Each one in plain English, with the numbers worked through for a shareholder.
9 Apr 2013drilling result▲ GoodMajor
Loncor increased its Makapela resource, using 13 more core holes than the May 2012 estimate: Indicated 0.61 million ounces (2.20 Mt at 8.66 g/t gold) and Inferred 0.55 million ounces (3.22 Mt at 5.30 g/t), at a 2.75 g/t cut-off and US$1,500/oz gold price. More than 600,000 ounces moved from Inferred to Indicated, which is a higher-confidence category than the maiden 1.0 million ounce Inferred-only estimate. The preliminary economic assessment is now slated for end of May 2013 (earlier stated as end of March 2013); the filing does not claim the deposit is economic.
Loncor reported results for 11 more Makapela holes (best: 13.29 g/t gold over 1.84 m, 17.19 g/t over 2.39 m, and 105.0 g/t over 0.30 m in one hole) and three more Itali holes (best: 19.5 g/t over 3.95 m and 28.2 g/t over 1.00 m). A new zone in the Sele Sele hanging wall is reported. This continues the Makapela and Itali drilling; the Makapela preliminary economic assessment is due by end of March 2013, and further Itali drilling will be considered after the fifth hole result and an aeromagnetic survey review.
Loncor said it has filed an updated NI 43-101 technical report on the Ngayu project, prepared by Venmyn Rand with an effective date of May 29, 2012. The filing gives no new figures; it appears to be the formal report supporting the May 29 maiden resource estimate (an inference, since the filing does not say so).
Loncor gave an exploration update on Ngayu: ground work has outlined mineralised trends at Nagasa (4.5 km), Matete (2.0 km) and Mondarabe (1.5 km) in the Imva Fold area, with core drilling on these regional targets expected in the third quarter of 2012. Drilling at Itali restarted in April 2012 with two more holes done and results awaited, and the company confirms the preliminary economic assessment of the Makapela resource has started. This continues the Itali and regional follow-up threads; no new drill results are given.
Loncor announced its first resource estimate at Makapela: an Inferred Mineral Resource of 4.10 million tonnes at 7.59 g/t gold, or 1.0 million ounces (at a 2.75 g/t cut-off), prepared by independent consultants Venmyn Rand from 58 core holes. This delivers the resource the drilling since 2010 was aiming for; the company says the mineralisation is open at depth, and it is starting a preliminary economic assessment and plans further drilling. 'Inferred' is the lowest-confidence resource category, and the filing does not claim the deposit is economic.
Loncor reported results for 9 more Makapela holes, including 4.28 m at 32.64 g/t gold, 4.09 m at 21.72 g/t, 4.38 m at 17.54 g/t and 2.57 m at 15.57 g/t, though some holes were low-grade (e.g. 5.09 m at 0.73 g/t). The company says the mostly resource-focused drilling is nearing completion and expects to outline a maiden resource estimate for Makapela in May 2012, which is a slight change from the 'second quarter' target in earlier filings; four rigs continue to test depth. The filing also gives the Ngayu exclusive gold rights area as 2,087 km2, versus 4,550 km2 in earlier filings, without explaining the change.
Loncor reported results for 14 more Makapela drill holes (10 on Veins 1 and 2 near the Main and North pits, 4 testing possible new veins), with best intersections of 2.95 m at 23.08 g/t gold, 2.84 m at 22.98 g/t, 2.67 m at 10.30 g/t and 2.34 m at 10.38 g/t; one hole showed no significant mineralisation and hole NMDD046 will be re-drilled because of poor core recovery around its intersection. The best result on the new targets was 3.60 m at 4.43 g/t on the Bamako trend, which the company says needs follow-up; four rigs continue, extending the 2011 Makapela drilling programme.
Loncor reported the first drill hole at a new prospect, Itali (in the Ngayu project, about 10 km south of Makapela), which intersected 38.82 m (37.97 m true thickness) at 2.66 g/t gold, with oxidation to about 110 m depth. The company says the mineralisation could extend about 500 m east and west and will be tested in the 2012 programme. It also says four rigs continue at Makapela, aiming to outline initial mineral resources in the second quarter of 2012.
Loncor reported results from 8 more Makapela holes, with highlights of 2.03 m at 26.1 g/t gold, 0.93 m at 57.8 g/t and 1.58 m at 10.3 g/t; several other intersections were low-grade (e.g. 13.34 m at 0.78 g/t). Four rigs are now drilling Makapela, and drilling has begun on seven other nearby targets. This continues the 2011 programme; the filing says it is still early days for the project.
Loncor reported results from 11 more Makapela holes, the best being 37.11 m at 5.35 g/t gold (including 20.32 m at 8.67 g/t) at SeleSele, which the company says suggests the vein thickens with depth. Four of the other holes returned low grades (0.10 to 0.92 g/t), one hole was abandoned due to mechanical problems and is being re-drilled, and the company says drill metreage was poor over two months due to contractor breakdowns. Three rigs are on site, continuing the earlier drilling programme.
Loncor reported results for 7 more drill holes (plus extra intersections in 2 earlier holes) at Makapela in the Ngayu project, including 4.35 m at 17.55 g/t gold, 5.63 m at 13.79 g/t and 3.47 m at 24.94 g/t; two holes showed no significant mineralisation. A third rig is being mobilised, and the company's 2011 goal is to show continuity along strike and at depth and begin delineating a mineral resource.
