Partnered with Barrick and Resolute Mining for Discovery in the Congo
Controls over 3,600,000 High Grade Ounces Outside of Barrick JV
Partnered with Billion Dollar Majors:
- Barrick JV with Loncor drilling for Tier One Deposits
- Newmont Goldcorp Corporation owns 7.8% of Loncor
- Resolute Mining owns 26%
- Controls over 3 million oz (outside of Barrick JV)
- Makapela Deposit: M&I 614,000 oz @ 8.66 g/t, Inferred 549,600 oz @ 5.3g/t.
- Adumbi: 2.5 million ounces of gold in 3 deposits
- Arnold Kondrat, Founder, Chief Executive Officer and a director of Loncor holds 28,963,909 (or 28.45%)
- Barrick JV with Loncor -potential for a Tier 1 Discovery - triggers the JV into 65% ownership for Barrick and 35% for Loncor in th NGAYU Greenstone Belt
- Barrick manages and sole funds any exploration program, including delivery of a pre-feasibility study on any gold discovery that would meet investment criteria
- Loncor’s Ngayu Greenstone belt contains a 130 km BIF (banded ironstone formation) with previous drill results yielding up to 64 g/t over 7.19 m & 17.64 g/t over 6.28 m.
- Significant exploration potential for finding world class gold deposits (5+ million ounces).
- JV partnership with Barrick Gold Corporation (TSX:ABX) is currently exploring 1,894 sq km of Loncor’s 3,534 sq km Ngayu Greenstone belt with an active trenching, sampling and drill program with 6 drill ready targets identified to date.
- The Ngayu project is 200 km southwest of Barrick’s $2.5 billion Kibali gold mine which produced over 800,000 oz of gold in 2018.
- Additionally Loncor controls exploration permits covering 13,000 sq km of underexplored and highly prospective ground in North Kivu province, DR Congo.
2020 Exploration: Barrick Joint Venture
- Barrick has identified a number of priority drill targets to be drilled 2nd quarter 2020
- Two drill rigs mobilised at the Kibali mine site.
- The first target to be drilled is expected to be Anguluku:
- six holes are planned. Depending on results,
- Additional holes will be drilled at Anguluku or the drills will be moved to Salisa/Lybie where an initial twelve holes are planned
- Other targets to be drilled include Yambenda/Yasua
A large component of Barrick’s Q1 2020 exploration program was focused on reconnaissance follow up. The goal of these reconnaissance studies was to delineate new targets for prioritisation and assess existing targets to advance them to the drilling stage or remove them from the resource triangle. At the time of reporting, of the eleven Areas of Interest identified during the last quarter, eight had been evaluated for potential of hosting tier 1 deposits. Two of the eight assessed did not pass the preliminary indicators to host tier 1 deposits.
- This quarter’s further assessment was completed on the Andagbowa, Zunguluka, Makapela West and Imva South blocks.
- At Andagbowa, two new targets were delineated for follow up work.
Andagbowa is located to the northeast corner of the Ngayu concession and about 32 kilometres northeast of the Mambati base camp. It is characterised by complex lithological and structural settings, which includes the presence of folded and fractured banded ironstone formation (“BIF”) and the hinge of a belt scale fold. Previous work has shown localized low grade BLEG anomaly basins, intense alluvial artisanal activities and a lack of quartz pebbles in the streams which could suggest potential for disseminated style gold mineralization.
Exploration fieldwork completed during the quarter at Andagbowa aimed at gaining geological characteristics of the area in order to evaluate its potential and perspectivity for future detailed work. The fieldwork undertaken included preliminary exploration study combining geological, structure and alteration mapping and sampling for gold analysis. Structural data confirmed the interpreted open folding system with NNW fold axis occurring within the area close to the Makapela Intrusive. The identified NE-SW, E-W and NW-SE moderate to steeply dipping mineralized sheared zones are aligned along the regional fold and parallel to the interpreted domain boundary subsidiary fault which could play a part in controlling the distribution of gold mineralization, either hosting mineralization or by acting as conduit for hydrothermal fluids
The preliminary exploration work at Andagbowa area revealed two potential prospects for future work; namely Bon Marche and Tozali. The two prospects are characterized by sheared and brecciated rocks including BIF containing either stockworks of quartz veinelts or sheeted stringers of silica associated with pervasive sericite and weak disseminated fine to coarse sulphides.
Bon Marché prospect is located about 5 kilometres east of Bole Bole village; the area occurs structurally in the interpreted regional hinge and is characterized by:
- NE and ENE trending mineralized shear zones (up to 12 metres wide) containing sheeted quartz stringers and veinlets associated with pervasive sericite hosted by metasediment rock. Each of the two shear zones is mined along 100 metre length by artisanal miners. Assay results of up to 2 metres @ 1.07g/t Au was intercepted from channel sampling.
- 2.5 kilometres folded and fractured BIF with weak disseminated sulphide and pervasive silica with 0.83 g/t Au from litho samples.
- The potential hinge at Bon Marche is located 1.5 kilometres north of soil anomalies localized almost within the same hinge zone.
While the Tozali prospect is located 6 kilometres south-east of Bon Marché and shows:
- 1.5 kilometre potential NW trending brecciated BIF containing disseminated boxworks and stockworks of quartz-carbonate stringers. Received results revealed anomalised values up to 0.76g/t Au.
At the beginning of the quarter, LIDAR (Light Detection and Ranging remote sensing) surveys were also conducted on four exploration blocks in the joint venture. The benefits of LIDAR data compared to traditional aerial-photo-based interpretation are in more detailed identification of possible surface deposits, mapping lithology, structures and more precise edging of the geomorphologies, which could hold large scale deposits. This method also reflects more accurately the true ground surface in areas of dense vegetation. The results of the LiDAR surveys are being collated with other existing geological and geophysical layers to further generate and prioritise more targets.