Loncor Resources Inc. is pleased to announce that its joint venture partner, Randgold Resources (DRC) Limited ("Randgold"), will commence a regional helicopter-borne VTEM B-Field, Horizontal Magnetic Gradiometer geophysical survey over Loncor's Ngayu project.
The survey, which will be conducted by Geotech Airborne Limited, is expected to commence in May 2016 and take three months to complete. The survey flight path design is north-south orientated lines at 400 meter spacing for a total of 10,000 line kilometres, of which 4,200 line kilometers will be flown over the Ngayu project. Flight line spacing will be reduced to 200 meter line spacing over potential targets identified during the initial survey. It is estimated the airborne survey will cost approximately US$1.4 million to complete.
On completion of the VTEM B-Field, Horizontal Magnetic Gradiometer geophysical survey, this data will be integrated with the current airborne magnetic and radiometric geophysical, regional BLEG stream sediment, local soil geochemical and surface and trench mapping as well as historical drill hole data to define and prioritize targets within the Ngayu project. On the ground exploration by Randgold is expected to commence in October 2016. Prior to commencement of field work, Randgold will review drill core from all historical targets.
As per the joint venture agreement signed in January (reference is made to Loncor's January 19, 2016 press release), Randgold will manage and fund exploration of the exploration permit areas comprising Loncor's Ngayu project until the completion of a pre-feasibility study on any gold discovery meeting the investment criteria of Randgold. Subject to the Democratic Republic of the Congo's free carried interest requirements, Randgold would earn 65% of any discovery with Loncor holding the balance of 35%. Loncor will be required, from that point forward, to fund its pro-rata share in respect of the discovery in order to maintain its 35% interest or be diluted.
Certain parcels of land within the Ngayu project surrounding and including the Makapela and Yindi prospects have been retained by Loncor and do not form part of the joint venture with Randgold. Randgold shall have certain preemptive rights over these two areas. Loncor's Makapela prospect 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).
William R. Wilson, a director 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 press release.
Loncor Resources Inc. (the "Company") is a Canadian gold exploration company focused on two projects in the Democratic Republic of the Congo ("DRC") - the Ngayu and North Kivu projects. The Company's Ngayu exploration permits cover 2,077 km2 of the Ngayu Archaean greenstone belt in Orientale province in the northeast DRC and is its main focus. The North Kivu exploration permits cover a contiguous area of 13,210 km2. Both projects have historic gold production. Additional information with respect to the Company's projects can be found on the Company's web site at www.loncor.com.
Additional information with respect to the Company's Ngayu 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". 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.