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Loncor drills 12.45 m of 8.11 g/t Au at Imbo

2021-02-18 13:41 ET - News Release

See News Release (C-LN) Loncor Resources Inc (2)

Mr. Arnold Kondrat of Loncor reports

LONCOR ANNOUNCES SIGNIFICANT GOLD MINERALIZATION AT DEPTH FROM ITS FLAGSHIP ADUMBI DEPOSIT

Loncor Resources Inc. has released further significant assay results from its drilling program within its 84.68-per-cent-owned Imbo project in the eastern part of the Ngayu greenstone belt in the Democratic Republic of the Congo. The deepest borehole drilled to date at its flagship Adumbi deposit, LADD007, intersected 55.43 metres grading 2.76 grams per tonne gold (including 12.45 m grading 8.11 g/t Au). Assay results were also received for core hole LADD006, which was a shallower hole drilled on the northeastern contact of the Adumbi deposit, with expected grades and widths.

Mineralized sections for boreholes LADD007 and LADD006 are summarized in the included table.

Borehole No.       From (m)  To (m)  Intersected width (m)  Grade (g/t) Au

LADD007               99.95  107.80                   7.85            1.45          
LADD007              540.62  596.05                  55.43            2.76          
LADD007 including    583.60  596.05                  12.45            8.11          
LADD007              607.90  611.27                   3.37            4.61          
LADD006              299.37  302.25                   2.88            2.64          
LADD006              308.00  309.00                   1.00           21.20         
LADD006              322.10  337.30                  15.20            1.67          
LADD006              353.35  357.85                   4.50            3.25          

Borehole LADD007 had an inclination of minus 68 degrees and azimuth of 218 degrees at the start of hole, and regular measurements of inclination and azimuth were taken at 30 m intervals down the hole. All core was orientated and it is estimated that the true widths of the mineralized sections are approximately 89 per cent of the intersected width. All intercepted grades are uncut. Borehole LADD007 intersected the mineralization at a depth of 100 m below S52 and approximately 40 m below the open pit. Borehole LADD006 had an inclination of minus 58 degrees and azimuth of 218 degrees, and it is estimated that the true widths of the mineralized sections of LADD006 are approximately 95 per cent of the intersected width.

Commenting on these latest drilling results, Loncor president Peter Cowley said: "We continue to be encouraged by the results at Adumbi. Results from all five boreholes of our current drilling program have intersected significant widths and grades, and will increase the current inferred mineral resource of 2.19 million ounces (28.97 million tonnes grading 2.35 g/t gold) at Adumbi. We are especially pleased with the continuity of gold mineralization at depth ... "

The gold mineralization at Adumbi is associated with a thick package (up to 130 m) of interbedded banded ironstone and quartz carbonate and chlorite schist with higher-grade sections being found in a strongly altered siliceous unit, termed replaced rock (RP), where structural deformation and alteration has completely destroyed the primary-host lithological fabric. Disseminated sulphide assemblages include pyrite, pyrrhotite and arsenopyrite, which can attain up to 20 per cent of the total rock in places.

The objective of the current drilling program at Adumbi is to outline additional mineral resources to the current inferred mineral resource of 2.5 million ounces of gold on Loncor's 84.68-per-cent-owned Imbo project, which contains the Adumbi, Kitenge and Manzako deposits (inferred mineral resources of 30.65 million tonnes grading 2.54 g/t Au).

Quality control and quality assurance

Drill cores for assaying were taken at a maximum of one-metre intervals and were cut with a diamond saw, with one-half of the core placed in sealed bags by company geologists and sent to the company's on-site sample preparation facility. The core samples were then crushed down to 80 per cent passing minus two millimetres and split with one-half of the sample up to 1.5 kg pulverized down to 90 per cent passing 75 microns. Approximately 150 grams of the pulverized sample was then sent to the SGS Laboratory in Mwanza, Tanzania (independent of the company). Gold analyses were carried out on 50-gram aliquots by fire assay. In addition, check assays were also carried out by the screen fire assay method to verify high-grade sample assays obtained initially by fire assay. As part of the company's QA/QC procedures, internationally recognized standards, blanks and duplicates were inserted into the sample batches prior to submitting to SGS Laboratory.

Qualified person

Mr. Cowley, who is president of Loncor and a qualified person as such term is defined in National Instrument 43-101, has reviewed and approved the technical information in this press release.

Technical reports

Additional information with respect to the company's Imbo project (which includes the Adumbi deposit) is contained in the technical report of Minecon Resources and Services Ltd. dated April 17, 2020, and entitled "Independent National Instrument 43-101 Technical Report on the Imbo Project, Ituri Province, Democratic Republic of the Congo." A copy of the report can be obtained from SEDAR and EDGAR.

Additional information with respect to the company's Makapela project, and certain other properties of the company in the Ngayu gold belt, is contained in the technical report of Venmyn Rand Pty. Ltd. dated May 29, 2012, and entitled "Updated National Instrument 43-101 Independent Technical Report on the Ngayu Gold Project, Orientale Province, Democratic Republic of the Congo." A copy of the report can be obtained from SEDAR and EDGAR.

About Loncor Resources Inc.

Loncor is a Canadian gold exploration company focused on the Ngayu greenstone belt in the northeast of the Democratic Republic of the Congo. The Loncor team has over two decades of experience of operating in the DRC. Ngayu has numerous positive indicators based on the geology, artisanal activity, encouraging drill results and an existing gold resource base. The area is 220 kilometres southwest of the Kibali gold mine, which is operated by Barrick Gold. In 2019, Kibali produced record gold production of 814,000 ounces at all-in sustaining costs of $693 (U.S.) per ounce. Barrick has highlighted the Ngayu greenstone belt as an area of particular exploration interest and is moving toward earning 65 per cent of any discovery in approximately 2,000 square kilometres of Loncor ground in the Ngayu greenstone belt that they are exploring. As per the joint venture agreements entered into between Loncor and Barrick, Barrick manages and finances exploration on the said ground until the completion of a prefeasibility study on any gold discovery meeting the investment criteria of Barrick. In a recent announcement, Barrick highlighted six prospective drill targets and has commenced confirmation drilling in 2020. Subject to the DRC's free carried interest requirements, Barrick would earn 65 per cent of any discovery with Loncor holding the balance of 35 per cent. Loncor will be required, from that point forward, to finance its pro rata share in respect of the discovery in order to maintain its 35-per-cent interest or be diluted.

In addition to the Barrick joint ventures, certain parcels of land within the Ngayu belt surrounding and including the Adumbi and Makapela deposits have been retained by Loncor and do not form part of any of the joint ventures with Barrick. Barrick has certain pre-emptive rights over the Makapela deposit. 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 84.68 per cent of this resource being attributable to Loncor via its 84.68-per-cent interest in the project. Loncor's Makapela deposit (which is 100-per-cent-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).

Resolute Mining Ltd. owns 26 per cent of the outstanding shares of Loncor and holds a pre-emptive right to maintain its pro rata equity ownership interest in Loncor following the completion by Loncor of any proposed equity offering.

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