Agoracom Blog Home

Archive for the ‘Loncor’ Category

Loncor $LN.ca $LONCF Deepest Hole Drilled at Adumbi Deposit Intersects Significant Widths and Grades in Multiple Gold Zones $ABX $NGT $GOLD $TECK

Posted by AGORACOM-Eric at 9:37 AM on Thursday, March 25th, 2021
This image has an empty alt attribute; its file name is Loncor-Small-Square.png
  • Results include 32.15 metres grading 6.17 g/t gold (including 1.46 metres grading 94.77 g/t gold) and 15.36 metres grading 3.73 g/t gold (including 5.89 metres grading 6.56 g/t gold)

Loncor Resources Inc. (“Loncor” or the “Company”) (TSX: “LN”; OTCQX: “LONCF”; FSE: “LO51”) is pleased to announce further significant assay results from its drilling program within its 84.68%-owned Imbo Project in the eastern part of the Ngayu greenstone belt in the Democratic Republic of the Congo. The deepest borehole drilled to date at its flagship Adumbi deposit, LADD009 intersected 32.15 metres grading 6.17 grammes per tonne (g/t) gold (including 1.46 metres grading 94.77 g/t Au), 15.36 metres grading 3.73 g/t gold (including 5.89 metres grading 6.56 g/t Au), 5.00 metres grading 3.17 g/t gold and 7.45 metres grading 1.48 g/t gold.

Mineralized sections for borehole LADD009 are summarised in the table below:

Borehole NumberFrom (m)To (m)Intersected
Width (m)
Grade (g/t) Au
LADD009559.76564.765.003.17
LADD009581.90614.0532.156.17
LADD009
including
599.05600.511.4694.77
LADD009629.56644.9215.363.73
LADD009
including
632.00637.895.896.56
LADD009650.50657.957.451.48

Borehole LADD009 had an inclination of minus 75 degrees and azimuth of 218 degrees at the start of hole and regular measurements of inclination and azimuth were taken at 30 metre intervals down the hole. All core was orientated, and it is estimated that the true widths of the mineralised sections are approximately 82% of the intersected width. All intercepted grades are uncut with maximum internal dilution equal to or less than 4 metres of intersected width. Borehole LADD009 intersected the mineralization at a depth of approximately 140 metres below the open pit shell (see Figures 2 and 3 below). Boreholes LADD012 and LADD013 are currently being drilled (LADD011 was abandoned before reaching target depth due to mechanical problems and LADD013 is being drilled in its place).

Commenting on these latest drilling results, Loncor President Peter Cowley said: “Borehole LADD009 is the deepest hole drilled to date at Adumbi as well as the highest value in terms of the product of grade multiplied by true width for the multiple intersections (see Figure 2). These excellent results combined with previous results from the ongoing drilling program indicate that gold grades are increasing with depth. We continue to be excited by the results at Adumbi. The holes from our current drilling program have intersected significant widths and grades and will increase the current open pittable, inferred mineral resource of 2.19 million ounces (28.97 million tonnes grading 2.35 g/t gold) at the Adumbi deposit. Studies are underway to quantify this increase.”

The gold mineralization at Adumbi is associated with a thick package (up to 130 metres) of interbedded banded ironstone and quartz carbonate and chlorite schist with higher grade sections being found in a strongly altered siliceous unit termed “Replaced Rock” (RP) where structural deformation and alteration has completely destroyed the primary host lithological fabric. Disseminated sulphide assemblages include pyrite, pyrrhotite and arsenopyrite which can attain up to 20% of the total rock in places.

The objective of the current drilling program at Adumbi is to outline additional mineral resources to the current inferred mineral resource of 2.5 million ounces of gold on Loncor’s 84.68%-owned Imbo Project which contains the Adumbi, Kitenge and Manzako deposits (inferred mineral resources of 30.65 million tonnes grading 2.54 g/t Au).

Read More: https://agoracom.com/ir/LoncorResources/forums/discussion/topics/757997-deepest-hole-drilled-at-loncor-s-adumbi-deposit-intersects-significant-widths-and-grades-in-multiple-gold-zones/messages/2309710#message

Loncor $LN.ca $LONCF Announces Additional Results from Infill Drilling within Open Pit Shell at its Adumbi Deposit $ABX $NGT $GOLD $TECK

Posted by AGORACOM-Eric at 10:17 AM on Thursday, March 4th, 2021
This image has an empty alt attribute; its file name is Loncor-Small-Square.png
  • Borehole LADD008 intersects 43.10 metres grading 1.68 g/t Au, 0.78 metres grading 21.8 g/t Au and 14.98 metres grading 3.62 g/t Au, including 3.09 metres grading 13.28 g/t Au

Loncor Resources Inc. (“Loncor” or the “Company“) (TSX: “LN”; OTCQX: “LONCF”; FSE: “LO51”) is pleased to announce further significant assay results from its drilling program within its 84.68% owned Imbo Project in the eastern part of the Ngayu greenstone belt in the Democratic Republic of the Congo. The final infill core hole within the Adumbi open pit shell, LADD008 intersected 43.10 metres grading 1.68 g/t gold, 0.78 metres grading 21.8 g/t gold and 14.98 metres grading 3.62 g/t gold including 3.09 metres grading 13.28 g/t gold.

Mineralized sections for borehole LADD008 are summarised in the table below:

Borehole
Number
From (m)To (m)Intersected
Width (m)
Grade (g/t) Au
LADD008235.05278.1543.101.68
LADD008291.80298.907.101.34
LADD008305.15305.930.7821.8
LADD008323.80338.7814.983.62
LADD008
including
335.75338.783.0913.28


Borehole LADD008 intersected the mineralization at a vertical depth of 272 metres below surface and within the southeastern boundary of the US$1,500 open pit shell (see Figures 2 and 3 below), and had an inclination of minus 65 degrees and azimuth of 218 degrees at the start of hole and regular measurements of inclination and azimuth were taken at 30 metre intervals down the hole. All core was orientated, and it is estimated that the true widths of the mineralised sections are 62% of the intersected width. All intercepted grades are uncut.

Drilling is now focussed on the downdip/down plunge extensions below the open pit shell where the gold mineralization remains open. The deepest core hole of this drilling campaign, LADD009 has now been completed and assays are awaited. Boreholes LADD011 and LADD012 are currently being drilled (LADD010 was abandoned before reaching target depth due to mechanical problems and LADD012 is being drilled in its place).

Commenting on these latest drilling results, Loncor President Peter Cowley said: “We continue to be impressed with the drill results at Adumbi. All four completed infill holes within the open pit shell have intersected significant gold mineralization with an improvement in grade and thickness compared to the previous block model, and further studies will now be undertaken to quantify this increase in terms of mineral resources within the open pit shell.”

The objective of the current drilling program at Adumbi is to outline additional mineral resources to the current inferred mineral resource of 2.5 million ounces of gold on Loncor’s 84.68%-owned Imbo Project which contains the Adumbi, Kitenge and Manzako deposits (inferred mineral resources of 30.65 million tonnes grading 2.54 g/t Au).

Read More: https://agoracom.com/ir/LoncorResources/forums/discussion/topics/756580-loncor-announces-additional-results-from-infill-drilling-within-open-pit-shell-at-its-adumbi-deposit/messages/2306504#message

Loncor $LN.ca $LONCF Defines Four Extensive Mineralized Trends Southeast of Key Adumbi Deposit $ABX $NGT $GOLD $TECK

Posted by AGORACOM-Eric at 9:54 AM on Wednesday, February 24th, 2021
This image has an empty alt attribute; its file name is Loncor-Small-Square.png
  • Targets Identified at Imbo East
  • Early Stage Exploration Identified 4 Mineralized Trends
  • 9 kms down structure from Current Adumbi Resource

Loncor Resources Inc. (“Loncor” or the “Company“) (TSX: “LN”; OTCQX: “LONCF”; FSE: “LO51”) is pleased to announce that recent soil geochemical results have outlined four significant, undrilled mineralised trends at its 84.68%-owned Imbo Project. The focus of greenfields exploration by Loncor at Imbo East, along trend to the southeast from the 2.5 million ounce Adumbi, Kitenge and Manzako deposits (inferred mineral resources of 30.65 million tonnes grading 2.54 g/t Au) previously delineated in the northwest of the 122 square kilometre project area. Core drilling is currently being undertaken at Adumbi to increase this resource base.

Analytical results have now been received for all soil samples from the completed 5.4 kilometre by 2.3 kilometre grid, east of the Imbo River where soil samples were collected every 40 metres on lines 160 metres apart. Geological mapping, soil geochemical, rock chips and channel sampling of old colonial trenches and artisanal workings have outlined four significant mineralised trends – Esio Wapi, Museveni, Mungo Iko and Paradis – approximately 8 to 10 kilometres southeast of the Adumbi deposit (see Figures 1 and 2 below).  

At Esio Wapi, soil geochemical results have outlined a number of plus 130 ppb Au (parts per billion) gold in soil anomalies with a maximum value of 2,230 ppb Au over a 1.9 kilometre long mineralised trend (see Figure 2 below). As announced previously (see Loncor’s press release dated September 21, 2020), channel sample results from old colonial workings included 19.80 metres grading 1.58 g/t Au (open to the northeast), 8 metres grading 1.11 g/t Au and 5.0 metres grading 1.65 g/t Au in brecciated banded ironstone (BIF) and metasediment. Individual rock sample values included 15.10 g/t and 7.88 g/t Au in quartz veins, 6.39 g/t and 3.08 g/t Au in BIF and 9.06 g/t, 7.91 g/t and 3.24 g/t Au in metasediments.

On the Paradis trend, soil sample results have outlined a broad 1.0 kilometre trend (plus 130 ppb Au) with maximum value of 870 ppb Au. Significant channel samples along the Paradis trend include 6.8 metres grading 5.44 g/t Au (open to the southwest) in metasediments with quartz veins. Individual rock sample values included 22.40 g/t, 5.84 g/t and 2.31 g/t Au in quartz veins.

On the Museveni mineralized trend, anomalous soil samples and artisanal workings occur over a strike of 3.2 kilometres with a maximum value of 5,850 ppb Au in soils.  Channel samples from the artisanal workings include 6.0 metres grading 4.37 g/t Au and 1.40 metres grading 62.10 g/t Au and represent high grade quartz veins in metasediment. Individual rock sample values included 53.90 g/t, 32.80 g/t and 32.60 g/t Au in quartz veins and 18.10 g/t Au in metasediment.

On the Mungo Iko trend, soil samples have outlined a 3.1 kilometre long mineralized trend (plus 130ppb Au) with maximum value of 1,540 ppb Au. Individual rock sample values include 12.30 g/t and 3.50 g/t Au in brecciated BIF, 14.20 g/t, 4.81 g/t, and 3.68 g/t Au in metasediments, and 1.97 g/t Au in quartz veins. Further mapping is required to determine whether the eastern part of the Mungo Iko trend represents a faulted extension of the Esio Wapi trend.

Read more: https://agoracom.com/ir/LoncorResources/forums/discussion/topics/755971-loncor-continues-to-define-four-extensive-mineralized-trends-to-southeast-of-key-adumbi-deposit/messages/2305121#message

Loncor $LN.ca $LONCF Announces Significant Gold Mineralization at Depth from its Flagship Adumbi Deposit $ABX $NGT $GOLD $TECK

Posted by AGORACOM-Eric at 11:58 AM on Thursday, February 18th, 2021
This image has an empty alt attribute; its file name is Loncor-Small-Square.png
  • Deepest borehole at Adumbi intersects 55.43 metres grading 2.76 g/t Au including 12.45 metres grading 8.11 g/t Au
  • Significant widths and grades will increase the current inferred mineral resource of 2.19 million ounces (28.97 million tonnes grading 2.35 g/t gold) at Adumbi

Loncor Resources Inc. (“Loncor” or the “Company“) (TSX: “LN”; OTCQX: “LONCF”; FSE: “LO51”) is pleased to announce further significant assay results from its drilling program within its 84.68% owned Imbo Project in the eastern part of the Ngayu greenstone belt in the Democratic Republic of the Congo. The deepest borehole drilled to date at its flagship Adumbi deposit, LADD007 intersected 55.43 metres grading 2.76 g/t gold (including 12.45 metres grading 8.11 g/t Au). Assay results were also received for core hole LADD006, which was a shallower hole drilled on the northeastern contact of the Adumbi deposit, with expected grades and widths.

Mineralized sections for boreholes LADD007 and LADD006 are summarised in the table below:

Borehole
Number
From (m)To (m)Intersected 
Width (m)
Grade (g/t) Au
LADD00799.95107.807.851.45
LADD007540.62596.0555.432.76
LADD007
including
583.60596.0512.458.11
LADD007607.90611.273.374.61
     
LADD006299.37302.252.882.64
LADD006308.00309.001.0021.20
LADD006322.10337.3015.201.67
LADD006353.35357.854.503.25

Borehole LADD007 had an inclination of minus 68 degrees and azimuth of 218 degrees at the start of hole and regular measurements of inclination and azimuth were taken at 30 metre intervals down the hole. All core was orientated, and it is estimated that the true widths of the mineralised sections are approximately 89% of the intersected width. All intercepted grades are uncut. Borehole LADD007 intersected the mineralization at a depth of 100 metres below S52 and approximately 40 metres below the open pit (see Figures 2 and 3 below). Borehole LADD006 had an inclination of minus 58 degrees and azimuth of 218 degrees and it is estimated that the true widths of the mineralised sections of LADD006 are approximately 95% of the intersected width.

Commenting on these latest drilling results, Loncor President Peter Cowley said: “We continue to be encouraged by the results at Adumbi. Results from all five boreholes of our current drilling program have intersected significant widths and grades and will increase the current inferred mineral resource of 2.19 million ounces (28.97 million tonnes grading 2.35 g/t gold) at Adumbi. We are especially pleased with the continuity of gold mineralization at depth as highlighted in Figures 2 and 3.”

Read More:https://agoracom.com/ir/LoncorResources/forums/discussion/topics/755604-loncor-announces-significant-gold-mineralization-at-depth-from-its-flagship-adumbi-deposit/messages/2304236#message

VIDEO – Loncor Resources $LN How Great Is Loncor? Their JV With #Barrick $ABX Is Their 2nd Best Asset $RSG $NGT.to $GOLD $NEM $TECK.ca

Posted by AGORACOM-JC at 6:00 PM on Thursday, February 11th, 2021
This image has an empty alt attribute; its file name is Loncor-Small-Square.png

When you have a billion dollar major scouring your land for a major gold discovery in excess of 5 million ounces, most juniors would find little motivation to continue their own exploration. 

Not Loncor. Loncor has the goods on their JV partner Barrick to the sum of 3.7 million ounces and counting; outside of the JV. They plan on growing ounces through drilling and have 5 million ounces in their sights. Right around the threshold for what Barrick is looking for and currently outside of their reach.  

If that isn’t enough to grab your attention, Newmont Owns 6% , Resolute Owns 26% and CEO Arnold Kondrat Owns 27%  

Tune in to discover why their JV with Barrick is their 2nd best asset, making Loncor the SmallCap Exploration company to own.

Loncor $LN.ca $LONCF Closes First Tranche of Private Placement Financing $RSG $NGT.to $GOLD $NEM $TECK.ca

Posted by AGORACOM-Eric at 1:08 PM on Wednesday, February 3rd, 2021
This image has an empty alt attribute; its file name is Loncor-Small-Square.png
  • 1st tranche of $4M
  • Insiders Participating
  • Expected to Close Further $1M

Loncor Resources Inc. (“Loncor” or the “Company“) (TSX: “LN”; OTCQX: “LONCF”; FSE: “LO51”) is pleased to announce that, further to its January 22, 2021 press release, it has closed a first tranche of its non-brokered private placement financing (the “Financing“) for 8,000,000 units of the Company (the “Units”) at a price of Cdn$0.50 per Unit for gross proceeds of Cdn$4,000,000.   Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant“) of the Company, with each Warrant entitling the holder thereof to acquire one common share of the Company at an exercise price of Cdn$0.75 for a period of 12 months following the closing date of the Financing.   A total of 1,400,000 of the Units were purchased by insiders of the Company. The Company expects to close the balance of the Financing (up to 2,000,000 Units at a price of Cdn$0.50 per Unit for gross proceeds of up to Cdn$1,000,000) next week.   

The Company intends to use the proceeds from the Financing for continued exploration and development of the Company’s Imbo Project (including finalizing the current drill program at the Adumbi gold deposit and, following this program, undertaking a Preliminary Economic Assessment of Adumbi and its neighbouring deposits) and for general corporate purposes.

Read More:https://agoracom.com/ir/LoncorResources/forums/discussion/topics/754575-loncor-closes-first-tranche-of-private-placement-financing/messages/2301870#message

Loncor $LN.ca Announces Private Placement Financing $RSG $NGT.to $GOLD $NEM $TECK.ca

Posted by AGORACOM-Eric at 7:57 AM on Friday, January 22nd, 2021
This image has an empty alt attribute; its file name is Loncor-Small-Square.png

Loncor Resources Inc. (“Loncor” or the “Company“) (TSX: “LN”; OTCQX: “LONCF”; FSE: “LO51”) is pleased to announce a non-brokered private placement of up to 10,000,000 units of the Company (the “Units”) at a price of Cdn$0.50 per Unit for gross proceeds of up to Cdn$5,000,000 (the “Financing“). Each Unit will consist of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant“) of the Company, with each Warrant entitling the holder thereof to acquire one common share of the Company at an exercise price of Cdn$0.75 for a period of 12 months following the closing date of the Financing.    

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 into 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.

Read More:https://agoracom.com/ir/LoncorResources/forums/discussion/topics/753660-loncor-announces-private-placement-financing/messages/2299449#message

Loncor $LN.ca Continues to Intersect Significant Gold Mineralization at its Adumbi Flagship Deposit $RSG $NGT.to $GOLD $NEM $TECK.ca

Posted by AGORACOM-Eric at 11:14 AM on Tuesday, January 5th, 2021
This image has an empty alt attribute; its file name is Loncor-Small-Square.png
  • Drill results include 28.00 metres grading 3.26 g/t and 20.30 metres at 2.83 g/t Au

Loncor Resources Inc. (“Loncor” or the “Company“) (TSX: “LN”; OTCQX: “LONCF”; FSE: “LO51”) is pleased to announce that the third core hole of a 7,000 metre drilling program at its Adumbi deposit has intersected significant gold intersections of 28.00 metres grading 3.26 g/t gold (including 4.90 metres grading 6.96 g/t Au and 3.53 metres grading 8.30 g/t Au) and 20.30 metres grading 2.83 g/t Au (including 6.55 metres grading 4.64 g/t Au and 2.30 metres grading 7.25 g/t Au) at its 84.68% owned Imbo Project in the eastern part of the Ngayu greenstone belt in the Democratic Republic of the Congo (see Figure 1 below).

Mineralized sections are summarised in the table below:

Borehole
Number
From (m)To (m)Intersected
Width (m)
Grade (g/t) Au
LADD004429.00457.0028.003.26
LADD004Incl. 432.00436.904.906.96
LADD004Incl. 450.62454.153.538.30
LADD004473.80478.404.602.07
LADD004505.85526.1520.302.83
LADD004Incl. 506.85513.406.554.64
LADD004Incl. 523.85526.152.307.25

Borehole LADD004 had an inclination of minus 70 degrees and azimuth of 220 degrees at the start of hole and regular measurements of inclination and azimuth were taken at 30 metre intervals down the hole. All core was orientated and it is estimated that the true widths of the mineralised sections are 81% of the intersected width. All intercepted grades are uncut. LADD004 intersected the mineralized zone at a shallower depth than planned due to upward deflection of the borehole.

Commenting on these latest drilling results, Loncor President Peter Cowley said: “We are very encouraged by the results of the first three core holes of our 7,000 metre drilling program at Adumbi. All these boreholes have intersected significant widths and grades and should increase the current inferred mineral resource of 2.19 million ounces (28.97 million tonnes grading 2.35 g/t gold) at Adumbi, both within the current open pit and at depth below the pit (see Figure 2 below).

The gold mineralization at Adumbi is associated with a thick package (up to 130 metres) of interbedded banded ironstone and quartz carbonate and chlorite schist with higher grade sections being found in a strongly altered siliceous unit termed “Replaced Rock” (RP) where structural deformation and alteration has completely destroyed the primary host lithological fabric. Disseminated sulphide assemblages include pyrite, pyrrhotite and arsenopyrite which can attain up to 20% of the total rock in places.

The objective of the current drilling program at Adumbi is to outline additional mineral resources to the current inferred mineral resource of 2.5 million ounces of gold on Loncor’s 84.68%-owned Imbo Project which contains the Adumbi, Kitenge and Manzako deposits (inferred mineral resources of 30.65 million tonnes grading 2.54 g/t Au).

Quality Control and Quality Assurance
Drill cores for assaying were taken at a maximum of one-metre intervals and were cut with a diamond saw, with one-half of the core placed in sealed bags by Company geologists and sent to the Company’s on-site sample preparation facility. The core samples were then crushed down to 80% passing minus 2 mm and split with one half of the sample up to 1.5 kg pulverized down to 90% passing 75 microns. Approximately 150 grams of the pulverized sample was then sent to the SGS Laboratory in Mwanza, Tanzania (independent of the Company). Gold analyses were carried out on 50g aliquots by fire assay. In addition, check assays were also carried out by the screen fire assay method to verify high-grade sample assays obtained initially by fire assay. As part of the Company’s QA/QC procedures, internationally recognized standards, blanks and duplicates were inserted into the sample batches prior to submitting to SGS Laboratory.

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.

Figures accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/dfb0c899-1320-4033-ae51-d9388d7ec1df
https://www.globenewswire.com/NewsRoom/AttachmentNg/6726c38b-eea9-4bfa-90a4-5f99e83c580d

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 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.

Loncor $LN.ca Reports Significant Gold Intercepts at its Flagship Adumbi Deposit $TECK.ca $RSG $NGT.to $GOLD $NEM

Posted by AGORACOM-Eric at 8:42 AM on Tuesday, December 22nd, 2020
This image has an empty alt attribute; its file name is Loncor-Small-Square.png
  • Drill results include 33.30 metres grading 3.25 g/t Au 
    and 10.45 metres at 3.88 g/t Au

Loncor Resources Inc. (“Loncor” or the “Company“) (TSX: “LN”; OTCQX: “LONCF”; FSE: “LO51”) is pleased to announce that the second core hole of a 7,000 metre drilling program at its Adumbi deposit has intersected significant gold intersections of 33.30 metres grading 3.25 g/t gold (including 5.70 metres grading 7.00 g/t Au and 9.07 metres grading 5.11 g/t Au) and 10.45 metres grading 3.88 g/t Au, at its 84.68% owned Imbo Project in the eastern part of the Ngayu greenstone belt in the Democratic Republic of the Congo (see Figure 1 below).

Mineralized sections are summarised in the table below:

Borehole NumberFrom (m)To (m)Intersected Width (m)Grade (g/t) Au
LADD003224.55235.0010.453.88
LADD003253.50286.8033.303.25
LADD003Incl. 253.50259.205.707.00
LADD003Incl. 277.73286.809.075.11

Borehole LADD003 had an inclination of minus 57 degrees and azimuth of 220 degrees at the start of hole and regular measurements of inclination and azimuth were taken at 30 metre intervals down the hole. All core was orientated and it is estimated that the true widths of the mineralised sections are 80% of the intersected width. All intercepted grades are uncut. Borehole LADD003 was drilled in place of LADD002 which was stopped after deviating from its intended target depth.

Commenting on these latest drilling results, Loncor President Peter Cowley said: “We are very encouraged by the results of the first two core holes of our 7,000 metre drilling program at Adumbi where we are targeting a significant increase of resources, both within and below the open pit shell. These two infill holes were drilled within the open pit shell where there is already an inferred resource of 2.19 million ounces (28.97 million tonnes grading 2.35 g/t gold). These results will further increase the inferred resource. Deeper drilling is now being focussed on the plunging/downdip mineralization below the pit shell.”

In addition to core holes LADD001 and LADD003, the deeper hole LADD004, which was targeting mineralization 140 metres below previous borehole SDD53 drilled in 2017 (borehole SDD53 intersected 23.5 metres grading 6.08 g/t Au), was completed and cores have been submitted for assay. Deeper hole LADD007 and shallower hole LADD006 are currently being drilled to intercept the downdip/down plunge mineralized zone below the open pit shell and at shallower depth towards the northwest at the base of the pit shell respectively (see Figure 2 below).

The gold mineralization at Adumbi is associated with a thick package (up to 130 metres) of interbedded banded ironstone and quartz carbonate and chlorite schist with higher grade sections being found in a strongly altered siliceous unit termed “Replaced Rock” (RP) where structural deformation and alteration has completely destroyed the primary host lithological fabric. Disseminated sulphide assemblages include pyrite, pyrrhotite and arsenopyrite which can attain up to 20% of the total rock in places.

The objective of the current drilling program at Adumbi is to outline additional mineral resources to the current inferred mineral resource of 2.5 million ounces of gold on Loncor’s 84.68%-owned Imbo Project which contains the Adumbi, Kitenge and Manzako deposits (inferred mineral resources of 30.65 million tonnes grading 2.54 g/t Au).

Quality Control and Quality Assurance
Drill cores for assaying were taken at a maximum of one-metre intervals and were cut with a diamond saw, with one-half of the core placed in sealed bags by Company geologists and sent to the Company’s on-site sample preparation facility. The core samples were then crushed down to 80% passing minus 2 mm and split with one half of the sample up to 1.5 kg pulverized down to 90% passing 75 microns. Approximately 150 grams of the pulverized sample was then sent to the SGS Laboratory in Mwanza, Tanzania (independent of the Company). Gold analyses were carried out on 50g aliquots by fire assay. In addition, check assays were also carried out by the screen fire assay method to verify high-grade sample assays obtained initially by fire assay. As part of the Company’s QA/QC procedures, internationally recognized standards, blanks and duplicates were inserted into the sample batches prior to submitting to SGS Laboratory.

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. 

Photos accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/35d0f855-a11c-4ff5-b34e-893fd39bd5d9

https://www.globenewswire.com/NewsRoom/AttachmentNg/6499afb4-db81-4045-9af9-85cdec7362c8

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 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.

Loncor $LN.ca Reports Multiple Gold Intercepts in First Hole at its Flagship Adumbi Deposit $TECK.ca $RSG $NGT.to $GOLD $NEM

Posted by AGORACOM-Eric at 2:11 PM on Monday, November 30th, 2020
This image has an empty alt attribute; its file name is Loncor-Small-Square.png
  • Drills 20.33 m of 2.47 g/t Au at Adumbi

TORONTO, Nov. 30, 2020 (GLOBE NEWSWIRE) — Loncor Resources Inc. (“Loncor” or the “Company“) (TSX: “LN”; OTCQX: “LONCF”; FSE: “LO51”) is pleased to announce that the first core hole of a 7,000 metre drilling program at its Adumbi deposit has intersected multiple gold sections including 20.33 metres grading 2.47 g/t gold (including 4.8 metres grading 5.40 g/t Au), 7.33 metres grading 5.80 g/t Au and 20.77 metres grading 1.72 g/t Au, on its 84.68% owned Imbo Project in the eastern part of the Ngayu greenstone belt in the Democratic Republic of the Congo (see Figure 1).

Mineralized sections are summarised in the table below:

Borehole NumberFrom
(m)
To
(m)
Intersected Width
(m)
Grade (g/t) Au
LADD001202.58223.3520.771.72
LADD001231.27237.175.901.89
LADD001251.27258.607.335.80
LADD001295.25298.703.452.10
LADD001301.62321.9520.332.47
LADD001Incl. 317.11321.954.805.40

Borehole LADD001 had an inclination of minus 65 degrees and azimuth of 220 degrees at the start of hole and regular measurements of inclination and azimuth were taken at 30 metre intervals down the hole. All core was orientated and it is estimated that the true widths of the mineralised sections are 82% of the intersected width. All intercepted grades are uncut.

The gold mineralization at Adumbi is associated with a thick package (up to 130 metres) of interbedded banded ironstone and quartz carbonate and chlorite schist with higher grade sections being found in a strongly altered siliceous unit termed “Replaced Rock” (RP) where structural deformation and alteration has completely destroyed the primary host lithological fabric. Disseminated sulphide assemblages include pyrite, pyrrhotite and arsenopyrite which can attain up to 20% of the total rock in places.

The objective of the 7,000 metre drilling program is to outline additional mineral resources to the current 2.5 million ounces on Loncor’s 84.68%-owned Imbo Project which contains the Adumbi, Kitenge and Manzako deposits (inferred mineral resources of 30.65 million tonnes grading 2.54 g/t Au). At the Adumbi deposit where there is a current inferred resource of 2.19 million ounces of gold (28.97 million tonnes grading 2.35 g/t Au), drilling is targeting mineralized zones within the US$1,500 open pit shell where closer spaced holes such as LADD001 are required to delineate additional mineral resources. Drilling will also focus on outlining mineral resources below the pit shell where the gold mineralization remains open at depth over a strike length of over 600 metres.

In addition to core hole LADD001, LADD003 has now been completed to the southeast of LADD001 and within the open pit shell and will be submitted for assay. Deeper holes LADD004 and LADD005 are currently being drilled to intercept the downdip/down plunge mineralized zone below the open pit (see Figure 2 – Longitudinal Section of the Adumbi Deposit). Hole LADD004 is targeting mineralization 150 metres below previous hole S53 drilled in 2017 which intersected 23.5 metres grading 6.08 g/t Au and 9.37 metres grading 3.70 g/t at the base of the open pit shell.

Commenting on these drilling results, Loncor President Peter Cowley said: “We are encouraged by the results of this first hole of our 7,000 metre drilling program at Adumbi where we are targeting a significant increase of resources, both within and below the open pit shell. Exploration is also ongoing on new targets along the 14 kilometre long mineralized trend on the Imbo permit in order to generate additional drill targets. If we achieve our objectives, 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 and other targets within the Imbo exploitation permit.”

Quality Control and Quality Assurance
Drill cores for assaying were taken at a maximum of one-metre intervals and were cut with a diamond saw, with one-half of the core placed in sealed bags by Company geologists and sent to the Company’s on-site sample preparation facility. The core samples were then crushed down to 80% passing minus 2 mm and split with one half of the sample up to 1.5 kg pulverized down to 90% passing 75 microns. Approximately 150 grams of the pulverized sample was then sent to the SGS Laboratory in Mwanza, Tanzania (independent of the Company). Gold analyses were carried out on 50g aliquots by fire assay. In addition, check assays were also carried out by the screen fire assay method to verify high-grade sample assays obtained initially by fire assay. As part of the Company’s QA/QC procedures, internationally recognized standards, blanks and duplicates were inserted into the sample batches prior to submitting to SGS Laboratory.

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 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.