Projects (10)

Adumbi currently contains a resource of 3.66 million ozs split between indicated and inferred as detailed in Slide 1 below. The resource is contained within a US$1600/oz projected pit shell. Below the pit shell the deposit appears open to depth as illustrated below.

Slide 1 – Adumbi Resource and historic intercepts at depth

Potential to grow Adumbi resource below pit

Potential to grow Adumbi resource below pit

With the Kibali Gold mine extracting underground ore at around 5.20g/t 220 kilometres from Adumbi, Loncor is encouraged by the grades and widths of the deeper holes historically returned from the drilling program of 2020/21. The deepest historic hole LADD016 bottomed out at a vertical depth of approximately 600 metres below surface.

A decision was made in 2024 to further drill the area below the proposed US$1600/oz pit shell to further understand the underground potential, and to push the resource towards Tier 1 status. In Q3 2024 a single diamond drill began drilling a program to increase both the available information, and resources deeper at Adumbi. This underground exploration target has been estimated to a maximum depth of 800 metres below surface. See Slide 2 for the proposed details of the drill program.

Slide 2 – Layout of ongoing drill program at Adumbi

Drilling has begun — pushing Tier 1 status at Adumbi

Drilling has begun - pushing Tier 1 status at Adumbi

The above drill program has already returned encouraging results with LADD0027 returning excellent grades and widths approximately 75 metres below the US$1600/z pit shell (see slide below and Loncor Gold Reports Multiple Wide High Grade Gold Intersections at its Drill Program at Adumbi). A further hole, LADD0028 was drilled to infill an area within the pit shell (Loncor Gold Reports Significant Gold Intersections at its Drill Program at Adumbi), and again the results were excellent for a likely open pit intercept – see Slide 3 for detail.

Slide 3 – Encouraging results already returned from ongoing drill program at Adumbi

Adumbi deep drilling — Excellent results already reported

Adumbi deep drilling - Excellent results already reported

Looking forward, the aim is to add another diamond drill to the current single rig, while exploring all alternatives to progress the program and news flow as rapidly as possible. The drilling is aimed to increase the certainty regarding the potential for an underground project at Adumbi while pushing the resources aggressively higher than the current high grade 3.66 million ozs contained at Adumbi.

As stated in the Company’s press release of December 19, 2023, the Company estimates the potential Adumbi underground exploration target below the USD1,600/oz pit shell as between 8.9 million tonnes to 9.6 million tonnes grading 4.7 g/t Au to 4.9 g/t Au to a depth of 800 metres (reference is made to the said press release, which can be found on SEDAR+ at www.sedarplus.ca, for additional information with respect to this estimate). These potential quantities and grade 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 Adumbi underground exploration target being delineated as a mineral resource.

Loncor’s independent geological consultants Minecon Resources and Services Limited undertook the Adumbi underground exploration target tonnage and grade estimation ranges. The Adumbi 3-dimensional (“3-D”) model was constructed using cross sectional and horizontal flysch plans of the geology and mineralization and was used to assist in constraining the 3-D geological model.

In a press release dated February 26, 2025, the Company reported drilling results from borehole LADD027 pursuant to the Adumbi Deep Drilling Program. Significant mineralized sections for borehole LADD027 are summarised in the table below:

Borehole Number From (m) To (m) Intersected Width (m) Grade (g/t) Au
LADD027 421.09 421.54 0.45 26.94
LADD027 533.24 535.86 2.62 4.06
LADD027 564.61 580.68 16.07 5.82
LADD027 including 568.83 580.68 11.85 7.14
LADD027 603.24 625.88 22.64 4.77
LADD027 including 611.33 625.30 13.97 6.99
LADD027 654.09 656.16 2.07 4.25

Note: It is estimated that the true width of the mineralised sections for core hole LADD027 is 77% of the intersected widths in the above table. Regular measurements of inclination and azimuth were taken at 30 metre intervals down the hole and all the core was orientated. All intercepted grades are uncut with maximum internal dilution equal to or less than 4 metres of intersected width.

In a press release dated March 10, 2025, the Company reported drilling results from borehole LADD028 pursuant to the Adumbi Deep Drilling Program. Significant mineralized sections for borehole LADD028 are summarised in the table below:

Borehole Number From (m) To (m) Intersected Width (m) Grade (g/t) Au
LADD028 303.25 304.32 1.07 3.16
LADD028 352.10 355.42 3.32 2.24
LADD028 365.73 379.65 13.92 6.01
LADD028 including 365.73 373.67 7.94 9.54
LADD028 389.88 397.28 7.40 1.49
LADD028 400.40 402.59 2.19 1.96
LADD028 420.67 421.54 0.87 82.97

Note 1: It is estimated that the true width of the mineralised sections for core hole LADD028 is 81% of the intersected widths in the above table. Regular measurements of inclination and azimuth were taken at 30 metre intervals down the hole and all the core was orientated. All intercepted grades are uncut with maximum internal dilution equal to or less than 4 metres of intersected width

In a press release dated April 25, 2025, the Company reported drilling results from borehole LADD029 pursuant to the Adumbi Deep Drilling Program, which borehole is the deepest borehole drilled at Adumbi. Significant mineralized sections for borehole LADD029 are summarised in the table below:

Borehole Number From (m) To (m) Intersected Width (m) Grade (g/t) Au
LADD029 672.04 678.95 6.91 1.34
LADD029 713.00 727.50 14.50 4.24
LADD029 including 717.33 727.50 10.17 5.23
LADD029 750.26 772.57 22.31 3.05
LADD029 including 750.26
766.50
753.56
771.14
3.30
4.64
6.07
5.83
LADD029 802.20 817.77 15.57 3.35

Note 1: It is estimated that the true width of the mineralised sections for core hole LADD029 is 64% of the intersected widths in the above table. Regular measurements of inclination and azimuth were taken at 30 metre intervals down the hole and all the core was orientated. All intercepted grades are uncut with maximum internal dilution equal to or less than 4 metres of intersected width.
Note 2: Assay results still to be received for banded ironstone formation (BIF) from 817.77 to 855 metres.

Additional information regarding the above drill results, together with all of the Company’s other material information, can be obtained by reviewing copies of the above-noted press releases and other materials filed by the Company on SEDAR+ under the Company’s profile at www.sedarplus.ca.

Qualified Person

Peter N. Cowley, President of the Company and a "qualified person" (as such term is defined in National Instrument 43-101) has reviewed and approved the technical information in this offering document relating to the Company’s mineral properties.

Technical Report

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.sedarplus.ca.

December 15, 2021

Loncor controls 4.0M ozs of high-grade resources within various projects, but it is Adumbi that holds the immediate prospect for transformational growth. Loncor holds 84.68% of the 3.66M ozs of indicated and inferred resources within the pit shell, with the potential to pass 5M ozs of resources through ongoing drilling and further delineation of the underground potential.

Download: NI 43-101 Preliminary economic assessment of the adumbi deposit in the Democratic Republic of the Congo

Completed in mid December 2021, the Adumbi PEA highlights the potential value available within the likely pit shell at Adumbi. As part of the process, Loncor investigated various alternatives to generating power, with a focus on the use of hydroelectric schemes within the local river systems. Such a source should prove to reduce unit costs significantly while helping to reduce the impact on the environment. Additionally, the company is investigating a number of alternatives to project finance the hydroelectric facilities, a potential positive for capital costs. The PEA detailed below highlights two schemes for generating power; one utilising hydro (plus other forms of generation as back up); and a second system using the more traditional diesel generators to supply the 34MW required to run such a project.

Key points from December 2021 Adumbi PEA

  • Pre-tax NPV (5% discount) of US$895 million and post-tax NPV of US$624 million for HEP Hybrid case at a US$1,600 gold price
  • Using a US$1,760 gold price, post-tax NPV (5% discount) of US$879 million for HEP Hybrid case
  • Average annual production of 303,000 ounces of gold over a 10.3 year life of mine within proposed pit shell
  • Average total cash costs of US$852 per ounce over life of mine and AISC of US$950 per ounce for HEP Hybrid case

The various summary tables that follow clearly illustrate the potential that Adumbi offers, with further upside possible should the underground resource grow significantly.

Here follows a summary of the key project parameters, followed by the December 15, 2021 press release offering detailed background on the PEA.

Key Financial Results - Hydro Hybrid Case

Gold PricePre-Tax NPVPost-Tax NPVPost-Tax IRR
(US$/oz) (US$M - 5% discount) (US$M - 5% discount) (%)
1440 547 368 14.7
1600 895 624 20.7
1760 1,243 879 26.4
1840 1,417 1,006 29.1

Key Production Estimates - Hydro Hybrid Case*

Average Tons Produced 4.8M tpa
LOM Feed Grade 2.17 g/t
Average Gold Produced 303,000 ozs p.a.
Production Period 10.3 years
L.O.M. AISC US$950/oz
Pre-Production Capex - Construction, plant, etc
- 3 Hydro plants
US$392 M
US$138 M
Payback Period (Post tax) 3.76 years @ US$1760/oz

*Includes a 20% contingency. Various options are being investigated to project finance the hydro capex

Other Key Data - Hydro Hybrid Case*

Open Pit Resources Utilised in the PEA* 3.66 M ozs
Indicated Resources – (28.185M t @ 2.08g/t) 1.883M ozs
Inferred Resources – (20.828M t @ 2.65g/t) 1.777M ozs
Average Plant Recovery 89%
Strip Ratio 10 :1

*Potential of Additional Underground Resources At Adumbi Currently Being Investigated

Adumbi PEA Background Detail.

For a more detailed breakdown of all the various options considered within the December 2021 PEA i.e. costs, capex, metallurgy, plant and site layout, financial sensitivities etc please refer to the press release dated December 15, 2021 entitled “Loncor Gold Announces Adumbi PEA with 303,000 ozs/year over a 10.3 year LOM”.

April 28, 2021

Loncor Gold Inc. (TSX:LN; OTCQX:LONCF; FSE:LO5), is a Canadian gold exploration company focused on projects within a 122km2 area on the Ngayu Greenstone Belt in the North East of The Democratic Republic of the Congo (the “DRC”). Its neighbour is Africa’s largest gold mine, the Barrick Gold-managed Kibali mine, a world class operation with grades similar to those found in Loncor’s growing resources. The area around Adumbi has a history of mining since the 1920s when the Belgians extracted modest amounts of gold, with a focus on Adumbi.

Map of DRC showing Adumbi location [photo]

In December 2021, Loncor announced the results from a Preliminary Economic Study on the likely 3.66M oz open pit resource at Adumbi (84.68% owned by Loncor).

The pre-tax NPV@5% at US$1840/oz was US$1 BN after tax, a figure that rises substantially at higher gold prices.

In total, Loncor controls 1.88 million ounces of indicated resources (28.19M tonnes @ 2.08g/t), and 2.09 million ounces (22.51M tonnes at 2.89g/t) of inferred resources, dominated by the Adumbi deposit. Loncor announced in December 2023 the C$13.5M sale of non-core asset of Makapela which is being utilised to fund the ongoing drilling to extend the Adumbi resource. See press release: Loncor Gold Announces Sale of Makapela Property for CDN$13,500,000

Loncor's Imbo Mining Permit Area - Including Adumbi Project.

map plan

1. Developing Adumbi – PEA Proves the Potential for a Company Maker at Expanding High Grade Gold Project

The Adumbi gold deposit is found within Loncor's 84.68% owned Imbo Project area. Imbo has a 3,97 million ounce resource base (dominated by Adumbi’s open pit resource) which Loncor believes will grow significantly through ongoing underground drilling. The relatively high grade remains a key positive, with the December 2021 PEA indicating Adumbi holds the potential of excellent cash costs and a +10 year mine life, especially if underground resources are added in 2022 and beyond.

The Adumbi Deposit

Adbumbi deposit [photo]
Adbumbi deposit [photo]

2. Explore and Assess Loncor's other projects within Highly Prospective 16km Ngayu Belt

Separate from Adumbi, Loncor controls a number of other gold deposits within the Ngayu Greenstone Belt. Two other deposits, Kitenge and Manzako, have been delineated along strike from Adumbi on the Imbo Project. There is the potential that they could be incorporated into a mine plan for Adumbi.

At Kitenge, 4 kilometres southwest of Adumbi, drilling has outlined inferred resources of 191,000 ounces of gold grading 6.6 g/t Au while at Manzako, an inferred resource of 122,000 ounces of gold grading 5.0 g/t Au has been outlined. Mineralization at both Kitenge and Manzako remain open at depth and additional drilling is warranted to increase these mineral resources.

Furthermore, contiguous to Adumbi is a gold bearing structure of approximately 16 kilometres, with a recent focus on Imbo East. The structure has numerous gold expressions through a combination of historic Belgian mining, artisanal activity and more recent grab and chip samples. This remains an area of significant prospectivity.

Table 1 – Summary of Loncor’s Gold Resources

Potential to grow further with Adumbi underground resources.

Loncor's indicated mineral resource - (Total & Attributable Ounces)
Deposit +
Attributable %
Tonnes
(million)
Gold Grade
(g/t Au)
Contained Gold
(000 oz)
Attributable Gold
(000 oz)
Adumbi - 84.68% 28.19 2.08 1.883 1.594
Total Indicated 28.19 2.08 1.883 1.594
Loncor's inferred mineral resource - (Total & Attributable Ounces)
Deposit +
Attributable %
Tonnes
(million)
Gold Grade
(g/t Au)
Contained Gold
(000 oz)
Attributable Gold
(000 oz)
Adumbi - 84.68% 20.83 2.65 1.783 1.505
Kitenge - 84.68% 0.91 6.60 191 162
Manzako - 84.68% 0.77 5.00 122 103
Total Inferred 22.51 2.89 2.096 1.77

Numbers may not add up due to rounding

* Used US$1600/oz gold price for pit optimization and appropriate cost and cut-off assumptions

Fourteen kilometres to the southeast of Adumbi, exploration including soil sampling, grab and channel sampling, have outlined four prominent mineralized trends at Esio Wapi, Paradis, Museveni and Mungo Iko. At Esio Wapi, a prominent 1.9-kilometre long soil geochemical anomaly is associated with banded ironstones similar to Adumbi with channel sampling outlining a mineralized zone grading 1.59 g/t Au over 19.80 metres. Loncor's geologists will continue to review the potential of these four mineralized trends.

Loncor's emerging Adumbi asset - Ongoing drilling of high grade deposit looks to push resource to Tier 1 level.

Loncor's 2023 estimages [graph]
April 28, 2021

Overview – Adumbi growth looks to continue as underground potential suggests world class deposit developing

The Company acquired control of the Imbo project, as well as a number of other gold exploitation concessions, in the east of the Ngayu greenstone belt in the DRC in September 2019. The Company initially obtained a 71.25% interest in these projects, which subsequently increased to 84.68% in September 2020.The Imbo area already has a Mining Permit and the DRC Government has it’s pre requisite 10% holding. The Imbo project contains numerous targets of significant growing interest including the three resource bearing deposits of Adumbi, Kitenge and Manzako, the deposits occurring within a 5-kilometre radius of each other.

In 2021, Loncor finalized a +-7000 metre drill program that increased the size of the Adumbi resource to 3.66M ozs. This was followed by a PEA in December 2021 that assigned a valuation of the resources within the proposed pit many multiples of the prevailing market capitalisation of Loncor Gold. Details can be found on the Adumbi PEA page.

A number of holes were drilled below the pit shell at Adumbi in order to test the potential of underground resources. Between 2020 and November 2021 the relatively high-grade resource at Loncor’s Adumbi deposit surged from 1.36 million ounces to 3.66 million ounces of gold, with 1.88 million ounces being converted from inferred into indicated at a conversion rate of 95%. An assessment of the area below these resources suggests there’s the potential to continue the significant growth given the outlined underground exploration target. A news release in December 2023 highlighted the underground potential with the exploration target of Adumbi underground estimated to be in the range of 8.9 million tonnes to 9.6 million tonnes grading from 4.7 g/t Au to 4.9 g/t Au below USD1,600/oz pit shell. Refer to announcement: Loncor Gold Forecasts Continued Growth For Adumbi Through Positive Underground Exploration Estimates .

Details on the progress of the drilling at Adumbi can be seen below under the section - Exploration Upside Around Imbo.

Historically the Imbo area was mined on a relatively small scale in the 1930s by Belgian operators, with the majority of output originating from our main target, Adumbi.

Figure 1: Location of Imbo Project Area in Ngayu Belt

Imbo Project Area in Ngayu Belt [map]

Figure 2: Loncor's Imbo Mining Permit (including Adumbi Project)

Imbo Project Area in Ngayu Belt [map]

Photo 1 - The Adumbi BIF deposit forms a clear topographic ridge

Adumbi deposit ridge [photo]

After assessing exploration results undertaken between 2014 to 2018, including re-logging of all previous boreholes and undertaking additional drilling at depth, Loncor announced on April 17 2020 the gold content of the inferred resource of the three deposits (Adumbi, Manzako and Kitenge) had increased by 49% to 2.503 million ounces (30.65 million tonnes @ 2.54 g/t Au), compared to the previous resource determination undertaken in 2014. Loncor has an attributable interest of 84.68% in this resource. On June 10 2020, a NI 43-101 technical report on the Imbo Project was filed on SEDAR and confirmed the inferred resource increase at the Imbo Project, having been prepared by Minecon Resources and Services Limited with an effective date of April 17 2020. A copy of the said report can be obtained from SEDAR at www.sedar.com.

On April 27 2021, Loncor announced a 44% increase in mineral resources at its Adumbi deposit in the Imbo Project (Loncor 84.68%). Compared to the inferred mineral resource of 2.19 million ounces of gold (28.97 million tonnes grading 2.35 g/t Au) outlined in April 2020 the inclusion of six holes from the 7000 metre 2020/21 program increased the Adumbi inferred mineral resource to 3.153 million ounces of gold (41.32 million tonnes grading 2.37 g/t Au), constrained within a US$1,500 open pit shell. 84.68% of this Inferred mineral resource is attributable to Loncor via its 84.68% interest in the Imbo Project (see Figure 2). On June 11 2021, a NI 43-101 technical report on the Imbo Project was filed on SEDAR and confirmed the inferred resource increase to 3.153 million ounces at Adumbi within the Imbo Project, having been prepared by Minecon Resources and Services Limited with an effective date of April 27 2021. A copy of the said report can be obtained from SEDAR at www.sedar.com. Further detail on the resource upgrade can be found on the resources page.

On November 11 2021, Loncor announced a further increase in total resources at Adumbi to 3,66 million ozs. Due to significant near surface infill drilling, 1,88 million ozs (28,18 million tonnes at 2,08 g/t) were reclassified as indicated resources. The remaining 1,78 million ozs (20,83 million tonnes at 2,65 g/t) remained inferred resources.

Here follows the November 17, 2021 press release detailing the resource upgrade, various geological plans and sections, plus tables that detail the upgrade, and the underlying drilling and assumptions that led tot he resource increase.

Toronto, CanadaNovember 17, 2021 – Loncor Gold Inc. ("Loncor" or the "Company") (TSX: "LN"; OTCQX: "LONCF”; FSE: "LO51") is pleased to announce an increase and upgrade in mineral resources at its Adumbi deposit in the Imbo Project (Loncor 84.68%) in the D.R. Congo.

Compared to the inferred mineral resource of 3.15 million ounces of gold (41.316 million tonnes grading 2.37 g/t Au) outlined in April 2021 (see Company press release dated April 27, 2021), the additional drilling information and the increased gold price used, have contributed significantly to the increased mineral resources of the Adumbi deposit with improved confidence to 1.88 million ounces of gold in the indicated category and 1.78 million ounces of gold in the inferred category. 84.68% of these mineral resources are attributable to Loncor via its 84.68% interest in the Imbo Project.

Table I below summarises the Adumbi indicated and inferred mineral resources based on in-situ block cut-off grade at a 0.52 g/t Au for Oxide, 0.57 g/t Au for Transition and 0.63 g/t Au for Fresh material, and constrained within a US$1,600 per ounce optimized pit shell.

Table I: Adumbi Deposit Indicated and Inferred Mineral Resources
(effective date: November 17, 2021)

Mineral Resource Category

Tonnage

(Tonnes)

Grade

(g/t Au)

Contained Gold

(Ounces)

Indicated

28,185,000

2.08

1,883,000

Inferred

20,828,000

2.65

1,777,000

Note: Numbers may not add up due to rounding.

Tables II below summarise the indicated and inferred category mineral resources in terms of material type.

Table II: Adumbi Mineral Resources by Material Type
(effective date: November 17, 2021)

 

INDICATED MINERAL RESOURCE

INFERRED MINERAL RESOURCE

Material Type

Tonnage
(Tonnes)

Grade
(g/t Au)

Contained Gold
(Ounces)

Tonnage
(Tonnes)

Grade
(g/t Au)

Contained Gold
(Ounces)

Oxide

3,169,000

2.05

208,000

458,000

3.39

49,000

Transitional

3,401,000

2.51

274,000

280,000

2.74

24,000

Fresh (Sulphide)

21,614,000

2.02

1,400,000

20,089,000

2.64

1,703,000

TOTAL

28,185,000

2.08

1,883,000

20,828,000

2.65

1,777,000

Note: Numbers may not add up due to rounding.

Commenting on the mineral resource increase and upgrade at Adumbi, Loncor’s President Peter Cowley said: “This increase in mineral resources within a US$1,600 pit shell to 3.66 million ounces of gold includes an indicated mineral resource of 1.88 million ounces of gold and was achieved by infill drilling the shallower part of the Adumbi deposit. Compared to the previous resource estimate in April 2021, the indicated and inferred tonnages, grades and ounces for this resource update, are expected and relate to drilling density and increasing gold grades with depth at Adumbi (see Company press release dated April 27, 2021 -Table III). Gold mineralization is still open at depth below the pit shell where the favourable banded ironstone formation host (“BIF”) is thickening and demonstrates potential for additional underground mineral resources. The mineral resources within the pit shell will be incorporated into the Preliminary Economic Assessment (“PEA”) which the Company is undertaking to determine the economic viability of Adumbi and which is due for completion in December this year.” 

This mineral resource assessment was undertaken by the Company’s independent geological consultants Minecon Resources and Services Limited (“Minecon”). The updated estimate for Adumbi was based on the additional drilling and a review of the Adumbi deposit including remodelling and grade estimation and considering the CIM requirement for mineral resources to have “reasonable prospects for economic extraction”.

Drilling Results included in Mineral Resource Update

An additional fourteen core holes totaling 6,362.59 metres were drilled with the focus in areas within the pit shell where insufficient drilling had been undertaken to outline mineral resources. The upper part of the open pit shell was drilled at closer spacing in order to upgrade mineral resources from the inferred to indicated category.

Table III below summarises the significant intercepts of the additional drillholes that were included in this November 2021 mineral resource:

Table III: Core Hole Results from 2021 Drilling Program

Borehole

From (m)

To (m)

Intercept Width (m)

Grade (g/t) Au

LADD009

559.76

564.76

5.00

3.17

LADD009

581.90

614.05

32.15

6.17

LADD009

including

599.05

600.51

1.46

94.77

LADD009

629.56

644.92

15.36

3.73

LADD009 including

632.00

637.89

5.89

6.56

LADD009

650.50

657.95

7.45

1.48

         

LADD012

784.35

797.80

13.45

3.63

LADD012 including

784.35

786.35

2.00

9.56

LADD012

806.30

810.35

4.05

4.73

LADD012

784.35

797.80

13.45

3.63

         

LADD013

394.06

401.10

7.04

2.68

LADD013

418.65

438.65

20.00

4.21

LADD013

including

419.75

430.75

11.0

6.91

LADD013

452.30

469.60

17.30

2.48

LADD013 including

457.35

465.55

8.20

4.71

         

LADD014

670.00

681.80

11.80

2.97

LADD014 including

670.00

673.53

3.53

6.44

         

LADD015

24.43

31.50

6.07

1.77

         

LADD016

672.85

680.94

8.09

1.90

LADD016

731.51

757.10

25.59

2.39

including

737.18

743.27

6.09

4.78

including

749.67

752.56

2.89

4.98

LADD016

672.85

680.94

8.09

1.90

         

LADD017

45.55

62.70

17.15

1.90

LADD017

92.68

118.45

25.77

6.24

LADD017 including

100.76

110.05

9.29

9.68

LADD017 including

112.95

118.45

5.50

9.75

         

LADD018

93.34

113.70

20.36

0.93

LADD018

152.48

178.20

25.72

2.26

         

LADD019

4.57

11.60

7.03

2.13

         

LADD021

75.21

88.17

12.96

2.09

LADD021

99.74

106.00

6.26

1.09

LADD021

144.78

160.51

15.73

5.28

LADD021 including

144.78

149.78

5.00

13.70

         

LADD022

20.50

42.00

21.50

2.23

LADD022 including

25.50

34.00

8.50

4.23

         

LADD023

227.10

261.73

34.63

3.12

LADD023 including

231.65

237.40

5.75

7.23

LADD023 including

248.10

255.25

7.15

5.55

LADD023

270.43

300.25

29.82

1.77

         

LADD024

216.15

227.65

11.50

3.47

LADD024 including

224.10

227.65

3.55

7.79

LADD024

235.97

253.75

17.78

3.20

         

LADD025

258.38

266.00

7.62

1.16

LADD025

279.50

286.35

6.85

3.44

LADD025

301.10

311.57

10.47

1.74

LADD025

321.60

336.20

14.60

2.11

LADD025

342.65

361.75

19.10

4.11

LADD025 including

349.00

357.75

8.75

5.40

Note: 1. It is estimated that the true widths of the mineralised sections for core holes LADD009, LADD012, LADD013, LADD014, LADD015, LDD016, LADD017, LADD018, LADD019, LADD021, LADD022, LADD023, LADD024 and LADD025 are, respectively, 82%, 86%, 85%, 78%, 65%, 69%, 71%, 75%, 65%, 73% 58%, 76%, 77% and 78% of the intercepted widths in the above table.

Core Logging & Geological Controls

Gold mineralization at Adumbi is found within a BIF (Banded Iron Formation) unit with a strike length of 850 metres and up to 130 metres in thickness (see Figures 1, 3, 5 below: Geologic Plan and Geologic Cross Sections of the Adumbi Deposit). Four main zones of gold mineralization are present within the BIF and are located in:

  • the upper part of the Upper BIF Sequence,
  • the lower part of the Upper BIF Sequence separated by the Carbonaceous Marker, which is essentially unmineralized, and
  • within the Lower BIF Sequence.

There is a higher-grade zone of gold mineralization termed the Replaced Rock Zone (“RP Zone”) associated with alteration and structural deformation that has destroyed the primary host BIF fabric. The RP Zone occurs in the lower part of the Upper BIF and in the Lower BIF, and transgresses the Carbonaceous Marker, located between the Upper and Lower BIF zones, both along strike and down dip.

Geological Modelling and Grade Estimation

The Adumbi 3-dimensional model was constructed by Minecon in collaboration with on site geologists using cross sectional and horizontal flysch plans of the geology and mineralization and was used to assist in the constraining of the 3-D geological model. The mineralization model was constrained within a wireframe at 0.5 g/t Au cut-off grade. Grade interpolation was undertaken using:

  • 2 metre sample composites capped at 18 g/t Au to improve the reliability of the block grade estimates.
  • Ordinary Kriging to interpolate grades into the block model.
  • Relative densities of 2.45 for oxide, 2.82 for transitional and 3.05 for fresh rock were applied to the block model for tonnage estimation.

Pit Optimisation Parameters

To constrain the depth extent of the geological model and any mineral resources, an open pit for the Adumbi deposit was constructed based on the following pit optimisation parameters:

  • A gold price of US$1,600 per ounce.
  • Block size: 16 metres x 16 metres x 8 metres.
  • A thirty-two metres minimum mining width and a maximum of four metres of internal waste was applied.
  • Mining dilution of 100% of the tonnes at 95% of the grade.
  • Ultimate slope angle of minus 45 degrees.
  • Metallurgical recoveries of 91% for oxide, 88% for transitional and 90% for sulphide (based on diagnostic metallurgical testwork as part of PEA).
  • Average mining cost of US$3.29/tonne mined.
  • Average processing cost of US$17.81/tonne for oxides, US$18.92/tonne for transitional and US$22.13/tonne for sulphide.
  • Average general and administration cost of US$4.20/tonne.
  • Mineral resources were estimated at a block cut-off grade of 52 g/t Au for oxide, 0.57 g/t Au for transition materials and 0.63 g/t Au for fresh material constrained by a US$1,600 per ounce optimized pit shell (see Figures 4, 6 and 7 below).
  • Transport of gold and refining costs equivalent to 4.5% of the gold price.
  • No additional studies on depletion by artisanal activity was undertaken since the RPA study of 2014 and the same total amount of material was used by Minecon.

Tonnage/Grade Curve

Grade/tonnage curves for the Adumbi mineral resources at various gold cut-offs are summarised in Table IV and the graph below:

Table IV: Adumbi Mineral Resources at various gold cut-offs

Block Cut-off

Tonnage

Grade

ContainedAu

g/t Au

million tonnes

g/t Au

million ounces

0.0

51.60

2.23

3.70

0.5

50.10

2.29

3.68

1.0

41.15

2.61

3.45

1.5

29.07

3.17

2.97

2.0

21.76

3.66

2.56

2.5

16.06

4.17

2.15

3.0

12.12

4.63

1.80

Grade/tonnage curves for the Adumbi mineral resources at various gold cut-offs are summarised in the graph

The Adumbi deposit is found within Loncor’s Imbo Project, which contains two other deposits, Kitenge and Manzako. As a result of the increased mineral resources at Adumbi, the total inferred mineral resource of the Imbo Project is now 2.09 million ounces of gold (22.508 million tonnes grading 2.89 g/t Au) and is summarised in Table V below. 84.68% of this inferred mineral resource is attributable to Loncor via its 84.68% interest in the Imbo Project.

Table V: Inferred Mineral Resource for the Imbo Project (effective date: November 17, 2021)

Deposit

Tonnage

(Tonnes)

Grade

(g/t Au)

Contained Gold

(Ounces)

Adumbi

20,828,000

2.65

1,777,000

Kitenge

910,000

6.60

191,000

Manzako

770,000

5.00

122,000

TOTAL

22,508,000

2.89

2,090,000

Note: Numbers may not add up due to rounding.

Quality Control and Quality Assurance

Drill cores for assaying were taken at a maximum of one-metre intervals and were cut with a diamond saw, with one-half of the core placed in sealed bags by Company geologists and sent to the Company’s on-site sample preparation facility. The core samples were then crushed down to 80% passing minus 2 mm and split with one half of the sample up to 1.5 kg pulverized down to 90% passing 75 microns. Approximately 150 grams of the pulverized sample was then sent to the SGS Laboratory in Mwanza, Tanzania (independent of the Company). Gold analyses were carried out on 50g aliquots by fire assay. In addition, check assays were also carried out by the screen fire assay method to verify high-grade sample assays obtained initially by fire assay. As part of the Company’s QA/QC procedures, internationally recognized standards, blanks and duplicates were inserted into the sample batches prior to submitting to SGS Laboratory.

Qualified Person

Mr. Daniel Bansah, Chairman and Managing Director of Minecon, is the "qualified person" (as such term is defined in National Instrument 43-101) who is responsible for the mineral resource estimates and other technical information disclosed in this press release. Mr. Bansah has reviewed and approved the contents of this press release.

Figure 1: Geologic Plan of the Adumbi Deposit
Figure 1: Geologic Plan of the Adumbi Deposit
Figure 2: Adumbi Longitudinal Section Looking Northeast with Drill Hole (Grade x Metre)
Figure 2: Adumbi Longitudinal Section Looking Northeast with Drill Hole (Grade x Metre)
Figure 3: Geological Cross Section A-B
Figure 3: Geological Cross Section A-B
Figure 4: Grade Block Model Cross Section A-B
Figure 4: Grade Block Model Cross Section A-B
Figure 5: Geological Cross Section C-D
Figure 5: Geological Cross Section C-D
Figure 6: Grade Block Model Cross Section C-D
Figure 6: Grade Block Model Cross Section C-D
Figure 7: 3-D mineralised model showing the April 2021 and the November 2021 pit shells
Figure 7: 3-D mineralised model showing the April 2021 and the November 2021 pit shells
Technical Reports

Additional information with respect to the Company’s Imbo Project (which includes the Adumbi deposit) is contained in the technical report of Minecon Resources and Services Limited dated April 27, 2021 and entitled "Updated Resource Statement and Independent National Instrument 43-101 Technical Report, Imbo Project, Ituri 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.

Additional information with respect to Loncor and its projects can be found on Loncor's website at www.loncor.com

Cautionary Note to U.S. Investors

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 resource estimates contained in this press release has been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These standards differ from the requirements of the U.S. Securities and Exchange Commission, and resource information contained in this press release may not be comparable to similar information disclosed by U.S. companies.

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, drill results at the Adumbi deposit, potential underground mineral resources, undertaking the Adumbi Preliminary Economic Assessment to determine the economic viability of Adumbi, potential mineralization, potential gold discoveries, drill targets, exploration results, and 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, the possibility that future exploration (including drilling) or development (including the Adumbi Preliminary Economic Assessment) results will not be consistent with the Company's expectations, the possibility that drilling programs will be delayed, 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 report on Form 20-F dated March 31, 2021 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.

Cautionary Note Concerning Mineral Resource Estimates

The mineral resource figures referred to in this press release are estimates and no assurances can be given that the indicated levels of gold will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While the Company believes that the mineral resource estimates included in this press release are well established, by their nature mineral resource estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the Company.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that mineral resources can be upgraded to mineral reserves through continued exploration.

Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Confidence in the estimate is insufficient to allow meaningful application of the technical and economic parameters to enable an evaluation of economic viability worthy of public disclosure (except in certain limited circumstances). Inferred mineral resources are excluded from estimates forming the basis of a feasibility study.

Additional Targets of Interest in Close proximity to Adumbi

At the Kitenge and Manzako deposits (Inferred resources of 1.68 million tonnes grading 5.8 g/t Au, equivalent to 313,000 ounces of gold), additional drilling may also be undertaken to further define and increase the inferred mineral resources at these deposits.

In addition, two undrilled targets have been outlined close to the Adumbi deposit. Both these target areas were identified from the compilation and interpretation of previous, historical exploration data including soil geochemistry, rock chip and channel sampling. At Mambo Bado, 1.5 kilometres northwest of the Adumbi deposit, a prominent geochemical gold in soil anomaly is located on an extensional, E-W structural jog along the 14-kilometre northwest trending mineralized shear. Two kilometres south of the Adumbi deposit, at Lisala, altered and brecciated BIF with anomalous rock sampling requires further follow up with gridding, soil sampling and additional channel sampling.

Overview – Resources continue to grow at Loncor’s flagship Adumbi Deposit

One deposit, Adumbi, continues to be Loncor’s main focus with 1.777 million ounces of inferred resources and 1.833 million ounces of indicated resources now contained within the US$1600/oz pit shell.

Between 2020 and November 2021 the relatively high- grade resource at Loncor’s Adumbi deposit surged from 1.36 million ounces to 3.66 million ounces of gold, with the inferred transferred into indicated at a conversion rate of 95%. An assessment of the area below these resources suggests there’s the potential to continue the significant growth with the outlined underground exploration target potentially containing the tonnes and grade to elevate Adumbi into a major gold deposit.

Table 1 – Summary of Loncor’s Gold Resources

Loncor's indicated mineral resource - (Total & Attributable Ounces)
Deposit +
Attributable %
Tonnes
(million)
Gold Grade
(g/t Au)
Contained Gold
(000 oz)
Attributable Gold
(000 oz)
Adumbi - 84.68% 28.19 2.08 1.883 1.594
Total Indicated 28.19 2.08 1.883 1.594
Loncor's inferred mineral resource - (Total & Attributable Ounces)
Deposit +
Attributable %
Tonnes
(million)
Gold Grade
(g/t Au)
Contained Gold
(000 oz)
Attributable Gold
(000 oz)
Adumbi - 84.68% 20.83 2.65 1.783 1.505
Kitenge - 84.68% 0.91 6.60 191 162
Manzako - 84.68% 0.77 5.00 122 103
Total Inferred Resource 22.51 2.89 2.090 1.770

Numbers may not add up due to rounding

* Used US$1600/oz gold price for pit optimization and appropriate cost and cut-off assumptions

On June 11 2021, a NI 43-101 technical report on the Imbo Project was filed on SEDAR and confirmed the inferred resource increase to 3.153 million ounces at Adumbi within the Imbo Project, having been prepared by Minecon Resources and Services Limited with an effective date of April 27 2021. A copy of the said report can be obtained from SEDAR at www.sedar.com.

Please refer to the detailed press release dated November 17, 2021 for background on the current Adumbi resource figures. Download PDF

Figure 1: Location of Imbo Project Area (including Adumbi) and Makapela within the Ngayu Greenstone Belt

Location of Imbo Project Area in Ngayu Belt [map]

Figure 2: Imbo Project Simplified Geology

Imbo Project Simplified Geology [map]

Core Logging & Geological Controls

Gold mineralization at Adumbi is found within a BIF (Banded Iron Formation) unit with a strike length of 850 metres and up to 130 metres in thickness (see Figures 1, 3, 5 below: Geologic Plan and Geologic Cross Sections of the Adumbi Deposit). Four main zones of gold mineralization are present within the BIF and are located in:

  • the upper part of the Upper BIF Sequence,
  • the lower part of the Upper BIF Sequence separated by the Carbonaceous Marker, which is essentially unmineralized, and
  • within the Lower BIF Sequence.

There is a higher-grade zone of gold mineralization termed the Replaced Rock Zone (“RP Zone”) associated with alteration and structural deformation that has destroyed the primary host BIF fabric. The RP Zone occurs in the lower part of the Upper BIF and in the Lower BIF, and transgresses the Carbonaceous Marker, located between the Upper and Lower BIF zones, both along strike and down dip.

Geological Modelling and Grade Estimation

The Adumbi 3-dimensional model was constructed by Minecon in collaboration with on site geologists using cross sectional and horizontal flysch plans of the geology and mineralization and was used to assist in the constraining of the 3-D geological model. The mineralization model was constrained within a wireframe at 0.5 g/t Au cut-off grade. Grade interpolation was undertaken using:

  • 2 metre sample composites capped at 18 g/t Au to improve the reliability of the block grade estimates.
  • Ordinary Kriging to interpolate grades into the block model.
  • Relative densities of 2.45 for oxide, 2.82 for transitional and 3.05 for fresh rock were applied to the block model for tonnage estimation.

Pit Optimisation Parameters

To constrain the depth extent of the geological model and any mineral resources, an open pit for the Adumbi deposit was constructed based on the following pit optimisation parameters:

  • A gold price of US$1,600 per ounce.
  • Block size: 16 metres x 16 metres x 8 metres.
  • A thirty-two metres minimum mining width and a maximum of four metres of internal waste was applied.
  • Mining dilution of 100% of the tonnes at 95% of the grade.
  • Ultimate slope angle of minus 45 degrees.
  • Metallurgical recoveries of 91% for oxide, 88% for transitional and 90% for sulphide (based on diagnostic metallurgical testwork as part of PEA).
  • Average mining cost of US$3.29/tonne mined.
  • Average processing cost of US$17.81/tonne for oxides, US$18.92/tonne for transitional and US$22.13/tonne for sulphide.
  • Average general and administration cost of US$4.20/tonne.
  • Mineral resources were estimated at a block cut-off grade of 52 g/t Au for oxide, 0.57 g/t Au for transition materials and 0.63 g/t Au for fresh material constrained by a US$1,600 per ounce optimized pit shell (see Figures 4, 6 and 7 below).
  • Transport of gold and refining costs equivalent to 4.5% of the gold price.
  • No additional studies on depletion by artisanal activity was undertaken since the RPA study of 2014 and the same total amount of material was used by Minecon.

Tonnage/Grade Curve

Grade/tonnage curves for the Adumbi mineral resources at various gold cut-offs are summarised in Table IV and the graph below:

Table IV: Adumbi Mineral Resources at various gold cut-offs

Block Cut-off

Tonnage

Grade

ContainedAu

g/t Au

million tonnes

g/t Au

million ounces

0.0

51.60

2.23

3.70

0.5

50.10

2.29

3.68

1.0

41.15

2.61

3.45

1.5

29.07

3.17

2.97

2.0

21.76

3.66

2.56

2.5

16.06

4.17

2.15

3.0

12.12

4.63

1.80

Grade/tonnage curves for the Adumbi mineral resources at various gold cut-offs are summarised in the graph

The Adumbi deposit is found within Loncor’s Imbo Project, which contains two other deposits, Kitenge and Manzako. As a result of the increased mineral resources at Adumbi, the total inferred mineral resource of the Imbo Project is now 2.09 million ounces of gold (22.508 million tonnes grading 2.89 g/t Au) and is summarised in Table V below. 84.68% of this inferred mineral resource is attributable to Loncor via its 84.68% interest in the Imbo Project.

Table V: Inferred Mineral Resource for the Imbo Project (effective date: November 17, 2021)

Deposit

Tonnage

(Tonnes)

Grade

(g/t Au)

Contained Gold

(Ounces)

Adumbi

20,828,000

2.65

1,777,000

Kitenge

910,000

6.60

191,000

Manzako

770,000

5.00

122,000

TOTAL

22,508,000

2.89

2,090,000

Note: Numbers may not add up due to rounding.

Quality Control and Quality Assurance

Drill cores for assaying were taken at a maximum of one-metre intervals and were cut with a diamond saw, with one-half of the core placed in sealed bags by Company geologists and sent to the Company’s on-site sample preparation facility. The core samples were then crushed down to 80% passing minus 2 mm and split with one half of the sample up to 1.5 kg pulverized down to 90% passing 75 microns. Approximately 150 grams of the pulverized sample was then sent to the SGS Laboratory in Mwanza, Tanzania (independent of the Company). Gold analyses were carried out on 50g aliquots by fire assay. In addition, check assays were also carried out by the screen fire assay method to verify high-grade sample assays obtained initially by fire assay. As part of the Company’s QA/QC procedures, internationally recognized standards, blanks and duplicates were inserted into the sample batches prior to submitting to SGS Laboratory.

Qualified Person

Mr. Daniel Bansah, Chairman and Managing Director of Minecon, is the "qualified person" (as such term is defined in National Instrument 43-101) who is responsible for the mineral resource estimates and other technical information disclosed in this press release. Mr. Bansah has reviewed and approved the contents of this press release.

Additional resource potential at Imbo and recommendations for further work

There is significant additional resource potential within the Imbo project with a number of the deposits outlined in Figure 2:

  • At the Adumbi deposit, the drilling of additional holes under the proposed pit outline has the potential to create significant underground mineral resources. Between 2020 and November 2021 the relatively high- grade resource at Loncor’s Adumbi deposit surged from 1.36 million ounces to 3.66 million ounces of gold, with 1.88 million ounces being converted from inferred into indicated at a conversion rate of 95%. An assessment of the area below these resources suggests there’s the potential to continue the significant growth with the outlined underground exploration target potentially containing the tonnes and grade to elevate Adumbi into a plus five-million-ounce, Tier 1 gold deposit. It was announced in 2024 that a 11,000m drill program would begin to unlock the potential ounces below Adumbi with the aim to push the resource through 5M ozs.
  • At the Kitenge and Manzako deposits (see below), additional drilling may also be undertaken (subject to securing the necessary financing) to further define and increase the inferred mineral resources at these deposits.
  • Ongoing exploration including gridding, soil sampling, trenching and channel sampling is planned to be undertaken at the Imbo East prospect, 10 kilometres southeast of Adumbi along the same mineralized trend as Adumbi in order to generate potential drill targets.

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 on this website relating to Loncor’s mineral properties.

Technical Reports

Additional information with respect to Loncor’s Imbo Project (including the Adumbi deposit) is contained in the technical report of Minecon Resources and Services Limited dated April 17 2020 and entitled "Independent National Instrument 43-101 Technical Report on the Imbo Project, Ituri 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. A further 43 101 Technical Report will be available on SEDAR from June 2021 relating to the April 2021 Resource Increase at Adumbi.

Loncor owns or controls a contiguous block of 46 exploration permits or PRs covering an area of approximately 13,000 square kilometers to the northwest of Lake Edward in North Kivu province.

These exploration permits are located between the two major gold belt terrains of the DRC - the Proterozoic/ Archean Twangiza-Namoya gold belt and the Archean greenstone belts of Kilo Moto and Ngayu to the north. The main provincial centres within the North Kivu project area are Butembo and Lubero. Although Loncor has conducted some exploration for gold and other minerals in the past in North Kivu, no exploration has been conducted over the last 8 years with the Company’s focus being at Ngayu.

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 above technical information.

Technical Reports

Certain additional information with respect to the Company’s project 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". Certain additional information with respect to the Company’s North Kivu project is contained in the technical report of Venmyn Rand (Pty) Ltd dated February 29, 2012 and entitled "National Instrument 43-101 Independent Technical Report on the Manguredjipa Gold Project, North Kivu Province, Democratic Republic of the Congo". A copy of each of the said reports can be obtained from SEDAR at www.sedar.com and EDGAR at www.sec.gov.

In 2016, Loncor entered not a JV with Barrick Gold whereby Barrick could assess the potential of vast areas of Ngayu via an earn in agreement. While Loncor receives regular updates on the progress of exploration, Barrick are in total control of the program and any findings within the JV will be considered a significant bonus to Loncor.

In June 2018, agreements were concluded with Resolute Mining Limited (ASX: RSG) - subsequently, with Resolute becoming Loncor’s largest shareholder (currently holding 25% of Loncor’s outstanding shares).

Barrick Expands Loncor JV In Search of Tier 1 (+ 5 million oz) Gold Targets

In January 2016, Loncor entered into a joint venture agreement with Barrick Gold Congo SARL (formerly Randgold Resources Congo SARL) (“Barrick”) (NASDAQ:GOLD), Barrick beginning a program of diamond drilling in June 2020 over numerous potential Tier 1 targets. This agreement provides for a joint venture (the "Joint Venture") between Loncor and Barrick covering 12 exploration permit areas held by Loncor in the Ngayu greenstone belt. Under the agreement certain parcels of land surrounding and including the Makapela and Yindi projects have been retained by Loncor and do not form part of the Joint Venture, with Barrick having certain pre-emptive rights over these two areas. Barrick manages and funds all exploration of the Joint Venture permit areas until the completion of a pre-feasibility study on any gold discovery meeting the investment criteria of Barrick. Once the Joint Venture has determined to move ahead with a full feasibility study, a special purpose vehicle ("SPV") would be created to hold the specific discovery area. Subject to the DRC’s free carried interest requirements, Barrick would retain 65% of the SPV with Loncor holding the balance of 35%. Loncor would then be required, from that point forward, to fund its pro-rata share of the SPV in order to maintain its 35% interest or be diluted.

In June 2020, it was announced that Loncor’s 84.68% subsidiary, Adumbi Mining SARL (now Adumbi Mining S.A.) had entered into a similar JV arrangement (the "New Barrick JV") as above with Barrick for two exploitation permits held by Adumbi Mining. The ground being contiguous to the Imva area within the Ngayu gold belt.

In November 2020, it was announced that Loncor and Barrick further strengthened their JV relationship at Ngayu after entering into two new agreements. The first agreement (the "Amended Barrick JV") added three exploration areas held previously by Barrick outside of the JV. These three Barrick properties are located northwest of Loncor’s 100%-owned Makapela project where indicated mineral resources of 614,200 ounces (2.2 million tonnes grading 8.66 g/t Au) and 549,600 ounces (3.22 million tonnes grading 5.30 g/t Au) of inferred mineral resources have already been outlined by Loncor. Two significant targets have been delineated by Barrick at Mongaliema (7 kilometres northwest of Makapela) and Ntokayulu (3 kilometres northwest of Makapela). At Mongaliema, trenching and augering is continuing along a west-northwest trending shear zone with trench results including 37.3 metres grading 1.48 grammes per tonne of gold.

In the second new agreement (the “New Isiro JV”) agreed in November 2020, Loncor and Barrick replaced the existing joint venture agreement between Barrick and Loncor relating to the Isiro properties in the Ngayu gold belt, to focus on the three most prospective Isiro properties. These three Isiro properties include two of the drill targets identified by Barrick, Yambenda and Yasua, and which Barrick plans to drill as part of its ongoing drill campaign on priority targets in the Ngayu gold belt. At Yambenda, a 9.5 kilometre long banded ironstone ridge has a number of gold in soil anomalies.

Total acreage under the various Barrick/Loncor joint ventures in Ngayu now totals approximately 2,000 square kilometres.

The belt scale exploration strategy of Barrick is to focus on the discovery of large high-quality gold deposits by rapidly identifying and progressing targets that show the potential to meet these filters. Gold mineral resources have already been identified within the Ngayu greenstone belt at Loncor’s Makapela and Adumbi deposits (which are not part of the Joint Venture), and the objective is to further unlock the potential of the Ngayu greenstone belt for a world-class discovery using cutting edge geophysics, geochemistry, structural interpretation and driven by an experienced and proven exploration team on the ground.

By the end of 2019, Barrick had identified a number of priority drill targets which were to be drilled during the upcoming dry season in 2020.

In June 2020, Barrick Gold (Congo) SARL commenced its core drilling program on several priority gold targets with the initial work classed as “scout drilling” with the aim of offering more structural certainty prior to making a decision to assess any one project further.

Figure 1 Ngayu Belt. Developing Prospectivity, Work Programs and Drill Targets for 2020

Ngayu Belt [map]

(From Barrick Q1 2020 joint venture report)

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 above technical information.

April 22, 2021

Imbo East – Greenfields Exploration in Close Proximity to Adumbi Deposit

The focus of greenfields exploration at Imbo during 2020/21 has been along trend to the southeast across the Imbo river at Imbo East (84.68% owned by Loncor Gold).

The area is along trend and approximately 8-10 kilometres to the southeast from the expanding 3.466-million-ounce Adumbi, Kitenge and Manzako deposits previously delineated in the northwest of the 122 square kilometre project area.

Figure 1: Imbo Exploitation Permit, Simplified Geology

Imbo Simplified Geology [map]

In early 2021 analytical results were received for all soil samples from the completed 5.4 kilometre by 2.3 kilometre grid, east of the Imbo River where soil samples were collected every 40 metres on lines 160 metres apart. Geological mapping, soil geochemical, rock chips and channel sampling of old colonial trenches and artisanal workings outlined four significant mineralized trends - Esio Wapi, Museveni, Mungo Iko and Paradis (see Figures 1 and 2).

Figure 2: Soil Geochemical Trends with Colonial/Artisanal Workings and Channel Samples

Imbo Simplified Geology [map]

At Esio Wapi, soil geochemical results have outlined a number of plus 130 ppb Au (parts per billion) gold in soil anomalies with a maximum value of 2,230 ppb Au over a 1.9 kilometre long mineralized trend (see Figure 2). As announced previously (see Loncor’s press release dated September 21 2020), channel sample results from old colonial workings included 19.80 metres grading 1.58 g/t Au (open to the northeast), 8 metres grading 1.11 g/t Au and 5.0 metres grading 1.65 g/t Au in brecciated banded ironstone (BIF) and metasediment. Individual rock sample values included 15.10 g/t and 7.88 g/t Au in quartz veins, 6.39 g/t and 3.08 g/t Au in BIF and 9.06 g/t, 7.91 g/t and 3.24 g/t Au in metasediments.

On the Paradis trend, soil sample results have outlined a broad 1.0 kilometre trend (plus 130 ppb Au) with maximum value of 870 ppb Au. Significant channel samples along the Paradis trend include 6.8 metres grading 5.44 g/t Au (open to the southwest) in metasediments with quartz veins. Individual rock sample values included 22.40 g/t, 5.84 g/t and 2.31 g/t Au in quartz veins.

On the Museveni mineralized trend, anomalous soil samples and artisanal workings occur over a strike of 3.2 kilometres with a maximum value of 5,850 ppb Au in soils. Channel samples from the artisanal workings include 6.0 metres grading 4.37 g/t Au and 1.40 metres grading 62.10 g/t Au and represent high grade quartz veins in metasediment. Individual rock sample values included 53.90 g/t, 32.80 g/t and 32.60 g/t Au in quartz veins and 18.10 g/t Au in metasediment.

On the Mungo Iko trend, soil samples have outlined a 3.1 kilometre long mineralized trend (plus 130ppb Au) with maximum value of 1,540 ppb Au. Individual rock sample values include 12.30 g/t and 3.50 g/t Au in brecciated BIF, 14.20 g/t, 4.81 g/t, and 3.68 g/t Au in metasediments, and 1.97 g/t Au in quartz veins. Further mapping is required to determine whether the eastern part of the Mungo Iko trend represents a faulted extension of the Esio Wapi trend.

Table 1: Channel Sample results on Esio Wapi, Paradis and Museveni Mineralized Trends

PROSPECTWORKINGSChannel_IDChannel Width (m) and Grade (g/t Au)LithologyOpen/Closed
ESIO WAPI Colonial IECH033 19.80 m @ 1.58 g/t Brecciated BIF Open to Northeast
ESIO WAPI Colonial IECH021 4.00 m @ 2.31 g/t Metasediment Open to Southwest
ESIO WAPI Colonial IECH022 5.00 m @ 1.65 g/t Brecciated BIF& Metasediment Closed at both ends
ESIO WAPI Colonial IECH021 8.00 m @ 1.11 g/t Brecciated BIF Closed at both ends
PARADIS Artisanal IECH025 6.80 m @ 5.44 g/t Metasediment with quartz vein Open to Southwest
MUSEVENI Artisanal IECH008 1.40 m @ 62.10 g/t Metasediment with quartz vein Open to Southwest & Northeast
MUSEVENI Artisanal IECH006 6.00 m @ 4.37 g/t Metasediment with quartz vein Open to Southwest & Northeast

Additional infill soil sampling, augering and channel sampling will be undertaken at Esio Wapi, Paradis and Museveni to better define these mineralized trends prior to outlining drill targets later in the year.

These targets remain an area of significant interest and will be explored further in order to clarify the potential for other significant deposits within the potential mining jurisdiction around Adumbi.

Loncor Gold focused on projects within a 122km2 area on the Ngayu Greenstone Belt in the northeast of the Democratic Republic of the Congo (the “DRC”).

Ngayu has a history of mining, with Belgians extracting a modest amount of gold from the area. Their focus was within Loncor’s Imbo project area with the majority of output from the Adumbi deposit - Loncor's main area of potential expansion. The Ngayu belt has numerous positive indicators based on the geology, artisanal activity, encouraging drill results and an existing significant gold resource base.

The area is 220 kilometres southwest of the Kibali gold mine, which is operated by Barrick Gold (Congo) SARL (“Barrick”). The mine is Africas’ largest producer of gold and in 2023, Kibali achieved significant gold production of 763,000 ounces at “all-in sustaining costs” of US$918/oz, the lowest ASIC costs of any of Barrick’s six African mines. It remains Barrick’s most mechanised operation and produces gold from both an open pit (at 1.60g/t in 2023), and increasingly from underground (at 5.11g/t in 2023) to a level closing in on 1,000 metres below surface.

Kibali proves what can be achieved in the area close to Adumbi and also acts as a very useful yardstick to Loncor's progress, allowing us to compare for example drill intercepts and resultant resource detail, both within the pit and underground. The grades that Kibali mines are similar to those reflected in the resource and early underground drill intercepts at Adumbi.

Altitude within the Ngayu project area ranges from 550 metres above mean sea level to 950 metres above mean sea level. The topography is made up of gently rolling hills and slightly incised valleys. The vegetation is typical dense forest.

Figure 1: Ngayu is situated in the NE of the DRC - 220 kilometres from the world-class Barrick operated Kibali Mine

Ngayu general location [map]

A copy of the Ngayu Technical Report can be obtained from SEDAR at www.sedar.com and EDGAR at www.sec.gov.

The early history of gold activity at Ngayu is not complete, however, gold was first prospected for in the Ngayu region by Belgian prospectors in 1909. The Ngayu project was owned by Société Minière de l’Aruwimi – Ituri and was exploited between 1929 and 1955. The database of the Central African Museum of Tervueren notes 13 occurrences of gold in the Ngayu greenstone belt, six of which are hosted within the Ngayu project area. The Tervuren database recorded historical gold production for some of the deposits occurring within the Ngayu greenstone belt. The largest hard rock gold mining operation in the Ngayu greenstone belt was at Adumbi. It is evident that mostly alluvial deposits were exploited, due to the ease of mining and extraction and due to the fact that it was mostly mined on a small scale.

The Ngayu Archean Greenstone Belt of northeastern DRC is geologically similar to the belts which host the world-class gold mines of AngloGold Ashanti/Barrick’s Kibali mine in the DRC (Moto greenstone belt) and AngloGold Ashanti’s Geita mine in Tanzania (Geita greenstone belt). Gold mineralization at Ngayu is spatially related to Banded Ironstone Formation (“BIF”), which is the case at both Kibali and Geita. The Ngayu belt is significantly larger in extent than the Geita belt.

Based on initial studies in 2017, it was found that a major structural, mineralized fracture zone separates an older volcano-sedimentary domain in the northern part of the Ngayu belt from a younger, predominantly sedimentary basin in the south. At Barrick’s Kibali mine, a similar geological setting has been determined with the gold deposits spatially related to a major structural break between an older volcano-sedimentary domain and a younger predominantly sedimentary basin.

At Ngayu, the major structural fracture trends east-northeast through the Imva area where a number of targets are located and then trends southeast through the Imbo mining licence where the Adumbi, Kitenge and Manzako deposits are located and then across the Imbo river to the Imbo East prospect. In total, this major structural break extends for 16 kilometres within the Imbo licence and will require further exploration to fully evaluate this prospective trend. Further detail on the developing Imbo East area can be found within the projects section of the website.

Loncor's Imbo Mining Permit Area - Including Adumbi Project.

Loncor at a glance

The Ngayu property is located in an Archean Greenstone Belt enclosing folded and fractured volcano-sedimentary series. In the project area, both the Upper and Lower Kibalian Groups are present. The Upper Kibalian represents the greenstone belt made up of metasediments and metavolcanics of greenschist facies including prominent banded ironstone units (BIF) which form prominent ridges throughout the Ngayu greenstone belt. Within the Ngayu Belt there is a strong association between gold mineralization and the presence of BIF, the BIF either constituting the host rock (e.g. Adumbi, Makapela, Nagasa) or forming a significant part of the local stratigraphy (e.g. Mondarabe, Itali, Anguluku). BIF forms both physical and chemical traps for mineralizing hydrothermal fluids that follows. World-class examples of gold mines in similar geological settings to the Ngayu project include Kibali in the Moto greenstone belt and Geita in the Geita greenstone belt of northern Tanzania.

Figure 2: Ngayu Greenstone Belt Compared to Kibali and Geita Belts

Ngayu Greenstone Belt Compared to KIbali and Geita Belts [map]

The majority of gold occurrences within the Ngayu properties are located close to the contact of BIF (Banded Ironstone Formation). Historically, only two deposits were exploited on a large-scale by previous owners. One of these was Adumbi, in which Loncor has an 84.68% interest.

A summary of the historical production for the Ngayu Belt is given in Table 1, although production records are incomplete, and the figures quoted represent only an approximation.

Table 1: Historical Gold Production for the Ngayu Belt (1925 – 1955)

DepositPrimary Au (oz)Secondary Au (oz)Total Au (oz)
Adumbi Area 208,000 83,000 291,000
Imva Fold Area N/A 200,700 200,700
Yindi 45,200 21,000 66,200
Northern Ngayu Belt N/A 60,800 60,800
Anguluku 5,700 N/A 5,700
Totals 258,900 365,500 624,400

The most prolific area for alluvial mining was the Imva Fold area, where extensive artisanal mining continues today, and where several areas of primary gold mineralization (Matete, Nagasa, Anguluku and Itali) have been under investigation by Loncor.

Overview of Geology – Ngayu

Figure 3: Overview of the pit shell and geology of the central section of Adumbi Deposit

 Overview of the pit shell and geology of the central section of Adumbi Deposit [map]

Figure 4: Geological Cross Section A-B

Cross-section across the central part of Adumbi Deposit [map]

Loncor's Exploration History

Exploration by Loncor at Ngayu commenced in late 2009 and initially included desktop research, primarily utilising data from the Royal Museum for Central Africa in Terveuren, Belgium and preliminary interpretation of airborne geophysical data, acquired by Rio Tinto in 2009.

At the beginning of Loncor’s Ngayu project, it was decided to divide the exploration into two concurrent programs:
  • Assessment of areas of known gold mineralization (Makapela) with the potential to rapidly reach the drilling stage and provide a mineral resource base for the Company. Soil sampling, augering, rock chip and channel sampling were carried out prior to diamond drilling.
  • Regional programs aimed at assessing the remainder of the then 4,500 km2 land package as quickly and cost-effectively as possible, in order to identify and prioritise mineralized target areas for follow-up, and enable less-prospective ground to be relinquished with confidence. This program mainly entailed a regional BLEG (Bulk Leach Extractable Gold) survey and detailed interpretation of regional aeromagnetic data. Both these programs were carried out under a technology consultation services agreement between Loncor and Newmont who had taken a 20% equity stake in Loncor which was entered into in February 2011 (but is no longer in place).

The approach allowed for further delineation, drilling and resource announcements. For more detail, refer to the sections on the individual projects, plus the resources page.

The Imbo Project within Ngayu

The primary area of interest is the Adumbi deposit currently within the Imbo mining licence in the east of the Ngayu belt. These activities have included updating the Adumbi database and resource, ongoing drilling to prove up further resources at Adumbi as well as reconnaissance fieldwork on the Imbo East (previously Maiepunji) prospect, 10 kilometres west-southwest of Adumbi where at least four zones of interest have been discovered.

Loncor acquired control of the Imbo project in September 2019, initially acquiring a 71.25% interest in the project. This 71.25% interest at Imbo was subsequently increased to 84.68% in September 2020. A re-assessment of the resource bearing deposits at Imbo in April 2020 - namely Adumbi, Kitenge and Manzako - and the incorporation of 4 previously excluded drill holes, resulted in a 61% increase in Adumbi’s inferred resource. A further assessment in April 2021 incorporated the first six holes of the ongoing 7,000 metre drill program, adding a further 963,000 ozs or 44% to the Adumbi resurces within the US$1500/oz pit shell. The three deposits, which sit within 5 kilometres of each other, now have an inferred mineral resource of 3.466 million ounces of gold (42.996 million tonnes grading 2.51 g/t Au), with 84.68% of this inferred mineral resource being attributable to Loncor.

On April 27 2021 a 43-1010 technical report on the Imbo Project resource was filed with SEDAR, having been prepared by Minecon Resource and Services Limited with an effective date of April 27 2021. The Minecon report is entitled "Updated Resource Statement and Independent National Instrument 43-101 Technical Report, Imbo Project, Ituri Province, Democratic Republic of the Congo". The aforementioned report is available on SEDAR at www.sedar.com and EDGAR at www.sec.gov.

On November 11 2021, Loncor announced a further increase in total resources at Adumbi to 3,66 million ozs. Due to significant near surface infill drilling, 1,88 million ozs (28,18 million tonnes at 2,08 g/t) were reclassified as indicated resources. The remaining 1,78 million ozs (20,83 million tonnes at 2,65 g/t) remained inferred resources.

A major structural fracture trends east-northeast through the Imva area where a number of targets are located and then trends southeast through the Imbo mining licence where the Adumbi, Kitenge and Manzako deposits are located and then across the Imbo river to the Imbo East prospect. In total, this major structural break extends for 16 kilometres within the Imbo licence and will require further exploration to fully evaluate this prospective trend. Recent reconnaissance to the east of the Imbo river at the Imbo east prospect has substantiated the potential of this structural trend with four key areas of interest being de-lineated (see press release February 24, 2021 for detail). Mineralization is found within steeply dipping metasediments with or without quartz veins with silica, sericite and graphitic alteration and mainly limonitic boxworks after pyrite. These metasediments are found immediately southwest of a prominent range of BIF which is also mineralized. Some early stage Diamond Drilling was conducted at Imbo East during 2024. Refer to announcement: Loncor Gold provides update on its drilling activities at Adumbi and on other targets along the 14 km prospective structural trend October 28, 2024.

In December 2021, the 3.66M ozs of resources contained within the pit shell at Adumbi were incorporated into a PEA that suggested the asset has the hallmarks of transforming Loncor’s future. The details of the PEA can be seen here. Going forward, attention has moved to quantifying the underground resources at Adumbi. Details should emerge in early 2022 and depending on the results they could be incorporated into a revised PEA for Adumbi. The underground potential is relatively untested given the deepest hole has only returned results from around 600 metres below surface. All indications are the deposit is open at depth and hence the potential of finding a +5M oz Tier 1 deposit at Adumbi.

In December 2023 Loncor announced the estimated exploration target below Adumbi could push the Adumbi resource significantly higher Refer to announcement: Loncor Gold Forecasts Continued Growth For Adumbi Through Positive Underground Exploration Estimates . During 2024, drilling started to test the potential below the current Adumbi resource with the aim of pushing the resource to a Tier 1 classification in the near future.

See the web pages on the individual projects for more detail.

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 on this web site.

Technical Reports

Additional information with respect to Loncor’s Imbo Project (including the Adumbi deposit) is contained within the resource upgrade press release of 17 November, 2021 and in the technical report of Minecon Resources and Services Limited dated April 17 2020 and entitled "Independent National Instrument 43-101 Technical Report on the Imbo Project, Ituri 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.

April 22, 2021