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Barrick Says Kibali May Hit Upper End of 2020 Guidance SPONSOR: Loncor Resources $LN.ca $ABX.ca $TECK.ca $RSG $NGT.to $GOLD $NEM

Posted by AGORACOM-Eric at 3:50 PM on Thursday, October 22nd, 2020
This image has an empty alt attribute; its file name is Loncor-Small-Square.png

Sponsor: Loncor, a Canadian gold explorer controlling over 3.6 million high grade ounces outside of a Barrick JV. The Ngayu JV property is 200km southwest of the Kibali gold mine, operated by Barrick, which produced 814,000 ounces of gold in 2019. Barrick manages and funds exploration at the Ngayu project until the completion of a pre-feasibility study on any gold discovery meeting their Tier One investment criteria. Newmont $NGT $NEM owns 7.8%, Resolute $RSG owns 27% Management owns 29% Click Here for More Info

  • PIONEERING KIBALI CONTINUES TO POINT THE WAY

Barrick Gold Corp.’s Kibali mine is on track to deliver at the upper end of its 2020 guidance.

Kibali was the first underground gold mine in the Democratic Republic of the Congo (DRC) and one of the largest in the world. It is a global leader in automation and continues to improve efficiency and productivity through ongoing technological innovation. In the third quarter it set a new ore delivery record from underground, exceeding nameplate for the first time since the shaft was commissioned in 2018.

“Automation is often associated with reduced employment but we use it as an opportunity to further upskill our workers and to reduce our need for expatriate specialists. It is worth noting that Kibali — one of Barrick’s elite corps of Tier 1 mines — is led by a predominantly Congolese management team in line with our policy of employing and advancing host country nationals,” Mark Bristow, president and chief executive officer.

A Tier 1 mine is one capable of producing at least 500,000 ounces of gold annually for at least 10 years at the lower end of the industry’s cost profile. Mr. Bristow said brownfields exploration was extending Kibali’s life by replacing reserves depleted by mining. Barrick’s exploration teams are also hunting for the next Kibali elsewhere in the DRC.

During the past quarter, battery technology was successfully integrated into the Kibali power grid to augment the mine’s three hydropower stations and offset the cyclical load of the winder. In line with Barrick’s global move to cleaner energy sources, the new technology will further reduce the mine’s carbon footprint and use of thermal power.

Following a meeting with President Felix Tshisekedi today, Mr. Bristow said they had agreed that Kibali had brought a thriving local economy to what was previously one of the most deprived regions in the DRC.

“The continuing paved extension to the Durba road will provide construction work for local contractors for the next three years. Community support continues to be reinforced through other initiatives such as the Renzi agribusiness project and the planned palm oil project. We also remain committed to transferring skills to the community, and the upgrading of the Kokiza Training Centre for engineers is scheduled to start later this year,” he said.

Additionally, utility buildings initially built as isolation wards during the Ebola outbreak and subsequently used as a quarantine centre for COVID-19 cases, will now be transitioned to a tropical disease centre to serve local communities.

Loncor $LN.ca Commences Drilling on its Key 2.5 Million Ounce Imbo Project $ABX.ca $TECK.ca $RSG $NGT.to $GOLD $NEM

Posted by AGORACOM-Eric at 10:33 AM on Wednesday, October 21st, 2020
  • Drill program is to outline additional mineral resources to the current 2.5 million ounces at the Adumbi, Kitenge and Manzako deposits

TORONTO, Oct. 21, 2020 (GLOBE NEWSWIRE) — 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 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.

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.

Barrick Begins Drilling on Loncor $LN.ca Joint Venture Ground in DRC $LN.ca $ABX.ca $TECK.ca $RSG $NGT.to $GOLD $NEM

Posted by AGORACOM-Eric at 8:41 AM on Monday, June 22nd, 2020
  • Barrick Gold commenced drilling on several high priority gold targets
  • Since entering the JV agreement with Loncor in January 2016, Barrick has conducted various exploratory programs to define drill targets that offer the early potential of attaining “Tier 1” status.
  • “Tier 1” deposits target a minimum of 5 million ounces

TORONTO, June 22, 2020 (GLOBE NEWSWIRE) — Loncor Resources Inc. (“Loncor” or the “Company“) (TSX: “LN”; OTCQB: “LONCF”) announces that Barrick Gold (Congo) SARL has commenced its core drilling program on several priority gold targets within the Ngayu greenstone belt in the northeast of the Democratic Republic of the Congo (“DRC”). The beginning of the drilling campaign signals a significant step in the sequence of events necessary to assess numerous areas of potential. Since entering the JV agreement with Loncor in January 2016, Barrick has conducted various exploratory programs to define drill targets, targets that offer the early potential of attaining “Tier 1” status.

Commenting on the start of drilling at Ngayu, Loncor’s CEO Arnold Kondrat said: “Barrick continues to illustrate the progress that can be made in the DRC. Having built the successful Kibali gold mine approximately 220 kms away, Barrick has now embarked on its drilling program at Ngayu, an area that we believe holds the potential for further significant gold discoveries similar to our own Adumbi deposit.”

The drilling on the Anguluku prospect is targeting a folded and thrust sequence of mineralised banded ironstone formation (“BIF”). Further drilling is planned to be undertaken by Barrick at the other priority targets of Medere, Makasi, Lybie, Salisa and Bakpau NE in the Imva area in the west of the Ngayu belt (see Figure 1 below)

Loncor Continues to Explore – Imbo Exploitation Permit (Loncor 76.29%)

Outside of the Barrick joint venture, exploration activities by Loncor continued on Loncor’s Imbo Project in the east of the Ngayu belt. The Imbo Project contains 2.5 million ounces of inferred mineral resource (30.65 million tonnes grading 2.54 g/t Au), which includes the 2.19 million ounce inferred mineral resource of the Adumbi deposit (28.97 million tonnes grading 2.35 g/t), with 76.29% of this resource being attributable to Loncor via its 76.29% interest in the Imbo Project. Fieldwork by Loncor geologists have been focusing on the Imbo East prospect 12 kilometres southwest of the Adumbi deposit, along the same mineralised structural trend. Gridding, soil and rock sampling are being undertaken over a strike length of 3.6 kilometres at Imbo East.

In addition, two new targets have been generated. Both these target areas were identified from the compilation and interpretation of previous, historical exploration data including soil geochemistry, rock chip and channel sampling. At Mambo Bado, 1.5 kilometres northwest of the Adumbi deposit, a prominent geochemical gold in soil anomaly is located on an extensional, E-W structural jog along the 14-kilometre northwest trending mineralised shear zone within the Imbo permit area. No drilling has been undertaken previously on this promising target. Two kilometres south of the Adumbi deposit, at Lisala, altered and brecciated BIF with anomalous rock sampling requires further follow up with gridding, soil sampling and additional channel sampling.

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 (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 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. The 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.

Loncor Files NI 43-101 Technical Report on Imbo Project, Confirming Inferred Mineral Resource Increase to 2.5 Million Ounces $LN.ca $ABX.ca $TECK.ca $RSG $NGT.to $GOLD $NEM

Posted by AGORACOM-Eric at 10:07 AM on Thursday, June 11th, 2020
  • 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. 

Lack of New Major Gold Deposits: Discovery Numbers Dive in the Last Decade SPONSOR: Loncor Resources $LN.ca $ABX.ca $TECK.ca $RSG $NGT.to $GOLD $NEM

Posted by AGORACOM-Eric at 12:13 PM on Friday, May 15th, 2020

Sponsor: Loncor, a Canadian gold explorer controlling over 3.6 million high grade ounces outside of a Barrick JV. The Ngayu JV property is 200km southwest of the Kibali gold mine, operated by Barrick, which produced 814,000 ounces of gold in 2019. Barrick manages and funds exploration at the Ngayu project until the completion of a pre-feasibility study on any gold discovery meeting their Tier One investment criteria. Newmont $NGT $NEM owns 7.8%, Resolute $RSG owns 27% Management owns 29% Click Here for More Info

This image has an empty alt attribute; its file name is Loncor-Small-Square.png

New major gold discoveries have been on a decline this past decade, according to a report by S&P Global Market Intelligence.

During the past three years there were no major new gold discoveries, the report said. And during the past decade, there were only 25 new major discoveries.

Dwindling numbers are due to miners focusing on exploration around older mines, S&P Global said.

“The lack of new discoveries is the result of exploration focusing on older discoveries and later-stage assets,” wrote S&P Global principal research analyst Kevin Murphy. “While there are still plenty of gold assets to be developed, the lack of new major deposits being discovered means that the project pipeline is increasingly short of large, high-quality assets needed to replace ageing major gold mines.”

The 25 major deposits discovered in the last decade represent 154.3 million ounces or only 7% of all gold discovered since 1990. According to the S&P Global data, there were 278 major new gold deposits found between 1990-2019, totaling 2.19 billion ounces of gold reserves.

A major factor responsible for the drastic decline in the last ten years is the budget dedicated to new discoveries, Murphy pointed out. Instead of looking for new discoveries, explorers were zeroing in on known deposits around operating mines.

“The total for the past decade might only rise to about 266 million ounces once subsequent exploration efforts are completed,” Murphy noted. 

On top of lower budgets for new explorations, the COVID-19 outbreak is likely to negatively contribute to the lower discoveries rate going forward. 

“We do not expect the trend to reverse in the near term,” Murphy stated. “We expect quite the opposite in 2020 as COVID-19 impacts exploration plans by companies of all sizes.”

The junior miners’ exploration programs are likely to be affected the most by the coronavirus. “The largest impact will be reductions due to lockdowns or companies exercising caution with their personnel. We expect gold budgets to decline about 20% in 2020,” Murphy said. 

And this is not just in the gold sector with Murphy estimating total mining exploration spending to fall in 2020.

“Producers will not be spared, as they face lower metals prices and country-wide closures in areas in which they operate, sending their budgets an estimated 23% lower. As a result, we now expect global exploration budgets to fall 29% in 2020 to a total of US$6.9 billion,” Murphy said in another report published in April.

SOURCE:https://www.kitco.com/news/2020-05-14/-Lack-of-new-major-gold-deposits-Discovery-numbers-dive-in-the-last-decade-S-P-Global-Market-Intelligence.html

Barrick Rigs to Commence Drilling This Quarter on Several Priority Targets in the Ngayu Greenstone Belt, D.R. Congo $ABX.ca $TECK.ca $RSG $NGT.to $GOLD $NEM

Posted by AGORACOM-Eric at 9:34 AM on Thursday, May 14th, 2020
This image has an empty alt attribute; its file name is Loncor-Small-Square.png

TORONTO, May 14, 2020 (GLOBE NEWSWIRE) — Loncor Resources Inc. (“Loncor” or the “Company“) (TSX: “LN”; OTCQB: “LONCF”) is pleased to provide an update on its activities within the Ngayu Greenstone Belt, where the Company has a dominant foot-print through its joint venture with Barrick Gold (Congo) SARL (“Barrick”) and on its own majority-owned exploration licences and exploitation concessions, including the Imbo exploitation concession (76.29%) that contains the Adumbi deposit and its wholly-owned exploration licence containing the Makapela deposit

Barrick Joint Venture

Loncor recently received the quarterly exploration report from joint venture partner Barrick for the first quarter of 2020. As announced in February 2020, joint venture partner and operator Barrick had identified a number of priority drill targets within the 1,894 square kilometre joint venture land package at Ngayu and drilling was due to commence in March. Some delays were encountered at the border due to additional permitting requirements resulting from the COVID-19 situation but the two drill rigs are now at the Kibali mine site and are planned to be mobilised to Ngayu in the second quarter.

The first drill target is expected to be at Anguluku where an initial six core holes are planned. Depending on results, additional holes will be drilled at Anguluku or the drills will be moved to Salisa/Lybie where an initial twelve holes are planned. Other targets to be drilled include Yambenda/Yasua (see Figures 1 and 2 below).

A large component of Barrick’s Q1 2020 exploration program was focused on reconnaissance follow up. The goal of these reconnaissance studies was to delineate new targets for prioritisation and assess existing targets to advance them to the drilling stage or remove them from the resource triangle. At the time of reporting, of the eleven Areas of Interest identified during the last quarter, eight had been evaluated for potential of hosting tier 1 deposits. Two of the eight assessed did not pass the preliminary indicators to host tier 1 deposits.  This quarter’s further assessment was completed on the Andagbowa, Zunguluka, Makapela West and Imva South blocks. At Andagbowa, two new targets were delineated for follow up work.

Andagbowa is located to the northeast corner of the Ngayu concession and about 32 kilometres northeast of the Mambati base camp. It is characterised by complex lithological and structural settings, which includes the presence of folded and fractured banded ironstone formation (“BIF”) and the hinge of a belt scale fold. Previous work has shown localized low grade BLEG anomaly basins, intense alluvial artisanal activities and a lack of quartz pebbles in the streams which could suggest potential for disseminated style gold mineralization.

Exploration fieldwork completed during the quarter at Andagbowa aimed at gaining geological characteristics of the area in order to evaluate its potential and perspectivity for future detailed work. The fieldwork undertaken included preliminary exploration study combining geological, structure and alteration mapping and sampling for gold analysis. Structural data confirmed the interpreted open folding system with NNW fold axis occurring within the area close to the Makapela Intrusive. The identified NE-SW, E-W and NW-SE moderate to steeply dipping mineralized sheared zones are aligned along the regional fold and parallel to the interpreted domain boundary subsidiary fault which could play a part in controlling the distribution of gold mineralization, either hosting mineralization or by acting as conduit for hydrothermal fluids.

The preliminary exploration work at Andagbowa area revealed two potential prospects for future work; namely Bon Marche and Tozali.  The two prospects are characterized by sheared and brecciated rocks including BIF containing either stockworks of quartz veinelts or sheeted stringers of silica associated with pervasive sericite and weak disseminated fine to coarse sulphides.

Bon Marché prospect is located about 5 kilometres east of Bole Bole village; the area occurs structurally in the interpreted regional hinge and is characterized by:

  • NE and ENE trending mineralized shear zones (up to 12 metres wide) containing sheeted quartz stringers and veinlets associated with pervasive sericite hosted by metasediment rock. Each of the two shear zones is mined along 100 metre length by artisanal miners.  Assay results of up to 2 metres @ 1.07g/t Au was intercepted from channel sampling.
  • 2.5 kilometres folded and fractured BIF with weak disseminated sulphide and pervasive silica with 0.83 g/t Au from litho samples.
  • The potential hinge at Bon Marche is located 1.5 kilometres north of soil anomalies localized almost within the same hinge zone. 

While the Tozali prospect is located 6 kilometres south-east of Bon Marché and shows:

  • 1.5 kilometre potential NW trending brecciated BIF containing disseminated boxworks and stockworks of quartz-carbonate stringers. Received results revealed anomalised values up to 0.76g/t Au.

At the beginning of the quarter, LIDAR (Light Detection and Ranging remote sensing) surveys were also conducted on four exploration blocks in the joint venture. The benefits of LIDAR data compared to traditional aerial-photo-based interpretation are in more detailed identification of possible surface deposits, mapping lithology, structures and more precise edging of the geomorphologies, which could hold large scale deposits. This method also reflects more accurately the true ground surface in areas of dense vegetation. The results of the LiDAR surveys are being collated with other existing geological and geophysical layers to further generate and prioritise more targets.

Imbo Exploitation Permit (Loncor 76.29%)

Outside of the Barrick joint venture, exploration activities have continued on Loncor’s Imbo exploitation concession (76.29%) in the east of the Ngayu belt. Fieldwork by Loncor geologists have focused on the Imbo East prospect 12 kilometres west-southwest of Adumbi along the same mineralised structural trend. Gridding, soil and rock sampling are being undertaken over a strike length of 3.6 kilometres. Additional follow up will be dependent on assay results which are pending.

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. 

About Loncor Resources Inc.
Loncor is a Canadian gold exploration company focussed on the Ngayu Greenstone Belt in 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 200 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.

For further information, please visit our website at www.loncor.com, or contact: Arnold Kondrat, CEO, Toronto, Ontario, Tel: + 1 (416) 366 7300.

Figure 1 Ngayu Belt.  Developing Prospectivity, Work Programs and Drill Targets for 2020

https://www.globenewswire.com/NewsRoom/AttachmentNg/572d4a28-b6e1-48d5-91bc-a419b7da1825

(From Barrick Q1 2020 joint venture report)

Figure 2 Geology of Lybie-Salisa with proposed drill holes

https://www.globenewswire.com/NewsRoom/AttachmentNg/3c3bbe85-9561-43ab-811b-8ad43e2b6e9d

(From Barrick Q1 2020 joint venture report)

Figure 1
Ngayu Belt. Developing Prospectivity, Work Programs and Drill Targets for 2020 (From Barrick Q1 2020 joint venture report)
Figure 2
Geology of Lybie-Salisa with proposed drill holes (From Barrick Q1 2020 joint venture report)

INTERVIEW: Loncor Resources $LN.ca Is The Small Cap With 2 Mega Producers Behind It $ABX.ca $TECK.ca $RSG $NGT.to $GOLD $NEM

Posted by AGORACOM-JC at 8:43 PM on Sunday, May 10th, 2020
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Loncor Resources ( LN:TSX ) is the preeminent gold exploration company to own. Armed with a Barrick JV on their 200km NGAYU Greenstone property anticipates a maiden drill program on multiple targets in 2020. Loncor controls 3.6 million ounces of high grade gold outside of this relationship.

If the JV and Ounces aren’t enough to grab your attention, then look at ownership; African Majors own impressive pieces of Loncor:

Resolute Mining owns 27% and has a 30% ROFR on any Loncor financing, 

Newmont Goldcorp Corporation owns 7.8% of Loncor’s outstanding shares;

and Management ownership is loudest with Arnold Kondrat.  Founder, Chief Executive Officer and director with 28,963,909 shares (or 28.45%).

Loncor is hunting for elephant deposits in elephant country and are inviting everyone for the ride. Grab your favourite beverage and have a listen.

Barrick Eyes Deals as Profit Surges 55% on Higher Gold Prices SPONSOR: Loncor Resources $LN.ca $ABX.ca $TECK.ca $RSG $NGT.to $GOLD $NEM

Posted by AGORACOM-Eric at 10:27 AM on Friday, May 8th, 2020

Sponsor: Loncor, a Canadian gold explorer controlling over 3.6 million high grade ounces outside of a Barrick JV. The Ngayu JV property is 200km southwest of the Kibali gold mine, operated by Barrick, which produced 814,000 ounces of gold in 2019. Barrick manages and funds exploration at the Ngayu project until the completion of a pre-feasibility study on any gold discovery meeting their Tier One investment criteria. Newmont $NGT $NEM owns 7.8%, Resolute $RSG owns 27% Management owns 29% Click Here for More Info

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  • Concerns about the health of the global economy due to the coronavirus pandemic have boosted ‘safe-haven’ gold by 12%

Barrick Gold Corp posted a nearly 55 per cent rise in quarterly profit on Wednesday as gold prices surged, bolstering its ability to snap up mines including in copper, its chief executive said.

Concerns about the health of the global economy due to the coronavirus pandemic have boosted “safe-haven” gold by 12 per cent so far this year, while copper, seen as a bellwether for economic health, is down about 15 per cent.

Barrick CEO Mark Bristow has previously said the world’s No. 2 gold miner could raise its exposure in copper because of its expected higher use in electrification.

He added on Wednesday the relative price performance between copper and gold made deals more attractive.

“(A stronger balance sheet) improves our capacity to take up opportunities that might arise in the short to medium term given the dynamic nature of the global economy,” Bristow told Reuters.

He did not elaborate, but has expressed an interest in acquiring Freeport-McMoran Inc’s flagship Grasberg mine.

Barrick, which maintained its quarterly dividend of 7 cents per share, trimmed its annual production forecast for gold after shutting its mine in Papua New Guinea.

The Canadian miner now expects attributable gold production of 4.6-5.0 million ounces versus 4.8-5.2 million previously.

The government of Papua New Guinea announced in April it would not renew a 20-year special mining lease for the Porgera gold mine, which is jointly owned by Barrick and China’s Zijin Mining, due to environmental damage and social unrest.

Barrick (Niugini) Limited, the local venture in which both miners have a 47.5 per cent stake, had produced about 597,000 ounces of gold in 2019 from the Porgera mine.

Barrick has said it will contest the move, which it regards as “tantamount to nationalization without due process,” and in the meantime has placed Porgera on temporary care and maintenance, while suspending 2020 guidance for the mine.

Bristow said a mediator would be appointed to help negotiations if initial talks between the government and Barrick failed.

The company, with operations in North and South America and Africa, has not closed any of its mines due to coronavirus restrictions which have hit competitors.

Larger rival Newmont, which was forced to shutter some mines in Canada and South America, warned on Tuesday of a financial hit in the second quarter.

Barrick’s first quarter production fell 9 per cent to 1.25 million ounces. Excluding one-off items, Barrick reported a profit of 16 cents per share, in line with analyst estimates.

Source: https://business.financialpost.com/commodities/mining/barrick-reports-55-higher-adj-profit-helped-by-gold-prices 

The DRC Should Become the Largest Mining Economy in Africa SPONSOR: Loncor Resources $LN.ca $ABX.ca $TECK.ca $RSG $NGT.to $GOLD $NEM

Posted by AGORACOM-Eric at 10:07 AM on Wednesday, April 29th, 2020

Sponsor: Loncor, a Canadian gold explorer controlling over 3.6 million high grade ounces outside of a Barrick JV. The Ngayu JV property is 200km southwest of the Kibali gold mine, operated by Barrick, which produced 814,000 ounces of gold in 2019. Barrick manages and funds exploration at the Ngayu project until the completion of a pre-feasibility study on any gold discovery meeting their Tier One investment criteria. Newmont $NGT $NEM owns 7.8%, Resolute $RSG owns 27% Management owns 29% Click Here for More Info

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https://d3gvybjp3zjp3i.cloudfront.net/wp-content/uploads/2020/04/drc-money-new-640x480.jpg

“Investment appetite in the resources sector is low and investment hurdles have been raised which means that only the best investment jurisdictions, like the Democratic Republic of Congo, will receive much needed investment for growth.”

This is according to Dr Tony Harwood, president and CEO of Montero Mining and Exploration.

“The slow-down in the global economy has depressed metal prices and the advent of the Coronavirus (COVID-19) has also exacerbated this, bringing many countries into a negative growth and some in recession,” Dr Harwood, who is also an ambassador for DRC Mining Week, continues.

In addition, the implementation of the new DRC mining legislation has caused concerns with existing investors and potentially new foreign investors to the DRC.

Despite these challenges progress made on some very exciting mining and exploration projects, notably developments of the world class Kamoa-Kakula copper project and Kipushi zinc project, notes Harwood.

“Other highlights for the DRC include the development of the high grade Bisie Tin project as well as seeing gold production being achieved at Kibali gold mine,” Harwood points out.

Positive approach needed

In addressing the challenges surrounding the country’s divisive mining legislation Harwood encourages current investors to discuss changes in a positive manner with government for an equally equitable solution for both parties.

Harwood believes the development of the Kamoa-Kakula copper project will open the Katanga province and encourage further exploration and development not only in this area but the country as well.

“Its success will aid greatly in the development of the DRC mining sector not only from a production perspective but also by increasing employment, skills transfers, taxes paid, infrastructure development both in the DRC and in neighbouring countries,” states Harwood.

Looking to the future Harwood is adamant good mining legislation with investor incentives will boost local capital and entice foreign investors will ensure growth and if the DRC gets this right it will become the largest mining economy in Africa.

Harwood founded and listed the company on the TSX Venture exchange. He is also a non-executive director of private and public companies largely operating in Africa. In all he has listed three companies over the last 10 years all of which operate in Africa from a base in Africa.

Between 2006 and 2009 he was the President and CEO of Africo Resources, a company attempting to develop a high-grade coper project in Katanga.

During the exploration and development period the company entered various cooperative community development programmes with local villages surrounding the project.

These programmes largely revolved around agriculture and the company assisted in setting up community co-operatives for growing vegetables to be sold to the company and the surrounding communities. “In addition, we also set up health screening initiatives with the DRC health administration in and around our project area,” explains Harwood.

“In 2007 to 2008 we also distributed 328 wheelchairs for children. These had been designed for use in the country and had thick rubber tyres – this brought children a new mobility and enabled them to get to school and participate in their communities,” he concludes.

Source: https://www.miningreview.com/base-metals/the-drc-should-become-the-largest-mining-economy-in-africa/

CLIENT FEATURE: Loncor Resources $LN.ca 3.6 Million High Grade Gold Ounces in the DRC $ABX.ca $TECK.ca $RSG $NGT.to $GOLD $NEM

Posted by AGORACOM-Eric at 12:45 PM on Monday, April 27th, 2020
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LN:TSX

3.6 Million High Grade Gold Ounces in the Congo

Imbo Concession: Loncor controls 76.29% of the Imbo Project.

3 Seperate Deposits:

  • Adumbi, Kitenge and Manzako comprise 2.5 million ounces of gold
  • 30.65 million tonnes grading 2.54 g/t Au
  • 76.29% of the gold resource is attributable to Loncor via its 76.29% interest in the Imbo Project.

2020 Exploration Strategy:

  • Increase the mineral resources on the Imbo Project by undertaking additional drilling
  • Initiate Preliminary Economic Assessment on the Adumbi deposit.  
    • Increase and upgrade mineral resources within the open pit
    • Develop underground potential, mineralization remains open at depth

Makapela Project, NGAYU Belt: (100% Loncor Owned)

  • Indicated mineral resource of 614,200 ounces of gold
    • (2.20 million tonnes grading 8.66 g/t Au)
  •  Inferred mineral resource of 549,600 ounces of gold
    • (3.22 million tonnes grading 5.30 g/t Au).

Barrick JV in the NGAYU Belt:

  • Ngayu Belt is 200km southwest of the Kibali gold mine, operated by Barrick Gold
    • Kibali produced 814,000 ounces at “all-in sustaining costs” of US$693/oz 2019 
    • Barrick highlighted the Ngayu Greenstone Belt an area of particular exploration interest
    • Barrick earns 65% of any exploration discovery in 1,894 km2 of Loncor ground in the JV.
  • Barrick manages and funds exploration until the completion of a pre-feasibility study on any gold discovery meeting the investment criteria of Barrick.

Barrick highlighted 6 signifcant drill targets and is moving toward drilling in 2020

Loncor Resources Inc.

Loncor a Canadian gold explorer controlling over 3.6 million high grade ounces outside of a Barrick JV in the DRC. The Ngayu JV property is 200km southwest of the Kibali gold mine, operated by Barrick, which produced 814,000 ounces of gold in 2019. Barrick manages and funds exploration at the Ngayu project until the completion of a pre-feasibility study on any gold discovery meeting their Tier One investment criteria. Newmont $NGT $NEM owns 7.8%, Resolute $RSG owns 27%, Loncor Management owns 29%

Loncor Hub on Agoracom