Loncor announces name change to Loncor Gold Inc.
TORONTO, June 7, 2021 (GLOBE NEWSWIRE) – Loncor Resources Inc. (“Loncor“or the”Company“) (TSX:” LN “; OTCQX:” LONCF “; FSE:” LO51 “) announces that it will change its name to” Loncor Gold Inc. “to raise awareness of Loncor’s activities as an exploration company It is expected that Loncor’s common shares will begin trading on the Toronto Stock Exchange (“TSX”) Under the new name when trading begins on Thursday, June 10, 2021. The Company’s stock symbol on the TSX will remain“ LN ”.
Arnold Kondrat, Founder and CEO of Loncor, said, “The Company continues to develop its flagship Adumbi open pit gold deposit. Over 3,450,000 suspected ounces of gold have been identified to date on the Imbo permit. Our current drill program, which has been hugely successful adding to the gold resource at Adumbi, demonstrates that Adumbi continues at depth with higher grades and widths. We believe that Adumbi has the potential to continue to grow significantly from the current drilling program, to a Tier 1 deposit. Additionally, discussions are underway on how best to blend the high grade deposit. of the Company’s Makapela located 50 km away in a future mining plan at Adumbi.
About Loncor Resources Inc.
Loncor is a Canadian gold exploration company that focuses 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 operating experience in the DRC. Loncor’s growing resource base in the Ngayu Belt currently includes the Imbo and Makapela projects. At the Imbo project, the Adumbi deposit and two neighboring deposits hold an inferred mineral resource of 3.466 million ounces of gold (42.996 million tonnes grading 2.51 g / t Au), 84.68% of this resource being attributable to Loncor. Loncor is currently carrying out a drilling program at the Adumbi deposit with the aim of delineating additional mineral resources. The Makapela project (which is 100% owned by Loncor and is located approximately 50 kilometers 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 about Loncor and its projects is available on Loncor’s website at www.loncor.com.
Peter N. Cowley, who is President of Loncor and a “Qualified Person” as that term is defined in National Instrument 43-101, has reviewed and approved the technical information contained in this press release.
Additional information regarding the Company’s Imbo project (which includes the Adumbi deposit) is contained in Minecon Resources and Services Limited’s technical report dated April 17, 2020 entitled “Independent National Instrument 43-101 Technical Report on the Imbo Project, Ituri Province, Democratic Republic of Congo “. A copy of said report can be obtained from SEDAR at www.sedar.com and from EDGAR at www.sec.gov. Additional information regarding the current estimate mineral resources of the Adumbi deposit are contained in the Company’s press release dated April 27, 2021, a copy of which can be obtained from SEDAR at www.sedar.com and from EDGAR at www. sec.gov.
Additional information regarding the Company’s Makapela Project, and certain other Company properties 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 said report can be obtained from SEDAR at www.sedar.com and from EDGAR at www.sec .gov.
Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission (the “SECOND“) permits US mining companies, in their SEC filings, to disclose only mineral deposits that a company can economically and legally extract or produce. Certain terms are used by the Company, such as” Indicated “and” Inferred “” Resources, “which the SEC guidelines strictly prohibit US-registered companies from including in their SEC filings. US investors are urged to carefully consider the disclosure in the company’s annual report on Form 20-F, File No. 001-35124, which can be secured from the Company or the SEC website at http://www.sec.gov/edgar.shtml.
Caution regarding forward-looking information
This press release contains forward-looking information. All statements, other than statements of historical fact, that deal with activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without s ” limit, statements regarding the Company’s drilling program at the Adumbi deposit, resource estimates, increasing mineral resources at Adumbi, any future operating plans at Adumbi, drilling targets, drilling results and future exploration and development) is forward-looking information. This forward-looking information reflects the Company’s current expectations or beliefs based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties which 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, it there can be no assurance that they will have the expected consequences or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among others, the possibility that future exploration (including drilling) or development results may not meet the Company’s expectations. , the possibility that drilling programs may be delayed, the Company’s business may be affected by the continued spread of the generalized outbreak of respiratory disease caused by a new strain of the coronavirus (“COVID-19”), including the capacity of the Company to obtain additional financing, the risks associated with the exploration phase of the Company’s properties, uncertainties relating to the availability and costs of financing required in the future, inability to establish estimated mineral resources (figures of the Company’s mineral resources are estimates and no assurance can be given that the stated gold levels will be t products), developments in global gold or equity markets, political developments in the DRC, gold recoveries being lower than indicated by metallurgical tests carried out to date (there can be no assurance that recoveries gold in small-scale laboratory tests will be duplicated in large-scale tests under on-site conditions or during production), fluctuations in the exchange rate, interest rate, inflation, changes in the regulations affecting the Company’s activities, delays in obtaining or failure to obtain required project approvals, uncertainties related to the interpretation of drilling results and other geological data and other risks disclosed under the under “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.go v. Forward-looking information is only valid as of the date on which it is provided and, except as required by applicable securities laws, the Company disclaims any intention or obligation to update any forward-looking information, whether to as a result of new information, events or future or other results. Although the Company believes that the assumptions inherent in forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and, therefore, one should not place undue reliance on such information due to the uncertainty inherent in such information. -this.
For more information, please visit our website at www.loncor.com or contact:
Arnold Kondrat, CEO, Tel. : (416) 366-7300
John Barker, Vice President of Business Development, +44 7547 159 521