LECRF - Leocor Gold Acquires Rights to Joes Lake Property Newfoundland
(TheNewswire)
Vancouver, BritishColumbia – TheNewswire - October 5, 2022 - Leocor Gold Inc. (the “ Company ” or “ Leocor ”) (CSE:LECR ) , ( OTC:LECRF) is pleasedto announce thatit has entered into an option to purchase agreement (the“ OptionAgreement ”), dated September 14, 2022, with anarms-length party(the “ Vendor ”), pursuant to which it has beengranted the right to acquire the Joes Lake Property (the“ Property ”). The Property consists of a 300-hectareexploration-stage parcel located in the Province ofNewfoundland.
Pursuant to the Option Agreement, the Company canacquire the Property by completing a series of cash payments and shareissuances to the Vendor and incurring exploration expenditures on theProperty over a six-year term, as follows:
| Cash Payments |
| Share Issuances |
| Exploration Expenditures |
| On Closing |
| $7,500 |
| 30,000 |
| First Anniversary |
| $10,000 |
| 50,000 |
| $10,000 |
| Second Anniversary |
| $10,000 |
| 75,000 |
| $10,000 |
| Third Anniversary |
| $15,000 |
| 100,000 |
| $15,000 |
| Fourth Anniversary |
| $25,000 |
| 150,000 |
| $15,000 |
| Fifth Anniversary |
| $32,500 |
| 250,000 |
| $25,000 |
| Sixth Anniversary |
| $25,000 |
| Total |
| $100,000 |
| 655,000 |
| $100,000 |
Assuming the Company exercises the option and acquiresthe Property, it will remain subject to a two percent (2.0%) netsmelter returns royalty in favour of the Vendor on commercialproduction from the Property. One-half (1.0%) of the royalty can bepurchased from the Vendor at any time by completing a one-time cashpayment of $1,000,000.
All common shares issued to the Vendor will be subjectto a four-month-and-one-day statutory hold period in accordance withapplicable securities laws. No finders’ fees or commissions areowing by the Company in connection with the entering into of theOption Agreement.
About Leocor Gold Inc.
Leocor Gold Inc. is a British Columbia-based resourcecompany involved in the acquisition and exploration of precious metalprojects, with a current focus in Atlantic Canada. Leocor, throughoutright ownership and earn-in agreements, currently controls severalgold-copper projects in prime exploration ground located within theprolific Baie Verte Mining District. Leocor’s Bae Verte portfolioincludes the Dorset, Dorset Extension, Copper Creek and Five MileBrook projects, creating a contiguous nearly 2,000-hectare explorationcorridor. The Company also controls the 6,847-ha grassroots Startrekproject near Gander, as well as three district scale land packages inNorth Central Newfoundland, known as Robert’s Arm, Hodge’s Hill,and Leamington, (collectively “Western Exploits”) representingover 144,000 hectares (1,440 square kilometers) of prospectiveexploration
Contact Information
Leocor Gold Inc.
Alex Klenman, Chief Executive Officer
Email : aklenman@leocorgold.com
Telephone : (604) 970-4330
Neither the CanadianSecurities Exchange nor its Regulation Services Provider (as that termis defined in the policies of the Canadian Securities Exchange)accepts responsibility for the adequacy or accuracy of thisrelease .
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