Highlights:
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 results, potential 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.
Highlights
TORONTO, Nov. 09, 2020 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce the discovery of visible gold in quartz vein at its Kingsway Project near Gander Newfoundland. The Kingsway project is located within the highly prospective Gander Gold District to the northeast of New Found Gold Corp’s gold discovery announced earlier this year.
Two occurrences of visible gold in quartz vein were found, the first in outcrop and the second in subcrop, separated by approximately 15 metres. The quartz vein occurs in an underexplored area of the Kingsway Property where recent mapping and prospecting has uncovered a corridor of northeast-trending quartz veining hosted primarily in green-grey to black shale that extends over a strike length of at least 550 metres. While nine-metre-wide blow-outs of the quartz vein are seen sporadically along this corridor, contacts between the vein and host rock have not yet been adequately exposed to determine the true thickness of the vein over its length.
Veining is typically bright white, massive to vuggy, locally stylolitic with carbonate and sericite alteration. Vugs often contain euhedral quartz infilling. Prospecting has revealed that quartz veins along this corridor locally contain pyrite, chalcopyrite, and arsenopyrite. Fine grained visible gold has been observed in annealed quartz and vuggy gray quartz in the two occurrences. These features are characteristic of epizonal gold deposits similar to those identified on New Found Gold’s Queensway property to the south. Detailed sampling and mapping of this veining is ongoing. Samples collected to date will be delivered to Eastern Analytical laboratory today and results will be reported when available. Historical assessment reports do not note this quartz vein occurrence.
A photo accompanying this announcement
“We are very excited to announce the first visible gold found in the area covered by the Kingsway Property. This significant discovery is a result of the thorough work of LabGold geologists and prospectors, said Roger Moss, President and CEO of Labrador Gold. “The similarities to the gold mineralization at New Found Gold’s Keats Zone to the south are striking and gives credence to the district scale potential of the gold mineralization. We intend to aggressively follow up these occurrences with further detailed sampling and mapping, RAB drilling and, in the new year, diamond drilling.”
Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.
The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.
About Labrador Gold
Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.
In early March 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The property is along strike to the northeast of New Found Gold’s discovery of 92.86 g/t Au over 19.0 metres on their Queensway property. (Note that mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property). In early July 2020, the Company signed an option agreement to acquire a third license to add to the property package which now covers approximately 77 km2. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water.
The Hopedale gold property covers much of the Florence Lake greenstone belt that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Initial work by Labrador Gold has identified a 3 kilometre mineralized section of the northern portion of the belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold.
The Ashuanipi gold project is located just 35 km from the historical iron ore mining community of Schefferville, which is linked by rail to the port of Sept Iles, Quebec in the south. The claim blocks cover large lake sediment gold anomalies that, with the exception of local prospecting, have not seen a systematic modern day exploration program. Results of the exploration to date show gold anomalies in soils and lake sediments over a 15 kilometre long by 2 to 6 kilometre wide north-south trend and over a 14 kilometre long by 2 to 4 kilometre wide east-west trend.
The Company has 101,674,175 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.
For more information please contact:
Roger Moss, President and CEO Tel: 416-704-8291
Or visit our website at: www.labradorgold.com
Twitter: @LabGoldCorp
Affinity Metals (AFF:TSX-V) (34IA: FSE) recently made two key property acquisitions. The Carscallen Extension adjoins the Kirkland Lake / Melkior $110 million Joint Venture and is on trend. Melkior’s Carscallen property has gained considerable attention in recent months since Kirkland Lake Gold first entered into negotiations. Melkior recently closed a strategic partnership with KL in an option deal worth up to $110 million. The confidence of a major producer entering into an agreement of this size is very promising and shows the potential of this newly discovered gold system.
The Windfall North is along strike to the northeast from Osisko’s rapidly growing Windfall Lake deposit within the prolific Abitibi Greenstone Belt. Osisko’s Windfall Lake Project is reportedly one of the highest grade resource-stage gold projects in Canada and continues to grow as more discoveries are made. Osisko recently reported Windfall Lake indicated resources of 2.39 million tonnes at 9.1 g/t Au (1,206,000 oz. gold) and inferred resources of 10.61 million tonnes at 8.4 g/t. (3,938,000 oz. gold). Osisko has defined the resource approximately 2000m on strike and 1500m depth, and continues to drill at an impressive pace.
Sit back and discover why Affinity offers multiple opportunities to take advantage of a growing bull market in metals.
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Step-Out Hole GS-20-70 Extends the Goldstorm 300 Horizon and CS-600 Zone Another 150 Meters to the Northeast as Drilling Continues with Six Drills at Treaty Creek
Cardston, Alberta–(Newsfile Corp. – October 26, 2020) – American Creek Resources Ltd. (TSXV: AMK) (“the Corporation”) is pleased to present results for the fourth set of diamond drill holes at their flagship property, Treaty Creek, located in the heart of the Golden Triangle of Northwestern British Columbia. Diamond drilling continues with six drill rigs currently working on the Goldstorm Zone which is on-trend from Seabridge’s KSM Project, 5 km to the southwest. All nine of the recent drill holes have successfully intersected the Goldstorm System expanding the mineralization to the northeast and southeast, as well as to depth. The Goldstorm System 300 Horizon has now been traced for 1100 meters along the northeast axis and in addition, the CS-600 and DS-5 systems have been expanded to the northeast and to depth as well. All 26 drill holes completed at Goldstorm during the 2020 program have encountered significant precious metal mineralization.
Tudor Gold’s Vice President of Project Development, Ken Konkin, P.Geo., stated: “The goal is to drill-define the limits of the Goldstorm system mineralization. We are very pleased with the results obtained from the 2020 drill holes that have yet to define limits or boundaries to the mineralized target along the northeastern and the southeastern axes, and to depth as well as we keep encountering mineralization versus non-mineralized host rock. Drill hole results from GS-20-75 demonstrate that several aspects of the mineralized horizon appear to be gaining strength at depth with significant Au-Cu-Ag mineralization encountered in the CS-600 zone which averaged 0.968 gpt AuEq over 414 meters. Our technical team has to date received drill hole results from 26 diamond drill holes at Goldstorm and three holes from the PSZ Zone, totaling 24,343.6 meters. Samples from 12 drill holes are awaiting results from MSA Labs, totaling 12,443.7 meters, with six additional holes currently being drilled that are expected to total more than 6,500 meters. The information released to date represents just over half of the drill information we plan to collect for this year’s program at Goldstorm. We have also received good news from MSA Labs that they hope to get back to our scheduled 15-day turn-around-time for results. We are confident that our combined efforts will expediate the news flow for the near-future.”
Goldstorm Highlights include:
The following three tables below provide the complete list of composited drill hole results as well as the drill hole data including hole location, elevation, depth, dip and azimuth.
Table l: DDH Data October 26, 2020 Press Release
To view an enhanced version of Table I, please visit:
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Table ll : Gold equivalent composite values from nine Goldstorm Zone DDH’s.
To view an enhanced version of Table II, please visit:
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Table lll: Drill Data for Holes Completed, Pending Results and Currently Drilling
To view an enhanced version of Table III, please visit:
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Attached are Sections 109+00 NE, 112+50 NE, 114+00 NE and 115+50 NE showing holes traces with gold and copper histogram results and a Plan Map showing the drill hole and section locations.
Walter Storm, President and CEO, stated: “For the fourth consecutive press release this year, we again are very pleased to announce a result that surpassed our finest result from the 2019 drill program. Last year, we had an excellent intercept from hole GS-19-47, which yielded 0.697 gpt Au Eq over 1081.5 meters (Section 114+00 NE)- and now we have yet another hole, GS-20-75 with a comparable result that was drilled along the same section but in the opposite direction from GS-19-47. Drill hole GS-20-75 averaged 0.741 gpt Au Eq over an impressive 1152.0 meters. With every hole our technical team completes, we are further defining the mineralized area. Clearly, however, much more drilling is required to locate the limits of the system due to the size and robust nature of the mineralization. Our commitment is to advance the project as far as possible this year and our team will push the winter elements to continue drilling as long as the conditions permit. We are proud of what we have achieved in these last two years of exploration. Given the amount of geological potential that the entire project possesses with the Goldstorm, Perfect Storm Z, Eureka and Orpiment Systems, we believe that similar results will continue to enhance the prospects for the Treaty Creek Project.”
Darren Blaney, CEO of American Creek commented: “The Goldstorm continues to impress. Yet another step out hole has hit significant gold mineralization and has extended the zone another 150m to the northeast. Even after all this 2020 drilling, we still don’t know the extent or bounds of the Goldstorm but clearly, it’s a truly massive gold zone. I congratulate Walter, Ken, and the whole Tudor team on the incredible effort and the associated incredible success as they continue to keep six drills turning at Treaty Creek. I also commend Sean and the More Core Drilling team for their commitment and Get it Done attitude and professionalism.”
Tudor Gold Corp and associated service companies have taken extreme measures to maintain the highest professional standards while working within COVID-19 health and safety protocols. Only essential personnel are permitted to enter the camp and staging areas. Of those who are at the project site and staging site, we have strict daily monitoring of the workers’ temperatures and general health conditions. We have a certified paramedic at the staging area to examine all in-coming and out-going Tudor personnel and all service providers.
The Treaty Creek Project is a Joint Venture with Tudor Gold owning 3/5th and acting as operator. American Creek and Teuton Resources each have a 1/5th interest in the project creating a 3:1 ownership relationship between Tudor Gold and American Creek. American Creek and Teuton are both fully carried until such time as a Production Notice is issued, at which time they are required to contribute their respective 20% share of development costs. Until such time, Tudor is required to fund all exploration and development costs while both American Creek and Teuton have “free rides”.
Treaty Creek Background
The Treaty Creek Project lies in the same hydrothermal system as Pretium’s Brucejack mine and Seabridge’s KSM deposits with far better logistics.
For a better understanding of the mineralized zones at the Goldstorm, please view this video (which shows the original 20,000m planned drill program opposed to the 40,000m+ drill program that has taken place).
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About American Creek
American Creek is a Canadian junior mineral exploration company with a strong portfolio of gold and silver properties in British Columbia.
Three of those properties are located in the prolific “Golden Triangle”; the Treaty Creek JV with Tudor Gold/Walter Storm, the D-1 McBride, and the 100% owned past producing Dunwell Mine.
The Corporation also holds the Gold Hill, Austruck-Bonanza, Ample Goldmax, Silver Side, and Glitter King properties located in other prospective areas of the province.
See additional images of drill locations in this press release at www.americancreek.com.
For further information please contact Kelvin Burton at: Phone: 403 752-4040 or Email: [email protected]. Information relating to the Corporation is available on its website at www.americancreek.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Actual results could differ materially because of factors discussed in the Corporation’s management discussion and analysis filed with applicable Canadian securities regulators, which can be found under the Corporation’s profile on www.sedar.com. The Corporation does not assume any obligation to update any forward-looking statements.
Goldstorm Zone Plan View
To view an enhanced version of this image, please visit:
https://orders.newsfilecorp.com/files/682/66819_americancreekfigure1enhanced.jpg
Goldstorm Zone Section 109+00 NE
To view an enhanced version of this image, please visit:
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Goldstorm Zone Section 112+50 NE
To view an enhanced version of this image, please visit:
https://orders.newsfilecorp.com/files/682/66819_americancreekfigure3enhanced.jpg
Goldstorm Zone Section 114+00 NE
To view an enhanced version of this image, please visit:
https://orders.newsfilecorp.com/files/682/66819_americancreekfigure4enhanced.jpg
Goldstorm Zone Section 115+50 NE
To view an enhanced version of this image, please visit:
https://orders.newsfilecorp.com/files/682/66819_americancreekfigure5enhanced.jpg
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
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.
Vancouver, BC – TheNewswire – October 21, 2020 – Durango Resources Inc.(TSXV:DGO) (Frankfurt-86A1) (OTC:ATOXF), (the “Company” or “Durango“) is pleased to report that further to its news release dated October 8, 2020, the Company has started an exploration program on the East Barry Property which is located 2km east of the Trove Property at Windfall Lake, Quebec.
The East Barry Property was recently expanded in size and is now 7,740 hectares, bordering Osisko Mining Inc. (TSX:OSK) on the west and Bonterra Resources Inc. (TSXV:BTR) on the north. Durango’s exploration crew was tasked with exploring the East Barry along the 10km long gold in till trend for geological reconnaissance. The crew has also been asked to proceed with a north south Spontaneous Polarity (“SP“) geophysical survey across an area of high interest.
Due to the rehabilitation of old access roads, the exploration team is able to complete geological reconnaissance in areas previously unaccessible on the East Barry Property. New outcrops have been discovered on high ground providing key geological information for the area. During this exploration campaign on the East Barry Property, a mineralized quartz feldspar porphyry (“QFP“) dike associated with quartz veins was discovered (see Figure 1).
Marcy Kiesman, CEO of Durango, stated, “Durango’s exploration crew took the opportunity of favourable weather and newly rehabilitated roads to expand the ground exploration program onto the East Barry Property. The East Barry Property has minimal outcrop, so all of the information we can gather on rock exposure is extremely important in order to identify geological similarities with the Windfall Lake deposit and potential mineralization associations. Durango will continue to explore the East Barry Property in the upcoming weeks concurrently with its ongoing drill campaign on the Trove Property. We look forward to analyzing the results in comparison with our neighbours’ data.”
The technical contents of this press release were approved by George Yordanov, professional geologist, an Independent Qualified Person as defined by National Instrument 43-101. The Trove Property has not yet been subject to an NI-43-101 report.
Trove Property, Quebec
Durango owns 100% interest in the Trove claims, which are surrounded by Osisko Mining Inc. (TSX-OSK), in the Windfall Lake area between Val d’Or and Chibougamau, Quebec. The 1,185 hectare property is compelling due to the coincidence of gold found in tills coinciding with magnetic highs, several Induced Polarization anomalies and two faults crosscutting the property. The fault systems north and south of the Trove, control gold mineralization elsewhere, indicating the Trove has excellent exploration potential. Durango received all the final drill permits for the Trove property in September 2019 and is currently undertaking its inaugural drill program.
East Barry Property, Quebec
Durango owns 100% interest in the East Barry claims which run parallel to Trove claims. The East Barry block is over 7,740 hectares in size and borders the eastern perimeter of Osisko’s holdings and the southern perimeter of Bonterra’s holdings and is less than 4km south of the Gladiator deposit. The East Barry claims host a gold trend which covers approximately 10km in length and is subparallel to the main Barry Fault held by Osisko Mining. In 2018, a till sampling program was conducted by Durango and one of the till samples returned forty-two (42) pristine gold grains with reported gold values of 2.184 g/t Au. A high count of pristine gold grains indicates that the gold has travelled a very short distance from its source. The East Barry block underwent an Induced Polarization (“IP“) survey in 2018 which identified a high priority target coincident with the high count of pristine gold grains.
About Durango
Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company is positioned for discovery with a 100% interest in a strategically located group of properties in the Windfall Lake gold camp in the Abitibi region of Quebec, Canada.
For further information on Durango, please refer to its SEDAR profile at www.sedar.com.
Marcy Kiesman, CEO
Telephone: 604.428.2900 or 604.339.2243
Email: [email protected]
Website: www.durangoresourcesinc.com
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.
TORONTO, Oct. 19, 2020 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce that drilling has begun at its Kingsway Project near Gander Newfoundland. The Kingsway project is located within the highly prospective Gander Gold District along strike to the northeast of New Found Gold Corp’s gold discovery announced earlier this year.
Drilling started in the area around the Cracker showing where up to 5 drill holes are planned. Holes are targeting VLF-EM conductors associated with an altered mineralized gabbro and anomalous gold in soil samples. Historical results from the Cracker showing include grab samples from trenching ranging from 1.8 g/t Au to 61.73 g/t Au and channel samples ranging from <5ppb to 1.89 g/t Au.
Drilling will then proceed approximately 2km southeast to test coincident gold in soil and Mag-VLF-EM targets along two interpreted secondary structures trending northeast and north-northeast. Gold concentrations in soil samples range from below detection up to 281ppb (0.281g/t) with six samples assaying more than 100ppb Au (>0.1g/t Au). The higher concentrations are associated with the two structures.
The third drilling area is located a further 2.6km to the southeast near the Appleton #2 showing close to the intersection of a northwest trending structure with the north-northeast structure targeted in Area 2. Gold in soil anomalies range from below detection up to 686ppb (0.67g/t Au) and are associated with a strong northeast trending conductor.
The last two areas for drilling are further to the northeast approximately 4.8km and 7 km northeast of the Cracker occurrence. The first area is in an area of complicated structure that is currently being covered with the CSAMT Survey (see news release dated October 8th, 2020). Gold in soil samples range from below detection up to 547ppb Au. A single historical till sample in the area assayed 1,093ppb Au (1.09g/t) and contained 60 gold grains. This area will be drilled following receipt of results from the CSAMT survey.
The final area covers an interpreted north-northeast trending splay of the Appleton Fault Zone. Gold in soil samples range from below detection to 1,618 ppb (1.62 g/t Au).
“The start of drilling on the Kingsway Project is a major milestone that we have worked hard to achieve this field season,” said Roger Moss, President and CEO of the Company. “The last drilling on the property was in the nineties, so we are excited to drill this prospective region after a more than twenty year hiatus.“
Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.
Kingsway Project Drilling Locations is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1dd4124b-69bd-4fb3-afa6-64a33f4cf1d7
The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.
About Labrador Gold
Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.
In early March 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The property is along strike to the northeast of New Found Gold’s discovery of 92.86 g/t Au over 19.0 metres on their Queensway property. (Note that mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property). In early July 2020, the Company signed an option agreement to acquire a third license to add to the property package which now covers approximately 77 km2. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water.
The Hopedale gold property covers much of the Florence Lake greenstone belt that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Initial work by Labrador Gold has identified a 3 kilometre mineralized section of the northern portion of the belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold.
The Ashuanipi gold project is located just 35 km from the historical iron ore mining community of Schefferville, which is linked by rail to the port of Sept Iles, Quebec in the south. The claim blocks cover large lake sediment gold anomalies that, with the exception of local prospecting, have not seen a systematic modern day exploration program. Results of the exploration to date show gold anomalies in soils and lake sediments over a 15 kilometre long by 2 to 6 kilometre wide north-south trend and over a 14 kilometre long by 2 to 4 kilometre wide east-west trend.
The Company has 93,294,175 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.
For more information please contact:
Roger Moss, President and CEO Tel: 416-704-8291
Or visit our website at: www.labradorgold.com
Twitter: @LabGoldCorp
