Loncor Gold increases Imbo Project resources, DRC

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Loncor Gold Inc. [LN-TSX; LONCF-OTCQB] filed on SEDAR an updated National Instrument 43-101 technical report relating to its 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 Ltd., 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.

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 gold). A total of 84.68% of this gold resource is attributable to Loncor via its 84.68% interest in the project.

Within the Imbo project, the Adumbi deposit Inferred Resource increased by 44% to 3.153 million ounces of gold (41.316 million tonnes grading 2.37 g/t gold) (the Adumbi deposit is one of the three deposits at Imbo currently with a resource).

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 continuing 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 100%-owned Makapela project where there is an indicated mineral resource of 614,200 ounces of gold (2.20 million tonnes grading 8.66 g/t gold) and an Inferred Resource of 549,600 ounces of gold (3.22 million tonnes grading 5.30 g/t gold). Loncor’s Makapela project is located approximately 50 km from the Imbo project.

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 company’s growing resource base in the Ngayu belt comprises the Imbo and Makapela projects.

Loncor is currently carrying out a drilling program at the Adumbi deposit with the objective of outlining additional mineral resources.

Loncor Gold recently changed its name from Loncor Resources. In June 11 trading, shares gained $0.06 to $0.80.


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