TORONTO, July 18,
2022 /CNW/ - Loncor Gold Inc. ("Loncor" or the
"Company") (TSX: LN) (OTCQX: LONCF) (FSE: LO51) is pleased
to announce that it has applied for an Exploitation Permit
("Mining Permit") for the potential development of the
Company's 1.164 million ounce Makapela gold resource found within
the Ngayu Greenstone Gold Belt in the northeast of the Democratic Republic of the Congo (the
"DRC"). Makapela 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) at a 2.75 g/t Au cut-off. The
Makapela Project is owned 100% by Loncor and is located
approximately 50 kilometres from its flagship 3.66 million ounce
Adumbi deposit which already has a Mining Permit. The
Preliminary Economic Assessment (PEA) of the Adumbi deposit, the
results of which were announced by Loncor in December 2021, did not include the Makapela
deposit. See the Figure below which shows the location of the
Makapela and Adumbi deposits, as well as Loncor's other gold
properties, within the Ngayu Greenstone Belt.
Commenting on this latest development, Loncor Chief Executive
Officer John Barker said: "Makapela represents a high-grade
opportunity either as a potential feed source for a future gold
operation at Adumbi, or as an independent stand-alone high-grade
project. The deposit remains open at depth, along strike,
plus has a number of parallel zones that require further
investigation. Within close proximity, there are a number of
other deposits such as Mokepa and Mongaliema that historically have
been drilled and could hold the potential of future ore feed for
Makapela.
The award of a Mining Permit at Makapela would create a
second avenue to release value held within our deposits, and the
Company will continue to analyse both practical and corporate
solutions to maximise the value attributed to all of Loncor's
assets."
The Makapela mineralization is hosted by a sequence of
steeply-dipping basaltic volcanics containing thin BIF (banded
ironstone formation) units. A total of 83 core holes have
been drilled at Makapela with several significant drill
intersections including 7.19 metres grading 64 g/t Au, 4.28 metres
at 32.6 g/t Au, 3.47 metres grading 24.9 g/t Au, 4.09 metres at
21.7 g/t Au and 4.35 metres grading 17.5 g/t Au.
There are two principal, subvertical mineralized units at
Makapela: (a) Reef 1, a quartz vein emplaced into a shear zone
which crosscuts the basalt sequence at an acute angle and has an
average true width and grade of 2.15 metres @ 11.15 g/t Au, and has
been drilled over a strike of 480 metres and to a maximum vertical
depth of 480 metres; and (b) Reef 2, an assemblage of brecciated
quartz within a sheared BIF unit over a strike of at least 3
kilometres. The best Reef 2 mineralization occurs over a
strike of 480 metres, where it has an average true width and grade
of 3.52 metres @ 8.44 g/t Au. Good potential exists for
locating additional blind gold mineralization along well-defined
structures over an aggregate strike of over 5 kilometres.
About Loncor Gold
Inc.
Loncor is a Canadian gold exploration company focussed on the
Ngayu Greenstone Gold Belt in the northeast of the DRC. The
Loncor team has over two decades of experience of operating in the
DRC. Loncor's growing resource base in the Ngayu Belt
currently comprises the Imbo and Makapela Projects. At the
Imbo Project, the Adumbi deposit holds an indicated mineral
resource of 1.88 million ounces of gold (28.185 million tonnes
grading 2.08 g/t gold), and the Adumbi deposit and two neighbouring
deposits hold an inferred mineral resource of 2.090 million ounces
of gold (22.508 million tonnes grading 2.89 g/t Au), with
84.68% of these resources being attributable to Loncor.
Following a drilling program carried out by the Company at the
Adumbi deposit in 2020 and 2021, the Company completed a
Preliminary Economic Assessment ("PEA") of the Adumbi deposit and
announced the results of the PEA in December 2021. The
Makapela Project (which is 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
Qualified Person
Peter N. Cowley, who is President of
Loncor and a "qualified person" as such term is defined in National
Instrument 43-101, has reviewed and approved the technical
information in this press release.
Technical Reports
Additional information with respect to the Company's Adumbi deposit
(and other properties of the Company within its Imbo Project) is
contained in the technical report of New SENET (Pty) Ltd and
Minecon Resources and Services Limited dated December 15, 2021 and entitled "NI 43-101
Preliminary Economic Assessment of the Adumbi Deposit in the
Democratic Republic of the
Congo". A copy of the said report can be obtained from
SEDAR at www.sedar.com and EDGAR at www.sec.gov.
Additional information with respect to the Company's Makapela
Project, and certain other properties of the Company in the Ngayu
gold belt, is contained in the technical report of Venmyn Rand
(Pty) Ltd dated May 29, 2012 and
entitled "Updated National Instrument 43-101 Independent Technical
Report on the Ngayu Gold Project, Orientale Province, Democratic Republic of the Congo". A
copy of the said report can be obtained from SEDAR at www.sedar.com
and EDGAR at www.sec.gov.
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, obtaining a Mining Permit for Makapela,
potential mineral resource increases, potential mineralization,
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 results
will not be consistent with the Company's expectations, delays in
obtaining or failure to obtain a Mining Permit for Makapela,
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 information
form dated March 31, 2022 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.
SOURCE Loncor Gold Inc.
