(TheNewswire)
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Follow up drill program planned forJune
Vancouver, BritishColumbia – TheNewswire - May 19, 2022 - Leocor Gold Inc. (the“ Company ” or “ Leocor ”) (CSE:LECR ( OTC:LECRF ) ( FRA:LGO) is pleased to announce results of the 2021exploration activities and 2022 exploration plans on the Company’sBaie Verte Project located near Anaconda Mining’s Pine Cove Mine andRambler Metal’s Ming Mine in northwestern Newfoundland.
The 2021 work program included soil sampling, GT Probesampling, geophysics, and a LiDAR and high-resolution drone imagerysurveys. Highlights include:
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Multiple targets identified along 7km northeasttrending zone of anomalous gold in soils and a 4km subparallel trendof anomalous copper (+/- gold) in soils with results up to 1601 ppbgold (“Au”) and 2862 ppm copper (“Cu”).
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Indications of two styes of mineralization on theproject including VMS style copper (+/-gold-zinc) mineralization andstructurally controlled gold mineralization with similarities to thenearby Pine Cover Mine.
Based on the results of the 2021 program the Company isalso planning a Phase 1 drilling campaign consisting of a minimum of30 Rotary Air Blast (“RAB”) drill holes on at least 4 of the goldand copper targets. The RAB drill program is expected to commence inJune 2022 and is designed to evaluate the targets for potential followup diamond drilling. In addition to the RAB drilling the Company isalso planning to complete additional soil sampling, prospecting,geologic mapping, and geophysical surveys on the project.
"The Soil results over the Dorset Project werebetter than I could have predicted and really shows our project’s,and in a broader sense, Newfoundland’s, exploration potential,”said Shawn Ryan, Leocor’s Technical Advisor. “Here we have anarea that has seen a lot of previous exploration work, from gold tobase metal and the detailed 2021 soil program outlined a brand new 6.5Km mineralized gold trend that has not been previous seen. And thesoil work also outlined a nice base metal Copper-Zinc target measuring1200m by 400m sitting directly across from the old Terra Nova basemetal deposit. Having one of these anomalies is impressive buthaving two is exceptional. It should be an exciting year for Leocorwith the planned follow up drilling," continued Mr. Ryan.
“These results at Dorset and the larger Baie Verteproject are very positive developments,” said CEO, Alex Klenman. “We’re eager to follow up on the discovery of the 7kmgold-copper trend and get drills going. The RAB program will help usvector in on the best diamond drill locations, and we want to moveforward as quickly as possible. These are compelling targets andwe’re committed to prioritizing our exploration plans at Dorset andthe larger Baie Verte project,” continued Mr. Klenman.
Figure 1: Gold-in-soil results, BaieVerte project (Dorset and adjacent projects), Newfoundland,Canada
Figure 2: Copper-in-soil results,Baie Verte project (Dorset and adjacent projects), Newfoundland,Canada
2021 Exploration Program
A two-phase surface geochemistry program consisting of5,313 soil samples and 449 GT Probe samples was conducted in late2021. A LiDAR survey was flown over the entirety of the projectduring early season efforts to assist in later program planning andlogistics. In addition, a ground MAG-VLF survey was conducted to aidin geological and structural interpretation along an 8-kilometersegment of the Baie Verte fault system, which is interpreted to be asignificant control on gold mineralization across the property.
Soil Sampling
A total of 5,313 soil samples were collected on 100meters spaced lines and 25-meter spaced samples with soillines-oriented NW-SE to cross dominant geological contacts andstructures. Sample depths ranged from 30 cm to 110 cm and targetedC-Horizon material. Assays for the samples ranged from trace to 1,601ppb Au and from trace to 2862 ppm Cu. These samples defined a seriesof linear, NE trending, gold anomalies over a 7km trend across theproperty including the Dorset, Copper Creek , and FMB trends. Inaddition, they defined two zones of strongly anomalous copper (+/-gold) in soils along a 4km subparallel trend and include the CopperCreek and Copper Creek South trends. The individual targets arediscussed in more detail below.
GT Probe Sampling
In addition to the soils, a total of 449 GT Probesamples were collected over 14 lines on the Copper Creek, Copper CreekSouth, and Dorset Trends. The GT Probe is a track mounted devicedesigned to drive a cased hole through the soil profile to the bedrockinterface with samples collected from the final 30cm of the hole andanalyzed for gold and other pathfinder elements. Samples were spacedat 5-meter intervals and ranged from 30cm to 420cm in depth. Assaysfor the samples ranged from trace to 1.97 g/t Au and from trace to 400ppm Cu.
Dorset Trend (Gold)
The Dorset trend consists of a 2.5-kilometer-long goldin soil anomaly located approximately 3km south of the Baie Vertetownsite and extending from historic Dorset and Gunshot prospects(rock samples up to 57.2 g/t Au) to the southwest. The target hassoil results of up to 1,601 ppb Au and includes 33 samples >100 ppbAu. Six GT Probe lines were also placed across the target andinclude results up to 1.19 g/t Au.
FMB Trend (Gold)
The FMB Trend (Five Mile Brook Trend) is characterizedby a 2km gold – arsenic (“As”) soil trend that is 4km SSW ofBaie Verte and less than 1km off of the main highway. This target hassoil values of up to 1536 ppm As and 263 ppb Au and is locallyassociated with anomalous molybdenum, antimony, and zinc. . A rocksample returning 1.31 g/t Au was also collected along the trend.
Copper Creek Southwest (Gold)
Copper Creek Southwest is located approximately 1kilometer southwest of the main Copper Creek trend, and consists of a1.5km gold in soil anomaly with samples up to 1266ppb Au. The area hashistorically been called the “Albatross Target” and was trenchedand drilled by Noranda in the 19XX’s; returning grab samplesHistoric up to 30 g/t Au and drilling results of 1.0 g/t Au over 7meters.
Copper Creek Trend (Copper &Gold)
This is a 2-kilometer-long southwest trending Au insoil anomaly with highs of 867 ppb Au. The northern area of the trendis defined by a 500m x 1000m copper anomaly with highs up to 2,860 ppmCu that has association with anomalous Zinc. This target isapproximately 1 kilometer north of the Dorset Trend and immediatelyeast of historic Terra Nova Copper Deposit.
Copper Creek South (Copper &Gold)
The Copper Creek South target is located between Dorsetand Copper Creek trends approximately 2km south of Baie Verte,immediately north of the LaCie Highway. This area has soil results upto 416 ppb Au and 1429 ppm Cu. The location of Au and Cu anomalies ison trend with historic targets in the Dorset trend to the SW.
Interpretation
Follow up investigation of the gold and copperanomalies is ongoing, however, initial results indicate that the goldin soil anomalies are often associated with anomalous arsenic, andoccur along lithologic contacts interpreted to be NE trending shearzones near the boundaries of, or within gabbroic rock units. Thisstyle of mineralization is analogous to the Anaconda’s Pine CoveMine where gold is hosted in altered gabbroic and volcanic rocks. The zones of anomalous copper (+/-gold) is often associated with zinc, and shows strong similarities to VMS stylemineralization hosted within the nearby by Terra Nova Copper deposit.
2022 Exploration Program
Based on the 2021 exploration results, the Company isplanning an initial RAB drilling program on Dorset. The program willconsist of a minimum of 30 drill holes and will test both gold andcopper targets on . the Dorset , Copper Cree, Copper Creek Southwest,and FMB trends. The drilling is anticipated to commence in early June2022 and is designed to evaluate the targets for potential follow updiamond drilling.
In addition to the RAB drilling, geologic mapping, soilsampling, rock sampling, and geophysical work will be conducted toextend mineralized trends and aid in geologic interpretation on theproject.
Assay Methodology and QA/QC
The soils samples for the 2021 program were prepared atEastern Analytical Laboratories. The samples are dried at 60 degreesCelsius and sieved to -80 mesh and then air couriered to BureauVeritas Labs in Vancouver, British Columbia where the samples wereanalyzed usingAQ201+U method (15g aqua regia digest with 37 elementICP-MS)
GT Probe and rock samples were prepared and analyzed byALS Global Laboratories of Moncton, NB. The entire sample was firstcrushed to 70% passing -2 mm and then splitting off and pulverizing a250-gram split to 85% passing -75 microns. A 0.5 gram cut of the pulpwas then analyzed by ME-ICP41, which is an aqua regia digestionfollowed by ICP-AES analysis for 35 elements. Gold was analyzed for byAA-AU23 using a 30-gram charge for a standard fire assay with an AAfinish. If Au results were >10 g/t a second 30-gram charge was usedfor a standard fire assay with a gravimetric finish.
The reported work was completed using industry standardprocedures, including a quality assurance/quality control(“QA/QC”) program consisting of the insertion of certifiedstandard, blanks and duplicates into the sample stream.
Figure 3: Location of the Baie VerteProject (Dorset), Newfoundland, Canada
About Leocor’s DorsetProject
The Dorset Gold Project is a 275-ha gold explorationproject, held within the Company’s larger Baie Verte Project,located south of the Pine Cove Gold Mine, and features multiple zonesof high-grade gold mineralization. The Main Dorset Target includesthree historic showings, referred to as Dorset1, 2 and 3 Showings. Grab samples from the showing returned gradesup to 407.9 g/t Au. Historic drilling includesDDH 87-1, which intersected 9.5 g/t Au over 1.3m (MacDougall andWalker, 1988).
Historic select sampling at theBraz Zone (within the “Dorset Trend”) returned values up to 314 g/t Au. Historic channel sampling across the vein returned 9.5g/t Au over 0.4m, 5.7 g/t Au over 0.5m and 1.2 g/t Au over 0.65m(MacDougall, 1990).
Copper Creek (1,025-ha) hosts a number of goldprospects and copper occurrences associated with extensivealteration/shear zones developed within a thrust-faulted sequence ofAdvocate (ophiolite) Complex rocks, intermediate to silicicvolcaniclastic rocks, and micro gabbroic dykes/sills of the FlatwaterPond (cover sequence) Group. Historical results at Copper Creek –Biarritz zone include “values ranging from 1.3 to 16 g/t Au fromgrab samples and a combined assay of 3.9 g/t Au over 4.0m fromdetailed chip sampling.” Additionally, “300m SW along strikeexposed a 5-10m shear zone with similar alteration returned whichreturned sporadic values up to 9.2 g/t Au from grab samples” Norandadrilled several diamond holes in the area including A-88-7 whichreturned 0.66 g/t Au over 1.5 m and A-88-9 which returned 3.11 g/t Auover 0.5 m. (MacDougall, 1989).
* 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 under National Instrument 43-101, has reviewed andapproved the technical information in this news release.
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 to COVID-19; Leocor's ability toraise 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.
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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