Projects (11)

December 15, 2021 Written by

Loncor controls 5.1M ozs of high grade resources within various projects, but it is Adumbi that holds the immediate prospect for transformational growth. Loncor holds 84.68% of the 3.66M ozs of indicated and inferred resources within the pit shell, with the potential to pass 5M ozs of resources through ongoing delineation of the underground potential.

Download: NI 43-101 Preliminary economic assessment of the adumbi deposit in the Democratic Republic of the Congo

Completed in mid December 2021, the Adumbi PEA highlights the potential value available within the likely pit shell at Adumbi. As part of the process, Loncor investigated various alternatives to generating power, with a focus on the use of hydroelectric schemes within the local river systems. Such a source should prove to reduce unit costs significantly while helping to reduce the impact on the environment. Additionally, the company is investigating a number of alternatives to project finance the hydroelectric facilities, a potential positive for capital costs. The PEA detailed below highlights two schemes for generating power; one utilising hydro (plus other forms of generation as back up); and a second system using the more traditional diesel generators to supply the 34MW required to run such a project.

Key points from December 2021 Adumbi PEA

  • Pre-tax NPV (5% discount) of US$895 million and post-tax NPV of US$624 million for HEP Hybrid case at a US$1,600 gold price
  • Using a US$1,760 gold price, post-tax NPV (5% discount) of US$879 million for HEP Hybrid case
  • Average annual production of 303,000 ounces of gold over a 10.3 year life of mine within proposed pit shell
  • Average total cash costs of US$852 per ounce over life of mine and AISC of US$950 per ounce for HEP Hybrid case

The various summary tables that follow clearly illustrate the potential that Adumbi offers, with further upside possible should the underground resource grow significantly.

Here follows a summary of the key project parameters, followed by the December 15, 2021 press release offering detailed background on the PEA.

Key Financial Results - Hydro Hybrid Case

Gold PricePre-Tax NPVPost-Tax NPVPost-Tax IRR
(US$/oz) (US$M - 5% discount) (US$M - 5% discount) (%)
1440 547 368 14.7
1600 895 624 20.7
1760 1,243 879 26.4
1840 1,417 1,006 29.1

Key Production Estimates - Hydro Hybrid Case*

Average Tons Produced 4.8M tpa
LOM Feed Grade 2.17 g/t
Average Gold Produced 303,000 ozs p.a.
Production Period 10.3 years
L.O.M. AISC US$950/oz
Pre-Production Capex US$530 M
Payback Period (Post tax) 3.76 years @ US$1760/oz

*Includes a 20% contingency. Various options are being investigated to project finance the hydro capex

Other Key Data - Hydro Hybrid Case*

Open Pit Resources Utilised in the PEA* 3.66 M ozs
Indicated Resources – (28.185M t @ 2.08g/t) 1.883M ozs
Inferred Resources – (20.828M t @ 2.65g/t) 1.777M ozs
Average Plant Recovery 89%
Strip Ratio 10 :1

*Potential of Additional Underground Resources At Adumbi Currently Being Investigated

Adumbi PEA Background Detail.

For a more detailed breakdown of all the various options considered within the December 2021 PEA i.e. costs, capex, metallurgy, plant and site layout, financial sensitivities etc please refer to the press release dated December 15, 2021 entitled “Loncor Gold Announces Adumbi PEA with 303,000 ozs/year over a 10.3 year LOM”.

April 28, 2021 Written by

Loncor Gold Inc. (TSX:LN; OTCQX:LONCF; FSE:LO51), is a Canadian gold exploration company focused on projects within a 480km2 area on the Ngayu Greenstone Belt in the North East of The Democratic Republic of the Congo (the “DRC”). Its neighbour is Africa’s largest gold mine, the Barrick Gold-managed Kibali mine, a world class operation with grades similar to those found in Loncor’s growing resources. The area around Adumbi has a history of mining since the 1920s when the Belgians extracted modest amounts of gold, with a focus on Adumbi.

In December 2021, Loncor announced the results from a Preliminary Economic Study on the likely 3.66M oz open pit resource at Adumbi (84.68% owned by Loncor).

The pre-tax NPV@5% at US$1760/oz was US$1,243M, with further value to be added should recent drilling add underground resources in early 2022.

In total, Loncor controls 2.5 million ounces of indicated resources (30.4M tonnes @ 2.56g/t), and 2.64 million ounces (25.7M tonnes at 3.19g/t) of inferred resources, illustrating the company has more than Adumbi within its portfolio of high grade assets.

1. Developing Adumbi – PEA Proves the Potential for a Company Maker at Expanding High Grade Gold Project

The Adumbi gold deposit is found within Loncor's 84.68% owned Imbo Project area. Imbo has a 3,97 million ounce resource base (dominated by Adumbi’s open pit resource) which Loncor believes will grow significantly through future underground drilling. The relatively high grade remains a key positive, with the December 2021 PEA indicating Adumbi holds the potential of excellent cash costs and a +10 year mine life, especially if underground resources are added in 2022 and beyond.

The Adumbi Deposit

Adbumbi deposit [photo]
Adbumbi deposit [photo]

2. Explore and Develop Loncor's other projects within Ngayu

Separate from Adumbi, Loncor controls a number of other gold deposits within the Ngayu Greenstone Belt. Two other deposits, Kitenge and Manzako, have been delineated along strike from Adumbi on the Imbo Project. There is the potential that they could be incorporated into a mine plan for Adumbi.

At Kitenge, 4 kilometres southwest of Adumbi, drilling has outlined inferred resources of 191,000 ounces of gold grading 6.6 g/t Au while at Manzako, an inferred resource of 122,000 ounces of gold grading 5.0 g/t Au has been outlined. Mineralization at both Kitenge and Manzako remain open at depth and additional drilling is warranted to increase these mineral resources.

Table 1 – Summary of Loncor’s Gold Resources

Loncor controls 5.1 million ounces of resources.
Potential to grow further with Adumbi underground resources.

Loncor's indicated mineral resource - (Total & Attributable Ounces)
Deposit +
Attributable %
Tonnes
(million)
Gold Grade
(g/t Au)
Contained Gold
(000 oz)
Attributable Gold
(000 oz)
Adumbi - 84.68% 28.19 2.08 1.883 1.594
Makapela - 100% 2.21 8.66 614 614
Total Indicated 30.39 2.56 2.497 2.209
Loncor's inferred mineral resource - (Total & Attributable Ounces)
Deposit +
Attributable %
Tonnes
(million)
Gold Grade
(g/t Au)
Contained Gold
(000 oz)
Attributable Gold
(000 oz)
Adumbi - 84.68% 20.83 2.65 1.783 1.505
Kitenge - 84.68% 0.91 6.60 191 162
Manzako - 84.68% 0.77 5.00 122 103
Total Imbo Project 22.508 2.89 2.090 1.770
Makapela - 100% 3.22 5.30 550 550
Total Inferred 25.731 3.19 2.639 2.320

Numbers may not add up due to rounding

* Used US$1600/oz gold price for pit optimization and appropriate cost and cut-off assumptions

Ten kilometres to the southeast of Adumbi, exploration including soil sampling, grab and channel sampling, have outlined four prominent mineralized trends at Esio Wapi, Paradis, Museveni and Mungo Iko. At Esio Wapi, a prominent 1.9-kilometre long soil geochemical anomaly is associated with banded ironstones similar to Adumbi with channel sampling outlining a mineralized zone grading 1.59 g/t Au over 19.80 metres. Loncor's geologists will be undertaking further exploration of these four mineralized trends with a view to generating drill targets later in 2021.

Another target of interest is Makapela, a 100% owned project approximately 50 km from Adumbi. Mineral resources were previously delineated via 65 diamond drill holes, the indicated resource totals 614,000 ozs at 8.66 g/t Au, and the inferred resource contains 550,000 ozs at 5.30 g/t Au. This 3-kilometre deposit outcrops at the surface and is open at depth. Selected previous drill intercepts included 4.30 metres true width @ 64 g/t Au and 2.53 metres true width @ 32.6 g/t Au. Given such encouraging results, Loncor will look at ways of further developing the understanding of the deposit, potentially through further drilling. Makapela has the potential to deliver high-grade gold ores to a central processing facility at Adumbi.

Loncor's emerging assets - Ongoing resource growth plus own exploration

Loncor's 2021 estimages [graph]

 

April 28, 2021 Written by

Overview – Within Imbo, the Adumbi deposit's moving towards Tier 1 status

The Company acquired control of the Imbo project, as well as a number of other gold exploitation concessions, in the east of the Ngayu greenstone belt in the DRC in September 2019. The Company initially obtained a 71.25% interest in these projects, which subsequently increased to 84.68% in September 2020. The Imbo project contains numerous targets of significant growing interest including the three resource bearing deposits of Adumbi, Kitenge and Manzako, the deposits occurring within a 5-kilometre radius of each other.

In 2021, Loncor finalized a +-7000 metre drill program that increased the size of the Adumbi resource to 3.66M ozs. This was followed by a PEA in December 2021 that assigned a valuation of the resources within the proposed pit many multiples of the prevailing market capitalisation of Loncor Gold. Details can be found on the Adumbi PEA page.

A number of holes were drilled below the pit shell at Adumbi in order to test the potential of underground resources. Given the results (released in 2021), Loncor will be assessing the potential for such underground resources. Any significant additional resources may well be incorporated into a revised PEA sometime in 2022. The deposit still not drilled below 650 metres vertical depth.

Details on the progress of the drilling at Adumbi can be seen below under the section - Exploration Upside Around Imbo.

Historically the Imbo area was mined on a relatively small scale in the 1930s by Belgian operators, with the majority of output originating from our main target, Adumbi.

Figure 1: Location of Imbo Project Area in Ngayu Belt

Imbo Project Area in Ngayu Belt [map]

Photo 1 - The Adumbi deposit forms a clear ridge on the topography

Adumbi deposit ridge [photo]

After assessing exploration results undertaken between 2014 to 2018, including re-logging of all previous boreholes and undertaking additional drilling at depth, Loncor announced on April 17 2020 the gold content of the inferred resource of the three deposits (Adumbi, Manzako and Kitenge) had increased by 49% to 2.503 million ounces (30.65 million tonnes @ 2.54 g/t Au), compared to the previous resource determination undertaken in 2014. Loncor has an attributable interest of 84.68% in this resource. On June 10 2020, a NI 43-101 technical report on the Imbo Project was filed on SEDAR and confirmed the inferred resource increase at the Imbo Project, 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.

On April 27 2021, Loncor announced a 44% increase in mineral resources at its Adumbi deposit in the Imbo Project (Loncor 84.68%). Compared to the inferred mineral resource of 2.19 million ounces of gold (28.97 million tonnes grading 2.35 g/t Au) outlined in April 2020 the inclusion of six holes from the 7000 metre 2020/21 program increased the Adumbi inferred mineral resource to 3.153 million ounces of gold (41.32 million tonnes grading 2.37 g/t Au), constrained within a US$1,500 open pit shell. 84.68% of this Inferred mineral resource is attributable to Loncor via its 84.68% interest in the Imbo Project (see Figure 2). On June 11 2021, a NI 43-101 technical report on the Imbo Project was filed on SEDAR and confirmed the inferred resource increase to 3.153 million ounces at Adumbi within the Imbo Project, having been prepared by Minecon Resources and Services Limited with an effective date of April 27 2021. A copy of the said report can be obtained from SEDAR at www.sedar.com. Further detail on the resource upgrade can be found on the resources page.

On November 11 2021, Loncor announced a further increase in total resources at Adumbi to 3,66 million ozs. Due to significant near surface infill drilling, 1,88 million ozs (28,18 million tonnes at 2,08 g/t) were reclassified as indicated resources. The remaining 1,78 million ozs (20,83 million tonnes at 2,65 g/t) remained inferred resources.

Here follows the November 17, 2021 press release detailing the resource upgrade, various geological plans and sections, plus tables that detail the upgrade, and the underlying drilling and assumptions that led tot he resource increase.

Toronto, CanadaNovember 17, 2021 – Loncor Gold Inc. ("Loncor" or the "Company") (TSX: "LN"; OTCQX: "LONCF”; FSE: "LO51") is pleased to announce an increase and upgrade in mineral resources at its Adumbi deposit in the Imbo Project (Loncor 84.68%) in the D.R. Congo.

Compared to the inferred mineral resource of 3.15 million ounces of gold (41.316 million tonnes grading 2.37 g/t Au) outlined in April 2021 (see Company press release dated April 27, 2021), the additional drilling information and the increased gold price used, have contributed significantly to the increased mineral resources of the Adumbi deposit with improved confidence to 1.88 million ounces of gold in the indicated category and 1.78 million ounces of gold in the inferred category. 84.68% of these mineral resources are attributable to Loncor via its 84.68% interest in the Imbo Project.

Table I below summarises the Adumbi indicated and inferred mineral resources based on in-situ block cut-off grade at a 0.52 g/t Au for Oxide, 0.57 g/t Au for Transition and 0.63 g/t Au for Fresh material, and constrained within a US$1,600 per ounce optimized pit shell.

Table I: Adumbi Deposit Indicated and Inferred Mineral Resources
(effective date: November 17, 2021)

Mineral Resource Category

Tonnage

(Tonnes)

Grade

(g/t Au)

Contained Gold

(Ounces)

Indicated

28,185,000

2.08

1,883,000

Inferred

20,828,000

2.65

1,777,000

Note: Numbers may not add up due to rounding.

Tables II below summarise the indicated and inferred category mineral resources in terms of material type.

Table II: Adumbi Mineral Resources by Material Type
(effective date: November 17, 2021)

 

INDICATED MINERAL RESOURCE

INFERRED MINERAL RESOURCE

Material Type

Tonnage
(Tonnes)

Grade
(g/t Au)

Contained Gold
(Ounces)

Tonnage
(Tonnes)

Grade
(g/t Au)

Contained Gold
(Ounces)

Oxide

3,169,000

2.05

208,000

458,000

3.39

49,000

Transitional

3,401,000

2.51

274,000

280,000

2.74

24,000

Fresh (Sulphide)

21,614,000

2.02

1,400,000

20,089,000

2.64

1,703,000

TOTAL

28,185,000

2.08

1,883,000

20,828,000

2.65

1,777,000

Note: Numbers may not add up due to rounding.

Commenting on today’s mineral resource increase and upgrade at Adumbi, Loncor’s President Peter Cowley said: “This increase in mineral resources within a US$1,600 pit shell to 3.66 million ounces of gold includes an indicated mineral resource of 1.88 million ounces of gold and was achieved by infill drilling the shallower part of the Adumbi deposit. Compared to the previous resource estimate in April 2021, the indicated and inferred tonnages, grades and ounces for this resource update, are expected and relate to drilling density and increasing gold grades with depth at Adumbi (see Company press release dated April 27, 2021 -Table III). Gold mineralization is still open at depth below the pit shell where the favourable banded ironstone formation host (“BIF”) is thickening and demonstrates potential for additional underground mineral resources. The mineral resources within the pit shell will be incorporated into the Preliminary Economic Assessment (“PEA”) which the Company is undertaking to determine the economic viability of Adumbi and which is due for completion in December this year.” 

This mineral resource assessment was undertaken by the Company’s independent geological consultants Minecon Resources and Services Limited (“Minecon”). The updated estimate for Adumbi was based on the additional drilling and a review of the Adumbi deposit including remodelling and grade estimation and considering the CIM requirement for mineral resources to have “reasonable prospects for economic extraction”.

Drilling Results included in Mineral Resource Update

An additional fourteen core holes totaling 6,362.59 metres were drilled with the focus in areas within the pit shell where insufficient drilling had been undertaken to outline mineral resources. The upper part of the open pit shell was drilled at closer spacing in order to upgrade mineral resources from the inferred to indicated category.

Table III below summarises the significant intercepts of the additional drillholes that were included in this November 2021 mineral resource:

Table III: Core Hole Results from 2021 Drilling Program

Borehole

From (m)

To (m)

Intercept Width (m)

Grade (g/t) Au

LADD009

559.76

564.76

5.00

3.17

LADD009

581.90

614.05

32.15

6.17

LADD009

including

599.05

600.51

1.46

94.77

LADD009

629.56

644.92

15.36

3.73

LADD009 including

632.00

637.89

5.89

6.56

LADD009

650.50

657.95

7.45

1.48

         

LADD012

784.35

797.80

13.45

3.63

LADD012 including

784.35

786.35

2.00

9.56

LADD012

806.30

810.35

4.05

4.73

LADD012

784.35

797.80

13.45

3.63

         

LADD013

394.06

401.10

7.04

2.68

LADD013

418.65

438.65

20.00

4.21

LADD013

including

419.75

430.75

11.0

6.91

LADD013

452.30

469.60

17.30

2.48

LADD013 including

457.35

465.55

8.20

4.71

         

LADD014

670.00

681.80

11.80

2.97

LADD014 including

670.00

673.53

3.53

6.44

         

LADD015

24.43

31.50

6.07

1.77

         

LADD016

672.85

680.94

8.09

1.90

LADD016

731.51

757.10

25.59

2.39

including

737.18

743.27

6.09

4.78

including

749.67

752.56

2.89

4.98

LADD016

672.85

680.94

8.09

1.90

         

LADD017

45.55

62.70

17.15

1.90

LADD017

92.68

118.45

25.77

6.24

LADD017 including

100.76

110.05

9.29

9.68

LADD017 including

112.95

118.45

5.50

9.75

         

LADD018

93.34

113.70

20.36

0.93

LADD018

152.48

178.20

25.72

2.26

         

LADD019

4.57

11.60

7.03

2.13

         

LADD021

75.21

88.17

12.96

2.09

LADD021

99.74

106.00

6.26

1.09

LADD021

144.78

160.51

15.73

5.28

LADD021 including

144.78

149.78

5.00

13.70

         

LADD022

20.50

42.00

21.50

2.23

LADD022 including

25.50

34.00

8.50

4.23

         

LADD023

227.10

261.73

34.63

3.12

LADD023 including

231.65

237.40

5.75

7.23

LADD023 including

248.10

255.25

7.15

5.55

LADD023

270.43

300.25

29.82

1.77

         

LADD024

216.15

227.65

11.50

3.47

LADD024 including

224.10

227.65

3.55

7.79

LADD024

235.97

253.75

17.78

3.20

         

LADD025

258.38

266.00

7.62

1.16

LADD025

279.50

286.35

6.85

3.44

LADD025

301.10

311.57

10.47

1.74

LADD025

321.60

336.20

14.60

2.11

LADD025

342.65

361.75

19.10

4.11

LADD025 including

349.00

357.75

8.75

5.40

Note: 1. It is estimated that the true widths of the mineralised sections for core holes LADD009, LADD012, LADD013, LADD014, LADD015, LDD016, LADD017, LADD018, LADD019, LADD021, LADD022, LADD023, LADD024 and LADD025 are, respectively, 82%, 86%, 85%, 78%, 65%, 69%, 71%, 75%, 65%, 73% 58%, 76%, 77% and 78% of the intercepted widths in the above table.

Core Logging & Geological Controls

Gold mineralization at Adumbi is found within a BIF (Banded Iron Formation) unit with a strike length of 850 metres and up to 130 metres in thickness (see Figures 1, 3, 5 below: Geologic Plan and Geologic Cross Sections of the Adumbi Deposit). Four main zones of gold mineralization are present within the BIF and are located in:

  • the upper part of the Upper BIF Sequence,
  • the lower part of the Upper BIF Sequence separated by the Carbonaceous Marker, which is essentially unmineralized, and
  • within the Lower BIF Sequence.

There is a higher-grade zone of gold mineralization termed the Replaced Rock Zone (“RP Zone”) associated with alteration and structural deformation that has destroyed the primary host BIF fabric. The RP Zone occurs in the lower part of the Upper BIF and in the Lower BIF, and transgresses the Carbonaceous Marker, located between the Upper and Lower BIF zones, both along strike and down dip.

Geological Modelling and Grade Estimation

The Adumbi 3-dimensional model was constructed by Minecon in collaboration with on site geologists using cross sectional and horizontal flysch plans of the geology and mineralization and was used to assist in the constraining of the 3-D geological model. The mineralization model was constrained within a wireframe at 0.5 g/t Au cut-off grade. Grade interpolation was undertaken using:

  • 2 metre sample composites capped at 18 g/t Au to improve the reliability of the block grade estimates.
  • Ordinary Kriging to interpolate grades into the block model.
  • Relative densities of 2.45 for oxide, 2.82 for transitional and 3.05 for fresh rock were applied to the block model for tonnage estimation.

Pit Optimisation Parameters

To constrain the depth extent of the geological model and any mineral resources, an open pit for the Adumbi deposit was constructed based on the following pit optimisation parameters:

  • A gold price of US$1,600 per ounce.
  • Block size: 16 metres x 16 metres x 8 metres.
  • A thirty-two metres minimum mining width and a maximum of four metres of internal waste was applied.
  • Mining dilution of 100% of the tonnes at 95% of the grade.
  • Ultimate slope angle of minus 45 degrees.
  • Metallurgical recoveries of 91% for oxide, 88% for transitional and 90% for sulphide (based on diagnostic metallurgical testwork as part of PEA).
  • Average mining cost of US$3.29/tonne mined.
  • Average processing cost of US$17.81/tonne for oxides, US$18.92/tonne for transitional and US$22.13/tonne for sulphide.
  • Average general and administration cost of US$4.20/tonne.
  • Mineral resources were estimated at a block cut-off grade of 52 g/t Au for oxide, 0.57 g/t Au for transition materials and 0.63 g/t Au for fresh material constrained by a US$1,600 per ounce optimized pit shell (see Figures 4, 6 and 7 below).
  • Transport of gold and refining costs equivalent to 4.5% of the gold price.
  • No additional studies on depletion by artisanal activity was undertaken since the RPA study of 2014 and the same total amount of material was used by Minecon.

Tonnage/Grade Curve

Grade/tonnage curves for the Adumbi mineral resources at various gold cut-offs are summarised in Table IV and the graph below:

Table IV: Adumbi Mineral Resources at various gold cut-offs

Block Cut-off

Tonnage

Grade

ContainedAu

g/t Au

million tonnes

g/t Au

million ounces

0.0

51.60

2.23

3.70

0.5

50.10

2.29

3.68

1.0

41.15

2.61

3.45

1.5

29.07

3.17

2.97

2.0

21.76

3.66

2.56

2.5

16.06

4.17

2.15

3.0

12.12

4.63

1.80

Grade/tonnage curves for the Adumbi mineral resources at various gold cut-offs are summarised in the graph

The Adumbi deposit is found within Loncor’s Imbo Project, which contains two other deposits, Kitenge and Manzako. As a result of the increased mineral resources at Adumbi, the total inferred mineral resource of the Imbo Project is now 2.09 million ounces of gold (22.508 million tonnes grading 2.89 g/t Au) and is summarised in Table V below. 84.68% of this inferred mineral resource is attributable to Loncor via its 84.68% interest in the Imbo Project.

Table V: Inferred Mineral Resource for the Imbo Project (effective date: November 17, 2021)

Deposit

Tonnage

(Tonnes)

Grade

(g/t Au)

Contained Gold

(Ounces)

Adumbi

20,828,000

2.65

1,777,000

Kitenge

910,000

6.60

191,000

Manzako

770,000

5.00

122,000

TOTAL

22,508,000

2.89

2,090,000

Note: Numbers may not add up due to rounding.

Combined with the Company’s Makapela Project, which is situated approximately 50 kilometres northwest of the Imbo Project, total mineral resources at Loncor’s properties in the Ngayu belt now stand at 2.497 million ounces of indicated mineral resources (30.390 million tonnes grading 2.56 g/t Au) and 2.639 million ounces of inferred mineral resources (25.731 million tonnes grading 3.19 g/t Au) as summarised in Table VI below:

Table VI: Indicated and Inferred Mineral Resources on Loncor Properties in the Ngayu Belt (effective date: November 17, 2021).

Mineral Resource Category

Tonnage

(Tonnes)

Grade

(g/t Au)

Contained Gold

(Ounces)

Indicated

30,390,000

2.56

2,497.000

Inferred

25,731,000

3.19

2,639,000

Note: Numbers may not add up due to rounding.

Quality Control and Quality Assurance

Drill cores for assaying were taken at a maximum of one-metre intervals and were cut with a diamond saw, with one-half of the core placed in sealed bags by Company geologists and sent to the Company’s on-site sample preparation facility. The core samples were then crushed down to 80% passing minus 2 mm and split with one half of the sample up to 1.5 kg pulverized down to 90% passing 75 microns. Approximately 150 grams of the pulverized sample was then sent to the SGS Laboratory in Mwanza, Tanzania (independent of the Company). Gold analyses were carried out on 50g aliquots by fire assay. In addition, check assays were also carried out by the screen fire assay method to verify high-grade sample assays obtained initially by fire assay. As part of the Company’s QA/QC procedures, internationally recognized standards, blanks and duplicates were inserted into the sample batches prior to submitting to SGS Laboratory.

Qualified Person

Mr. Daniel Bansah, Chairman and Managing Director of Minecon, is the "qualified person" (as such term is defined in National Instrument 43-101) who is responsible for the mineral resource estimates and other technical information disclosed in this press release. Mr. Bansah has reviewed and approved the contents of this press release.

Figure 1: Geologic Plan of the Adumbi Deposit
Figure 1: Geologic Plan of the Adumbi Deposit

Figure 2: Adumbi Longitudinal Section Looking Northeast with Drill Hole (Grade x Metre)
Figure 2: Adumbi Longitudinal Section Looking Northeast with Drill Hole (Grade x Metre)

Figure 3: Geological Cross Section A-B
Figure 3: Geological Cross Section A-B

Figure 4: Grade Block Model Cross Section A-B
Figure 4: Grade Block Model Cross Section A-B

Figure 5: Geological Cross Section C-D
Figure 5: Geological Cross Section C-D

Figure 6: Grade Block Model Cross Section C-D
Figure 6: Grade Block Model Cross Section C-D

Figure 7: 3-D mineralised model showing the April 2021 and the November 2021 pit shells
Figure 7: 3-D mineralised model showing the April 2021 and the November 2021 pit shells

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 27, 2021 and entitled "Updated Resource Statement and Independent National Instrument 43-101 Technical Report, 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

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 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. Loncor has been carrying out a drilling program at the Adumbi deposit with the objective of outlining additional mineral resources. The Makapela Project (which is 100%-owned by Loncor and 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).

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. Investors

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 resource estimates 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, and resource information contained in this press release may not be comparable to similar information disclosed by U.S. companies.

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 mineral resource estimates, drill results at the Adumbi deposit, potential underground mineral resources, undertaking the Adumbi Preliminary Economic Assessment to determine the economic viability of Adumbi, potential mineralization, potential gold discoveries, 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 future exploration (including drilling) or development (including the Adumbi Preliminary Economic Assessment) results will not be consistent with the Company's expectations, the possibility that drilling programs will be delayed, activities of the Company may be adversely impacted by the continued spread of the 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, 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 March 31, 2021 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.

<h5Cautionary Note Concerning Mineral Resource Estimates

The mineral resource figures referred to in this press release are estimates and no assurances can be given that the indicated levels of gold will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While the Company believes that the mineral resource estimates included in this press release are well established, by their nature mineral resource estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the Company.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that mineral resources can be upgraded to mineral reserves through continued exploration.

Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Confidence in the estimate is insufficient to allow meaningful application of the technical and economic parameters to enable an evaluation of economic viability worthy of public disclosure (except in certain limited circumstances). Inferred mineral resources are excluded from estimates forming the basis of a feasibility study.

Additional Targets of Interest in Close proximity to Adumbi

At the Kitenge and Manzako deposits (Inferred resources of 1.68 million tonnes grading 5.8 g/t Au, equivalent to 313,000 ounces of gold), additional drilling may also be undertaken to further define and increase the inferred mineral resources at these deposits.

In addition, two undrilled targets have been outlined close to the Adumbi deposit. Both these target areas were identified from the compilation and interpretation of previous, historical exploration data including soil geochemistry, rock chip and channel sampling. At Mambo Bado, 1.5 kilometres northwest of the Adumbi deposit, a prominent geochemical gold in soil anomaly is located on an extensional, E-W structural jog along the 14-kilometre northwest trending mineralized shear. Two kilometres south of the Adumbi deposit, at Lisala, altered and brecciated BIF with anomalous rock sampling requires further follow up with gridding, soil sampling and additional channel sampling.

April 22, 2021 Written by

Overview – Resources continue to grow at Loncor’s flagship Adumbi Deposit

Total mineral resources at Loncor’s two main properties (Imbo and Makapela) in the Ngayu Greenstone Belt now stand at 2.639 million ounces of inferred mineral resources (25.7 million tonnes grading 3.19 g/t Au) plus 2.497 million ounces of indicated mineral resources (30.4 million tonnes grading 2.56 g/t Au ). One deposit, Adumbi, continues to be Loncor’s main focus with 1.777 million ounces of inferred resources and 1.833 million ounces of indicated resources now contained within the US$1600/oz pit shell. Drilling is ongoing at Adumbi to develop significant complimentary underground resources. The calculation of the underground resource should occur in Q2 2022.

The Imbo Project (84.68% of which is attributable to Loncor) contains 3.66 million ounces of inferred and indicated mineral resources and the 100% owned Makapela Project has inferred mineral resources of 0.55 million ounces (3.22 million tonnes @ 5.30 g/t Au), plus 0.614 million ounces of indicated mineral resources (2.205 million tonnes grading 8.66 g/t Au ). Both projects are open at depth and along strike and good potential exists to further increase mineral resources by additional drilling.

Table 1 – Summary of Loncor’s Gold Resources

Loncor controls 5.1 million ounces of resources.
Potential to grow further with Adumbi underground resources.

Loncor's indicated mineral resource - (Total & Attributable Ounces)
Deposit +
Attributable %
Tonnes
(million)
Gold Grade
(g/t Au)
Contained Gold
(000 oz)
Attributable Gold
(000 oz)
Adumbi - 84.68% 28.19 2.08 1.883 1.594
Makapela - 100% 2.21 8.66 614 614
Total Indicated 30.39 2.56 2.496 2.209
Loncor's inferred mineral resource - (Total & Attributable Ounces)
Deposit +
Attributable %
Tonnes
(million)
Gold Grade
(g/t Au)
Contained Gold
(000 oz)
Attributable Gold
(000 oz)
Adumbi - 84.68% 20.83 2.65 1.783 1.505
Kitenge - 84.68% 0.91 6.60 191 162
Manzako - 84.68% 0.77 5.00 122 103
Total Imbo Project 22.508 2.89 2.090 1.770
Makapela - 100% 3.22 5.30 550 550
Total Inferred 25.731 3.19 2.639 2.320

Numbers may not add up due to rounding

* Used US$1600/oz gold price for pit optimization and appropriate cost and cut-off assumptions

On June 11 2021, a NI 43-101 technical report on the Imbo Project was filed on SEDAR and confirmed the inferred resource increase to 3.153 million ounces at Adumbi within the Imbo Project, having been prepared by Minecon Resources and Services Limited with an effective date of April 27 2021. A copy of the said report can be obtained from SEDAR at www.sedar.com.

Please refer to the detailed press release dated November 17, 2021 for background on the current Adumbi resource figures. Download PDF

Figure 1: Location of Imbo Project Area (including Adumbi) and Makapela within the Ngayu Greenstone Belt

Location of Imbo Project Area in Ngayu Belt [map]

Figure 2: Imbo Project Simplified Geology

Imbo Project Simplified Geology [map]

Core Logging & Geological Controls

Gold mineralization at Adumbi is found within a BIF (Banded Iron Formation) unit with a strike length of 850 metres and up to 130 metres in thickness (see Figures 1, 3, 5 below: Geologic Plan and Geologic Cross Sections of the Adumbi Deposit). Four main zones of gold mineralization are present within the BIF and are located in:

  • the upper part of the Upper BIF Sequence,
  • the lower part of the Upper BIF Sequence separated by the Carbonaceous Marker, which is essentially unmineralized, and
  • within the Lower BIF Sequence.

There is a higher-grade zone of gold mineralization termed the Replaced Rock Zone (“RP Zone”) associated with alteration and structural deformation that has destroyed the primary host BIF fabric. The RP Zone occurs in the lower part of the Upper BIF and in the Lower BIF, and transgresses the Carbonaceous Marker, located between the Upper and Lower BIF zones, both along strike and down dip.

Geological Modelling and Grade Estimation

The Adumbi 3-dimensional model was constructed by Minecon in collaboration with on site geologists using cross sectional and horizontal flysch plans of the geology and mineralization and was used to assist in the constraining of the 3-D geological model. The mineralization model was constrained within a wireframe at 0.5 g/t Au cut-off grade. Grade interpolation was undertaken using:

  • 2 metre sample composites capped at 18 g/t Au to improve the reliability of the block grade estimates.
  • Ordinary Kriging to interpolate grades into the block model.
  • Relative densities of 2.45 for oxide, 2.82 for transitional and 3.05 for fresh rock were applied to the block model for tonnage estimation.

Pit Optimisation Parameters

To constrain the depth extent of the geological model and any mineral resources, an open pit for the Adumbi deposit was constructed based on the following pit optimisation parameters:

  • A gold price of US$1,600 per ounce.
  • Block size: 16 metres x 16 metres x 8 metres.
  • A thirty-two metres minimum mining width and a maximum of four metres of internal waste was applied.
  • Mining dilution of 100% of the tonnes at 95% of the grade.
  • Ultimate slope angle of minus 45 degrees.
  • Metallurgical recoveries of 91% for oxide, 88% for transitional and 90% for sulphide (based on diagnostic metallurgical testwork as part of PEA).
  • Average mining cost of US$3.29/tonne mined.
  • Average processing cost of US$17.81/tonne for oxides, US$18.92/tonne for transitional and US$22.13/tonne for sulphide.
  • Average general and administration cost of US$4.20/tonne.
  • Mineral resources were estimated at a block cut-off grade of 52 g/t Au for oxide, 0.57 g/t Au for transition materials and 0.63 g/t Au for fresh material constrained by a US$1,600 per ounce optimized pit shell (see Figures 4, 6 and 7 below).
  • Transport of gold and refining costs equivalent to 4.5% of the gold price.
  • No additional studies on depletion by artisanal activity was undertaken since the RPA study of 2014 and the same total amount of material was used by Minecon.

Tonnage/Grade Curve

Grade/tonnage curves for the Adumbi mineral resources at various gold cut-offs are summarised in Table IV and the graph below:

Table IV: Adumbi Mineral Resources at various gold cut-offs

Block Cut-off

Tonnage

Grade

ContainedAu

g/t Au

million tonnes

g/t Au

million ounces

0.0

51.60

2.23

3.70

0.5

50.10

2.29

3.68

1.0

41.15

2.61

3.45

1.5

29.07

3.17

2.97

2.0

21.76

3.66

2.56

2.5

16.06

4.17

2.15

3.0

12.12

4.63

1.80

Grade/tonnage curves for the Adumbi mineral resources at various gold cut-offs are summarised in the graph

The Adumbi deposit is found within Loncor’s Imbo Project, which contains two other deposits, Kitenge and Manzako. As a result of the increased mineral resources at Adumbi, the total inferred mineral resource of the Imbo Project is now 2.09 million ounces of gold (22.508 million tonnes grading 2.89 g/t Au) and is summarised in Table V below. 84.68% of this inferred mineral resource is attributable to Loncor via its 84.68% interest in the Imbo Project.

Table V: Inferred Mineral Resource for the Imbo Project (effective date: November 17, 2021)

Deposit

Tonnage

(Tonnes)

Grade

(g/t Au)

Contained Gold

(Ounces)

Adumbi

20,828,000

2.65

1,777,000

Kitenge

910,000

6.60

191,000

Manzako

770,000

5.00

122,000

TOTAL

22,508,000

2.89

2,090,000

Note: Numbers may not add up due to rounding.

Combined with the Company’s Makapela Project, which is situated approximately 50 kilometres northwest of the Imbo Project, total mineral resources at Loncor’s properties in the Ngayu belt now stand at 2.497 million ounces of indicated mineral resources (30.390 million tonnes grading 2.56 g/t Au) and 2.639 million ounces of inferred mineral resources (25.731 million tonnes grading 3.19 g/t Au) as summarised in Table VI below:

Table VI: Indicated and Inferred Mineral Resources on Loncor Properties in the Ngayu Belt (effective date: November 17, 2021).

Mineral Resource Category

Tonnage

(Tonnes)

Grade

(g/t Au)

Contained Gold

(Ounces)

Indicated

30,390,000

2.56

2,497.000

Inferred

25,731,000

3.19

2,639,000

Note: Numbers may not add up due to rounding.

Quality Control and Quality Assurance

Drill cores for assaying were taken at a maximum of one-metre intervals and were cut with a diamond saw, with one-half of the core placed in sealed bags by Company geologists and sent to the Company’s on-site sample preparation facility. The core samples were then crushed down to 80% passing minus 2 mm and split with one half of the sample up to 1.5 kg pulverized down to 90% passing 75 microns. Approximately 150 grams of the pulverized sample was then sent to the SGS Laboratory in Mwanza, Tanzania (independent of the Company). Gold analyses were carried out on 50g aliquots by fire assay. In addition, check assays were also carried out by the screen fire assay method to verify high-grade sample assays obtained initially by fire assay. As part of the Company’s QA/QC procedures, internationally recognized standards, blanks and duplicates were inserted into the sample batches prior to submitting to SGS Laboratory.

Qualified Person

Mr. Daniel Bansah, Chairman and Managing Director of Minecon, is the "qualified person" (as such term is defined in National Instrument 43-101) who is responsible for the mineral resource estimates and other technical information disclosed in this press release. Mr. Bansah has reviewed and approved the contents of this press release.

Additional resource potential at Imbo and recommendations for further work

There is significant additional resource potential within the Imbo project with a number of the deposits outlined in Figure 2:

  • At the Adumbi deposit, the drilling of additional holes under the proposed pit outline has the potential to create significant underground mineral resources. After this proposed drilling program has been completed, additional drilling may be undertaken (subject to securing the necessary financing), while a Preliminary Economic Assessment is initiated to include additional mineral resource determinations, metallurgical test work, open pit and potential underground studies, metallurgical plant processing, infrastructural, environmental and economic studies.
  • At the Kitenge and Manzako deposits (see below), additional drilling may also be undertaken (subject to securing the necessary financing) to further define and increase the inferred mineral resources at these deposits.
  • Ongoing exploration including gridding, soil sampling, trenching and channel sampling is planned to be undertaken at the Imbo East prospect, 10 kilometres southeast of Adumbi along the same mineralized trend as Adumbi in order to generate potential drill targets.

Makapela Project Resources

The 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). The resource, initially announced in 2012 and updated in 2013, extends to a maximum depth of 500 metres over a mineralized zone of 2.2 kilometres. The zone includes significant artisanal pits that include Sele Sele, North, Main and Bamako pits. The geology of the area is characterised by a series of sub-vertical sheared BIF and quartz veins in mafic rock with the principal reefs varying between 1 and 6 metres in width, and based on historic drilling containing gold intersections up to 64 g/t Au in grade.

Figure 3: Location of significant drill intercepts and main areas of artisanal activity at Makapela

Location of significant drill intercepts Makapela [map]

In April 2013, the Company announced increases and upgrades of mineral resources at the Makapela prospect compared to the maiden mineral resources in May 2012. The updated mineral resources incorporated an additional 13 core holes from the initial, inferred-only maiden resource.

Tables 3 and 4 below summarise the current indicated and inferred mineral resources at Makapela using various cut-off grades including a base case economic cut-off grade of 2.75 g/t Au that used a US$1,500/ounce gold price and appropriate cost parameter assumptions and metallurgical recoveries.

Core drilling began at Makapela in October 2010 and focused on a quartz vein system within a sequence of basalts, thin units of banded iron formation and dolerite sills. A total of 71 core holes totalling 21,635 metres (including deflections) were used to estimate these indicated and inferred mineral resources at Makapela. Drilling was focused on three main veins: Reef 1, Reef 2, and Sele Sele that occur over a total strike length of 2.2 kilometres. Core drilling was undertaken on an approximate grid pattern of 80 by 80 metres down to a vertical depth of 240 metres and then on a 160 by 80 metre grid pattern down to a maximum depth of 480 metres.

Table 3: Makapela Indicated Mineral Resources (with an effective date of April 9 2013)

Cut-off Grade (g/t Au)Average Grade (g/t Au)Tonnes (Mt)Gold Content (Ounces)
1.00 7.45 2.683 643,000
2.00 8.14 2.407 629,700
  2.75* 8.66 2.205 614,200
3.00 8.87 2.130 607,200
4.00 9.97 1.764 565,500

Minimum mining true thickness of 1.5 metres. *Cut-off grade estimated using a US$1,500/ounce gold price with appropriate cost parameter assumptions for mining and other economic factors.

Table 4: Makapela Inferred Mineral Resources (with an effective date of April 9 2013)

Cut-off Grade (g/t Au)Average Grade (g/t Au)Tonnes (Mt)Gold Content (Ounces)
1.00 3.49 6.944 779,800
2.00 4.29 4.900 675,900
  2.75* 5.30 3.223 549,600
3.00 5.69 2.781 508,700
4.00 7.26 1.640 382,600

Minimum mining true thickness of 1.5 metres. *Cut-off grade estimated using a US$1,500/ounce gold price with appropriate cost parameter assumptions for mining and other economic factors.

In terms of material type, approximately 9% of the total mineral resources are in oxides, 6% in transitional and 85% in fresh rock.

These mineral resource estimates were prepared by independent consultants Venmyn Deloitte ("Venmyn"). The geology and drilling information was analysed, interpreted and estimated by Andrew Clay of Venmyn, a "qualified person" as such term is defined in National Instrument 43-101. Mr. Clay visited the site to review data collection procedures, geological interpretations and modelling, and estimation using geostatistical techniques. Venmyn also reviewed the geological and grade continuity to supplement the review of data quality in order to confer mineral resource classification categories to reflect the variable sample coverage. Venmyn was satisfied that all drilling, sampling, database and geological modelling protocols comply with the standards prescribed by National Instrument 43-101.

The following key assumptions, parameters and methodologies were used to estimate the mineral resources:
  • Datamine Studio 3 software was the modelling package used for the determination of the mineral resources.
  • Gold grades were determined using ordinary kriging interpolation into a 3-dimensional block model constrained by mineralization wireframes developed from a 2g/t Au sample cut-off grade and a minimum horizontal width of 1.5 metres.
  • The mineralization models were constrained within the wireframe with primary block dimensions of 10 metres N-S (along strike), 5 metres E-W (cross strike direction) and 10 metres in the vertical direction.
  • Grade interpolation was effected separately for the individual mineralized zones and Datamine's dynamic anisotropy process was employed to control the orientation and axes of the search volumes.
  • The down dip extrapolations were restricted to three times the variogram range from the last drillhole used in the interpolation and the model was trimmed off at a maximum depth of 500 metres from the surface for reporting purposes.
  • Portions of the resource were re-classified from Inferred to Indicated based on increased geological confidence and grade continuity due to data quality and data density following infill drilling. Criteria for Indicated are sufficient samples within one variogram range to achieve valid local estimates, in respect of positive kriging efficiency.

Drill cores for assaying were taken at a maximum of one metre intervals and were cut with a diamond saw with one-half of the core placed in sealed bags by Company geologists and sent to the SGS Laboratory (which is independent of the Company) in Mwanza, Tanzania. The core samples were then crushed down to minus 2 mm, and split with one half of the sample pulverized down to 90% passing 75 microns. Gold analyses were carried out on 50g aliquots by fire assay. In addition, checks assays were also carried out by the screen fire assay method to verify high-grade sample assays obtained by fire assay. Internationally recognized standards and blanks were inserted as part of the Company's internal QA/QC analytical procedures.

A total of 2,614 core samples were taken to determine relative density measurements for the various reefs and oxide, transitional and fresh rock components.

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 on this website relating to Loncor’s mineral properties.

Technical Reports

Additional information with respect to Loncor’s Imbo Project (including 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. A further 43 101 Technical Report will be available on SEDAR from June 2021 relating to the April 2021 Resource Increase at Adumbi.

Additional information with respect to Loncor’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.

April 22, 2021 Written by

Loncor owns or controls a contiguous block of 46 exploration permits or PRs covering an area of approximately 13,000 square kilometers to the northwest of Lake Edward in North Kivu province.

These exploration permits are located between the two major gold belt terrains of the DRC - the Proterozoic/ Archean Twangiza-Namoya gold belt and the Archean greenstone belts of Kilo Moto and Ngayu to the north. The main provincial centres within the North Kivu project area are Butembo and Lubero. Although Loncor has conducted some exploration for gold and other minerals in the past in North Kivu, no exploration has been conducted over the last 8 years with the Company’s focus being at Ngayu.

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 above technical information.

Technical Reports

Certain additional information with respect to the Company’s project 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". Certain additional information with respect to the Company’s North Kivu project is contained in the technical report of Venmyn Rand (Pty) Ltd dated February 29, 2012 and entitled "National Instrument 43-101 Independent Technical Report on the Manguredjipa Gold Project, North Kivu Province, Democratic Republic of the Congo". A copy of each of the said reports can be obtained from SEDAR at www.sedar.com and EDGAR at www.sec.gov.

April 22, 2021 Written by

Loncor holds 100% of the Yindi project, which is a 2.5-kilometre radius, circular parcel of land within the southern part of the Archean Ngayu Greenstone Belt surrounding and including the Yindi project.

Figure 1: Location of Yindi Project Area in the Ngayu Belt

Imbo Project Area in Ngayu Belt [map]

Yindi is the site of an old Belgian mining operation which ceased production before independence, and which produced approximately 45,000 ounces and 21,000 ounces of gold from primary and secondary sources respectively. The Belgians primarily exploited discrete high grade, quartz veins by means of adits and narrow open-pits, and limited open-pitting was also carried out on mineralized banded ironstones (BIF). Operations ceased in the mid-1950s.

Exploration by Loncor at Yindi commenced in March 2010 with the establishment of a 2 x 6 kilometre soil sampling grid, coincident with a well-defined magnetic anomaly, and covering the area of old mining activity. Soil sampling lines were originally at a spacing of 160 metres, with infill to 80 metres in anomalous areas. All soil sampling lines were geologically mapped. Channel sampling of accessible old adits and open-pits was undertaken, and several old trenches were re-excavated and channel sampled. Mechanical auger drilling was carried out to test for saprolite mineralization below soil anomalies.

Diamond drilling commenced in September 2010 and 18 holes (3,274 metres) were completed. The drilling focussed on an area of BIF-hosted gold mineralization which was identified from soil and channel sampling, and which had been mined to a limited extent during colonial times. Holes ranged from 134 metres to 290 metres in depth (i.e. a maximum of 262 metres vertically below surface). The drilled lithologies consisted mainly of fine-grained schists, which petrographic studies show were originally pelitic sediments and tuffs, now metamorphosed to lower greenschist facies. Several units of BIF up to about 15 metres in thickness are interlayered with the schists. The sequence has a consistent NW-SE strike and southwesterly dip of about 75°.

Gold mineralization occurs both within the BIF and within the schist near the BIF contacts, and is associated with:
  • pyritisation of magnetite bands in the BIF;
  • massive pyritisation of the BIF;
  • disseminated pyrite in the schist; and
  • quartz veining within both the schists and BIF

Significant borehole intersections included 21.30 metres grading 3.31 g/t Au, 22.27 metres @2.26 g/t Au, 24.04 metres @ 1.45 g/t Au and 8.10 metres grading 2.53 g/t Au. The main mineralized zone at Yindi averaged a true width of 11.0 metres at an average grade of 2.20 g/t Au over a strike length of 350 metres.

Induced polarisation (I.P.) geophysical surveys were carried out in March 2013 and comprised a 1 x 1 kilometre gradient array survey, followed by two lines of pole-dipole. The objectives of this work were: (a) to assess the I.P. response of mineralized BIF as an orientation for surveys elsewhere in the concession, (b) to assist in determining the geometry and plunge of the BIF-hosted mineralization at Yindi, and (c) to detect possible additional mineralized zones. This geophysical survey indicated a shallow plunge to the mineralization and identified a number of drill targets. Follow up drilling is warranted to test these I.P. targets and if successful, to determine a mineral resource at Yindi.

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 above technical information.

Technical Reports

Certain additional information with respect to the Company’s Yindi project 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".

In 2016, Loncor entered not a JV with Barrick Gold whereby Barrick could assess the potential of vast areas of Ngayu via an earn in agreement. While Loncor receives regular updates on the progress of exploration, Barrick are in total control of the program and any findings within the JV will be considered a significant bonus to Loncor.

In June 2018, agreements were concluded with Resolute Mining Limited (ASX: RSG) - subsequently, with Resolute becoming Loncor’s largest shareholder (currently holding 25% of Loncor’s outstanding shares).

Barrick Expands Loncor JV In Search of Tier 1 (+ 5 million oz) Gold Targets

In January 2016, Loncor entered into a joint venture agreement with Barrick Gold Congo SARL (formerly Randgold Resources Congo SARL) (“Barrick”) (NASDAQ:GOLD), Barrick beginning a program of diamond drilling in June 2020 over numerous potential Tier 1 targets. This agreement provides for a joint venture (the "Joint Venture") between Loncor and Barrick covering 12 exploration permit areas held by Loncor in the Ngayu greenstone belt. Under the agreement certain parcels of land surrounding and including the Makapela and Yindi projects have been retained by Loncor and do not form part of the Joint Venture, with Barrick having certain pre-emptive rights over these two areas. Barrick manages and funds all exploration of the Joint Venture permit areas until the completion of a pre-feasibility study on any gold discovery meeting the investment criteria of Barrick. Once the Joint Venture 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 then be required, from that point forward, to fund its pro-rata share of the SPV in order to maintain its 35% interest or be diluted.

In June 2020, it was announced that Loncor’s 84.68% subsidiary, Adumbi Mining SARL (now Adumbi Mining S.A.) had entered into a similar JV arrangement (the "New Barrick JV") as above with Barrick for two exploitation permits held by Adumbi Mining. The ground being contiguous to the Imva area within the Ngayu gold belt.

In November 2020, it was announced that Loncor and Barrick further strengthened their JV relationship at Ngayu after entering into two new agreements. The first agreement (the "Amended Barrick JV") added three exploration areas held previously by Barrick outside of the 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 inferred 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”) agreed in November 2020, Loncor and Barrick 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.

Total acreage under the various Barrick/Loncor joint ventures in Ngayu now totals approximately 2,000 square kilometres.

The belt scale exploration strategy of Barrick is to focus on the discovery of large high-quality gold deposits by rapidly identifying and progressing targets that show the potential to meet these filters. Gold mineral resources have already been identified within the Ngayu greenstone belt at Loncor’s Makapela and Adumbi deposits (which are not part of the Joint Venture), and the objective is to further unlock the potential of the Ngayu greenstone belt for a world-class discovery using cutting edge geophysics, geochemistry, structural interpretation and driven by an experienced and proven exploration team on the ground.

By the end of 2019, Barrick had identified a number of priority drill targets which were to be drilled during the upcoming dry season in 2020.

In June 2020, Barrick Gold (Congo) SARL commenced its core drilling program on several priority gold targets with the initial work classed as “scout drilling” with the aim of offering more structural certainty prior to making a decision to assess any one project further.

Figure 1 Ngayu Belt. Developing Prospectivity, Work Programs and Drill Targets for 2020

Ngayu Belt [map]

(From Barrick Q1 2020 joint venture report)

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 above technical information.

Overview

Loncor holds 100% of the Makapela project, which is a 5-kilometre radius, circular parcel of land within the western part of the Archean Ngayu Greenstone Belt surrounding and including the Makapela deposit. It is approximately 50 kilometres from Adumbi.

Table 1: Resources at Makapela – 100% Attributable to Loncor Gold

Deposit +
Attributable %
Tonnes
(million)
Gold Grade
(g/t Au)
Contained Gold
(000 oz)
Attributable Gold
(000 oz)
Indicated Resource 2.21 8.66 614 614
Inferred Resource 3.22 5.30 550 550

Figure 1: Location of Makapela Project Area in the Ngayu Belt

Location of Makapela Project [map]

After undertaking soil and channel sampling, Loncor commenced a core drilling program at Makapela in November 2010 with the objective of testing along strike and at depth the sub-vertical, vein mineralized system being exploited by the artisanal miners at the Main, North and Sele Sele pits which returned significant results from soil and channel sampling. Drill results at Makapela were announced by the Company via a number of press releases in 2011 and 2012. Significant drill intersections included 7.19 metres grading 64 g/t Au, 4.28 metres @ 32.6 g/t Au, 3.47 metres grading 24.9 g/t Au, 4.09 metres @ 21.7 g/t Au and 4.35 metres grading 17.5 g/t Au.

After conducting preliminary metallurgical test work, in May 2012, the Company announced a maiden mineral resource estimate for the Makapela deposit, of 4.10 million tonnes grading 7.59 g/t Au (using a 2.75 g/t Au cut-off) for an inferred mineral resource of 1.0 million ounces of gold to a maximum vertical depth 500 metres below surface with gold mineralization open at depth. The resource was updated in April 2013 when the Company announced updated mineral resource estimates for the Makapela deposit, of an indicated mineral resource of 0.61 million ounces of gold (2.20 million tonnes grading at 8.66 g/t Au) and an inferred mineral resource of 0.55 million ounces of gold (3.22 million tonnes grading at 5.30 g/t Au). For further detail on Makapela's resources please refer to the resources page.

In terms of material type, approximately 9% of the total mineral resources are in oxides, 6% in transitional and 85% in fresh rock. These mineral resource estimates were prepared by independent consultants Venmyn Deloitte.

Exploration & geology at Makapela

Belgian workers carried out alluvial mining in streams draining from the Makapela area during the colonial era, but no production figures are available. Primary mineralization was discovered by artisanal miners in 2006, and within four years mining was taking place in three pits to a maximum depth of about 20 metres. The pits are between 170 metres and 190 metres in length and are located along a strike of 2.2 kilometres.

Exploration by Loncor at Makapela commenced in May 2010, with a 7 x 2-kilometre soil sampling grid covering the area of artisanal activity and extending south-westwards over stream sediment anomalies depicted on old maps from the colonial era. This was followed by channel sampling and then a targeted drilling campaign to delineate a resource. (see Figure 2)

Figure 2: Makapela – Soil Geochemistry, Channel Sampling and Initial Drilling

Makepel plan [map]

A total of 56 core holes (18,091 metres) were completed in the vicinity of the Main and North pits and 15 holes (3,594 metres) were drilled at Sele Sele. In addition to the above resource drilling program, a total of 12 holes (1,560 metres) were drilled to locate potential extensions to the known reefs and new mineralized structures indicated by soil, rock chip and auger sampling.

Several units of Banded Ironstone Formation (BIF) are interlayered within basalts, and range up to 13 metres in thickness, although the width is generally less than 6 meters. Quartz porphyry and quartz-feldspar porphyry dykes and sills are also present. In the vicinity of the mineralized zones, these intrusives are generally no more than a few metres in width.

Three styles of gold mineralization are present at Makapela:
  • Quartz veins emplaced into shear zones within the basalt sequence. The best developed and economically significant vein (Reef 1) is exploited in the Main pit and consists of white quartz with irregularly distributed pyrite. Visible gold is quite common, occurring in 28% of the intersections as isolated specks and small aggregates up to 2 mm across. Reef 1 has been intersected over a strike length of 480 metres and to a vertical depth of 480 metres, and dips to the WNW at 80 - 90°. It has an average true width and grade of 2.15 metres @ 11.15 g/t Au. A characteristic of Reef 1 is the good geological continuity between drill sections; although the width and grade is variable, the vein was present in almost all holes, in approximately the expected position. The basalt hosting Reef 1 shows intense hydrothermal alteration for several metres into the hangingwall and footwall.
  • A second style contains strike-parallel mineralization up to 6 metres in width is closely associated with shearing within and on the margins of narrow BIF units. The most important zone (Reef 2) is exploited in the North pit. Visible gold is much less common than in Reef 1 occurring in 5% of intersections.

    Reef 2 has been intersected on the North pit trend over a strike length of 800 metres, the most significant grades occurring in the northern section over a potential strike length of 480 metres. In this northern area, which has been drilled to a maximum vertical depth of 418 metres, the mineralization has an average true width of 3.52 metres with an average grade of 8.44 g/t Au. As with Reef 1, Reef 2 shows excellent geological continuity, the altered BIF horizon being intersected in all holes in the expected position. The better-developed part of Reef 2 occurs at relatively shallow depths with a plunge of about 10 ° to the NNE, before assuming a very steep plunge to the SSW.
  • Reef 2 style mineralization occurs in the Bamako area where channel sampling returned an intersection of 4.60 metres @ 11.42 g/t Au. The mineralization is associated with a 2-kilometre long soil anomaly, and although the best intersection from preliminary drilling was of relatively low grade (3.60 metres @ 4.43 g/t Au) further work is warranted.
  • A third area of Reef 2 style mineralization occurs in the Bamako area where channel sampling returned an intersection of 4.60 metres @ 11.42 g/t Au. The mineralization is associated with a 2-kilometre long soil anomaly, and although the best intersection from preliminary drilling was of relatively low grade (3.60 metres @ 4.43 g/t Au) further work is warranted.

Future potential

The deposit at Makapela is open down plunge creating the prospect of drilling to below the current 500-metre depth to extend the resources as well as potentially exploring for additional resources between the main target areas delineated and further along the regional structure. It is also considered unlikely that all the mineralized bodies are outcropping and good potential exists for locating blind mineralized shoots along well-defined structures with an aggregate strike of over 5 kilometres. Geophysical Induced Potential (I.P.) surveys would be applicable in locating any blind mineralization along this strike.

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 above technical information.

Technical Report

Certain additional information with respect to the Company’s Makapela project 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.

April 22, 2021 Written by

Imbo East – Greenfields Exploration in Close Proximity to Adumbi Deposit

The focus of greenfields exploration at Imbo during 2020/21 has been along trend to the southeast across the Imbo river at Imbo East (84.68% owned by Loncor Gold).

The area is along trend and approximately 8-10 kilometres to the southeast from the expanding 3.466-million-ounce Adumbi, Kitenge and Manzako deposits previously delineated in the northwest of the 122 square kilometre project area.

Figure 1: Imbo Exploitation Permit, Simplified Geology

Imbo Simplified Geology [map]

In early 2021 analytical results were received for all soil samples from the completed 5.4 kilometre by 2.3 kilometre grid, east of the Imbo River where soil samples were collected every 40 metres on lines 160 metres apart. Geological mapping, soil geochemical, rock chips and channel sampling of old colonial trenches and artisanal workings outlined four significant mineralized trends - Esio Wapi, Museveni, Mungo Iko and Paradis (see Figures 1 and 2).

Figure 2: Soil Geochemical Trends with Colonial/Artisanal Workings and Channel Samples

Imbo Simplified Geology [map]

At Esio Wapi, soil geochemical results have outlined a number of plus 130 ppb Au (parts per billion) gold in soil anomalies with a maximum value of 2,230 ppb Au over a 1.9 kilometre long mineralized trend (see Figure 2). As announced previously (see Loncor’s press release dated September 21 2020), channel sample results from old colonial workings included 19.80 metres grading 1.58 g/t Au (open to the northeast), 8 metres grading 1.11 g/t Au and 5.0 metres grading 1.65 g/t Au in brecciated banded ironstone (BIF) and metasediment. Individual rock sample values included 15.10 g/t and 7.88 g/t Au in quartz veins, 6.39 g/t and 3.08 g/t Au in BIF and 9.06 g/t, 7.91 g/t and 3.24 g/t Au in metasediments.

On the Paradis trend, soil sample results have outlined a broad 1.0 kilometre trend (plus 130 ppb Au) with maximum value of 870 ppb Au. Significant channel samples along the Paradis trend include 6.8 metres grading 5.44 g/t Au (open to the southwest) in metasediments with quartz veins. Individual rock sample values included 22.40 g/t, 5.84 g/t and 2.31 g/t Au in quartz veins.

On the Museveni mineralized trend, anomalous soil samples and artisanal workings occur over a strike of 3.2 kilometres with a maximum value of 5,850 ppb Au in soils. Channel samples from the artisanal workings include 6.0 metres grading 4.37 g/t Au and 1.40 metres grading 62.10 g/t Au and represent high grade quartz veins in metasediment. Individual rock sample values included 53.90 g/t, 32.80 g/t and 32.60 g/t Au in quartz veins and 18.10 g/t Au in metasediment.

On the Mungo Iko trend, soil samples have outlined a 3.1 kilometre long mineralized trend (plus 130ppb Au) with maximum value of 1,540 ppb Au. Individual rock sample values include 12.30 g/t and 3.50 g/t Au in brecciated BIF, 14.20 g/t, 4.81 g/t, and 3.68 g/t Au in metasediments, and 1.97 g/t Au in quartz veins. Further mapping is required to determine whether the eastern part of the Mungo Iko trend represents a faulted extension of the Esio Wapi trend.

Table 1: Channel Sample results on Esio Wapi, Paradis and Museveni Mineralized Trends

PROSPECTWORKINGSChannel_IDChannel Width (m) and Grade (g/t Au)LithologyOpen/Closed
ESIO WAPI Colonial IECH033 19.80 m @ 1.58 g/t Brecciated BIF Open to Northeast
ESIO WAPI Colonial IECH021 4.00 m @ 2.31 g/t Metasediment Open to Southwest
ESIO WAPI Colonial IECH022 5.00 m @ 1.65 g/t Brecciated BIF& Metasediment Closed at both ends
ESIO WAPI Colonial IECH021 8.00 m @ 1.11 g/t Brecciated BIF Closed at both ends
PARADIS Artisanal IECH025 6.80 m @ 5.44 g/t Metasediment with quartz vein Open to Southwest
MUSEVENI Artisanal IECH008 1.40 m @ 62.10 g/t Metasediment with quartz vein Open to Southwest & Northeast
MUSEVENI Artisanal IECH006 6.00 m @ 4.37 g/t Metasediment with quartz vein Open to Southwest & Northeast

Additional infill soil sampling, augering and channel sampling will be undertaken at Esio Wapi, Paradis and Museveni to better define these mineralized trends prior to outlining drill targets later in the year.

April 22, 2021 Written by

Loncor Gold focused on projects within a 480km2 area on the Ngayu Greenstone Belt in the northeast of the Democratic Republic of the Congo (the “DRC”).

Ngayu has a history of mining, with Belgians extracting a modest amount of gold from the area. Their focus was within Loncor’s Imbo project area with the majority of output from the Adumbi deposit - Loncor's main area of potential expansion. The Ngayu belt has numerous positive indicators based on the geology, artisanal activity, encouraging drill results and an existing significant gold resource base.

The area is 220 kilometres southwest of the Kibali gold mine, which is operated by Barrick Gold (Congo) SARL (“Barrick”).The mine is Africa’s largest producer of gold and in 2020, Kibali once again achieved gold production at the top end of company guidelines with 808,134 ounces at “all-in sustaining costs” of US$778/oz (and total cash costs of US$608/oz), the lowest costs of any of Barrick’s six African mines.

Kibali proves what can be achieved in the area close to Ngayu and also acts as a very useful yardstick to Loncor's progress, allowing us to compare for example drill intercepts and resultant resource detail, both within the pit and underground.

Altitude within the Ngayu project area ranges from 550 metres above mean sea level to 950 metres above mean sea level. The topography is made up of gently rolling hills and slightly incised valleys. The vegetation is typical dense forest.

Figure 1: Ngayu is situated in the NE of the DRC - 220 kilometres from the world-class Barrick operated Kibali Mine

Ngayu general location [map]

A copy of the Ngayu Technical Report can be obtained from SEDAR at www.sedar.com and EDGAR at www.sec.gov.

The early history of gold activity at Ngayu is not complete, however, gold was first prospected for in the Ngayu region by Belgian prospectors in 1909. The Ngayu project was owned by Société Minière de l’Aruwimi – Ituri and was exploited between 1929 and 1955. The database of the Central African Museum of Tervueren notes 13 occurrences of gold in the Ngayu greenstone belt, six of which are hosted within the Ngayu project area. The Tervuren database recorded historical gold production for some of the deposits occurring within the Ngayu greenstone belt. The largest hard rock gold mining operation in the Ngayu greenstone belt was at Adumbi. It is evident that mostly alluvial deposits were exploited, due to the ease of mining and extraction and due to the fact that it was mostly mined on a small scale.

The Ngayu Archean Greenstone Belt of northeastern DRC is geologically similar to the belts which host the world-class gold mines of AngloGold Ashanti/Barrick’s Kibali mine in the DRC (Moto greenstone belt) and AngloGold Ashanti’s Geita mine in Tanzania (Geita greenstone belt). Gold mineralization at Ngayu is spatially related to Banded Ironstone Formation (“BIF”), which is the case at both Kibali and Geita. The Ngayu belt is significantly larger in extent than the Geita belt.

Based on initial studies in 2017, it was found that a major structural, mineralized fracture zone separates an older volcano-sedimentary domain in the northern part of the Ngayu belt from a younger, predominantly sedimentary basin in the south. At Barrick’s Kibali mine, a similar geological setting has been determined with the gold deposits spatially related to a major structural break between an older volcano-sedimentary domain and a younger predominantly sedimentary basin.

At Ngayu, the major structural fracture trends east-northeast through the Imva area where a number of targets are located and then trends southeast through the Imbo mining licence where the Adumbi, Kitenge and Manzako deposits are located and then across the Imbo river to the Imbo East prospect. In total, this major structural break extends for 16 kilometres within the Imbo licence and will require further exploration to fully evaluate this prospective trend. Further detail on the developing Imbo East area can be found within the projects section of the website.

The Ngayu property is located in an Archean Greenstone Belt enclosing folded and fractured volcano-sedimentary series. In the project area, both the Upper and Lower Kibalian Groups are present. The Upper Kibalian represents the greenstone belt made up of metasediments and metavolcanics of greenschist facies including prominent banded ironstone units (BIF) which form prominent ridges throughout the Ngayu greenstone belt. Within the Ngayu Belt there is a strong association between gold mineralization and the presence of BIF, the BIF either constituting the host rock (e.g. Adumbi, Yindi, Makapela, Nagasa) or forming a significant part of the local stratigraphy (e.g. Mondarabe, Itali, Anguluku). BIF forms both physical and chemical traps for mineralizing hydrothermal fluids that follows. World-class examples of gold mines in similar geological settings to the Ngayu project include Kibali in the Moto greenstone belt and Geita in the Geita greenstone belt of northern Tanzania.

Figure 2: Ngayu Greenstone Belt Compared to KIbali and Geita Belts

Ngayu Greenstone Belt Compared to KIbali and Geita Belts [map]

The majority of gold occurrences within the Ngayu properties are located close to the contact of BIF (Banded Ironstone Formation). Historically, only two deposits were exploited on a large-scale by previous owners, namely Yindi and Adumbi which Loncor now have 100% and 84.68% interests respectively. Remnant mining infrastructure from previous operations at Yindi includes the old laboratory, plant and camp, but are derelict. Makapela (100%) is a relatively new artisanal site which was developed by artisanal miners within the last 14 years and was one of the foci of the Company’s exploration activities previously.

A summary of the historical production for the Ngayu Belt is given in Table 1, although production records are incomplete, and the figures quoted represent only an approximation.

Table 1: Historical Gold Production for the Ngayu Belt (1925 – 1955)

DepositPrimary Au (oz)Secondary Au (oz)Total Au (oz)
Adumbi Area 208,000 83,000 291,000
Imva Fold Area N/A 200,700 200,700
Yindi 45,200 21,000 66,200
Northern Ngayu Belt N/A 60,800 60,800
Anguluku 5,700 N/A 5,700
Totals 258,900 365,500 624,400

The most prolific area for alluvial mining was the Imva Fold area, where extensive artisanal mining continues today, and where several areas of primary gold mineralization (Matete, Nagasa, Anguluku and Itali) have been under investigation by Loncor.

Overview of Geology – Ngayu

Figure 3: Overview of the pit shell and geology of the central section of Adumbi Deposit

 Overview of the pit shell and geology of the central section of Adumbi Deposit [map]

Figure 4: Geological Cross Section A-B

Cross-section across the central part of Adumbi Deposit [map]

Loncor's Exploration History

Exploration by Loncor at Ngayu commenced in late 2009 and initially included desktop research, primarily utilising data from the Royal Museum for Central Africa in Terveuren, Belgium and preliminary interpretation of airborne geophysical data, acquired by Rio Tinto in 2009. A base camp was set up at Yindi in 2010.

At the beginning of Loncor’s Ngayu project, it was decided to divide the exploration into two concurrent programs:
  • Assessment of areas of known gold mineralization (Yindi and Makapela) with the potential to rapidly reach the drilling stage and provide a mineral resource base for the Company. Soil sampling, augering, rock chip and channel sampling were carried out prior to diamond drilling.
  • Regional programs aimed at assessing the remainder of the then 4,500 km2 land package as quickly and cost-effectively as possible, in order to identify and prioritise mineralized target areas for follow-up, and enable less-prospective ground to be relinquished with confidence. This program mainly entailed a regional BLEG (Bulk Leach Extractable Gold) survey and detailed interpretation of regional aeromagnetic data. Both these programs were carried out under a technology consultation services agreement between Loncor and Newmont who had taken a 20% equity stake in Loncor which was entered into in February 2011 (but is no longer in place).

The approach allowed for further delineation, drilling and resource announcements. For more detail, refer to the sections on the individual projects, plus the resources page.

The Imbo Project within Ngayu

The primary area of interest is the Adumbi deposit currently within the Imbo mining licence in the east of the Ngayu belt. These activities have included updating the Adumbi database and resource, ongoing drilling to prove up further resources at Adumbi as well as reconnaissance fieldwork on the Imbo East (previously Maiepunji) prospect, 10 kilometres west-southwest of Adumbi where at least four zones of interest have been discovered.

Loncor acquired control of the Imbo project in September 2019, initially acquiring a 71.25% interest in the project. This 71.25% interest at Imbo was subsequently increased to 84.68% in September 2020. A re-assessment of the resource bearing deposits at Imbo in April 2020 - namely Adumbi, Kitenge and Manzako - and the incorporation of 4 previously excluded drill holes, resulted in a 61% increase in Adumbi’s inferred resource. A further assessment in April 2021 incorporated the first six holes of the ongoing 7,000 metre drill program, adding a further 963,000 ozs or 44% to the Adumbi resurces within the US$1500/oz pit shell. The three deposits, which sit within 5 kilometres of each other, now have an inferred mineral resource of 3.466 million ounces of gold (42.996 million tonnes grading 2.51 g/t Au), with 84.68% of this inferred mineral resource being attributable to Loncor.

On April 27 2021 a 43-1010 technical report on the Imbo Project resource was filed with SEDAR, having been prepared by Minecon Resource and Services Limited with an effective date of April 27 2021. The Minecon report is entitled "Updated Resource Statement and Independent National Instrument 43-101 Technical Report, Imbo Project, Ituri Province, Democratic Republic of the Congo". The aforementioned report is available on SEDAR at www.sedar.com and EDGAR at www.sec.gov.

On November 11 2021, Loncor announced a further increase in total resources at Adumbi to 3,66 million ozs. Due to significant near surface infill drilling, 1,88 million ozs (28,18 million tonnes at 2,08 g/t) were reclassified as indicated resources. The remaining 1,78 million ozs (20,83 million tonnes at 2,65 g/t) remained inferred resources.

A major structural fracture trends east-northeast through the Imva area where a number of targets are located and then trends southeast through the Imbo mining licence where the Adumbi, Kitenge and Manzako deposits are located and then across the Imbo river to the Imbo East prospect. In total, this major structural break extends for 16 kilometres within the Imbo licence and will require further exploration to fully evaluate this prospective trend. Recent reconnaissance to the east of the Imbo river at the Imbo east prospect has substantiated the potential of this structural trend with four key areas of interest being de-lineated (see press release February 24, 2021 for detail). Mineralization is found within steeply dipping metasediments with or without quartz veins with silica, sericite and graphitic alteration and mainly limonitic boxworks after pyrite. These metasediments are found immediately southwest of a prominent range of BIF which is also mineralized.

In December 2021, the 3.66M ozs of resources contained within the pit shell at Adumbi were incorporated into a PEA that suggested the asset has the hallmarks of transforming Loncor’s future. The details of the PEA can be seen here. Going forward, attention has moved to quantifying the underground resources at Adumbi. Details should emerge in early 2022 and depending on the results they could be incorporated into a revised PEA for Adumbi. The underground potential is relatively untested given the deepest hole has only returned results from around 600 metres below surface. All indications are the deposit is open at depth and hence the potential of finding a +5M oz Tier 1 deposit at Adumbi.

Refer to the web pages on the individual projects for more detail.

Loncor's Additional Areas of Interest

Certain parcels of land within the Ngayu project surrounding and including the Makapela and Adumbi deposits have been retained by Loncor. 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).

Loncor has a parcel of ground around the Yindi area (100%) where previous drilling during the period 2010-11 gave some significant gold drill interceptions. Further investigation of the Yindi area is warranted.

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 on this web site.

Technical Reports

Additional information with respect to Loncor’s Imbo Project (including the Adumbi deposit) is contained within the resource upgrade press release of 17 November, 2021 and 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 Loncor’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.