Agoracom Blog Home

Posts Tagged ‘#Congo’

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 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.

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

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

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

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

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

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

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

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

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

Mongaliema is situated approximately 7 kilometres northwest of Loncor’s 100%-owned Makapela project where indicated mineral resources of 614,200 ounces (2.2 million tonnes grading 8.66 g/t Au) and 549,600 ounces (3.22 million tonnes grading 5.30 g/t Au) of inferred mineral resources have already been outlined by Loncor. The target area is a west northwest trending shear zone hosted within altered meta sediments with cherty units near the contact of a dolerite intrusive. During the quarter, geological mapping, auger drilling, scout-pitting and trenching was undertaken with an encouraging trench/artisanal pit assay result of 37.3 metres grading 1.48 g/t Au plus several rock samples from old artisanal workings yielding gold mineralization including 14.9 g/t, 5.23g/t, 2.9g/t and 2.43g/t Au. Pitting, trenching and augering is continuing to determine the full extent of this mineralized system.

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

About Loncor Resources Inc.
Loncor is a Canadian gold exploration company focussed on the Ngayu Greenstone Belt in the northeast of the Democratic Republic of the Congo (the “DRC”). The Loncor team has over two decades of experience of operating in the DRC. Ngayu has numerous positive indicators based on the geology, artisanal activity, encouraging drill results and an existing gold resource base. The area is 220 kilometres southwest of the Kibali gold mine, which is operated by Barrick Gold (TSX: “ABX”; NYSE: “GOLD”). In 2019, Kibali produced record gold production of 814,000 ounces at “all-in sustaining costs” of US$693/oz. Barrick has highlighted the Ngayu Greenstone Belt as an area of particular exploration interest and is moving towards earning 65% of any discovery in approximately 2,000 km2 of Loncor ground in the Ngayu Greenstone Belt that they are exploring. As per the joint venture agreements entered between Loncor and Barrick, Barrick manages and funds exploration on the said ground until the completion of a pre-feasibility study on any gold discovery meeting the investment criteria of Barrick. In a recent announcement Barrick highlighted six prospective drill targets and have commenced confirmation drilling in 2020. Subject to the DRC’s free carried interest requirements, Barrick would earn 65% of any discovery with Loncor holding the balance of 35%. Loncor will be required, from that point forward, to fund its pro-rata share in respect of the discovery in order to maintain its 35% interest or be diluted.

In addition to the Barrick joint ventures, certain parcels of land within the Ngayu Belt surrounding and including the Adumbi and Makapela deposits have been retained by Loncor and do not form part of any of the joint ventures with Barrick. Barrick has certain pre-emptive rights over the Makapela deposit. Adumbi and two neighbouring deposits hold an inferred mineral resource of 2.5 million ounces of gold (30.65 million tonnes grading 2.54 g/t Au), with 84.68% of this resource being attributable to Loncor via its 84.68% interest in the project. Loncor’s Makapela deposit (which is 100%-owned by Loncor) has an indicated mineral resource of 614,200 ounces of gold (2.20 million tonnes grading 8.66 g/t Au) and an inferred mineral resource of 549,600 ounces of gold (3.22 million tonnes grading 5.30 g/t Au).     

Resolute Mining Limited (ASX/LSE: “RSG”) owns 26% of the outstanding shares of Loncor and holds a pre-emptive right to maintain its pro rata equity ownership interest in Loncor following the completion by Loncor of any proposed equity offering.

Additional information with respect to Loncor and its projects can be found on Loncor’s website at www.loncor.com

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

Posted by AGORACOM-JC at 8:46 AM on Wednesday, November 11th, 2020
This image has an empty alt attribute; its file name is Loncor-Small-Square.png
  • Entered into two new agreements with its joint venture partner Barrick Gold (DRC) Limited which further strengthen the Loncor and Barrick joint venture relationship in the Ngayu gold belt in the northeast of the Democratic Republic of the Congo (“DRC”)
  • The ground covered by these agreements includes a number of priority, exploration targets already outlined by Barrick, two of which are ready for initial scout, core drilling.
  • Total acreage under the various Barrick/Loncor joint ventures in Ngayu now totals approximately 2,000 square kilometres.

TORONTO, Nov. 11, 2020 — Loncor Resources Inc. (“Loncor” or the “Company“) (TSX: “LN”; OTCQX: “LONCF”; FSE: “LO51”) is pleased to announce that it has entered into two new agreements with its joint venture partner Barrick Gold (DRC) Limited which further strengthen the Loncor and Barrick joint venture relationship in the Ngayu gold belt in the northeast of the Democratic Republic of the Congo (“DRC”). The ground covered by these agreements includes a number of priority, exploration targets already outlined by Barrick, two of which are ready for initial scout, core drilling. Total acreage under the various Barrick/Loncor joint ventures in Ngayu now totals approximately 2,000 square kilometres.

In the first new agreement, three exploration properties in the Ngayu gold belt previously held by Barrick outside of its joint ventures with Loncor, have now been added to an existing Loncor/Barrick joint venture agreement (the “Amended Barrick JV”). These three Barrick properties are located northwest of Loncor’s 100%-owned Makapela project where indicated mineral resources of 614,200 ounces (2.2 million tonnes grading 8.66 g/t Au) and 549,600 ounces (3.22 million tonnes grading 5.30 g/t Au) of inferrred mineral resources have already been outlined by Loncor. Two significant targets have been delineated by Barrick at Mongaliema (7 kilometres northwest of Makapela) and Ntokayulu (3 kilometres northwest of Makapela). At Mongaliema, trenching and augering is continuing along a west northwest trending shear zone with trench results including 37.3 metres grading 1.48 grammes per tonne of gold.

In the second new agreement (the “New Isiro JV”), Loncor and Barrick have replaced the existing joint venture agreement between Barrick and Loncor relating to the Isiro properties in the Ngayu gold belt, to focus on the three most prospective Isiro properties. These three Isiro properties include two of the drill targets identified by Barrick, Yambenda and Yasua, and which Barrick plans to drill as part of its ongoing drill campaign on priority targets in the Ngayu gold belt. At Yambenda, a 9.5 kilometre long banded ironstone ridge has a number of gold in soil anomalies.

In addition to the above agreements, a new drill target has been outlined by Barrick on one of the properties which is part of the Barrick/Loncor joint venture entered into in June of this year (reference is made to Loncor’s press release dated June 24, 2020). At the Mokepa target, scout core drilling is due to commence shortly on a +250ppb gold-in-soil anomaly extending over 1,600 metres and where encouraging trench results of 110 metres grading 0.5 grammes per tonne gold and 32 metres grading 0.99 grammes per tonne gold have been outlined. At Mokepa, the mineralized system consists of banded ironstones in mafic volcanics sandwiched between conglomerate and carbonaceous shale.

The Ngayu gold belt lies approximately 220 kilometres from the Kibali gold mine, operated by Barrick (TSX: “ABX”; NYSE: “GOLD”). Kibali produced record gold production of 814,000 ounces of gold in 2019, at “all-in sustaining costs” of US$693/oz.

Arnold Kondrat, CEO of Loncor, commented: “We are very encouraged with Barrick’s decision to further enhance the exploration potential of our joint ventures, especially when they have already delineated a number of high potential drill targets such as Yambenda and Mokepa. Barrick’s scout drilling program continues on other parts of our joint venture ground and we expect to announce preliminary drill results from other targets shortly.”

The terms of the Amended Barrick JV and the New Isiro JV are substantially the same. Under both JV agreements, Barrick manages and funds all exploration of the joint venture ground until the completion of a pre-feasibility study. Once the joint venture committee has determined to move ahead with a full feasibility study, a special purpose vehicle (“SPV“) would be created to hold the specific discovery area. Subject to the DRC’s free carried interest requirements, Barrick would retain 65% of the SPV with Loncor holding the balance of 35%. Loncor would be required to fund its pro-rata share of the SPV in order to maintain its 35% interest or be diluted.

About Loncor Resources Inc.
Loncor is a Canadian gold exploration company focussed on the Ngayu Greenstone Belt in the northeast of the Democratic Republic of the Congo (the “DRC”). The Loncor team has over two decades of experience of operating in the DRC. Ngayu has numerous positive indicators based on the geology, artisanal activity, encouraging drill results and an existing gold resource base. The area is 220 kilometres southwest of the Kibali gold mine, which is operated by Barrick Gold (TSX: “ABX”; NYSE: “GOLD”). In 2019, Kibali produced record gold production of 814,000 ounces at “all-in sustaining costs” of US$693/oz. Barrick has highlighted the Ngayu Greenstone Belt as an area of particular exploration interest and is moving towards earning 65% of any discovery in approximately 2,000 km2 of Loncor ground in the Ngayu Greenstone Belt that they are exploring. As per the joint venture agreements entered between Loncor and Barrick, Barrick manages and funds exploration on the said ground until the completion of a pre-feasibility study on any gold discovery meeting the investment criteria of Barrick. In a recent announcement Barrick highlighted six prospective drill targets and have commenced confirmation drilling in 2020. Subject to the DRC’s free carried interest requirements, Barrick would earn 65% of any discovery with Loncor holding the balance of 35%. Loncor will be required, from that point forward, to fund its pro-rata share in respect of the discovery in order to maintain its 35% interest or be diluted.

In addition to the Barrick joint ventures, certain parcels of land within the Ngayu Belt surrounding and including the Adumbi and Makapela deposits have been retained by Loncor and do not form part of any of the joint ventures with Barrick. Barrick has certain pre-emptive rights over the Makapela deposit. Adumbi and two neighbouring deposits hold an inferred mineral resource of 2.5 million ounces of gold (30.65 million tonnes grading 2.54 g/t Au), with 84.68% of this resource being attributable to Loncor via its 84.68% interest in the project. Loncor’s Makapela deposit (which is 100%-owned by Loncor) has an indicated mineral resource of 614,200 ounces of gold (2.20 million tonnes grading 8.66 g/t Au) and an inferred mineral resource of 549,600 ounces of gold (3.22 million tonnes grading 5.30 g/t Au).     

Resolute Mining Limited (ASX/LSE: “RSG”) owns 26% of the outstanding shares of Loncor and holds a pre-emptive right to maintain its pro rata equity ownership interest in Loncor following the completion by Loncor of any proposed equity offering.

Additional information with respect to Loncor and its projects can be found on Loncor’s website at www.loncor.com.

Qualified Person
Peter N. Cowley, who is President of Loncor and a “qualified person” as such term is defined in National Instrument 43-101, has reviewed and approved the technical information in this press release. 

Technical Reports
Additional information with respect to the Company’s Imbo Project (which includes the Adumbi deposit) is contained in the technical report of Minecon Resources and Services Limited dated April 17, 2020 and entitled “Independent National Instrument 43-101 Technical Report on the Imbo Project, Ituri Province, Democratic Republic of the Congo”. A copy of the said report can be obtained from SEDAR at www.sedar.com and EDGAR at www.sec.gov.

Additional information with respect to the Company’s Makapela Project, and certain other properties of the Company in the Ngayu gold belt, is contained in the technical report of Venmyn Rand (Pty) Ltd dated May 29, 2012 and entitled “Updated National Instrument 43-101 Independent Technical Report on the Ngayu Gold Project, Orientale Province, Democratic Republic of the Congo”. A copy of the said report can be obtained from SEDAR at www.sedar.com and EDGAR at www.sec.gov.

Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission (the “SEC“) permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Certain terms are used by the Company, such as “Indicated” and “Inferred” “Resources”, that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in the Company’s Form 20-F annual report, File No. 001- 35124, which may be secured from the Company, or from the SEC’s website at http://www.sec.gov/edgar.shtml.

Cautionary Note Concerning Forward-Looking Information
This press release contains forward-looking information. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding drilling and other exploration under the joint venture agreements with Barrick, drill resultspotential gold discoveries, mineral resource estimates,potential mineral resource increases, drill targets, exploration results,and future exploration and development)are forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things,the possibility that drilling programs will be delayed, activities of the Company may be adversely impacted by the continued spread of the recent widespread outbreak of respiratory illness caused by a novel strain of the coronavirus (“COVID-19”), including the ability of the Company to secure additional financing, risks related to the exploration stage of the Company’s properties, the possibility that future exploration (including drilling) or development results will not be consistent with the Company’s expectations, uncertainties relating to the availability and costs of financing needed in the future, failure to establish estimated mineral resources (the Company’s mineral resource figures are estimates and no assurances can be given that the indicated levels of gold will be produced), changes in world gold markets or equity markets, political developments in the DRC, gold recoveries being less than those indicated by the metallurgical testwork carried out to date (there can be no assurance that gold recoveries in small scale laboratory tests will be duplicated in large tests under on-site conditions or during production), fluctuations in currency exchange rates, inflation, changes to regulations affecting the Company’s activities, delays in obtaining or failure to obtain required project approvals, the uncertainties involved in interpreting drilling results and other geological data and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s annual report on Form 20-F dated April 6, 2020 filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov. Forward-looking information speaks only as of the date on which it is provided and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

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

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 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 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.

Loncor $LN.ca Outlines New Mineralised Trends, In Close Proximity to Key Adumbi Deposit in the DRC $ABX.ca $TECK.ca $RSG $NGT.to $GOLD $NEM

Posted by AGORACOM at 7:38 AM on Monday, September 21st, 2020
  • Exploration results have outlined a number of significant, undrilled mineralised trends at its 84.68%-owned Imbo Project.
  • Situated approximately 9 km from our key deposit of Adumbi

TORONTO, Sept. 21, 2020 (GLOBE NEWSWIRE) — Loncor Resources Inc. (“Loncor” or the “Company“) (TSX: “LN”; OTCQX: “LONCF”; FSE: “LO51”) is pleased to announce that the recent exploration results have outlined a number of significant, undrilled mineralised trends at its 84.68%-owned Imbo Project. The focus of exploration by Loncor during 2020 has been along trend in the southeast of the Imbo Project 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.

Commenting on these results, Loncor’s President Peter Cowley said: “Situated approximately 9 kilometres from our key deposit of Adumbi, we are very encouraged by the exploration results received to date on the eastern part of our Imbo Project. Additional infill soil sampling, augering and channel sampling will be undertaken at Esio Wapi, Paradis and Museveni to better define these mineralised trends prior to outlining drill targets later in the year.”

Table 1 – Channel Sample Results on Esio Wapi, Paradis and Museveni Mineralised Trends

ProspectWorkingsChannel_IDChannel Width (metres)
and Grade (g/t Au)
LithologyOpen/Closed
ESIO WAPIColonialIECH03319.80 m @ 1.58 g/tBrecciated BIFOpen to northeast
ESIO WAPIColonialIECH0214.00 m @ 2.31 g/tMetasedimentOpen to southwest
ESIO WAPIColonialIECH0225.00 m @ 1.65 g/tBrecciated BIF& MetasedimentClosed at both ends
ESIO WAPIColonialIECH0218.00 m @ 1.11 g/tBrecciated BIFClosed at both ends
PARADISArtisanalIECH0256.80 m @ 5.44 g/tMetasediment with quartz veinOpen to Southwest
MUSEVENIArtisanalIECH0081.40 m @ 62.10 g/tMetasediment with quartz veinOpen to southwest & northeast
MUSEVENIArtisanalIECH0066.00 m @ 4.37 g/tMetasediment with quartz veinOpen to southwest & northeast

Gridding, geological mapping, soil geochemical sampling and channel sampling of old colonial trenches and artisanal workings have outlined three significant mineralised trends, Esio Wapi, Paradis and Museveni, to the east of the Imbo river and approximately 8 to 10 kilometres southeast of the Adumbi deposit (see Figure 1 below). Analytical results have been received for 21% of soil samples from the completed 5,440 metre by 2,320 metre grid and where soil samples were collected every 40 metres on lines 160 metres apart.

At Esio Wapi, soil geochemical results have outlined a number of plus 200 ppb (parts per million) gold in soil anomalies with a maximum value of 2,230 ppb Au over a 3.2 kilometre long mineralised trend (see Figure 2 below). Best channel samples from old colonial workings are tabulated in Table 1 above and include 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; 12.30 g/t and 6.39 g/t Au in BIF and 7.91 g/t, 4.81 g/t and 4.52g/t Au in metasediments.

On the Paradis trend, soil sample results are still awaited from the eastern part of the trend but soil anomalies (plus 200 ppb Au) in the western part of the trend occur over 800 metres of strike. 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.

At Museveni, soil samples are still to be received but artisanal workings occur over a strike of 2.7 kilometres. 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.

Quality Control and Quality Assurance
Soil, channel and rock samples were put in sealed bags by Company geologists and sent to the independent SGS Laboratory in Mwanza, Tanzania. The samples were then crushed at the laboratory down to minus 2 mm and split with one-half of the sample pulverized down to 90% passing 75 microns. Gold analyses were carried out on 50g aliquots by fire assay. In addition, checks assays were also carried out by the screen fire assay method to verify high grade sample assays obtained by fire assay. Internationally recognized standards and blanks were inserted as part of the internal QA/QC analytical procedures at a frequency of four standards and two blanks per every 50 samples. Every eighth sample collected in the field was split and submitted as an unmarked duplicate for assay.

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.

Figure 1: Imbo Project Simplified Geology

Figure 2: Imbo East Soil and Channel Sampling (on Aeromagnetic grey scale Background)

UnfollowRecommend

3 Golden Reasons Loncor $LN.ca Is A Top Small Cap Gold Explorer $ABX.ca $TECK.ca $RSG $NGT.to $GOLD $NEM

Posted by AGORACOM-JC at 9:23 AM on Friday, September 11th, 2020

3 Golden Reasons Loncor Is A Top Small Cap Gold Explorer

Loncor Resources (LN: TSX / OTCQX: LONCF /) is a proven gold explorer focused 100% on Africa, a continent where the team has previously discovered over 27 million ounces of resources…. with plans to find even more.

The Company controls its flagship Imbo Project in the Democratic Republic of the Congo, where it has already has 2.5 million ounces of inferred resources with 2.19M ozs at the Adumbi deposit alone. Loncor is looking to swiftly increase its gold resource through focused drilling at Adumbi, increasing its ounces toward production.

More than just lip service, Loncor has a billion-dollar gold miners as shareholders that also believe in the Company’s vision. 

  • Resolute Mining of Australia has a market capitalization of $1.5 Billion and owns 27% of Loncor
  • Newmont continues to hold a position in Loncor with 7%

Moreover, Loncor’s CEO owns 26% of the Company.  Taken all together, it adds up to a great deal of confidence in Loncor Resources, which should provide any current or potential new shareholder with even greater confidence considering the due diligence abilities of these large shareholders.

WAIT …… 1 MORE MULTI BILLION DOLLAR GOLD COMPANY BEHIND LONCOR … BARRICK GOLD

There is another element to the Loncor story that adds tremendous opportunity, a Joint Venture on all of Loncor’s remaining land with Barrick Gold, the $53 Billion Company whose mandate is to find “Tier 1 gold deposits” on Loncor’s ground. Barrick has commenced drilling on Loncor’s land looking for their target of a + 5,0 million ounce gold deposit.

But Barrick is focusing there for a reason.

Barrick operates their outstanding DRC mine – Kibali – in a JV with another multi-billion gold operator, Anglogold Ashanti, plus the Government of the DRC. The mine is situated 220kms from Loncor’s Ngayu ground. Kibali represents one of the world’s great new gold mines, producing a record breaking 814,027oz in 2019 at “all in sustaining costs” of just US$693/oz. Barrick, who owns a 45% share, has joined other major mining players like Ivanhoe Mines and Glencore in releasing the billions of dollars of potential mineral wealth in the DRC.

Loncor arguably offers the largest direct exposure to the gold potential of the DRC, backed up by individuals who know the DRC well (drill down below). With Barrick moving two rigs in to take a closer look at 6 high priority targets defined by them. You now know why Barrick has a JV with Loncor on their other DRC assets – they are looking for the next Kibali style project and nothing less.

Though Loncor’s Imbo project is not part of the Barrick JV it’s on the same huge geological belt, has grades similar to Kibali and has more than 2.5 million ounces of inferred gold resources already – with drilling ongoing- Loncor isn’t just wishful thinking that much more can possibly be found.

THE DEMOCRATIC REPUBLIC OF THE CONGO 

As you may have guessed by now and contrary to layman perceptions, the Democratic Republic of the Congo is a significant player in the world’s production of resources, which are the Congo’s largest source of export income. An estimated $24 trillion in untapped deposits of raw mineral ores lie beneath the Congo’s incredibly vast lands. This is the equivalent to the combined Gross Domestic Product of Europe and the United States. Multi-billion dollar companies such as Tesla, Glencore, Samsung, Ivanhoe Mines, Zijn Mining Group, China Molybdenum Ltd, Barrick Gold and AngloGold Ashanti all have deals or projects in the DRC.

Finally, all junior resource investors know that in order to be successful, companies like Loncor must have a great exploration team with relevant knowledge and area expertise.  In this regard, Loncor does not disappoint.

Loncor’s team has previously delineated +/-13 million ounces of gold resources in the 20 years many of the individuals have operated in the DRC, with the huge Ngayu Belt now the focus. In Africa, their record is more impressive with key individuals finding closer to 27 million ounces of total resources.

As an example, President Peter Cowley has over 40 years’ experience in the minerals industry and a history of major exploration successes in Africa, including the DRC. Among his major accomplishments, from 2004 to 2008 he led the exploration at Banro that delineated major gold resources at Twangiza and Namoya, also in the DRC.

Prior to joining Banro, Mr. Cowley was Managing Director of Ashanti Exploration, where he led the exploration team in the discovery and development of the Geita mine in Tanzania, a resource of over 17M ozs.

Prior to Ashanti, he was Technical Director of Cluff Resources which discovered and developed mines in Zimbabwe, Ghana and Tanzania.

Mr Cowley has found and knows where to find ounces in Africa, especially in the DRC.

Arnold Kondrat, is the founder and CEO of Loncor Resources with over 30 years’ experience in the public markets, primarily in the resource industry. His 25-year history in the Democratic Republic of the Congo has enabled the Company to secure a number of highly prospective gold assets. Arnold has repeatedly supported the company, often through difficult times, and now owns 26% of Loncor.

THE 3 REASONS WHY LONCOR IS A WORLD CLASS, SMALL CAP GOLD EXPLORER:- 

1.Loncor’s Imbo Project looks like a potential company maker with 2.5 million ounces already outlined

Loncor is independently on its way to creating a world class gold project at Imbo. They control 84.68% of all gold discovered at Imbo and have a fully funded 12-hole drill program planned over the next 9 months where they believe they can readily add ounces to the 2.5 million inferred resource outlined to date. The Adumbi Deposit remains the focus and has 2.19M ounces and its sister deposits – Kitenge and Manzako – account for approximately 300,000 more ounces.

“Loncor continues to consolidate its dominant position in the Ngayu Goldbelt.  Over the next twelve months we intend to drill the Adumbi gold deposit and several other highly prospective areas of the Imbo license” (Arnold Kondrat, March 5 2020)

Enterprise Value to Ounces in the Ground currently approaches US$14/oz

For around US$14 an ounce you can currently buy an “option” on Loncor continuing to succeed in adding ounces through drilling at Adumbi, moving the project closer to the sort of economics displayed at Kibali.

2. Resolute and Barrick Relationships

There isn’t a junior resource explorer in the world who wouldn’t want to have just 1 supportive relationship with one of the major miners – and Loncor has 3:

  • Resolute Mining is a gold producer with multiple long life, high margin assets and a strong platform for growth and consolidation within Africa.  Resolute  sees its 2020 gold production at 500,000 oz.  They own 27% of Loncor’s stock
  • Newmont continues to hold a 7% position in Loncor
  • Barrick Gold is a $53 Billion dollar major whose JV with Loncor in the DRC speaks for itself as they search for Kibali II.

If a new investor was looking for 3rd party validation to justify investing in a small-cap resources company, it simply doesn’t get much better than having these mining thoroughbreds supporting Loncor.

3. Management Expertise and Ownership  

If you are looking for gold follow the people who have already found it. The old adage is true, and management is one of the best indicators of how far a company can exceed expectations. Loncor management has delineated 13 million ounces previously in the DRC and is looking to add more through drilling in 2020.

Add in the fact that key management own 26% of Loncor stock and it is clear they have put their money where their mouth is long before asking outside investors to do the same.

CONCLUSION – With gold prices trending aggressively higher, investors will be hard pressed to find a better company than Loncor Resources to participate in a bull market for gold.

Loncor is in a position few juniors could ever hope to achieve, with the combination of their own +3-million-ounce projects, a JV with Barrick and shareholders that include other major miners. 

Click Here To Discover More Information About Why Loncor Resources Is The Next Small Cap Gold Discovery

Loncor $LN.ca Increases Interest in Adumbi Mining to 84.68% $ABX.ca $TECK.ca $RSG $NGT.to $GOLD $NEM

Posted by AGORACOM at 9:12 AM on Thursday, September 3rd, 2020
  • Through Loncor’s 84.68% interest, attributable ounces at the Imbo Project have increased to 2,117,000 ounces of gold.

TORONTO, Sept. 03, 2020 (GLOBE NEWSWIRE) — Loncor Resources Inc. (“Loncor” or the “Company“) (TSX: “LN”; OTCQX: “LONCF”; FSE: “LO51”) reports that its subsidiary, Adumbi Mining, has been restructured as per the requirements of the OHADA (Organization for the Harmonization of Business Law in Africa) Uniform Act relating to commercial companies.  OHADA Uniform Acts provide for a system of common business laws which have been adopted by seventeen West and Central African countries, including the Democratic Republic of the Congo (the “DRC”).  The restructuring has resulted in Loncor increasing its interest in Adumbi Mining to 84.68%, minority shareholders holding 5.32% and the DRC 10%.  The DRC was allocated 10% in accordance with the requirements of the new DRC Mining Code enacted in 2018.  Also as a result of the restructuring, Adumbi Mining will now operate as “Adumbi Mining S.A.” rather than Adumbi Mining SARL.

At the Imbo Project (which is held by Adumbi Mining), inferred mineral resources delineated to date are 2.5 million ounces of gold (30.65 million tonnes grading 2.54 g/t Au), such that, with Loncor’s 84.68% interest, Loncor’s attributable ounces at the Imbo Project have increased to 2,117,000 ounces of gold. 

In addition, the Company owns 100% of the Makapela deposit, where 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 549,000 ounces of gold (3.22 million tonnes grading 5.30 g/t Au) has been delineated. 

Arnold Kondrat, CEO of Loncor, stated: “Further consolidation of the Adumbi Mining shareholding moves Loncor one step closer to releasing maximum value for our shareholders with drilling soon to commence at our key Adumbi deposit – the drilling looking to add significantly to the 2,500,000 ozs of inferred resources already within Imbo.”

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.

Loncor Shares $LN.ca Listed on Frankfurt Stock Exchange $ABX.ca $TECK.ca $RSG $NGT.to $GOLD $NEM

Posted by AGORACOM at 10:09 AM on Wednesday, September 2nd, 2020
  • Shares are now quoted on the Frankfurt Stock Exchange under the trading symbol LO51.

TORONTO, Sept. 02, 2020 (GLOBE NEWSWIRE) — Loncor Resources Inc. (“Loncor” or the “Company“) (TSX: “LN”; OTCQX: “LONCF”; FSE: “LO51”) reports that its common shares are now quoted on the Frankfurt Stock Exchange under the trading symbol LO51.

John Barker, VP of Business Development, commented: “Loncor has dramatically developed over the last 12 months with the Company growing through increased gold resources, ongoing exploration and the commencement of drilling by our JV partner, Barrick Gold.  The listing on the Frankfurt Stock Exchange will heighten Loncor’s exposure in this major marketplace, given its knowledgeable investor base that is traditionally very active in the junior resource sector.  As the interest in gold and gold investments heightens, having its common shares quoted in Euros will assist European investors to participate in Loncor’s growth.”

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 76.29% of this resource being attributable to Loncor via its 76.29% interest in the project. Loncor’s Makapela deposit (which is 100%-owned by Loncor) has an indicated mineral resource of 614,200 ounces of gold (2.20 million tonnes grading 8.66 g/t Au) and an inferred mineral resource of 549,600 ounces of gold (3.22 million tonnes grading 5.30 g/t Au).    

Resolute Mining Limited (ASX/LSE: “RSG”) owns 26% of the outstanding shares of Loncor and holds a pre-emptive right to maintain its pro rata equity ownership interest in Loncor following the completion by Loncor of any proposed equity offering. 

Additional information with respect to Loncor and its projects can be found on Loncor’s website at www.loncor.com.

Qualified Person
Peter N. Cowley, who is President of Loncor and a “qualified person” as such term is defined in National Instrument 43-101, has reviewed and approved the technical information in this press release. 

Early Signals of What is Coming in Juniors SPONSOR: Loncor Resources $LN.ca $ABX.ca $TECK.ca $RSG $NGT.to $GOLD $NEM

Posted by AGORACOM at 11:24 AM on Tuesday, July 7th, 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
  • Precious Metals have not broken out. Not yet.

Gold closed the week at $1790 and Silver at $18.32. They have yet to breach critical resistance levels at $1800 and $18.75. 

But the junior sector has broken out. 

Both GDXJ (juniors ETF) and GOEX (explorers ETF) eclipsed 7-year resistance and made new daily and weekly highs. 

The senior miners have lagged in recent days. Capital is flowing downstream.

Anecdotally speaking, did you notice the moves in various individual juniors within the past two weeks? 

Quality juniors and even some juniors devoid of quality and a mining-related purpose surged higher. I will spare you the names.

Some daily charts are showing that rhino-horn look. It’s the opposite of a fishing line look.

Anyway, these types of moves are an early signal of what potentially lies ahead.

GDXJ and GOEX have joined GDX in blue sky territory with limited overhead resistance and measured upside targets that are significantly higher. GOEX (explorers), GDXJ (juniors)

The last major breakout in the precious metals sector was in the second half of 2005.

Gold stocks broke out from 8-year resistance, while Gold and Silver surpassed technical resistance in place for 20 years.

During that breakout and furious move that followed, the parent index of GDXJ (MVIS) surged 120% in only six months.

MVIS Juniors Index

The most significant and most consistent moves in markets occur after major bottoms and after major breakouts.

The critical difference is a major breakout leads to a new multi-year high. Optimism is already present, but the breakout solidifies that optimism, leading to increased confidence and a new round of speculation. 

This sounds dangerous, but it isn’t unless the fundamentals shift and valuations are sky-high. The fundamentals of precious metals are strengthening, and valuations are hardly a concern.

With that said, the metals have not broken out yet, and the miners could experience a pullback to correct their overbought condition.

Currently, the bullish percentage index, a breadth indicator for GDX is at 100%. Meanwhile, the percentage of GDXJ stocks trading above the 50-day and 200-day moving average is 93% and 90%.

Strength is good, but too much strength can lead to a quick pullback. 

Anyway, we will make the most money by buying quality and holding. If we get a quick snapback in the juniors, then take advantage of that weakness. 

This remains an excellent time to get into quality juniors with the most upside potential as the wind is at your back.

SOURCE: https://thedailygold.com/early-signals-of-whats-coming-in-juniors/