Loncor to resume drilling on its 3.66 Million Ounce Adumbi Deposit and Four Prospects on its Imbo Exploitation Licence
- Two rigs to target gold mineralisation below the open pit and an additional rig will undertake scout drilling of four exploration targets along the Adumbi mineralised structural trend
Two core rigs will focus on a 11,000-metre-deep drilling program below the Adumbi open pit where an indicated mineral resource of 1.88 million ounces of gold (28.185 million tonnes grading 2.08 g/t Au), and an inferred mineral resource of 1.78 million ounces of gold (20.83 million tonnes grading 2.65 g/t Au) have already been delineated within a
The Adumbi resource remains open at depth below the
Fifteen intersections are proposed below the pit shell in order to outline an inferred underground mineral resource (see Figure 1 below showing intended 15 drill interceptions below the Adumbi pit shell). Of the fifteen proposed intersections, six interceptions will be wedged off nine deeper holes in order to save time and costs.
In addition, a further core rig has been mobilised to undertake initial scout drilling on four exploration targets, 8 to 13 kilometres to the southeast from Adumbi on the same major structural shear across the Imbo river at Imbo East. Geological mapping, soil geochemical, rock chips and channel sampling of old colonial trenches and artisanal workings have outlined four significant mineralized trends at Esio Wapi, Museveni,
Loncor's Chief Executive Officer,
Loncor's independent geological consultants
Qualified Person
Technical Report
Additional information with respect to the Company's Adumbi deposit (and other properties of the Company within its
About
Loncor is a Canadian gold exploration company focussed on the Ngayu Greenstone Gold Belt in the northeast of the
Additional information with respect to Loncor and its projects can be found on Loncor's website at www.loncor.com.
Cautionary Note to
National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all scientific and technical information concerning Loncor's mineral properties contained in this press release has been prepared in accordance with NI 43-101 and the
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 the proposed commencement of a deep drilling program at Adumbi, the proposed commencement of
initial scout drilling on four exploration targets at Imbo East
, a potential Adumbi underground mineral resource, the potential quantity and grade of the Adumbi underground exploration target, further development of the Company's Adumbi deposit, mineral resource estimates, potential mineral resource increases, potential mineralization, drill results, future exploration and 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, risks that the Adumbi underground exploration target will not be delineated as a mineral resource or will be less than the current estimated ranges of potential tonnage and grade (
potential quantities and grades for the Adumbi underground exploration target referred to in this press release are conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource)
,
the possibility that future exploration (including drilling) or development results will not be consistent with the Company's expectations, risks related to the exploration stage of the Company's properties, uncertainties relating to the availability and costs of financing needed in the future, failure to establish estimated mineral resources (the Company's mineral resource figures are estimates and no assurances can be given that the indicated levels of gold will be produced), 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 information form dated
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