News.43-101 filing Higher Grades Being Intercepted Below pit
ORIGINAL: Loncor Files Updated NI 43-101 Technical Report on Imbo Project, Confirming Inferred Mineral Resource Increase to 3.466 Million Ounces
2021-06-11 09:48 ET - News Release
TORONTO, June 11, 2021 (GLOBE NEWSWIRE) -- Loncor Gold Inc. (formerly named Loncor Resources Inc.) ("Loncor" or the "Company") (TSX: "LN"; OTCQX: "LONCF”; FSE: "LO51") announces that it has filed on SEDAR an updated National Instrument 43-101 technical report (the “Technical Report”) relating to the Company’s Imbo Project, in particular, the increased gold mineral resource estimate for the Adumbi deposit found within the Imbo Project reported in the Company’s April 27, 2021 press release. The Technical Report, which was prepared by Minecon Resource and Services Limited, has an effective date of April 27, 2021 and is entitled "Updated Resource Statement and Independent National Instrument 43-101 Technical Report, Imbo Project, Ituri Province, Democratic Republic of the Congo".
Highlights from April 27, 2021 press release confirmed in Technical Report:
- The Imbo Project inferred mineral resource increased by 38% to 3.466 million ounces of gold (42.996 million tonnes grading 2.51 g/t Au). 84.68% of this gold resource is attributable to Loncor via its 84.68% interest in the Imbo Project.
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- Within the Imbo Project, the Adumbi deposit inferred mineral resource increased by 44% to 3.153 million ounces of gold (41.316 million tonnes grading 2.37 g/t Au) (the Adumbi deposit is one of the three deposits at Imbo currently with a resource).
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- The 3.153 million ounce inferred resource at Adumbi was constrained within a US$1,500 per ounce open pit shell where appropriate input parameters for mining, processing and G&A costs, pit slopes and metallurgical recoveries were applied.
The current focus of the Company’s ongoing drill program at the Adumbi deposit is to outline substantial underground resources at depth below the 3.153 million ounce inferred resource pit shell where higher grades are being intersected.
The Imbo mineral resources are in addition to Loncor’s resources at its Makapela Project where there is 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). Loncor’s Makapela Project is located approximately 50 kilometres from the Imbo Project.
About Loncor Resources Inc.
Loncor is a Canadian gold exploration company focussed on the Ngayu Greenstone Gold Belt in the northeast of the Democratic Republic of the Congo (the “DRC”). The Loncor team has over two decades of experience of operating in the DRC. Loncor’s growing resource base in the Ngayu Belt currently comprises the Imbo and Makapela Projects. At the Imbo Project, the Adumbi deposit and two neighbouring deposits hold an inferred mineral resource of 3.466 million ounces of gold (42.996 million tonnes grading 2.51 g/t Au), with 84.68% of this resource being attributable to Loncor. Loncor is currently carrying out a drilling program at the Adumbi deposit with the objective of outlining additional mineral resources. The Makapela Project (which is 100%-owned by Loncor and is located approximately 50 kilometres from the Imbo Project) 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).
Additional information with respect to Loncor and its projects can be found on Loncor's website at www.loncor.com