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Message: Loncor partner Randgold finds drill targets at Ngayu

 

LONCOR ANNOUNCES ENCOURAGING EXPLORATION RESULTS RECEIVED BY RANDGOLD ON LONCORA S NGAYU PROJECT JOINT VENTURE

Loncor Resources Inc. has provided an update on exploration activities undertaken by Randgold Resources (DRC) Ltd. on Loncor's Ngayu project in northeastern Democratic Republic of the Congo as part of the joint venture agreement between Randgold and Loncor.

Exploration this year has been focused on the Anguluku prospect area where drill targets have now been defined and along the 30 kilometre strike Imva fold area in the west of the Ngayu belt, where a new base camp has been established at Mambati. A number of prospects are being assessed along the Imva fold structure including Mambati, Elshadai, Angundali, Mondarabe, Bavadilli, Bakpan, Itali and Bikira.

At Angundali, which is characterised by metavolcanics and fine metasediment units intercalated by strongly deformed BIF (banded ironstone formation), further generative work was completed across the target area with the aim of better understanding the large structures which might have acted as strain and fluid conduits. The Elshadai plain is characterized by fine-grained to medium-grained metasediment, with intercalations of BIF, carbonaceous shale and some mafic intrusions and in the north with felsic intrusions in the Mambati area. Results are still pending for a target-wide soil geochemistry survey which was undertaken

Itali-Bikira lies on the eastern side of the Imva zone, 10 kilometres south of the Makapela prospect. At the end of the calendar second quarter, a relogging programme and petrographic analysis were completed to better understand the structural context and style of the alteration and mineralization of the Itali-Bikira area. The lithological sequence is dominated by fine to medium-grained metasediment, intruded by magnetic dolerite and intercalated by sheared carbonaceous shales underlain by basalt. These lithologies are intruded by quartz porphyry intrusives associated with mineralised quartz veins. The gold-related alteration assemblage consists of quartz, chlorite, sericite, carbonate with varying amounts of albite, pyrite, and graphite. Two main types of mineralization have been identified in the previous Itali boreholes, one of which is related to quartz-carbonate veins and the other has disseminated sulphides associated with ankerite and silica. This sequence is bounded to the north by the granodiorite complex extending to Makapela and cut to the south by the mafic volcanics, mainly of basalt. Artisanal mining is currently very active with several pits targeting high-grade quartz veins and/or strongly silicified zones located in the contact zone of basalt and metasediment.

During the calendar third quarter, an initial target-wide soil geochemistry survey interpretation and mapping was undertaken and has resulted in the delineation of two parallel coherent and extensive gold-in-soil anomalies trends, measuring 1.2 kilometres and 1 kilometre in length at Itali-Bikira. The anomalies are approximately 100 metres in width, extending out to 600 metres in several areas based on the 100ppb cut-off. Most of the mineralisation currently being exploited by artisanal miners occur within these two {A ‘}broad' mineralised trends. The first group lies within a northeast trending structural-alteration zone with a NW dip, subparallel to the regional structure, which extends to Mondarabe (Itali {A –} Ngalisa trend). On this trend, artisanal miners are targeting boudinaged quartz veinlets intercalated with fine-grained metasediment at the contact zone rich in graphitic schist located along that regional structure. The second group, about 400 to 500 metres to the south of the Itali {A –} Ngalisa trend, lies along another SW {A –} NE trending shear, along the Makasi trend. The mineralised shear zone, which dips moderately to the NW, is located on the margin of basalt where it is in contact with interbedded metasediments, diorite and quartz feldspar porphyry that intrudes metasediment.

Based on these promising soil geochemistry results, further work is planned on the target area including field mapping, pitting and trenching to upgrade the interpretation and to identify key controls on the high-grade mineralisation.

The Anguluku prospect area (including Golgotha, Baberu and Bayinga) is located in the southwest side of the Ngayu greenstone where a sequence of fine grained metasediment, carbonaceous shale, metabasalt and BIF trend approximately EW and dips moderately to SSW within an antiformal structure.

Drill targets have now been defined at Anguluku and it is proposed to commence a ten core hole (2,490 metres) drilling programme to test 4,500 metres of strike in early 2019.

As per the joint venture agreement signed in January 2016 (reference is made to Loncor's January 19, 2016 press release), Randgold manages and funds exploration of the exploration permit areas comprising Loncor's Ngayu project until the completion of a pre-feasibility study on any gold discovery meeting the investment criteria of Randgold. Subject to the DRC's free carried interest requirements, Randgold would earn 65% of any discovery with Loncor holding the balance of 35%. Loncor will be required, from that point forward, to fund its pro-rata share in respect of the discovery in order to maintain its 35% interest or be diluted. The Ngayu project covers 1,696 km2 of the Ngayu Archaean greenstone belt, which is 200 kilometres southwest of Randgold/AngloGoldAshanti's Kibali gold mine in the DRC.

Certain parcels of land within the Ngayu project surrounding and including the Makapela and Yindi prospects have been retained by Loncor and do not form part of the joint venture with Randgold. Randgold shall have certain preemptive rights over these two areas. Loncor's Makapela prospect 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).

Qualified Person

William R. Wilson, a director 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 Report

Additional information with respect to the Company's Ngayu 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 .

Board of Directors Change

The Company reports that Maurice Colson has resigned as a director of Loncor. The Company thanks Mr. Colson for his years of service to the Company as a director.

About Loncor Resources Inc.

The Company is a Canadian gold exploration company focused on two projects in the Democratic Republic of the Congo (the "DRC") -- the Ngayu and North Kivu projects. The Company holds exploration permits covering 1,696 km2 of the Ngayu Archaean greenstone belt in Tshopo province in the northeast DRC and is its main focus. The Company also controls exploration permits covering an area of approximately 13,000 km2 in North Kivu province. Both projects have historic gold production.

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