(TheNewswire)
Vancouver, BritishColumbia – TheNewswire - December 7, 2022 - Leocor Gold Inc. (the “ Company ” or “ Leocor ”) (CSE: LECR, OTCQB: LECRF;Frankfurt: LGO) is pleased to announce it has received Rotary AirBlast (“RAB”) drill results on the Company’s Baie Verte projectlocated near Anaconda Mining’s Pine Cove Mine and Rambler Metal’sMing Mine in northwestern Newfoundland.
The Phase 1 program tested at least six differenttarget areas for gold and/or copper mineralization with 18 RAB drillholes and was designed to follow up on previously announced soil andGT Probe results (1) ; evaluating the targets for potential followup diamond drilling as warranted. Results from 12 of the holes on thegold targets are discussed in this news release, and the results fromthe additional six holes on the Copper Creek Trend will released indue course.
Highlights from the gold targets include:
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Sharpie Ridge Target: 2.32 grams-per-tonne (“g/t”)gold (“Au”) over 10.67m; including 10.2 g/t Au over 1.52m. Newtarget that is open along strike and at depth.
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Braz NE Target: 3.18 g/t Au over 4.57m from surface.New target that is open along strike and at depth.
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Dorset Main Target: 1.41 g/t over 7.62m. Confirminggeometry of the mineralized zone.
“We’re very pleased with the new discoveries on theconsolidated Baie Verte package,” said CEO, Alex Klenman. “Thetechnical team has done great work to advance the project and ourunderstanding of the mineralized zones. These new targets representeven more upside, and it appears the ground has more to give. We’re anxious to see the upcoming Copper Creek results, thenwe’ll move towards diamond drilling,” continued Mr.Klenman.
2022 RAB Drill Program
The 2022 RAB Drilling program consisted of 1023m ofdrilling over 18 holes and tested 6 target areas across the Baie Verteproperty including the Dorset, Gunshot, Gunshot Extension, SharpieRidge, Braz NE, and Copper Creek target areas. The program followed upon previously announced gold and copper soil and GT Probe results overa 7km trend across the property (1) and isdesigned to evaluate the targets for potential diamond drilling.Results for 12 of the 18 holes, focused on the gold target areas, areincluded in this release. Additional result from the Copper CreekTrend will be released in due course.
The RAB drilling was 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.
Individual results for the drilling ranged from belowdetection to 10.2g/t Au and are summarized in Table 1 below. A drillcollar table and associated map for the results included in thisrelease are included in Table 2 and Figure 1 below. All intervals arereported as drilled and there is not currently enough information todetermine true thickness at this time. It should also be noted thatnone of the holes reached the originally planned 100m target depth doto challenging ground conditions.
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(1) See theCompanies new release dated May 19, 2022. Available at leocorgold.comand SEDAR.
Table 1: RAB Drill Results from goldtargets on the Baie Verte Project
Hole ID | Target | From (m) | To (m) | Interval (m) | Au g/t) |
DORRAB22-001 | DOR Main | 28.96 | 36.58 | 7.62 | 1.41 |
DORRAB22-002 | DOR Main | 28.96 | 35.05 | 6.10 | 1.14 |
DORRAB22-003 | DOR/Gunshot Extension | 27.43 | 30.48 | 3.05 | 0.57 |
DORRAB22-004 | DOR/Gunshot Extension | No Significant Results | |||
DORRAB22-005 | DOR/Gunshot Extension | 1.52 | 19.81 | 18.29 | 0.21 |
DORRAB22-006 | Sharpie Ridge | No Significant Results | |||
DORRAB22-007 | Sharpie Ridge | 15.24 | 25.91 | 10.67 | 2.32 |
Incl. | 15.24 | 16.76 | 1.52 | 10.2 | |
DORRAB22-008 | Sharpie Ridge | No Significant Results | |||
DORRAB22-009 | Sharpie Ridge | No Significant Results | |||
DORRAB22-010 | BRAZ NE | 0.00 | 4.57 | 4.57 | 3.18 |
DORRAB22-011 | Gunshot | 18.29 | 19.81 | 1.52 | 0.64 |
DORRAB22-012 | Gunshot | No Significant Results |
Table 2: RAB Drill Collars from goldtargets on the Baie Verte Project
Hole ID | Target Area | Easting | Northing | Elevation (m) | Azimuth | Dip | Depth (m) |
DORRAB22-001 | DOR Main | 555375.1 | 5527046 | 103 | 135 | 55 | 42.67 |
DORRAB22-002 | DOR Main | 555383.5 | 5527058 | 101 | 135 | 55 | 39.62 |
DORRAB22-003 | Gunshot Extension | 554554.6 | 5526404 | 176 | 135 | 60 | 56.39 |
DORRAB22-004 | Gunshot Extension | 554641.2 | 5526466 | 159 | 135 | 60 | 71.63 |
DORRAB22-005 | Gunshot Extension | 554648.6 | 5526588 | 158 | 135 | 60 | 53.34 |
DORRAB22-006 | Sharpie Ridge | 553510.7 | 5526370 | 206 | 295 | 60 | 79.25 |
DORRAB22-007 | Sharpie Ridge | 553491.8 | 5526318 | 204 | 295 | 60 | 53.34 |
DORRAB22-008 | Sharpie Ridge | 553508.4 | 5526240 | 197 | 295 | 60 | 70.1 |
DORRAB22-009 | Sharpie Ridge | 553513.2 | 5526237 | 197 | 115 | 60 | 44.2 |
DORRAB22-010 | BRAZ NE | 555081.6 | 5527013 | 134 | 135 | 60 | 48.77 |
DORRAB22-011 | Gunshot | 555063.7 | 5527091 | 135 | 135 | 60 | 51.82 |
DORRAB22-012 | Gunshot | 555058 | 5527093 | 140 | 315 | 60 | 48.77 |
Figure 1: Fall 2022 drill locations,Dorset claims, Baie Verte Project, NW Newfoundland
Sharpie Ridge
Four holes (006 – 009) were drilled on the SharpieRidge target. The drilling was assessing alteration and mineralizationalong a NE trending fault-controlled contact of fuchsite alteredultramafic and metavolcanic rocks. The holes were drilled over a 130mstrike length and were centered on an outcrop of strongly silicifiedoutcrop with assays up to 1.31 g/t Au. Hole -007 was drilled adjacentto the mineralized outcrop and intersected strongly silicified andquartz veined metavolcanic and ultramafic returning 2.32 g/t Au over10.32m from 15.24m depth; including 10.2 g/t Au over 1.52m. Holes(006 & 008/009) were collared 55 and 80m north and south of -007;respectively. These holes failed to interest the mineralized structuredue to hole placement/dip, and only returned anomalous results. Thedrill results on Sharpie Ridge are significant because it is a newdiscovery and is at the NE end of a 1.8km gold in soil anomalyassociated with the same faulted contact. Follow up drilling willcontinue to assess the strike and dip extent of mineralization on thetarget.
Dorset
Two holes (-002 & -002) were drilled on the Dorsettarget evaluating the historic Dorset prospect which hosts rocksamples up to 57.2 g/t Au from NE striking, steeply west dippingquartz veins and breccia zones sericite-ankerite alteration andpyrite, arsenopyrite, and, locally, visible gold mineralization. Theholes were drilled approximately 15m apart and were designed toevaluate the geometry and dip of the mineralization. Both holesinterested intersected mineralization at 28.96m depth and returned1.41 g/t over 7.62m (-001) and 1.14 g/t Au over 6.10m (-002);respectively. The holes confirmed the geometry of the mineralized zoneand will guide follow up drilling efforts to assess the strike and dipextent of the zone and evaluate it for higher grade, plunging shoots,of gold mineralization.
DOR/Gunshot Extension
Three holes (-003 to -005) were drilled on theDOR/Gunshot Extension target, located approximately 950m SW of Dorset.The target consists of 1.6km, NE trending, gold in south anomaly withanomalous GT Probe results (up to 1.19 g/t Au). RAB drilling wasconducted on the NE end of the trend with the three holes placedapproximately 100m apart. Holes -003 and -005 returned zones ofanomalous Au mineralization (>0.1 g/t Au) with highlights of 0.57g/t Au over 3.05m from 27.43m depth from hole -003 and 0.21 g/t Auover 18.29m from 1.52m depth in hole -005.
Gunshot
Two holes (-011 &-012) were drilled on the Gunshot target locatedapproximately 345m west of the Dorset target. The drilling wastargeting NE striking gold in soil and GT Probe anomalies (up to 1.97g/t Au). The holes were, effectively, drilled from the same location(with 5m) at azimuths of 135 and 315; respectively. Only hole -011encountered anomalous mineralization with the best intercept returning0.64 g/t Au over 1.52m from 18.29m depth.
Braz NE
One hole was drilled on the Braz NE target, located 80msouth of Gunshot. The drilling was targeting a 5m wide outcrop ofsheared metavolcanic rocks with sheeted quartz veins and sericitealteration. The hole returned 3.18 g/t Au over 4.57m from surface andwill be a target for follow up drilling on the property.
Assay Methodology and QA/QC
All RAB samples were prepared and analyzed by BureauVeritas Laboratories. Samples were submitted to their Timmins, ONlaboratory for preparation with pulps sent to their Vancouver, BClaboratory for assay. The samples were were crushed to 70% passing -2mm and then splitting off and pulverizing a 250-gram split to 85%passing -75 microns (PRP70-250). A 0.5 gram cut of the pulp wasanalyzed by AQ201, an aqua regia digestion followed by ICP-MS analysisfor 36 elements. Gold was analyzed for by FA430 using a 30-gram chargefor a standard fire assay with an AA finish. If Au results were >10g/t a second 30-gram charge was used for a standard fire assay with agravimetric finish.
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, andthe more recent Nugget Pond mine (1997-2000) of the eastern Baie Verte Peninsula area. Currently producingmines in the area include the Rambler base metal-gold mine(1961-present), located 14 km ESE of Baie Verte, and the Pine Cove andStogertite mines (collectively, 2011-present) located 1.6 km and 5.4km NE of the current 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 and microgabbroic dykes/sills, ofthe Flatwater Pond (cover sequence) Group. Historical results atCopper Creek – Biarritz zone include “values ranging from 1.3 to16 g/t Au from grab samples and a combined assay of 3.9 g/t Au over4.0m 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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