LECRF - Leocor Gold Identifies 12 Gold Targets on the Hodges Hill Property; Follow Up Work Underway
(TheNewswire)
Vancouver, BritishColumbia – TheNewswire - July 27, 2022 - Leocor Gold Inc. (the“ Company ” or “ Leocor ”) (CSE:LECR ) , (CNSX:LECR.CN), ( OTC:LECRF) is pleased to announce the resultsof 2021 exploration on the previously unexplored Hodges Hill Propertywithin the Exploits Project, Newfoundland. The 2021 explorationprogram consisted of soil sampling, LiDAR surveys, and airbornemagnetic-VLF surveys and identified a series of soils anomalies, up to1081.5 ppb Au, over 12 newly identified target areas. Follow up work on theresults including geologic mapping, prospecting, and grid soilsampling is underway with a purpose of identifying high prioritytargets for drill testing.
“We’re very pleased with the progress at HodgesHill,” said CEO, Alex Klenman. “These positive results allow usto concentrate our exploration efforts in no less than 12 definedtarget zones. The goal is to determine high priority drill targetsand we’re well on our way to doing so. We are developing a stronggold target inventory at Hodges Hill, and we’re excited to movetowards drill testing these zones,” continued Mr. Klenman.
2021 Hodge Hill Program
Reconnaissance grid soils were collected across theHodges Hill property as an initial assessment of the area. The soilswere primarily collected on small grids with 25m spaced samples and100m to 200m spaced lines, and targeted C-horizon material withindividual sample depths ranging from surface/outcrop to 110cm. Assaysfor the samples return values from trace to 1018.5ppb Au with 25samples returning >50 ppb Au and highlight 12 new target areas.Additional work on the project included LiDAR surveys and airbornemagnetic-VLF surveys.
Based on regional geology and magnetic surveys most ofthe anomalous targets fall within discreet magnetic lows interpretedas structures within and along the margins of large body of pyroxenegabbro. Gabrro has long been recognized as being directly associatedwith gold mineralization in the Baie Verte area such as Anaconda MinesPine Cove deposit and more recently, the discovery (2014) by Anacondaof the Stog’er Tight and Argyle showings. Additionally, theGeological Survey of Canada (Open File 8658) specifically note theimportance of the brittle nature gabbro-tonalite-granodiorite bodieswithin Marathon Gold’s Valentine Lake deposits; 124km to the SW. Follow up work on the newly defined targets isunderway and includes geologic mapping, prospecting, and grid soilsampling with a purpose of identifying high priority targets for drilltesting.
Figure 1 – Hodges Hill (HOD) goldin soils over regional geology. The dark green unit represents theHodges Hill gabbro body.
Figure 2 – Hodges Hill (HOD) goldin soils over regional 1VD magnetics.
Hodges Hill Property
Hodges Hill is located 12 km north of the community ofBadger along the Trans Canada Highway. The property consists of 9mineral licences for a total of 1562 claims covering 39,050 hectares or 390 square km. Forestry roads run through8 of the 9 licenses. The projects cover a large body of pyroxenegabbro that is cut by a series of major regional NE and NNW structureoutlined by the regional NFLD airborne magnetics. This packagepresents a unique opportunity to evaluate the Hodges Hill gabbro.Gabbro’s have long been recognized as being directly associated withgold mineralization in the Baie Verte area such as Anaconda Mines PineCove deposit and more recently the discovery (2014) by Anaconda Miningof the Stog’er Tight and Argyle showings. Recent researchconducted by the Geological Survey of Canada (Open File 8658)specifically indicates how the brittle nature of thegabbro-tonalite-granodiorite body (Crippleback intrusive suite) thatunderlies the Wildling Lake showing and Marathon’s Valentine LakeGold Project and which Hodge’s Hill is associated with, makes ahighly prospective target for gold deposition.
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.
About Leocor’s Western ExploitsProjects
The project was introduced to Leocor by prolificallysuccessful prospector Shawn Ryan who now acts as a technical advisorto the Company. Three contiguous projects representa 144,000-hectare (355,832-acre) land package in the heart ofNewfoundland. The Robert’s Arm, Leamington and Hodge’sHill prospective exploration lands cover numerous geologicallyfavorable corridors conducive to gold mineralization across 5,760mineral claims covered by 37 licenses. The claims are hostto distinct magnetic high units (Gabbro’s) in settings indicative of known regional goldoccurrences. Named after Gabbro, a hamlet near RosignanoMarittimo in Tuscany, these rocks are associated withcontinental volcanism, a region-specific gold target indicator.
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
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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- looking information provided by Leocor isnot a guarantee of future results or performance, and that actualresults may differ materially from those in forward lookinginformation as a result of various factors, including, but not limitedto: the agreement of the parties to proceed with the proposedtransaction on the terms set out in the Option Agreements or at all;Leocor's ability to exercise the Options; the state of the financialmarkets for Leocor's securities; the state of the natural resourcessector in the event the Option, or any of them, are completed; recentmarket volatility; circumstances related to COVID-19; Leocor's abilityto raise the necessary capital or to be fully able to implement itsbusiness strategies; and other risks and factors that Leocor isunaware of at this time. The reader is referred to Leocor's initialpublic offering prospectus for a more complete discussion ofapplicable risk factors and their potential effects, copies of whichmay be accessed through Leocor’s issuer page on SEDAR atwww.sedar.com.
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