Partnered with Barrick and Resolute Mining for Discovery in the Congo
Controls over 2,400,000 High Grade Ounces Outside of Barrick JV
Message: Loncor joint venturer Barrick to begin Ngayu drilling
Mr. Arnold Kondrat reports
LONCOR UPDATES EXPLORATION ACTIVITIES AT ITS NGAYU PROJECT JOINT VENTURE WITH BARRICK
Loncor Resources Inc. has provided an update on exploration activities undertaken by Barrick Gold (Congo) Sarl (formerly Randgold Resources Congo Sarl) on Loncor's Archean greenstone Ngayu gold project in the northeastern Democratic Republic of the Congo (the DRC). Such activities are being carried out as part of the joint venture agreement between Barrick and Loncor. The Ngayu Archean greenstone belt is 200 kilometres southwest of the Kibali gold mine, which is operated by Barrick.
Drill targets have now been delineated by Barrick on a number of prospects at Ngayu, with drilling expected to commence in June. A number of these targets have similar host lithological, structural and alteration characteristics to the Neoarchean orogenic gold deposits of the Moto and Geita greenstone belts that host the Kibali and Geita gold mines. In 2018, the Kibali and Geita mines produced 807,251 ounces and 564,000 ounces of gold, respectively.
Exploration by Barrick at Ngayu this year has been focused on 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 Bikira, Bikira South (Asese), Bavadili West, Makasi trend, Lybie (Matete East) and Bakpau.
At the blind Bavadili West prospect, trenching and pitting over a 120-metre southwest-northeast strike have identified a shallow plunging (15- to 20-degree/310-degree) mineralized zone controlled by the intersection of a steep mineralized structure, which runs subparallel to the axial plane of the Bavadili antiform and a cherty-BIF (banded ironstone formation) unit. Due to the plunging and strongly brecciated nature of the structure and limited surface expression, a drill motivation consisting of four core holes has been proposed to test the down plunge and downdip potential.
At Bikira, scout trenching to test a model of an overturned fold with mineralization hosted in the limbs of an interpreted BIF took place during the first quarter of 2019. Results are pending. At Bikira South (Asese), initial reconnaissance work generated encouraging first-pass exploration results, including multiple one-gram-per-tonne-gold lithosamples up to 13.1 g/t Au in brecciated BIF. Scout pitting and additional lithosampling in the vicinity of a 13.1-gram-per-tonne-gold sample returned assays from one to 5.2 g/t Au hosted in foliated and silicified volcano sediments. Three auger fence lines were then drilled within the area over a 300-metre strike, confirming the continuity of the host BIF. Trenching is under way to further advance the target.
On the Makasi trend, models were developed to evaluate the down plunge potential of the Makasi workings to the southwest. Mineralization appears to occur almost exclusively within the metasediments as discrete zones, elliptical in shape and plunging to the southwest at 30 degrees to 40 degrees and controlled by pinch-and-swell structures. Southwest-northeast-trending dolerite and quartz feldspar porphyry dikes generally bound the mineralization. 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. A first-pass three-hole-core drilling program (for a total of 867 metres) has been proposed to target the down plunge continuity of the mineralization lode intersected in trench IT002 (42.5 metres of 2.11 g/t Au) and in drill hole NIDD001 (38.82 metres of 2.66 g/t Au) (this trench IT002 intersection and drill hole NIDD001 intersection were completed by Loncor and reported by Loncor in its Jan. 26, 2012, press release, a copy of which release can be obtained from SEDAR).
At Bakpau, exploration was extended toward the northeast over a 1.2-kilometre 80-part-per-billion residual soil anomaly associated with the intersection between interpreted northeast and east-northeast structures. A historical trench, IMT0002 (33 metres of 0.53 g/t Au, including seven metres of 0.84 g/t Au), is being investigated by a northwest-southeast-trending trench, BKTR0001, to test for any extensions and to identify the true width of the mineralized zone.
At Lybie (Matete East), the main focus of exploration during the first quarter of 2019 was the start of a first-pass reconnaissance pitting and trenching program. Pitting returned up to 0.97 g/t Au within cherty BIF. Trenching over the highest pit values confirmed wide low-grade mineralization (20 metres of 0.27 g/t Au). Trench excavation will continue toward the north and south to assess the controls for the associated deformation and alteration.
Drill targets were also developed last year at the Anguluku prospect area (including Golgotha, Baberu and Bayinga) in the southwest side of the Ngayu greenstone, where a sequence of fine-grained metasediment, carbonaceous shale, metabasalt and BIF trends approximately eastwest and dips moderately to south-southwest within an antiformal structure. An initial 10-core-hole (2,490 metres) drilling program is proposed to test 4,500 metres of potential strike.
Joint venture agreement with Barrick
As per the joint venture agreement signed in January, 2016 (reference is made to Loncor's Jan. 19, 2016, press release), Barrick manages and finances exploration of the exploration permit areas comprising Loncor's Ngayu project until the completion of a prefeasibility study on any gold discovery meeting the investment criteria of Barrick. Subject to the DRC's free carried interest requirements, Barrick would earn 65 per cent of any discovery with Loncor holding the balance of 35 per cent. Loncor will be required, from that point forward, to finance its pro rata share in respect of the discovery to maintain its 35-per-cent interest or be diluted.
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 Barrick. Barrick shall have certain pre-emptive 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).
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.
Certain 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 and EDGAR.
About Loncor Resources Inc.
Loncor is a Canadian gold exploration company focused on two projects in the Democratic Republic of the Congo: the Ngayu and North Kivu projects. The company holds exploration permits covering a significant portion of the Ngayu Archean 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 square kilometres in the North Kivu province. Both projects have historical gold production.
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