LGO - Leocor Gold Announces RAB Drill Program
(TheNewswire)
Spring program tofollow 2022 success at Baie Verte
Vancouver,B C - TheNewswire- March 28,2023 - Leocor Gold Inc. (the “ Company ” or “ Leocor ”) (CSE:LECR ) ( OTC:LECRF) is pleased to provide an exploration update for its gold projects locatedin Newfoundland, Canada (Figure 1). With over 150,000 hectares withinthe Central Newfoundland Gold Belt, targeting and exploration planshave been finalized for the Dorset and Startek gold properties. TheCentral Newfoundland Gold Belt hosts such notable deposits such asMarathon Gold’s Valentine gold project (TSX:MOZ) and the Queenswaygold project currently being drilled by New Found Gold (TSXV:NFG)(Figure 2).
Figure 1. Regional land positions ofLeocor Gold in Newfoundland.
Figure 2. Gold mines and deposits ofthe Central Newfoundland Gold Belt.
Dorset (Baie Verte District)
RAB drilling will continue to test and expand on theSharpie Ridge gold occurrence with 6-8 RAB holes where in late 2022RAB holes returned 2.32 g/t Auover 10.67 m and 10.2 g/t Au over 1.52m . Anadditional four RAB holes will be completed at Copper Creek target. Two more RAB holes will be completed at the Dorset Gunshot/Brazoccurrence where in 2022 RAB drilling returned 3.18 g/t Au over 4.57 m . An additional six RAB holes will target the Dorset Trendwhere a large 1 x 2 km gold-in-soil anomaly was outlined by 2022 soilsampling efforts. Additional exploration efforts will include45-line km of an UAV magnetic survey on the western edge of theProperty and general prospecting and mapping (Figure 3). Exploration will commence as soon as ground conditions permit,anticipated to be late April and into May.
Figure 3. Exploration targeting forthe 2023 field season at Dorset.
Startrek
The Startrek Property contains 50+ gold occurrencesthrough previous trenching and grab samples. Several areas ofepithermal gold mineralization have been identified on surface from2022 rock sampling and historical data. The proposed 2023 field seasonwill focus largely on the Stallion Trend where 2022 grab samples byLeocor reported values up to 40 g/t Au with coincident arsenic and antimony in quartz stockworkveining. Integrating results from ground geophysics, and detailedsoil sampling will provide viable data to potentially conduct22 RAB holes designed to test geophysicalcontacts and conductive bodies at depth thatrelate to mineralization on surface. A total of 345 line km of an UAVmagnetic survey is also proposed over the South Benton and Startrek SWareas during the 2023 field season. (Figure 4).
Figure 4. Exploration targeting forthe 2023 field season at Startrek.
RAB Drilling
The RAB drilling will be completed by GroundTruthExploration Inc. using their “GT RAB Drill,” a Heli-Portable,wireless remote-controlled, rubber tracked platform with a hydraulictilting mast assembly and rotary drill head. The GT RAB Drill isenvironmentally friendly with low-groundpressure and minimal surface disturbance. Individual drill holes canbe up to 100m in depth and are paired with onsite XRF analysis andoptical televiewer surveys, allowing rapid evaluation of the targetareas.
“We are eager to get to work in the upcoming 2023field season and building on the success of 2022,” said CEO, AlexKlenman. “We take a very systematic approach to exploration andout technical team has provided the expertise to efficiently and costeffectively advance these projects to the next explorationlevel. We look forward to providing ourshareholders with additional positive results as the field seasonprogresses,” continued Mr. Klenman.
Qualified Person
Mike Kilbourne, P. Geo, an independent qualifiedperson as defined in National Instrument 43-101, has reviewed, andapproved the technical contents of this news release on behalf of theCompany. Grab samples are selected samples and not necessarilyrepresentative of the mineralization hosted on the property.
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 .
Cautionary Statements RegardingForward-Looking Information
This press release containsforward-looking information within the meaning of Canadian securitieslaws. Such information includes, without limitation, informationregarding the terms and conditions of the Option. Although Leocorbelieves that such information is reasonable, it can give no assurancethat such expectations will prove to be correct.
Forward looking information istypically identified by words such as: “believe”, “expect”,“anticipate”, “intend”, “estimate”, “postulate” andsimilar expressions, or are those, which, by their nature, refer tofuture events. Leocor cautions investors that any forward-lookinginformation provided by Leocor is not a guarantee of future results orperformance, and that actual results may differ materially from thosein forward looking information as a result of various factors,including, but not limited to: the agreement of the parties to proceedwith the proposed transaction on the terms set out in the OptionAgreements or at all; Leocor's ability to exercise the Options; thestate of the financial markets for Leocor's securities; the state ofthe natural resources sector in the event the Option, or any of them,are completed; recent market volatility; circumstances related toCOVID-19; Leocor's ability to raise the necessary capital or to befully able to implement its business strategies; and other risks andfactors that Leocor is unaware of at this time. The reader is referredto Leocor's initial public offering prospectus for a more completediscussion of applicable risk factors and their potential effects,copies of which may be accessed through Leocor’s issuer page onSEDAR at www.sedar.com.
The forward-looking statementscontained in this press release are made as of the date of this pressrelease. Leocor disclaims any intention or obligation to update orrevise any forward-looking statements, whether as a result of newinformation, future events or otherwise, except as required bylaw.
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