Loncor Resources Inc. (TSX:LN; OTCQX: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 with Adumbi being the immediate focus, while Barrick Gold (TSX: ABX)(NYSE: GOLD) has a number of JV's on Loncor's ground 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, produced 808,134oz in 2020 at “all-in sustaining costs” of US$778/oz*.
- Loncor’s team has previously delineated 17 million ounces of gold resources in areas of similar geology in neighbouring countries, plus 14 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 3.485 million ounces, and 0.6 million ounces of indicated resources. The Imbo Project alone contains 3.5 million ounces of inferred gold resources (84.68% attributable to Loncor) at grades similar to ABX's Kibali mine.
- At the Adumbi deposit within Imbo, Loncor aims to delineate significant underground resources through the ongoing drill program with a project target of 5 million ounces. In parallel, Loncor will conduct a Scoping Study in mid 2021 to reflect the potential value of the high-grade deposit.
- The Imbo area was mined on a relatively small scale in the 1930s by Belgians, with the majority of output originating from our major focus,
- 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.