TORONTO, Feb. 21,
2023 /CNW/ - Loncor Gold Inc. ("Loncor" or the
"Company") (TSX: LN) (OTCQX: LONCF) (FSE: LO51) is pleased
to provide a corporate update on activities within the Company.
In line with a number of previous announcements in 2022,
discussions continue with potential strategic partners with respect
to the development of Loncor's gold deposits.
Loncor is also pleased to announce that it has concluded a
leasing agreement (the "Agreement") with Ding Sheng Services
S.A.R.L. ("Ding Sheng") that permits Ding Sheng to mine the
non-strategic alluvial potential to the south of Adumbi, with a
focus on the gravels bordering the Imbo River. As consideration for
the award of the lease, Ding Sheng paid Loncor a total of
US$1.25 million, with Loncor
receiving a further 25% of future revenue generated, after
deducting US$1 million from Loncor's
attributable revenues from production. The Agreement has been
registered with the Democratic Republic
of the Congo's (the "DRC") mining registry (CAMI) as
required by the DRC Mining Code. In addition, as required by the
DRC Mining Code, there are clear lessee taxes and environmental
obligations outlined within the Agreement. To facilitate the
application of the said obligations, Loncor has produced detailed
base line studies on the area to be mined and has appointed a
number of representatives to monitor both production and
environmental impact. The Agreement creates direct employment
opportunities for local communities who are also involved in the
development of a nursery to grow indigenous plants as part of the
rehabilitation obligations.
Finally, the Company continues to monitor good progress of the
application previously filed to obtain a Mining Permit (Permis
d'Exploitation) at the Company's Makapela project, awaiting for
final signature. The application is for the potential development
of the Company's 1.164 million ounce Makapela gold resource found
within the Ngayu Greenstone Gold Belt in the northeast of the DRC.
Makapela 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) at a 2.75 g/t Au cut-off. The Makapela project
is owned 100% by Loncor and is located approximately 50 kilometres
from its flagship 3.66 million ounce Adumbi deposit which already
has a Mining Permit.
Qualified Person
Peter N. 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 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 and EDGAR at www.sec.gov.
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. Following a drilling
program carried out by the Company at the Adumbi deposit in 2020
and 2021, the Company completed a Preliminary Economic Assessment
("PEA") of the Adumbi deposit and announced the results of the PEA
in December 2021. 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
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, obtaining a Mining Permit for Makapela, potential
revenue for the Company from the lease agreement with Ding Sheng,
potential mineralization, potential mineral resource increases, and
potential future exploration and development of Loncor's gold
properties) 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 future exploration (including drilling) or
development results will not be consistent with the Company's
expectations, delays in obtaining or failure to obtain a Mining
Permit for Makapela, the possibility that the Company will not
receive any production revenue from the lease agreement with Ding
Sheng, activities of the Company may be adversely impacted by the
continued spread of the 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,
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 March 31, 2022 filed on SEDAR at www.sedar.com
and EDGAR at www.sec.gov. Forward-looking information speaks only
as of the date on which it is provided and, except as may be
required by applicable securities laws, the Company disclaims any
intent or obligation to update any forward-looking information,
whether as a result of new information, future events or results or
otherwise. Although the Company believes that the assumptions
inherent in the forward-looking information are reasonable,
forward-looking information is not a guarantee of future
performance and accordingly undue reliance should not be put on
such information due to the inherent uncertainty therein.
SOURCE Loncor Gold Inc.