Barrick Joint Venture
Loncor recently received the quarterly exploration report from joint venture partner Barrick for the first quarter of 2020. As announced in
The first drill target is expected to be at Anguluku where an initial six core 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.
About
Loncor is a Canadian gold exploration company focussed on the Ngayu Greenstone Belt in the
In addition to the Barrick JV, certain parcels of land within the Ngayu project surrounding and including the Makapela and Adumbi deposits have been retained by Loncor and do not form part of the joint venture with Barrick. Barrick has certain pre-emptive rights over the Makapela deposit. Loncor's Makapela deposit (which is 100%-owned by Loncor) 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). Adumbi and two neighbouring deposits hold an inferred mineral resource of 2.5 million ounces of gold (30.65 million tonnes grading 2.54 g/t Au), with 76.29% of this resource being attributable to Loncor via its 76.29% interest in the project.
Cautionary Note to U.S. Investors
Cautionary Note Concerning Forward-Looking Information
This press release contains forward-looking information. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding mineral resource estimates, potential mineral resource increases, drill targets, exploration results, future drilling and other future exploration, potential gold discoveries and future development are forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, the possibility that planned drilling programs will be delayed, uncertainties relating to the availability and costs of financing needed in the future, activities of the Company may be adversely impacted by the continued spread of the recent widespread outbreak of respiratory illness caused by a novel strain of the coronavirus ('COVID-19'), including the ability of the Company to secure additional financing, risks related to the exploration stage of the Company's properties, the possibility that future exploration (including drilling) or development results will not be consistent with the Company's expectations, failure to establish estimated mineral resources, changes in world gold markets or equity markets, political developments in the DRC, gold recoveries being less than those indicated by the metallurgical testwork carried out to date (there can be no assurance that gold recoveries in small scale laboratory tests will be duplicated in large tests under on-site conditions or during production), fluctuations in currency exchange rates, inflation, changes to regulations affecting the Company's activities, delays in obtaining or failure to obtain required project approvals, the uncertainties involved in interpreting drilling results and other geological data and the other risks disclosed under the heading 'Risk Factors' and elsewhere in the Company's annual report on Form 20-F dated
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