TORONTO, May 24, 2024
/CNW/ - Loncor Gold Inc. ("Loncor" or the "Company")
(TSX: LN) (OTCQX: LONCF) (FSE: LO51) announces that it has applied
to the Toronto Stock Exchange ("TSX") to extend the expiry
dates of a total of 3,375,000 outstanding common share purchase
warrants of the Company (the "Warrants"). The Warrants were
issued as part of a private placement of securities of the Company
which closed in June 2022. Each of
these Warrants has an exercise price of Cdn$0.75 per share. Currently, 350,000 of these
Warrants have an expiry date of June 8,
2024 and the remaining 3,025,000 of such Warrants have an
expiry date of June 10, 2024. The
Company has applied to the TSX to extend both such expiry dates to
June 10, 2025. No insiders of the
Company hold any of these Warrants, directly or indirectly.
Finalization of this extension is subject to the approval of the
TSX. If such approval is obtained, this extension will be effective
ten business days from the date of this press release.
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 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. The Makapela
Project (which 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). On December 13,
2023, Loncor announced the sale of the Makapela Project,
which sale is expected to be completed during the second quarter of
2024.
Additional information with respect to Loncor and its projects
can be found on Loncor's website at www.loncor.com.
Cautionary Note to U.S. Readers
National
Instrument 43-101 - Standards of Disclosure for Mineral Projects
("NI 43-101") is a rule of the Canadian Securities
Administrators which establishes standards for all public
disclosure an issuer makes of scientific and technical information
concerning mineral projects. Unless otherwise indicated, all
scientific and technical information concerning Loncor's mineral
properties contained in this press release has been prepared in
accordance with NI 43-101 and the Canadian Institute of Mining,
Metallurgy and Petroleum Classification System. These standards
differ from the requirements of the U.S. Securities and Exchange
Commission (the "SEC"), and scientific and
technical information concerning Loncor's mineral properties
contained in this press release may not be comparable to similar
information disclosed by U.S. companies. U.S. investors are
urged to consider closely all of the disclosure in the Company's
Form 20-F Annual Report (File No. 001- 35124) and
other reports filed pursuant to the United States Securities
Exchange Act of 1934, as amended, which may be secured from the
Company, or from the SEC's website at
http://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
mineral resource estimates and the proposed extension of the expiry
dates of the Warrants) 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 the TSX does not approve the proposed
extension of the expiry dates of the Warrants, 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, 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.
SOURCE Loncor Gold Inc.