Partnered with Barrick and Resolute Mining for Discovery in the Congo
Controls over 2,400,000 High Grade Ounces Outside of Barrick JV
- 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
- Recently acquired Adumbi Deposit:
1.675 million ounces of gold grading 2.5 g/t Au, with 71.25% of this Inferred Mineral Resource being attributable to Loncor, via its 71.25% interest on three separate deposits; Adumbi, Kitenge and Manzako
- 100% owned Yindi gold prospect, which has previously reported drill results of 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
- Loncor attributable gold resources of over 2.4 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 Deposit: (76.29%%) Inferred 1,675,000 oz @ 2.5g/t). All resources are 43-101 compliant.
- Resolute Mining owns 27% and has a 30% ROFR on any Loncor financing, Resolute has produced over 8 million ounces of gold
- Barrick JV with Loncor -potential for a Tier 1 Discovery - triggers 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
- Newmont Goldcorp Corporation (NYSE: "NEM"; TSX: "NGT") owns 7.8% of Loncor’s outstanding shares.
- Consequence of relationships between Barrick and Resolute result in huge inside ownership
- Arnold Kondrat, Founder, Chief Executive Officer and a director of Loncor holds 28,963,909 (or 28.45%)
- 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 has identified a number of priority drill targets that are planned to be drilled commencing March 2020
- Drill targets include Lybie, Salisa and Itali in the Imva area as well as Anguluku in the southwest of the Ngayu belt and Yambenda in the north
Four targets have been identified within the Lybie - Salisa block, which is approximately 6 kilometres in length, with Lybie being the priority
At Itali, trench extensions on the Medere trend defined three discrete zones hosted within sheared basalts. Part of the Itali target was previously identified and drilled by Loncor with the first core hole intersecting 38.82 metres of 2.66 g/t Au with the depth of oxidation exceeding 100 metres from surface.
Bakpau displays multiple contrasting lithologies, competencies (BIF, volcano-sedimentary package, granitoids, monzonite), alteration (sericite, chlorite, ankerite, silica, sulphides) and complex structural settings.
In January of this year, a LIDAR survey was completed on priority targets including Anguluku, Bakpau, Itali and Lybie-Salisa.
Imbo Exploitation Permit (Loncor 76.29%)
Inferred Mineral Resource of 1.675 million ounces of gold (20.78 million tonnes grading 2.5 g/t Au
Based on previous studies by Barrick on regional, belt sized geochronological age dating and airborne VTEM, radiometric and magnetics of the Ngayu belt, it was found that a major structural, mineralised fracture zone separates an older volcano-sedimentary domain in the northern part of the belt from a younger, predominantly sedimentary basin in the south. At Barrick’s Kibali mine, a similar geological setting has been determined with the gold deposits spatially related to a major structural break between an older volcano-sedimentary domain and a younger predominantly sedimentary basin.
At Ngayu, the major structural fracture trends east-northeast through the Imva area where a number of targets are located and then trends southeast through the Imbo exploitation permit where the Adumbi, Kitenge and Manzako deposits are located and then across the Imbo river to the Maiepunji prospect. In total, this major structural break extends for 16 kilometres within the Imbo permit and will require further exploration to fully evaluate this prospective trend. Recent reconnaissance to the east of the Imbo river at the Maiepunji prospect has substantiated the potential of this structural trend with several artisanal workings being located over 4 kilometres of strike. Mineralization is found within steeply dipping metasediments with or without quartz veins with silica, sericite and graphitic alteration and mainly limonitic boxworks after pyrite. These metasediments are found immediately southwest of a prominent range of BIF. Assay results from 40 lithological grab samples recently taken are awaited. A detailed soil sampling, geological mapping and systematic channel sampling program is to be undertaken on the entire Maiepunji mineralized trend which will be aided by the recently completed LIDAR survey over the Imbo permit.