LECR:CC - Leocor Gold Commences Drill Program on the Baie Verte Project NW Newfoundland
(TheNewswire)
Vancouver, BritishColumbia – TheNewswire - June 23, 2022 - Leocor Gold Inc. (the “ Company ” or “ Leocor ”) (CSE:LECR ) , ( OTC:LECRF ) ; ( Frankfurt:LGO) ispleased to announce it has completed mobilization of a Rotary Air Blast(“RAB”) drill and initiated drilling on the Company’s Baie Verteproject located near Anaconda Mining’s Pine Cove Mine and RamblerMetal’s Ming Mine in northwestern Newfoundland. The Phase 1 programwill test at least 6 different target areas for gold and/or coppermineralization with 25 – 30 RAB drill holes and is designed tofollow up on previously announced soil and GT Proberesults (1) ; evaluating the targets for potential follow up diamonddrilling as warranted. The Company is also initiating work programs onit’s Western Exploit and Gander District properties and details ofthose programs will be forthcoming in future news releases.
2022 RAB Drill Program
The Phase 1 RAB Drilling program will consist of 25-30drill holes and test at least 6 target areas across the Baie Verteproperty including the Dorset, Gunshot, Dorset SW, Copper Creek SW,FMB, and Copper Creek target areas. The program will follow up onpreviously announced gold and copper soil and GT Probe results over a7km trend across the property (1) and is designed to evaluate the targetsfor potential diamond 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-ground pressure and minimal surfacedisturbance. Individual drill holes will be up to 100m in depth andwill be paired with onsite XRF analysis and optical televiewersurveys, allowing rapid evaluation of the target areas.
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(1) See theCompanies new release dated May 19, 2022. Available at leocorgold.comand SEDAR.
Figure 1 – Phase1 RAB Drill targetsover gold in soils.
Figure 2 – Phase1 RAB Drill targetsover copper in soils.
Dorset Trend (Gold)
The Dorset trend consists of a 2.5 km gold in soilanomaly(s) located approximately 3km south of the Baie Verte townsite,extending from historic Dorset and Gunshot prospects (rock samples upto 57.2 g/t Au) to the southwest. RAB drilling on the trend will focuson the Dorset, Gunshot, and Dorset SW target areas. At Dorset andGunshot, the drilling will test a series of NE striking, steeply westdipping quartz veins and breccia zones with sericite-ankeritealteration and pyrite, arsenopyrite, and, locally, visible goldmineralization. On the Dorset SW, the drilling with test a series ofcoincident soil and GT Probe anomalies (up to 1.19 g/t Au) over a 700mNE oriented trend.
FMB Trend (Gold)
The FMB Trend (Five Mile Brook Trend) is located 4kmSSW of Baie Verte, less than 1km off of the main highway and consistsof a 2km gold-arsenic soil anomaly associated with sheared andstrongly contact of ultramafic and metavolcanic units with rocksamples up to 1.31 g/t Au.
Copper Creek Southwest -Gold
Copper Creek Southwest is located approximately 750mwest kilometer of the Gunshot target and consists of a 1km NE trendingsoil anomaly with values up to 1135 ppb Au. The target washistorically called the ‘Albatross Target’ and was previouslytrenched and drilled by Noranda in the late 1980’s. The historicwork included grab samples of up to 30 g/t Au and drilling results of1.0 g/t Au over 7 m (2) and is associated with a series of meter-scalequartz veins with pyrite-arsenopyrite.
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(2) See NFLDAssessment GeoFile 012H/16/1127 by MacDougall dated April 1989.
Copper Creek Trend (Copper &Gold)
The Copper Creek Trend consists of 2 km northeasttrending Cu-Au soil anomaly(s) with highs of 2860 ppb Cu and 867 ppbAu. The northern area of the trend is defined by a 500m x 1000m copperanomaly associated with anomalous zinc (+/-gold); indicative of VMSstyle mineralization similar to the historic Terra Nova Mine; locatedapproximately 1.5km to the west. Initial RAB drilling on the targetwill focus on a series of NE trending semi-massive to massive sulfide(pyrite-chalcopyrite) identified during recent follow up explorationon the trend.
Assay Methodology and QA/QC
The soils samples for the program are prepared atEastern Analytical Laboratories. Samples are dried at 60 degreesCelsius and sieved to -80 mesh. The pulps are air couriered shipped toBureau Veritas Labs in Vancouver, British Columbia. The pulps areanalyzed with the AQ201+U method, dissolving 15 grams in Aqua Regiaand analyzed for 37 elements by ICP-MS technique.
All rock, GT Probe, and RAB samples will be preparedand analyzed by ALS Global Laboratories of Moncton, NB. The entiresample will be crushed to 70% passing -2 mm and then splitting off andpulverizing a 250-gram split to 85% passing -75 microns. A 0.5 gramcut of the pulp will be analyzed by ME-ICP41, an aqua regia digestionfollowed by ICP-AES analysis for 35 elements. Gold will be analyzedfor by AA-AU23 using a 30-gram charge for a standard fire assay withan AA finish. If Au results were >10 g/t a second 30-gram chargewill be used for a standard fire assay with a gravimetricfinish.
The reported work will be completed using industrystandard procedures, including a quality assurance/quality control(“QA/QC”) program consisting of the insertion of certifiedstandard, blanks and duplicates into the sample stream.
Figure 3 – Regional Setting of theBaie Verte Project
About Leocor’s Baie VerteProject
The Baie Verte Peninsula represents one of the moreproductive and historical gold and base metal mining districts inCanada. The former Terra Nova base metal mine – one of severalcopper mines of the region, which operated during the late 1880’s toearly 1900’s – lies 200 meters west of Leocor’s Copper Creekclaims. Former gold mining operations in the area include theGoldenville mine (of 1903-1906), located 8 km NE of the property, and the more recent Nugget Pond mine (1997-2000)of the eastern Baie Verte Peninsula area. Currently producing minesin the area include the Rambler base metal-gold mine (1961-present),located 14 km ESE of Baie Verte, and the Pine Cove and Stogertitemines (collectively, 2011-present) located 1.6 km and 5.4 km NE of thecurrent property.
The Baie Verte project combines the Dorset, DorsetExtension, Five Mile Brook and Copper Creek projects consisting offourteen mineral licenses, totalling 80 claims, and covering 1995hectares (19.95 square km).
The Dorset Gold Project is a 275-ha gold explorationproject, located south of the Pine Cove Gold Mine, and featuresmultiple zones of high-grade gold mineralization. The Main Dorset Zoneincludes three historic showings, referred to asDorset 1, 2 and 3 Showings. Grab samples from Dorset 1 returned407.9, 349.2, 147.1, 143.9, 138.2, 108.0, 106.7, 72.4 and 30.0 g/t Au. Grab samples from Dorset 2 returned 167.0, 96.12, 84.3, 49.7,23.8,4.33 and 1.33 g/t Au (MacDougall andWalker, 1988) and a “combined assay of 56.0g/t Au over 2.5m” (MacDougall1989) . Historic drillingincludes DDH 87-1, which intersected 9.5 g/t Au over 1.3m (MacDougalland Walker, 1988).
Historic select sampling at theBraz Zone returned values of 314 g/t Au, 40 g/tAu, 31.4 g/t Au, 21.2 g/t Au, 19.2 g/t Au and14.8 g/t Au. Historic channel sampling acrossthe vein returned 9.5 g/t Au over 0.4m, 5.7 g/tAu over 0.5m and 1.2 g/t Au over 0.65m. Weighted averages of historic rock samplingencompassing vein and mineralized wall rock returned values of 5.8 g/tAu over 1.9m, 3.1 g/t Au over 2m and 2.5 g/t Au over 1.5m (MacDougall, 1990).
Other zones include TheAlbatross, where historic rock sampling ofmineralized zones returned values up to 30.3 g/tAu. Assay results from three 1987 diamond drill holes include 1.0 g/t Au over 7.3m, 1.81g/t over 4.3m and 1.02 g/t over 2.2m and the Gunshot Zone, where veinscontaining visible gold and pyrite returned grab samples thatassayed up to 162 g/t Au and channel samplesthat assayed up to 18 g/t Au over 0.4m (MacDougall, 1989)
In the Phoenix Zone, “assays from initialgrab samples returned 5.8 and 5.5 g/t within thegabbro. Quartz veins have returned 1.4, 0.6 and 0.5 g/t Au. Similarmineralization located 500m north east returned3.3 g/t.” (MacDougall, 1987). Diamond drilling hole intersected of1.07 g/t Au over 5.45m (MacDougall, 1989).
Copper Creek (1,025-ha) hosts a number of goldprospects and copper occurrences associated with extensivealteration/shear zones developed within a thrust-faulted sequence ofquartz-Fe-carbonate-fuchsite-altered gabbros, ultramafics and maficvolcanics, of the Advocate (ophiolite) Complex, and intermediate tosilicic volcaniclastics & tuffs andmicrogabbroic dykes/sills, of the Flatwater Pond (cover sequence)Group. Historical results at Copper Creek – Biarritz zone include“values ranging from 1.3 to 16 g/t Au from grab samples and acombined assay of 3.9 g/t Au over 4.0m from detailed chip sampling.”Additionally, “300m SW along strike exposed a 5-10m shear zone withsimilar alteration returned which returned sporadic values up to 9,2g/t Au from grab samples” Noranda drilled several diamond holes inthe area including A-88-7 which returned 0.66 g/t Au over 1.5 m andA-88-9 which returned 3.11 g/t Au over 0.5 m. (MacDougall,1989).
Five Mile Brook (350-ha) has been subject to minimalexploration in the past but shows potentially important geologicalcontinuity to the Company’s Dorset Gold Project, which lies directlycontiguous to the northern boundary.
* Historic rock samplesand grab samples mentioned inthis release are selective by nature and are unlikely to representaverage grades of the property
* The reported drill intercept is anintersected length and is not a true width
The data reported here is historic in nature and hasnot yet been verified by a Qualified Person. Leocor has relied onthe information supplied in the Noranda assessment reports (quotedabove) and from information found in MODS (Mineral Occurrence DataSystem) published by the Newfoundland Department of NaturalResources.
National Instrument43-101 Disclosure
Jodie Gibson, P.Geo., consultant, and aQualified Person as defined by National Instrument 43-101, hasreviewed and approved the scientific technical content of thisrelease.
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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