LECRF - Leocor Gold Updates Intrepid Metals Investment
(TheNewswire)
Vancouver, BritishColumbia – TheNewswire - May 16, 2024 - Leocor Gold Inc. (the“ Company ” or “ Leocor ”) (CSE: LECR, OTCQB: LECRF) is pleased to update shareholders on recent significant news from IntrepidMetals (TSX.V: INTR), a Canadian company focusedon exploring for high-grade essential metals such as copper, silver,lead, and zinc mineral projects in proximity to established miningjurisdictions in southeastern Arizona, USA.
In January of this year, the Company announced thecompletion (see Company news release dated January 8, 2024) of a CDN$3M strategic investment in Intrepid for the purpose of advancing thecompany’s world class copper and gold projects in Arizona.
On May 1, Intrepid announced the results of the first12 holes drilled at its Corral Copper property, located in CochiseCounty, Arizona. The results were impressive, with highlight nearsurface intercepts of 1 05.20 meters of 1.17%Copper (1.42% CUEQ) and 48.85 meters of 2.24% Copper (2.58% CUEQ).
Intrepid CEO Ken Brophy commented: “The results fromthe first 12 drill holes returned long runs of robust CRD stylemineralization punctuated by highly attractive high-grade intervals ofcopper-gold-silver-zinc, which confirms our confidence in the economicpotential of the Property.”
On May 14 Intrepid released additional results for afurther five drill holes with a highlight intersection of 72.20 metersof 1.28% Copper within 198.00 meters of 0.68% CUEQ. Drilling is alsobringing the gold potential at Corral into focus. Once again,Intrepid CEO Ken Brophy commented:
“The Corral Copper Project has once again returnedremarkable shallow copper grades and mineralized intercepts at theRingo Zone…the drilling at Ringo is illustrating the Project's goldendowment with broad intercepts of highly continuous, locallyhigh-grade gold mineralization, including 21.3 g/pt Au over 1.1m inhole CC24_15 and 15.84 g/pt Au over 4.71m in hole CC24_14, which weexpect will make a significant contribution to the economic potentialof the project."
“We’re extremely pleased with the early results atCorral,” said Leocor CEO, Alex Klenman. “We made the significantinvestment in Intrepid first, to partner with what is a strongmanagement group and further, specifically to capitalize on the robustcopper and gold environment by being able to participate in, andexpose our shareholders to the development of Corral. We commend andcongratulate the Intrepid team on these significant early results and look forward to being long termshareholders and supporters of the company.” continued Mr.Klenman.
Leocor’s initial investment resulted in theacquisition of 6,600,000 common shares of Intrepid and 2,223,529pre-funded special warrants at $0.34 per Unit and Special Warrant foran aggregate investment of $3 million. Leocor also holds 6,600,000warrants exercisable at $0.40 cents. Thecurrent value of the position is approximately CDN $6.6M.
The technical information contained in this newsrelease was reported in news releases issued by Intrepid Metals on May1, 2024, and May 15, 2024, and was prepared and approved by Daniel MacNeil, PGeo. Mr. MacNeil is a TechnicalAdvisor to Intrepid Metals and is a qualified person for the purposesof National Instrument 43-101 - Standards of Disclosure for MineralProjects.
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 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 ground.
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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