Loncor Shares Higher Following News that Randgold to start VTEM geophysical survey over Loncor’s Ngayu project – Stock Up Nearly 5%

Loncor Resources Inc. (LN.TO) is pleased to announce that its joint venture partner, Randgold Resources (DRC) Limited will commence a regional helicopter-borne VTEM B-Field, Horizontal Magnetic Gradiometer geophysical survey over Loncor’s Ngayu project. The survey, which will be conducted by Geotech Airborne Limited, is expected to commence in May 2016 and take three months to complete.

“Loncor’s shares were last up 4.8% at $0.110 apiece”

The survey flight path design is north-south orientated lines at 400-meter spacing for a total of 10,000 line kilometers, of which 4,200 line kilometers will be flown over the Ngayu project. Flight line spacing will be reduced to 200-meter line spacing over potential targets identified during the initial survey. It is estimated the airborne survey will cost approximately US$1.4 million to complete. Loncor’s shares were last up 4.8% at $0.110 a piece.

The stock is up 4.76% or $0.005 after the news, hitting $0.11 per share. About 156,250 shares traded hands or 218.64% up from the average. Loncor Resources Inc (TSE:LN) has risen 75.00% since September 17, 2015 and is uptrending. It has outperformed by 69.91% the S&P500.

Loncor Resources Inc. is a Canada-based mineral exploration company. The company has a market cap of $18.32 million. The Company’s primary areas of exploration are in the Orientale and North Kivu provinces of the Democratic Republic of Congo where the Company holds or controls rights under 62 exploration permits (PR’s). It currently has negative earnings. At the Ngayu Project in Orientale Province, the Company, through its DRC subsidiary, has 13 PR’s totaling around 2,077 square kilometers, while at the North Kivu Project the Company has 49 PR’s covering an area of approximately 13,210 square kilometers.

The announcement of the VTEM survey can be found here: “Randgold to Commence Exploration at Loncor’s Ngayu Project”.

 

Loncor and joint venture partner Randgold to fly VTEM survey over Ngayu project

Loncor and joint venture partner Randgold to fly VTEM survey over Ngayu project

Read the press release “Loncor Shares Higher Following News that JV Partner Randgold Resources Commencing Exploration at Ngayu Project – Stock Up Nearly 5%” here.

Category: News Story

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