Loncor Recources -

Table I:  Adumbi Deposit Inferred Mineral Resource by Material Type
(effective date: April 27, 2021)
Material Type Tonnage
  (Tonnes)§Grade
(g/t Au) Contained Gold
(Ounces)
     Oxide 4,623,000      2.24   333,000§
Transition 3,674,000      2.53   299,000§
     Fresh33,019,000      2.38 2,521,000§
     TOTAL§41,316,000 2.37 3,153,000
Note: Numbers may not add up due to rounding.
Commenting on today’s inferred mineral resource increase at Adumbi, Loncor’s President Peter Cowley said: “This major increase in mineral resources within a US$1,500 pit shell to 3.15 million ounces of gold is an important milestone in demonstrating the potential economic viability of the Adumbi deposit.  Sensitivities show this mineral resource within the pit shell is robust and not markedly sensitive to changes in the gold price.  Gold mineralization is open at depth below the pit shell where drilling is continuing with the objective of outlining underground resources (see Figure 2 below).  Drilling at Adumbi also demonstrates that grade is increasing at depth, which bodes well for a significant underground resource to be outlined.  Going forward, once drilling has been completed in Q2 2021, we will embark on a Preliminary Economic Assessment (PEA) to determine the potential economic viability of Adumbi.”
This mineral resource assessment was undertaken by the Company’s independent geological consultants Minecon Resources and Services Limited (“Minecon”).  The updated estimate for Adumbi was based on the additional drilling and a review of the Adumbi deposit including remodelling, grade and considering the CIM requirement for mineral resources to have “reasonable prospects for economic extraction”.
Drilling Results included in Mineral Resource Update
An additional six core holes totaling 2,557.25 metres were drilled with the initial focus in areas within the pit shell where insufficient drilling had been undertaken to outline mineral resources. Later drilling has and is being undertaken at depth below the open pit shell to outline potential underground mineral resources.
The following Table II summarises drill results incorporated into the April 27, 2021 mineral resource:
Table II:  Core Hole Results from 2020-21 Drilling Program
  Borehole§From (m) To (m) Intercept Width (m) Grade (g/t) Au
   LADD001    202.58    223.35     20.77      1.72§
   LADD001    231.27    237.17      5.90      1.89§
   LADD001    251.27    258.60      7.33      5.80§
   LADD001    295.25    298.70      3.45      2.10§
   LADD001    301.62    321.95     20.33      2.47§
   LADD001Incl.317.11    321.95      4.84§5.40

   LADD003    224.55    235.00     10.45      3.88§
   LADD003    253.50    286.80     33.30      3.25§
   LADD003§Incl. 253.50 259.20 5.70 7.00
   LADD003§Incl. 277.73 286.80 9.07 5.11

   LADD004    429.00    457.00     28.00      3.26§
   LADD004§Incl. 432.00 436.90  4.90 6.96
   LADD004§Incl. 450.62 454.15  3.53 8.30
   LADD004    473.80    478.40§  4.60 2.07
   LADD004    505.85    526.15     20.30      2.83§
   LADD004§Incl. 506.85 513.40  6.55 4.64
   LADD004§Incl. 523.85 526.15  2.30 7.25

   LADD006    299.37    302.25      2.88      2.64§
   LADD006    308.00    309.00      1.00     21.20§
   LADD006    322.10    337.30     15.20      1.67§
   LADD006    353.35    357.85      4.50§3.25

   LADD007     99.95    107.80      7.85      1.45§
   LADD007    540.62    596.05     55.43      2.76§
   LADD007§Incl. 583.60 596.05 12.45 8.11
   LADD007    607.90    611.27      3.37§4.61

   LADD008    235.05    278.15      43.1      1.68§
   LADD008     291.8     298.9       7.1      1.34§
   LADD008    305.15    305.93      0.78      21.8§
   LADD008     323.8    338.78     14.98      3.62§
   LADD008§Incl. 335.75 338.78 3.09 13.28
Notes:  
1. It is estimated that the true widths of the mineralised sections for core holes LADD001, LADD003, LADD004, LADD006, LADD007 and LADD008 are, respectively, 82%, 80%, 81%, 95%, 89% and 62% of the intercepted widths in the above table.
2. Deep core hole LADD009 results, which included 32.15 metres grading 6.17 g/t Au and 15.36 metres  
grading 3.73 g/t Au, are not included in current mineral resource update due to timing.
3. Core holes LADD002 and LADD005 were discontinued before intersecting mineralized zone.
Core Logging & Geological Controls
Gold mineralization at Adumbi is found within a BIF (Banded Iron Formation) unit with a strike length of 850 metres and up to 130 metres in thickness (see Figures 3 and 4 below: Geologic Plan and Geologic Cross Section of the Adumbi Deposit).  Four main zones of gold mineralization are present within the BIF and are located in:
         •§the upper part of the Upper BIF Sequence,
         •§the lower part of the Upper BIF Sequence separated by the Carbonaceous Marker, which is essentially unmineralized, and
         •§within the Lower BIF Sequence.
There is a higher-grade zone of gold mineralization termed the Replaced Rock Zone (“RP Zone”) associated with alteration and structural deformation that has destroyed the primary host BIF fabric.  The RP Zone occurs in the lower part of the Upper BIF and in the Lower BIF, and transgresses the Carbonaceous Marker, located between the Upper and Lower BIF zones, both along strike and down dip.
Geological Modelling and Grade Estimation
The Adumbi 3-dimensional model was constructed by Minecon in collaboration with on site geologists using cross sectional and horizontal flysch plans of the geology and mineralization and was used to assist in the constraining of the 3-D geological model.  The mineralization model was constrained within a wireframe at 0.5 g/t Au cut-off grade (see Figure 5 below).  Grade interpolation was undertaken using:
         •§2 metre sample composites capped at 18 g/t Au to improve the reliability of the block grade estimates.
         •§Ordinary Kriging to interpolate grades into the block model.
         •§Relative densities of 2.45 for oxide, 2.82 for transitional and 3.05 for fresh rock were applied to the block model for tonnage estimation.
Pit Optimisation Parameters
To constrain the depth extent of the geological model and any mineral resources, an open pit for the Adumbi deposit was constructed based on the following pit optimisation parameters:
         •§A gold price of US$1,500 per ounce.
         •§Block size: 8 metres x 8 metres x 8 metres.
         •§A two-metre minimum mining width and a maximum of four metres of internal waste was applied.
         •§Mining dilution of 100% of the tonnes at 95% of the grade.
         •§Ultimate slope angle of minus 45 degrees.
         •§Metallurgical recoveries of 95% for oxide and transitional material and 90% for fresh rock (no additional metallurgical studies have been undertaken since the April 2020 resource).
         •§Average mining cost of US$3.29/tonne mined.
         •§Average processing cost of US$22.02/tonne processed.
         •§Average general and administration cost of US$4.20/tonne.
         •§Mineral resources were estimated at a block cut-off grade of 0.68 g/t Au for oxide and transition materials and 0.72 g/t Au for fresh material constrained by a Whittle pit.
         •§Transport of gold and refining costs equivalent to 4.5% of the gold price.
         •§No additional studies on depletion by artisanal activity was undertaken since the RPA study of 2014 and the same total amount of material was used by Minecon.

   LADD013    394.06    401.10      7.04      2.68§
   LADD013    418.65    438.65     20.00§4.21
LADD013
 including    419.75    430.75      11.0      6.91§
   LADD013    452.30    469.60     17.30§2.48
LADD013
 including    457.35    465.55      8.20§4.71
Borehole LADD013 had an inclination of minus 72 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 85% of the intersected width.  All intercepted grades are uncut with maximum internal dilution equal to or less than 4 metres of intersected width.  Borehole LADD013 intersected the mineralization at a depth of approximately 65 metres below the open pit shell (see Figure 1 below).
Commenting on these latest drilling results, Loncor President Peter Cowley said: “Borehole LADD013 was targeting the northwest edge of the mineralization but encountered a better than expected thickness of the banded ironstone package as well as grades due to the increased higher grade zones of “Replacement Rock” drilled.  This suggests a shallower northwest plunge to the mineralization than the previously indicated sub vertical plunge at depth (see Figures 1, 2 & 3 below).  Our focus now is to outline substantial underground resources at depth below the 3.15 million ounce inferred resource pit shell where higher grades are being intersected.”
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 chlorite schist with higher grade sections being found in a strongly altered siliceous unit termed “Replaced Rock” (RP) where structural deformation and alteration has completely destroyed the primary host lithological fabric.  Disseminated sulphide assemblages include pyrite, pyrrhotite and arsenopyrite which can attain up to 20% of the total rock in places.
The objective of the current drilling program at Adumbi is to outline additional mineral resources to the current inferred mineral resource of 3.46 million ounces of gold on Loncor’s 84.68%-owned Imbo Project which contains the Adumbi, Kitenge and Manzako deposits (total inferred mineral resources of 43.0 million tonnes grading 2.51 g/t Au on these three deposits).
Barrick Joint Venture
Loncor received exploration reports from joint venture partner Barrick Gold, who are managing and funding the joint venture with Loncor that comprises several joint venture agreements and covers approximately 2,000 square kilometres of the Ngayu Archean greenstone belt (the “Joint Venture”).  This Joint Venture area does not include Loncor’s Imbo Project encompassing the Adumbi deposit, Loncor’s Makapela deposit or Loncor’s Yindi prospect.  As announced previously, Barrick commenced a scout drilling program on a number of target prospects in the Ngayu greenstone belt, as well as continued to delineate additional priority targets for follow-up drilling.  High priority targets were developed at Yambenda/Yasua, Mokepa and Mongaliema with scout drilling completed at Yambenda/Yasua and Mokepa.  At Yambenda, four drill sections tested a 3.6 kilometre portion of the 9.5 kilometre long anomalous soil corridor.  All the holes intersected mineralization associated to WNW shear structures developed at a contact zone between banded ironstone formation and volcano-sediments including conglomerates (similar host rock assemblage found at Kibali mine).  Best drill intercepts included 14 metres grading 0.85 g/t Au in YBDD0001, 49 metres grading 0.52 g/t Au and 14.5 metres grading 1.38 g/t Au in YBDD0002 and 35.05 metres at 0.60 g/t Au in YBDD0006.  At Mokepa, six scout holes were drilled with the best holes assaying 19 metres grading 1.04 g/t Au in borehole ADDD0001 and 46.7 metres grading 1.32 g/t Au in hole ADDD0002.  Although large mineralized gold systems were delineated at both Yambenda and Mokepa, drill result grades were below Barrick’s Tier 1 hurdle rates and, as a result, no further work is planned at these two targets.
At Mongaliema, the target area is a west-northwest trending shear zone hosted within altered metasediments with cherty units near the contact of a dolerite intrusive.  Pitting has demonstrated that much of the area is covered by thick transported cover which hinders near surface exploration.  Pitting was undertaken to the southwest of the trench which graded 32 metres grading 1.37 g/t Au.  Results from pits in excess of 5 metres deep confirmed the southwestern extension, beneath thick transported alluvial material with an average high grade of 18.13 g/t Au from eleven samples.  Further work is warranted from the results received to date at Mongaliema.
Barrick Gold has now informed Loncor that it will not be continuing exploration on the Joint Venture ground.  Loncor will be assessing the results of the Barrick Joint Venture program to determine whether further exploration by Loncor on the Joint Venture ground is warranted.  In particular, the Mongaliema target, which is only seven kilometres from Loncor’s Makapela deposit, which 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), will be further explored by Loncor especially as this promising target has not been drilled by Barrick.  Mongaliema will be evaluated to determine whether it has the resource potential to be combined with the nearby Makapela deposit.  The high grade of the Makapela deposit also affords the potential for this resource to be transported to a central processing facility at Adumbi.
Loncor’s aim is to continue to add and upgrade mineral resources to Adumbi’s current 3.15 million ounce inferred resource (41.316 million tonnes grading 2.37 g/t Au), and commence a Preliminary Economic Assessment of Adumbi during this quarter.

Toronto, Canada – June 17, 2021 – Loncor Gold Inc. ("Loncor" or the "Company") (TSX: "LN"; OTCQX: "LONCF”; FSE: "LO51") is pleased to announce that it has awarded the Preliminary Economic Assessment (“PEA”) relating to the Company’s Imbo Project inferred mineral resource of 3.466 million ounces of gold (42.996 million tonnes grading 2.51 g/t Au). 84.68% of this gold resource is attributable to Loncor via its 84.68% interest in the Imbo Project.
The focus of the PEA will be on the Adumbi deposit where an inferred mineral resource of 3.153 million ounces of gold (41.316 million tonnes grading 2.37 g/t Au) has been delineated within a US$1,500 per ounce pit shell.
SENET is one of the leading project management and engineering companies in the field of mineral processing in Africa, with a track record of over three decades of developing projects from the study to the engineering, procurement and construction management (EPCM) stages. SENET is a wholly-owned independent subsidiary of DRA Global and is based in South Africa.
SENET and DRA Global have been involved in numerous gold mining projects on the African continent including the feasibility and EPCM contracts on Barrick Gold/AngloGold Ashanti’s Kibali mine, situated 220 kilometres to the northeast of Adumbi. SENET will assist in the metallurgical testwork as well as undertaking mineral processing plant design and flowsheet and project infrastructure including water, power, tailings dam facility and the associated determination of capital and operating costs.
Minecon Resources and Services Limited (“Minecon”), which has been undertaking geological and mineral resource assistance to the Company since late 2019, will be responsible for the geological, mineral resource, mining and environmental studies of the PEA including mining capital and operating costs.
Commenting on the award of the PEA study to SENET, Loncor’s President Peter Cowley commented: “SENET has a major track record in Africa, including the DRC, of undertaking projects from the early study to the EPCM stage and this experience will greatly assist in unlocking the economic potential of the Company’s Adumbi deposit. We look forward to the completion of the PEA during Q4 of this year.”
The current focus of the Company’s ongoing drill program at the Adumbi deposit is to outline substantial underground resources at depth below the 3.15 million ounce inferred resource pit shell where higher grades are being intersected, as well as other prospects in close vicinity to Adumbi.
The Imbo mineral resources are in addition to Loncor’s resources at its Makapela Project where there is 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). Loncor’s Makapela Project is located approximately 50 kilometres from the Imbo Project.
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
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.
Technical Reports
Additional 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.
Additional 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.
Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission (the "SEC") permits U.S. mining companies, in their filings with the SEC, to disclose only those 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", that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in the Company's Form 20-F annual report, File No. 001- 35124, which may be secured from the Company, or from the SEC's website at www.sec.gov/edgar.shtml.
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 unlocking the economic potential of the Company’s Adumbi deposit, undertaking a Preliminary Economic Assessment (“PEA”) relating to the Company’s Imbo Project, the Company’s drill program at Adumbi, mineral resource estimates, potential mineral resource increases, potential mineralization, drill targets, exploration results, future drilling and other future exploration, and future 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 (including results of the PEA) will not be consistent with the Company's expectations, the possibility that drilling programs will be delayed, activities of the Company may be adversely impacted by the continued spread of the widespread outbreak of respiratory illness caused by a novel strain of the coronavirus (“COVID-19”), including the ability of the Company to secure additional financing, risks related to the exploration stage of the Company's properties, uncertainties relating to the availability and costs of financing needed in the future, 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 report on Form 20-F dated March 31, 2021 filed on SEDAR at www.sedar.com 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:
Arnold Kondrat, CEO, Toronto, Tel: (416) 361-2510
Peter Cowley, President, United Kingdom +44 7904540856
John Barker, VP of Business Development, United Kingdom +44 7547 159 521
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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 will also be undertaken within the Adumbi open pit shell in order to upgrade inferred resources into the indicated category and for metallurgical testwork. Metallurgical samples will then be submitted to a laboratory in South Africa for testwork which will be 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

 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.