Loncor Gold Reports Significant Gold Intersections at Its Drill Program at Adumbi

Rhea-AI Summary

Loncor Gold (TSX: LN) (OTCQX: LONCF) has announced promising drilling results from its Adumbi deposit, which currently holds 3.66 million ounces of gold resources. The latest borehole LADD028 revealed significant gold intersections including:

- 13.92 metres grading 6.01 g/t gold (including 7.94 metres grading 9.54 g/t gold)
- 0.87 metres grading 82.97 g/t gold
- 7.40 metres grading 1.49 g/t gold

The Adumbi deposit currently contains an indicated mineral resource of 1.88 million ounces (28.185 million tonnes grading 2.08 g/t Au) and an inferred mineral resource of 1.78 million ounces (20.83 million tonnes grading 2.65 g/t Au) within a USD1,600/oz open pit shell. The mineralization was intercepted at 290 metres below surface, with an estimated true width of 81% of the intersected widths.

Positive

• High-grade gold intersections with significant widths (13.92m @ 6.01 g/t Au)
• Notable very high-grade intersection of 82.97 g/t gold
• Drilling confirms geological continuity within the deposit
• Results fall within existing pit shell, potentially supporting resource expansion

Negative

• None.

• Results from hole LADD028 reported 13.92 metres grading 6.01 g/t gold (including 7.94 metres grading 9.54 g/t gold), 0.87 metres grading 82.97 g/t gold and 7.40 metres grading 1.49 g/t gold

Toronto, Ontario--(Newsfile Corp. - March 10, 2025) - Loncor Gold Inc. (TSX: LN) (OTCQX: LONCF) (FSE: LO5) ("Loncor" or the "Company") is pleased to announce further encouraging drilling results from its drilling program at the Company's 3.66 million ounce Adumbi deposit where an indicated mineral resource of 1.88 million ounces of gold (28.185 million tonnes grading 2.08 g/t Au), and an inferred mineral resource of 1.78 million ounces of gold (20.83 million tonnes grading 2.65 g/t Au) have already been delineated within a USD1,600/oz open pit shell. Borehole LADD028 intersected 13.92 metres grading 6.01 grammes per tonne (g/t) gold (including 7.94 metres grading 9.54 g/t gold), 0.87 metres grading 82.97 g/t gold, and 7.40 metres grading 1.49 g/t gold (see Table and Figures 1 and 2 below).

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: 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.

The gold mineralization at Adumbi is associated with a thick package (up to a maximum of 130 metres) of interbedded banded ironstone formation (BIF) and quartz carbonate and schist with higher grade sections being found in strongly altered siliceous units where structural deformation and alteration have destroyed the primary lithological fabric. Gold is associated with disseminated sulphide assemblages include pyrite, pyrrhotite and arsenopyrite.

Commenting on these latest drilling results, Loncor CEO John Barker said: "This hole represents another excellent intersection from the ongoing drill program at Adumbi. Hole LADD028 was situated in the central part of the Adumbi deposit and intersected the mineralization at a vertical depth of 290 metres below surface and within the USD1,600/oz pit shell. This hole intersected several zones of gold mineralization and showed good geological continuity with adjacent holes in the banded ironstone formation (BIF) package. Drilling continues below the proposed open pit shell with the aim of increasing the 3.66 million ounce resource at Adumbi into a Tier 1 project."

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

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 in this press release.

Figure 1: Adumbi Deposit Longitudinal Section Looking Northeast with Drill Hole Grade (g/t) x True Thickness (Metre) Product Contours

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1824/243938_2d1ee1f334990a79_001full.jpg

Figure 2: Geological Cross Section Through Borehole LADD028

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1824/243938_2d1ee1f334990a79_002full.jpg

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 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 is focused on the Imbo Project where 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. Following a drilling program carried out by the Company at the Adumbi deposit in 2020 and 2021, the Company completed a Preliminary Economic Assessment ("PEA") of the Adumbi deposit and announced the results of the PEA in December 2021.

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

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 drilling results at Adumbi, potential mineral resources below the Adumbi open pit shell, increasing the mineral resource at Adumbi into a Tier 1 project, mineral resource estimates, future Adumbi drill results, potential mineralization, 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 results will not be consistent with the Company's expectations, risks related to the exploration stage of the Company's properties, uncertainties relating to the availability and costs of financing needed in the future, the possibility that drilling programs will be delayed, 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 information form dated April 1, 2024 filed on SEDAR+ at www.sedarplus.ca 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.

For further information, please visit our website at www.loncor.com or contact:

John Barker, CEO, +44 7547 159 521
Arnold Kondrat, Executive Chairman, +1 416 366 7300
Peter Cowley, President, +44 790454 0856

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243938

FAQ

What are the latest gold drilling results for Loncor Gold (LONCF) at Adumbi?

Borehole LADD028 intersected 13.92m at 6.01 g/t gold, including 7.94m at 9.54 g/t gold, 0.87m at 82.97 g/t gold, and 7.40m at 1.49 g/t gold.

What is the current resource size of LONCF's Adumbi deposit as of March 2025?

Adumbi holds 3.66M oz total, with 1.88M oz indicated (28.185M tonnes at 2.08 g/t Au) and 1.78M oz inferred (20.83M tonnes at 2.65 g/t Au).

At what depth did LONCF's latest Adumbi drilling intersect gold mineralization?

The mineralization in hole LADD028 was intersected at a vertical depth of 290 metres below surface.

What is the geological setting of LONCF's gold mineralization at Adumbi?

Gold is found in BIF packages up to 130m thick, associated with disseminated sulphides including pyrite, pyrrhotite and arsenopyrite in altered siliceous units.