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Loncor Resources updates on Barrick's exploration in DRC where new high-priority targets have been identified

The venture covers around 2,000 square kilometres and operator Barrick, which can earn up to 65%, has provided the firm with exploration reports

Loncor Resources Inc -
The Mongaliema prospect lies around 7 kilometres northwest of Loncor’s wholly-owned Makapela project where indicated mineral resources of 614,200 ounces and 549,600 ounces of inferred have already been outlined by Loncor

Loncor Resources Inc (TSE:LN) (OTCQX:LONCF) updated Monday on exploration at the Ngayu greenstone belt in the Democratic Republic of the Congo where it is in joint venture with mining titan Barrick Gold, which has identified new priority drill targets at the Mokepa and Mongaliema areas.

The venture covers around 2,000 square kilometres (sq km) and operator Barrick (which can earn up to 65%) has provided the firm with exploration reports.

READ: Loncor Resources and Barrick Gold strengthen JV in the Democratic Republic of the Congo's Ngayu gold belt

The Mokepa target lies in the northern margin, adjacent to the interpreted F2 fold hinge in a setting similar to Barrick’s operating Kibali gold mine, and the first core hole has now started, reported Loncor.

Two encouraging trench results have been received, 600 metres apart with wide zones of gold mineralization of 110 metres grading 0.50  grams per ton (g/t) gold and 32 metres grading 0.99 g/t gold.

Meanwhile, the Mongaliema target lies around 7 kilometres northwest of Loncor’s wholly-owned Makapela project where indicated mineral resources of 614,200 ounces and 549,600 ounces of inferred have already been outlined by Loncor.

During the quarter, Barrick carried out mapping, auger drilling, scout-pitting and trenching and there was an encouraging trench/artisanal pit assay of 37.3 metres grading 1.48 g/t gold plus several rock samples from old artisanal workings yielding gold mineralization including 14.9 g/t, 5.23g/t, 2.9g/t and 2.43g/t gold, the firm noted.

Pitting, trenching and augering is continuing to determine the full extent of this mineralized system.

"We are encouraged by the exploration results received to date from the Barrick joint venture and especially the generation by Barrick geologists of additional new, high priority drill targets such as Mokepa and look forward to receiving drilling results from this and other priority targets including Yambenda/Yasua in the north of the Ngayu belt," said Loncor’s president Peter Cowley in a statement.

"In terms of other drilling at Ngayu, the first hole at our 84.6%-owned Adumbi deposit has now been completed and the mineralized core section has been submitted to the independent S.G.S laboratory at Mwanza, Tanzania," he added.

Elsewhere, at the Yambenda/Yasua prospect in the north of the Ngayu belt, a core rig has now been mobilized to test the over 9-kilometre-long banded ironstone ridge associated with a number of over 100 parts per billion (ppb) gold in soil anomalies.

In addition, scout drilling was undertaken at the Medere, Bakpau and Anguluku prospects to better understand the subsurface geology, noted Loncor.

Three core holes were drilled by Barrick at Medere to better understand the geology and the relationship to the Itali trend, with the best intersection to date of 9.05 metres grading 3.75 g/t gold from 39.82 metres in one hole. The Itali mineralized trend remains open to the east and further drilling is warranted here, said Loncor.

At Bakpau, resampling of old trenches outlined wide zones of gold mineralization including 70 metres grading 0.34 g/t gold and 33 metres grading 0.53 g/t of the yellow metal.

At Anguluku, drilling results indicated that this prospect did not have the potential for hosting a Tier one deposit to meet Barrick’s filters and no further drilling is planned at this prospect, Loncor added.

Contact the author at giles@proactiveinvestors.com

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