(TheNewswire)
Vancouver, BritishColumbia – TheNewswire - May 18 , 2023 - Leocor Gold Inc. (the“ Company ” or “ Leocor ”) (CSE:LECR ) , ( OTC:LECRF) is pleasedto announce a $1.2 million exploration plan for its gold projectslocated in Newfoundland, Canada (Figure 1). With over 150,000 hectareswithin the Central Newfoundland Gold Belt, targeting and explorationplans have been finalized for all three district-area claim groups.The budget includes soil sampling, ground geophysics, prospecting andRAB drilling. RAB drilling, an effective a heli-portable, wirelessremote-controlled drill rig with 100m depth potential will account for33% of the budget.
Figure 1. Regional land positions ofLeocor Gold in Newfoundland.
“We are pleased to be able commit this level ofexploration towards our Newfoundland assets,” said CEO, AlexKlenman. “We have carefully planned a very systematic approach andour technical team has provided the expertise to efficiently and costeffectively advance these projects. The amount of RAB drilling withinthe budget is a testament to our aggressive approach towards diamonddrilling and a discovery,” continued Mr. Klenman.
Dorset (Baie Verte District)
RAB drilling will continue to test and expand on theSharpie Ridge gold occurrence with 7 RAB holes where in late 2022 RABholes returned 2.32 g/t Auover 10.67 m and 10.2 g/t Au over 1.52m . Anadditional 2 RAB holes will be completed at Copper Creek target wherein 2022 a RAB hole returned 0.58% % Cu over 9.12m which includes 1.095% Cu over 1.52m . Two RABholes will be completed at the Dorset Gunshot/Braz occurrence where in2022 RAB drilling returned 3.18 g/t Au over 4.57 m . An additional 7 RAB holes will target the Dorset Trend wherea large 1 x 2 km gold-in-soil anomaly was outlined by 2022 soilsampling efforts (Figure 2). The extensive gold-in-soil anomaly is“one of the most clustered and anomalous he has seen” says LeocorTechnical Advisor and renown gold occurrence and deposit finder, ShawnRyan.
Figure 2. Exploration targeting forthe 2023 field season at Dorset.
Startrek (Gander District)
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 where2022 grab samples by Leocor reported values up to 0.92 g/t Au with coincidentarsenic and antimony in quartz stockwork veining. Integratingresults from ground geophysics, and detailed soil sampling a total of4 RAB holes are designed to test geophysicalcontacts and conductive bodies at depth that relate to mineralizationon surface. (Figure 3).
Figure 3. Exploration targeting forthe 2023 field season at Startrek.
Western Exploits
The Western Exploits District land holdings includeRobert’s Arm, Hodge’s Hill and Leamington. All 3 claim groups willreceive soil sampling, ground geophysics and prospecting (Figure 4).The 2023 exploration plans will focus on those areas of geologicalmerit and positive results from 2022 reconnaissance soil sampling andprospecting. Based on the results of the above exploration plans, RABdrilling would be added to the budget for the fall.
Figure 4. Exploration targeting forthe 2023 field season at Western Exploits.
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-ground pressure and minimal surfacedisturbance. Individual drill holes can be up to 100m in depth and arepaired with onsite XRF analysis and optical televiewer surveys,allowing rapid evaluation of the target areas.
Additional details and timelines of the programs willbe provided by the Company in the coming weeks.
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 to futureevents. Leocor cautions investors that any forward-looking informationprovided 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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