April 22, 2021

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Loncor Gold Inc. (TSX:LN) (OTC:LONCF) (FSE:LO51), is a Canadian gold exploration company focused on projects on the Ngayu Belt in the Democratic Republic of the Congo (the “DRC”). The Adumbi gold deposit is the current focus of Loncor's activity and can be found within Loncor's 84.68% owned Imbo Project.

The company is looking to further expand its current resources and portfolio of exciting exploration targets on the Ngayu Belt.

Adumbi (and the two satellite deposits of Kitenge and Manzako) has an inferred resource Loncor believes could soon approach 5 million ounces, with 3.15 million ounces within the pit shell and further underground resources being drilled at depth. The relatively high grade (2.35g/t within the proposed pit) remains a key positive, with the early-stage indications suggesting the deposit holds the potential of cash costs similar to the nearby Barrick managed Kibali mine - an operation that had ASIC costs per ounce of US$778/oz in 2020, the lowest ASIC costs of any of Barricks' six African mines.

The resource remains open at depth below 550 metres.
  • Loncor’s team has previously delineated 17 million ounces of gold resources in areas of similar geology in neighbouring countries, plus 13 million ounces of gold resources in the 15 years of operating in the DRC, with the huge Ngayu Belt now the focus.
  • Loncor holds exploration permits covering an area of 3,534 km2 of the Ngayu Archaean greenstone belt in the northeast DRC.
  • The company arguably offers the largest direct exposure to the gold potential of the North East DRC, backed up by individuals who know the DRC well.
  • Loncor currently holds an attributable inferred gold resource of 2.67 million ounces, and 0.6 million ounces of indicated resources. The Imbo Project alone contains 2.5 million ounces of inferred gold resources (84.68% attributable to Loncor) at grades similar to ABX's Kibali mine.
  • The team is looking to assess the potential of Adumbi through an imminent resource upgrade followed by a Preliminary Economic Assessment in the second half of 2021.
  • The Imbo area was mined on a relatively small scale in the 1930s by Belgians, with the majority of output originating from our main target, Adumbi.
  • On June 10 2020, a NI 43-101 technical report on the Imbo Project was filed on SEDAR and confirmed the inferred resource increase, having been prepared by Minecon Resources and Services Limited with an effective date of April 17, 2020. A copy of the said report can be obtained from SEDAR at www.sedar.com.
  • Loncor has numerous other targets to explore both close to Adumbi (Imbo East) and further afield. Makapela, 50 kilometres from Adumbi, is an obvious area for further drilling given it holds a significant resource from 65 holes drilled previously, with results of 64g/t over a true width of 4.3 metres being recorded. The deposit extends for at least 3 kilometres.
Read 1856 times Last modified on June 09, 2021
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