Project Geology

The project area consists of an Archaean greenstone belt and granite-gneiss basement (3.5-3.2Ga) whilst the central and southern parts consist of Mesoproterozoic (1.6Ga-950Ma) mobile belts formed during the Kibaran orogeny dated at 1,400-950 Ma. The regional geology around the Ngayu Project consists of the Upper Congo Granitoid Complex (Upper Zaire Granitoid Massif) engulfing a number of gold enriched greenstone belts. The greenstone belts are associated with Banded Iron Formation (BIF), which is a rock type that is relatively easy to detect and is recognised as a marker horizon for the presence of greenstone belts during exploration in the region. The Kilo and Moto greenstone belts, situated to the northeast and north of Ngayu greenstone belt, respectively have hosted gold mining operations.” VenmynTech Report on Ngayu

EXPLORATION PROGRAM

The vast area of potential exploration required Loncor to narrow down the areas for priority targets. The first indicator utilized was to follow the artisanal miners within Loncor’s property. In some cases hundreds and even thousands of artisanal miners have been busy extracting surface gold by digging primitive trenches and using primitive tools. Because of the abundance of surface gold, artisanal miners have been able to survive digging for gold even without tapping the main sources of gold which Loncor expects plunges deep into the crust of the earth at depths unavailable to manual extraction techniques. Loncor has enhanced the capability of artisanal miners with advanced exploration technologies provided by Newmont mining and their proprietary BLEG analysis which allowed massive scale identification of markers to be located. Loncor had 14,316 kilometers of geophysical surveys and airborne radiometric surveys conducted. With these advanced techniques, Loncor was able to rapidly assess the characteristics of local geologies within its holdings. Loncor used this data to negotiate a JV agreement with Barrick Gold Corporation (Nasdaq:GOLD) and permit Barrick’s geological team to further explore 888 sq km of the Ngayu greenstone belt through mapping, trenching, auger drill programs that have greatly increased the understanding of sources of gold within Loncor’s commanding position within the Ngayu greenstone belt.

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