Loncor Files Adumbi PEA Technical Report Confirming Annual Gold Production of 303,000 ounces/year at a Feed Grade of 2.17 g/t over 10.3 Year Mine Life
posted on
Jan 31, 2022 12:38PM
Adumbi Gold Deposit: Second Largest Gold Deposit In DRC, USD $1.3 Billion after tax valuation at a price of $ 2,000/oz gold
Loncor Gold Inc. ("Loncor" or the "Company") (TSX: LN) (OTCQX: LONCF) (FSE: LO51) is pleased to announce that it has filed on SEDAR a National Instrument 43-101 technical report relating to the Preliminary Economic Assessment ("PEA") of the Company's proposed open pit Adumbi gold deposit within its 84.68%-owned Imbo Project in the Democratic Republic of the Congo (the "DRC") Results of the Adumbi PEA were reported in the Company's December 15, 2021 press release.
Highlights from December 15, 2021 press release confirmed in Adumbi PEA Technical Report:
A copy of the Adumbi PEA technical report can be obtained from SEDAR at www.sedar.com under Loncor's issuer profile.
In addition, the Company reports that it has been in preliminary discussions with potential strategic partners with respect to further development of the Company's Adumbi and Makapela gold deposits (see below for information in respect of Makapela).
Project Opportunities/Upside
Based on the positive results of the Adumbi PEA, further work is warranted at Adumbi to advance the project up the value curve by completing follow up feasibility studies on the project. A number of potential opportunities have been identified for increasing mineral resources and enhancing the economics and financial returns at Adumbi that include the following:
Cautionary Statement:
The Adumbi PEA is preliminary in nature and includes Inferred Mineral Resources in the open pit outlines that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that all the conclusions reached in the Adumbi PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Qualified Persons
Mr. Philemon Bundo, Senior Vice President of Process at New SENET (Pty) Ltd, and Mr. Daniel Bansah, Chairman and Managing Director of Minecon Resources and Services Limited, are the "qualified persons" (as such term is defined in National Instrument 43-101) who are responsible for the technical information disclosed in this press release. Mr. Bansah and Mr. Bundo have reviewed and approved the contents of this press release.
Technical Reports
Additional information with respect to the Company's Adumbi deposit (and other properties of the Company within its Imbo Project) is contained in the technical report of New SENET (Pty) Ltd and Minecon Resources and Services Limited dated December 15, 2021 and entitled "NI 43-101 Preliminary Economic Assessment of the Adumbi Deposit in the Democratic Republic of the Congo". A copy of the said report can be obtained from SEDAR at www.sedar.com.
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 said report can be obtained from SEDAR at www.sedar.com and EDGAR at www.sec.gov.
About Loncor Gold 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 holds an indicated mineral resource of 1.88 million ounces of gold (28.185 million tonnes grading 2.08 g/t gold), and the Adumbi deposit and two neighbouring deposits hold an inferred mineral resource of 2.090 million ounces of gold (22.508 million tonnes grading 2.89 g/t Au), with 84.68% of these resources being attributable to Loncor. Loncor has been 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).