Partnered with Barrick and Resolute Mining for Discovery in the Congo
Controls 1.2M High Grade Ounces Outside of Barrick JV
- Ngayu is a Banded Iron Gold exploration project
- Barrick identifies the Ngayu Greenstone JV with Loncor as having potential for a Tier 1 Discovery
- Tier 1 is a mine with excess of 10 years production of at least 500,000 ounces of gold
- Ngayu becoming a Tier 1 asset would trigger the JV into 65% ownership for Barrick and 35% for Loncor
- Barrick manages and sole funds any exploration program, including delivery of a pre-feasibility study on any gold discovery that would meet investment criteria
- Barrick is looking to expand exploration in the Kibali area that produces 600K ounces annually
- Resolute Mining owns 27% and has a 30% ROFR on any Loncor financing
- Resolute has produced over 8 million ounces of gold, and recently purchased private Senegal producer with 160,000 annual ounces at $800 cost
- 100% owned Makapela gold prospect, which 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).
- 100% owned Yindi gold prospect, which has previously reported drill results including 14.79 metres at 5.11 g/t Au, 19.40 metres at 1.30 g/t Au and 6.20 metres at 4.57 g/t Au.
- Consequence of relationships between Barrick and Resolute result in huge inside ownership
- Newmont Goldcorp Corporation (NYSE: "NEM"; TSX: "NGT") owns 7.8% of Loncor’s outstanding shares.