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Commenting on these results, Loncor’s President
Table 1 - Channel Sample Results on Esio Wapi, Paradis and Museveni Mineralised Trends
Prospect | Workings | Channel_ID | Channel Width (metres) and Grade (g/t Au) | Lithology | Open/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 | IECH025 | 6.80 m @ 5.44 g/t | Metasediment with quartz vein | Open to Southwest | |
MUSEVENI | IECH008 | 1.40 m @ 62.10 g/t | Metasediment with quartz vein | Open to southwest & northeast | |
MUSEVENI | IECH006 | 6.00 m @ 4.37 g/t | Metasediment with quartz vein | Open to southwest & northeast |
Gridding, geological mapping, soil geochemical sampling and channel sampling of old colonial trenches and artisanal workings have outlined three significant mineralised trends, Esio Wapi, Paradis and Museveni, to the east of the Imbo river and approximately 8 to 10 kilometres southeast of the Adumbi deposit (see Figure 1 below). Analytical results have been received for 21% of soil samples from the completed 5,440 metre by 2,320 metre grid and where soil samples were collected every 40 metres on lines 160 metres apart.
At Esio Wapi, soil geochemical results have outlined a number of plus 200 ppb (parts per million) gold in soil anomalies with a maximum value of 2,230 ppb Au over a 3.2 kilometre long mineralised trend (see Figure 2 below). Best channel samples from old colonial workings are tabulated in Table 1 above and include 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; 12.30 g/t and 6.39 g/t Au in BIF and 7.91 g/t, 4.81 g/t and 4.52g/t Au in metasediments.
On the Paradis trend, soil sample results are still awaited from the eastern part of the trend but soil anomalies (plus 200 ppb Au) in the western part of the trend occur over 800 metres of strike. 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.
At Museveni, soil samples are still to be received but artisanal workings occur over a strike of 2.7 kilometres. 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.
Quality Control and Quality Assurance
Soil, channel and rock samples were put in sealed bags by Company geologists and sent to the independent
Qualified Person
Technical Reports
Additional information with respect to the Company’s
Additional information with respect to the Company’s
About
Loncor is a Canadian gold exploration company focussed on the Ngayu Greenstone Belt in the northeast of the
In addition to the Barrick JV, certain parcels of land within the Ngayu Belt surrounding and including the Adumbi and Makapela deposits have been retained by Loncor and do not form part of the joint venture with Barrick. Barrick has certain pre-emptive rights over the Makapela deposit. Adumbi and two neighbouring deposits hold an inferred mineral resource of 2.5 million ounces of gold (30.65 million tonnes grading 2.54 g/t Au), with 84.68% of this resource being attributable to Loncor via its 84.68% interest in the project. 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).
Resolute Mining Limited (ASX/LSE: "RSG") owns 26% of the outstanding shares of Loncor and holds a pre-emptive right to maintain its pro rata equity ownership interest in Loncor following the completion by Loncor of any proposed equity offering.
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
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 drilling on the Company’s properties, potential gold discoveries, mineral resource estimates, potential mineral resource increases, 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 drilling programs will be delayed, activities of the Company may be adversely impacted by the continued spread of the recent 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, the possibility that future exploration (including drilling) or development results will not be consistent with the Company's expectations, 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 April 6, 2020 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.
For further information, please visit our website at www.loncor.com, or contact:
Figure 1: Imbo Project Simplified Geology
https://www.globenewswire.com/NewsRoom/AttachmentNg/f652ebb8-e7cc-4d38-98b9-b6e5f3b38855
Figure 2: Imbo East Soil and Channel Sampling (on Aeromagnetic grey scale Background)
https://www.globenewswire.com/NewsRoom/AttachmentNg/b7da885c-857e-4407-a72c-54c8c1f496de
Source:
2020 GlobeNewswire, Inc., source