Loncor Gold drills 12.72 m of 8.56 g/t Au at Adumbi

Executive Summary

• Loncor Gold Inc. reported multiple significant gold intersections from its deep drilling program at the Adumbi deposit, specifically from borehole LADD031.
• The drilling intersected mineralized zones at a vertical depth of 570 meters below surface, approximately 265 meters below the current $1,600/oz open-pit shell outline.
• The results demonstrate that the host banded ironstone formation (BIF) remains thick and well-mineralized at depth, extending towards the projected northwest edge of the deposit.

Key Details

• Borehole LADD031 Intersections:
  • 12.72 metres grading 8.56 g/t Au (including 6.15 metres grading 11.23 g/t Au).
  • 12.10 metres grading 1.67 g/t Au.
  • 15.00 metres grading 1.88 g/t Au.
  • 3.23 metres grading 5.98 g/t Au.
• Geological Context:
  • The total true thickness of the banded ironstone formation (BIF) package hosting the gold mineralization was 132 metres.
  • Intersections occurred at a vertical depth of 570 metres below surface.
  • The intersection point is approximately 265 metres below the $1,600 (U.S.) per-ounce pit shell outline on section.
• Existing Resource Context:
  • Indicated Mineral Resource: 1.88 million ounces of gold (28,185,000 tonnes grading 2.08 g/t Au).
  • Inferred Mineral Resource: 1.78 million ounces of gold (20.83 million tonnes grading 2.65 g/t Au).
  • Resources delineated within a $1,600/oz open-pit shell.
• Quality Control (QA/QC):
  • Samples taken at maximum one-metre intervals, cut with a diamond saw.
  • Prepared on-site: crushed to 80% passing 2mm, split, and pulverized to 90% passing 75 microns.
  • Assaying performed by SGS Laboratory in Mwanza, Tanzania, via fire assay on 50-gram aliquots.
  • Check assays conducted via screen fire assay for high-grade verification.
  • Standards, blanks, and duplicates inserted into sample batches.
• Qualified Person:
  • Peter N. Cowley, President of Loncor, reviewed and approved the technical information in accordance with National Instrument 43-101.
• Technical Report Reference:
  • Information contained in the NI 43-101 Preliminary Economic Assessment of the Adumbi Deposit dated Dec. 15, 2021, by New SENET Pty. Ltd. and Minecon Resources and Services Ltd.

Notable Quotes

• "Core hole LADD031 was situated below the open-pit shell in the northwest of the Adumbi deposit and intersected several mineralized zones at a vertical depth of 570 metres below surface and approximately 265 metres below the $1,600 (U.S.) pit shell outline on section. The total true thickness of the banded ironstone formation (BIF) package, which hosts the gold mineralization was 132 metres, which demonstrates that the BIF is still thick and well mineralized at this depth, towards the projected northwest edge of the Adumbi deposit." — John Barker, Chief Executive Officer