- Exploration Target of Adumbi Underground estimated to be in
the range of 8.9 million tonnes to 9.6 million tonnes grading from
4.7 g/t Au to 4.9 g/t Au below USD1,600/oz pit shell
TORONTO, Jan. 25,
2024 /CNW/ - Loncor Gold Inc. ("Loncor" or the
"Company") (TSX: LN) (OTCQX: LONCF) (FSE: LO51) is pleased
to announce that drilling tenders have been sent to a number of
drilling companies to bid on a 11,000-metre-deep drilling program
at its priority gold exploration target below the Adumbi
USD1,600/oz pit shell. It is proposed
that two core rigs will commence a deep drilling program at Adumbi
by the beginning of April 2024. Adumbi is situated 220
kilometres from Africa's largest
gold mine, the Barrick Gold/ AngloGold Ashanti Kibali Gold Mine, a
hub for many major mining related contractors in the DRC.
Fifteen intersections are proposed below the pit shell in order
to outline an inferred underground mineral resource (see Figure 1
below showing intended 15 drill interceptions below the Adumbi pit
shell). Of the fifteen proposed intersections, six interceptions
will be wedged off nine deeper holes in order to save time and
costs. This drilling program is estimated to be completed by year
end at which time an underground inferred mineral resource estimate
will be carried out.
Adumbi currently has an indicated mineral resource of 1.88
million ounces of gold (28.185 million tonnes grading 2.08 g/t Au),
and an inferred mineral resource of 1.78 million ounces of gold
(20.83 million tonnes grading 2.65 g/t Au) – all within the
USD1,600/oz pit shell, with 84.68% of
these mineral resources being attributable to Loncor.
Loncor's Chief Executive Officer, John
Barker, commented: "The recent non-dilutive sale of
Makapela for CAD$13,500,000 has
strengthened Loncor's hand significantly. It allows us to drill for
the potential ounces below the 3.66 million-ounce, high grade
resource delineated within the Adumbi pit outline.
Additionally, confirmation of significant ounces at depth
would allow Adumbi the flexibility to explore the economics of a
combined open pit and underground project. A smaller pit would
reduce strip ratios, and the underground ounces would increase the
grades through the processing plant with the overall target being
an enhanced economic profile for the combined open pit and
underground scenario.
With the recent DRC general elections passing successfully,
the country continues to draw growing interest from international
companies seeking world class mineral and mining opportunities. We
believe the developing Adumbi places Loncor at the forefront of
such interest."
The Adumbi resource remains open at depth below the USD1,600/oz pit shell (maximum depth of pit shell
bottom 550 metres below surface) with the favourable Banded
Ironstone Formation (BIF) host increasing in thickness. As stated
in the Company's press release of December
19, 2023, the Company estimates the potential Adumbi
underground exploration target as between 8.9 million tonnes to 9.6
million tonnes grading 4.7 g/t Au to 4.9 g/t Au to a depth of 800
metres (reference is made to the said press release, which can be
found at SEDAR+ at www.sedarplus.ca, for additional information
with respect to this estimate). These potential quantities
and grade are conceptual in nature as there has been insufficient
exploration to define a mineral resource and it is uncertain if
further exploration will result in the Adumbi underground
exploration target being delineated as a mineral resource.
Loncor's independent geological consultants Minecon Resources
and Services Limited undertook the Adumbi underground exploration
target tonnage and grade estimation ranges. The Adumbi
3-dimensional ("3-D") model was constructed using cross
sectional and horizontal flysch plans of the geology and
mineralization and was used to assist in constraining the 3-D
geological model. This underground exploration target has been
estimated to a maximum depth of 800 metres below surface.
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 Adumbi deposit
(and other properties of the Company within its Imbo Project) is
contained in the technical report of New SENET (Pty) Ltd and
Minecon Resources and Services Limited dated December 15, 2021 and entitled "NI 43-101
Preliminary Economic Assessment of the Adumbi Deposit in the
Democratic Republic of the
Congo". A copy of the said report can be obtained from
SEDAR+ at www.sedarplus.ca 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.sedarplus.ca and EDGAR at www.sec.gov.
About Loncor Gold Inc.
Loncor is a Canadian gold exploration company focussed on the Ngayu
Greenstone Gold 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. Loncor's growing resource
base in the Ngayu Belt currently comprises the Imbo and Makapela
Projects. At the Imbo Project, the Adumbi deposit holds an
indicated mineral resource of 1.88 million ounces of gold (28.185
million tonnes grading 2.08 g/t gold), and the Adumbi deposit and
two neighbouring deposits hold an inferred mineral resource of
2.090 million ounces of gold (22.508 million tonnes grading 2.89
g/t Au), with 84.68% of these resources being attributable to
Loncor. Following a drilling program carried out by the
Company at the Adumbi deposit in 2020 and 2021, the Company
completed a Preliminary Economic Assessment ("PEA") of the Adumbi
deposit and announced the results of the PEA in December
2021. The Makapela Project (which is located approximately 50
kilometres from the Imbo Project) 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). On December 13, 2023, Loncor announced the sale of
the Makapela Project, which sale is expected to close before the
end of February 2024 (see the
Company's December 13, 2023 press
release).
Additional information with respect to Loncor and its projects
can be found on Loncor's website at www.loncor.com.
Cautionary Note to U.S. Readers
National
Instrument 43-101 - Standards of Disclosure for Mineral Projects
("NI 43-101") is a rule of the Canadian Securities
Administrators which establishes standards for all public
disclosure an issuer makes of scientific and technical information
concerning mineral projects. Unless otherwise indicated, all
scientific and technical information concerning Loncor's mineral
properties contained in this press release has been prepared in
accordance with NI 43-101 and the Canadian Institute of Mining,
Metallurgy and Petroleum Classification System. These
standards differ from the requirements of the U.S. Securities and
Exchange Commission (the "SEC"), and
scientific and technical information concerning Loncor's mineral
properties contained in this press release may not be comparable to
similar information disclosed by U.S. companies. U.S.
investors are urged to consider closely all of the disclosure in
the Company's Form 20-F Annual Report (File No. 001-
35124) and other reports filed pursuant to the United States
Securities Exchange Act of 1934, as amended, 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 the proposed commencement of a deep drilling
program at Adumbi, a potential Adumbi underground mineral resource,
potential mining operations at Adumbi, the potential quantity and
grade of the Adumbi underground exploration target, an enhanced
economic profile at Adumbi, further development of the Company's
Adumbi deposit, mineral resource estimates, potential mineral
resource increases at Adumbi, potential mineralization, drill
results, 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, risks that the
Adumbi underground exploration target will not be delineated as a
mineral resource or will be less than the current estimated ranges
of potential tonnage and grade (potential quantities and
grades for the Adumbi underground exploration target disclosed in
this press release are conceptual in nature as there has been
insufficient exploration to define a mineral resource and it is
uncertain if further exploration will result in the target being
delineated as a mineral resource), the possibility
that future exploration (including drilling) or development results
will not be consistent with the Company's expectations, risks
related to the exploration stage of the Company's properties,
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 information form dated March 31, 2023 filed on SEDAR+ at
www.sedarplus.ca 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.
SOURCE Loncor Gold Inc.