Loncor Gold Inc's Profile

Loncor is a Canadian gold explorer that controls over 3,600,000 high grade ounces outside of a Barrick JV. The Ngayu JV property is 200km southwest of the Kibali gold mine, operated by Barrick, which averages ~800,000 ounces annually. Ownership include 2 African Majors owning impressive pieces of Loncor: Newmont Owns 6%, Resolute Owns 26% Arnold Kondrat, CEO owns 27%
Loncor Gold Inc
Symbol
LN
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TSX
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132,624,174 Sept. 2021
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Metals & Minerals
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Loncor Gold Inc's Bulletin

Perseus Mining's Sissingue mine in Ivory Coast was the lowest cost gold operation in Africa in Q1 2021. Nine out of the top ten lowest cost mines in the region are located in West Africa. Kitco looked at costs at operating primary gold mines in Africa in Q1 2021 using all-in sustaining costs (AISC) metric that serves as a globally accepted benchmark of a mine's operating efficiency. Primary gold operations are defined by Kitco as "mines where gold contributed to 90% or more of revenues from operating activities generated last year." The ranking excludes privately-owned mines and tailings re-processing operations. With AISC of $675/oz achieved in Q1 2021, Perseus Mining's Sissingue mine in Ivory Coast tops the list of lowest cost gold mines in Africa. The mine's AISC were 8% lower than a prior year as unit mining, processing and G&A costs have decreased compared to Q1 2020.   Sissingue is followed by Endeavour Mining's Boungou mine in Burkina Faso, where AISC per ounce increased by 25% to $690/oz in Q1 2021 due to increased sustaining capital, which was partially offset by lower mining unit costs due to the ramp up of mining activities and the commissioning of new equipment. Gold Fields' Damang mine in Ghana sits third with AISC of $733/oz in Q1 2021, which decreased by 34% compared to Q1 2020 mainly due to lower cost of sales before amortisation and depreciation resulting from lower operating tonnes mined, partially offset by higher capital expenditure and lower ounces sold. Another Endeavour Mining's Sabodala-Massawa gold mine in Senegal is fourth with AISC of $749/oz reported for Q1 2021. The company said that the mine's AISC were in line with expectations and 23% lower compared to Q1 2020. Fekola mine, owned by B2Gold and located in Mali, is fifth lowest-cost gold operation in Africa with AISC of $770/oz reported for Q1 2021. AISC were higher than in Q1 2020 by 37% due to the planned lower production and higher period stripping activities in Q1 2021, higher fuel costs, import duties and ongoing COVID-19 related labour and medical costs in Mali. The complete list of the top 10 lowest cost gold mines in Africa is on the chart.
Loncor Gold Inc. ("Loncor" or the "Company") (TSX: "LN"; OTCQX: "LONCF”; FSE: "LO51") is pleased to announce further significant assay results from its drilling program within its 84.68%-owned Imbo Project in the eastern part of the Ngayu greenstone belt in the Democratic Republic of the Congo. The deepest borehole drilled to date at its flagship Adumbi deposit, LADD016, intersected 25.59 metres grading 2.39 grammes per tonne (g/t) gold (including 6.09 metres grading 4.78 g/t Au) and 8.09 metres grading 1.90 g/t Au. Mineralized sections for borehole LADD016 are summarised in the table below: BoreholeNumber From (m) To (m) IntersectedWidth (m) Grade (g/t) Au 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 765.55 768.36 2.81 2.42 Borehole LADD016 had an inclination of minus 75 degrees and azimuth of 218 degrees at the start of hole and regular measurements of inclination and azimuth were taken at 30 metre intervals down the hole. All core was orientated, and it is estimated that the true widths of the mineralised sections are approximately 71% of the intersected width. All intercepted grades are uncut with maximum internal dilution equal to or less than 4 metres of intersected width. Commenting on these latest drilling results, Loncor President Peter Cowley said: “Borehole LADD016 is the deepest hole drilled to date at Adumbi with a depth of 640 metres below surface and on section, 300 metres below the shallower hole LADD013 which intersected 20.00 metres grading 4.21 g/t Au and 17.30 metres grading 2.48 g/t Au (see Figures 1 and 2 below). In addition, this deep hole intersected the thickest Banded Ironstone (BIF) host rock sequence in all the holes drilled to date by Loncor and demonstrates that the BIF sequence is still continuing strongly at depth.” Drilling is continuing at Adumbi with two drill rigs and is focusing on infill drilling within the inferred mineral resource open pit to generate indicated resources as well as below the pit to generate underground resources. Quality Control and Quality AssuranceDrill 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 PersonPeter 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 ReportsAdditional 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. 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 and two neighbouring deposits hold 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 resource being attributable to Loncor. Loncor is currently carrying out a drilling program at the Adumbi deposit with the objective of outlining additional mineral resources. 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.
Loncor Gold Inc. ("Loncor" or the "Company") (TSX: "LN"; OTCQX: "LONCF”; FSE: "LO51") is pleased to announce that, further to its June 28, 2021 press release, it has closed a non-brokered private placement of 7,850,000 units of the Company (the "Units") at a price of Cdn$0.70 per Unit for gross proceeds of Cdn$5,495,000 (the "Financing"), an upsize of Cdn$595,000 from the Company’s original Cdn$4,900,000 Financing amount. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant") of the Company, with each Warrant entitling the holder thereof to acquire one common share of the Company at an exercise price of Cdn$0.95 for a period of 12 months following the closing date of the issuance of the Units.    The Company intends to use the proceeds from the Financing for continued exploration and development of the Company’s Imbo Project, including additional drilling and funding of a Preliminary Economic Assessment ("PEA"), and for general corporate purposes. The Company’s focus continues to be at its 3.15 million ounce (41.32 million tonnes grading 2.37 g/t Au) Adumbi deposit within the Imbo Project, where drilling is continuing to intersect the mineralized zone below the US$1,500 per ounce pit shell. Additional drilling is also being undertaken within the Adumbi open pit shell in order to upgrade inferred resources into the indicated category. As well, metallurgical samples from Adumbi have been submitted to a laboratory in South Africa for testwork which is being overseen by SENET as part of the commencement of the PEA study at Imbo/Adumbi. This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements. 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 and two neighbouring deposits hold 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 resource being attributable to Loncor. Loncor is currently carrying out a drilling program at the Adumbi deposit with the objective of outlining additional mineral resources. 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