Loncor Gold Inc. announced that drill contracts have been signed and three core rigs are now being mobilised to the Company's Adumbi gold project within the Imbo exploitation licence and where Loncor has a 84.68% attributable interest. Adumbi is situated approximately 220 kilometres from Africa's largest gold mine, the Barrick Gold/AngloGold Ashanti Kibali Gold Mine, a hub for many mining related contractors in the DRC. Two core rigs will focus on a 11,000-metre-deep drilling program below the Adumbi open pit where an indicated mineral resource of 1.88 million ounces of gold (28.185 million tonnes grading 2.08 g/t Au), and an inferred mineral resource of 1.78 million ounces of gold (20.83 million tonnes grading 2.65 g/t Au) have already been delineated within a USD1,600/oz open pit shell.

The Adumbi resource remains open at depth below the USD1,600/oz pit shell with the favourable Banded Ironstone Formation (BIF) host increasing in thickness. As stated in the Company's press release of December 19, 2023, the Company estimates the potential Adumbi underground exploration target below the USD 1,600/oz pit shell as between 8.9 million tonnes to 9.6 million tonnes grading 4.7 g/t Au to 4.9 g/t Au to a depth of 800 metres. These potential quantities and grade are conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the Adumbi underground exploration target being delineated as a mineral resource.

Fifteen intersections are proposed below the pit shell in order to outline an underground mineral resource. Of the fifteen proposed intersections, six interceptions will be wedged off nine deeper holes in order to save time and costs. Loncor's independent geological consultants Minecon Resources and Services Limited undertook the Adumbi underground exploration target tonnage and grade estimation ranges.

The Adumbi 3-dimensional ("3-D") model was constructed using cross sectional and horizontal flysch plans of the geology and mineralization and was used to assist in constraining the 3-D geological model. This underground exploration target has been estimated to a maximum depth of 800 metres below surface. In addition, a further core rig has been mobilised to undertake initial scout drilling on four exploration targets, 8 to 13 kilometres to the southeast from Adumbi on the same major structural shear across the Imbo River at Imbo East.

Geological mapping, soil geochemical, rock chips and channel sampling of old colonial trenches and artisanal workings have outlined four significant mineralized trends. The four highlighted areas below form the initial focus for the proposed 12-hole scout drilling program: At Esio Wapi, there is a significant soil geochemical anomaly over 1.9 kilometres. 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 Formations (BIF) and metasediment.

The Paradis trend shows a soil geochemical anomaly over 1.0 kilometres. Channel samples included 6.8 metres grading 5.44 g/t Au (open to the southwest) in metasediments with quartz veins. Individual rock sample values include 22.40 g/t, 5.84 g/t and 2.31 g/t Au.

On the Mungo Iko trend, there is a soil geochemical anomaly of 3.1 kilometres. Rock sample results include 12.30 g/t Au 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. On the Museveni trend, anomalous soil samples and artisanal workings occur over a strike of 3.2 kilometres.

Channel samples from artisanal workings included 6.0 metres grading 4.37 g/t Au.