Loncor Resources 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 company is looking to further expand it's current resources and exploration targets, while benefitting from a JV partnership with Barrick Gold (TSX: ABX)(NYSE: GOLD) with Barrick targetting in excess of 6 priority targets across Ngayu.
- Two hundred and twenty kilometres away, Barrick Gold (ABX) has built one of the world’s great new gold mines in the DRC - the Kibali Mine, producing a record-breaking 814,027oz in 2019 at “all-in sustaining costs” of US$693/oz*.
- ABX is looking to consolidate its position in the NE of the DRC and in June 2020 began a diamond drill program on the Joint Venture (JV) with Loncor over numerous targets on the Ngayu Belt, while expanding the JV by adding further or revised JV's in June and November 2020 on highly prospective areas. However, some of the highest priority targets have been retained by Loncor themselves in the 46% of Loncor's ground not held under the JV.
- 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
- Loncor 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 2.5M ozs of inferred gold resources (84.68% attributable to Loncor) at grades similar to ABX's Kibali mine.
- 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.