d6e43-af8f-425a-87a0-72b4675aef69?size=3

“We are very excited to announce the first visible gold found in the area covered by the Kingsway Property. This significant discovery is a result of the thorough work of LabGold geologists and prospectors, said Roger Moss, President and CEO of Labrador Gold. “The similarities to the gold mineralization at New Found Gold’s Keats Zone to the south are striking and gives credence to the district scale potential of the gold mineralization. We intend to aggressively follow up these occurrences with further detailed sampling and mapping, RAB drilling and, in the new year, diamond drilling.”

Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.

The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.

About Labrador Gold
Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.

In early March 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The property is along strike to the northeast of New Found Gold’s discovery of 92.86 g/t Au over 19.0 metres on their Queensway property. (Note that mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property). In early July 2020, the Company signed an option agreement to acquire a third license to add to the property package which now covers approximately 77 km2. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water.

The Hopedale gold property covers much of the Florence Lake greenstone belt that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Initial work by Labrador Gold has identified a 3 kilometre mineralized section of the northern portion of the belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold.

The Ashuanipi gold project is located just 35 km from the historical iron ore mining community of Schefferville, which is linked by rail to the port of Sept Iles, Quebec in the south. The claim blocks cover large lake sediment gold anomalies that, with the exception of local prospecting, have not seen a systematic modern day exploration program. Results of the exploration to date show gold anomalies in soils and lake sediments over a 15 kilometre long by 2 to 6 kilometre wide north-south trend and over a 14 kilometre long by 2 to 4 kilometre wide east-west trend.

The Company has 101,674,175 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.

For more information please contact:             

Roger Moss, President and CEO      Tel: 416-704-8291

Or visit our website at: www.labradorgold.com 

Twitter: @LabGoldCorp