Leocor announces initial exploration program underway at the Dorset Gold Project, Newfoundland, Canada
Leocor Ventures Inc.
Suite 303, 750 West Pender Street
Vancouver, BC V6C 2T7
LEOCOR ANNOUNCES INITIAL EXPLORATION PROGRAM UNDERWAY AT THE
DORSET GOLD PROJECT, NEWFOUNDLAND, CANADA, A NAME CHANGE TO
“LEOCOR GOLD INC.”AND OPTIONS GRANTS
Vancouver, B ritish Columbia – July 24, 2020 - Leocor Ventures Inc. (the "Company" or
"Leocor") is Leocor Ventures Inc. (the "Company" or "Leocor ") (CSE: LECR) is pleased to
report field work has begun at the Dorset Gold Project, located in north central
Newfoundland, Canada.
Company geologist Wilson Jacobs is overseeing the preliminary field work, with the initial
focus directed at locating a number of historic trench sites from which high -grade gold
assay results were reported by Noranda Exploration Co. Ltd, during 1997-1999.
A number of target areas have been delineated for follow -up, based on the historic work
and these include:
Dorset – up to 408 grams-per-tonne (“g/t”) gold (“Au”) (grab samples), 41.6 g/t Au
over 1.5m (channels) and 9.5 g/t Au over 1.3m in a diamond drill hole (ddh).
Dorset Extension – up to 56 g/t Au over 2.5m (channels) and 2.32 g/t Au over
0.5m (ddh).
Braz – up to 314 g/t Au & 40 g/t Au (grabs) and 5.8 g//t over 1.9m (channels).
Gunshot – up to 162 g/t Au (grabs), 18 g/t Au over 0.4m (c hannels) & 5.73 g/t over
0.55m (ddh).
CCZ – up to 5.5 g/t Au & 4.6 g/t Au (grabs) and 0.6 g/t Au over 5.5m (channels).
A complete outline of these targets is described below and locations are shown on fig.2.
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Figure 1: Dorset Gold Project location, Newfoundland
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Figure 2: Known mineralized zones at the Dorset Gold Project, Newfoundland
The gold occurrences are associated mainly with quartz vein systems cutting strongly
altered gabbroic and mafic volcanic host rock. Considerable gold potential is indic ated for
the host rock as well, as represented by the Central Carbonate Zone (CCZ) which includes
a 70m wide zone of iron -carbonate alteration with sporadic 1 -2% pyrite and associated
anomalous gold traceable over 700m (see gold results above).
With the exception of a small exposed section of quartz vein at the Dorset, the above
trenches are heavily concealed by infilled debris and significant vegetation regrowth. The
various trench prospects - formerly mapped and plotted in relation to the early Noranda
(cut-line) grid - are presently being documented by GPS and positioned in relation to a
newer (2013) grid constructed by Tenacity Gold Mining Co. Ltd.
A compilation of all historical data involving geology, soil geochemistry, trenches and drill
holes will be transferred to the newer grid map. This will aid the exploration strategy
designed to follow up on yet-untested, favourable, geological and gold-in-soil geochemical
trends. The latter grid, which is fair to good condition, represents an excellent ass et to the
property by which a recommended Induced Polarization (“IP”) survey can be implemented
as well as follow-up soil geochemical surveys.
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Exploration Approval for the Dorset showing has already been granted, and c oncurrent
with the above work, an application for additional approvals was filed with government on
July 14 to conduct retrenching of the remaining known sites. The trenching program is
designed to confirm and expand on the earlier-reported gold-bearing zones.
“We’re pleased to begin o ur work at Dorset ,” said CEO, Alex Klenman. “ The recon
program will re-establish the known mineralized zones and identify and investigate any
potential new areas of interest. Our goal is to conduct a drill program in the near term, so
this is critical wo rk that will lead to prioritizing those initial drill locations ,” continued Mr.
Klenman.
About the Dorset Gold Project
The Dorset Gold Project is a 275 -ha gold exploration project, located south of the Pine
Cove Gold Mine, in the Baie Verte Mining Dist rict, north central Newfoundland, Canada,
with multiple zones of high -grade gold mineralization. The Main Dorset Zone includes
three historic occurrences, with up to 40 8 grams-per-tonne g/t Au in grab samples, with
channel sampling results of 177 g/t Au ov er 0.35 metre, 22 g/t Au over 1.5m, 17.2 g/t Au
over 1.5m and 14.7 g/t Au over 1.5m. Historic drilling includes DDH 87 -1, which
intersected 9.5 g/t Au over 1.3m (MacDougall, 1990).
Historic select sampling at the Braz Zone returned values of 314 g/t Au, 4 0 g/t Au, 31.4 g/t
Au, 21.2 g/t Au, 19.2 g/t Au and 14.8 g/t Au. Historic channel sampling across the vein
returned 9.5 g/t Au over 0.4m, 5.7 g/t Au over 0.5m and 1.2 g/t Au over 0.65m. Weighted
averages of historic rock sampling encompassing vein and mine ralized wall rock returned
values of 5.8 g/t Au over 1.9m, 3.1 g/t Au over 2m and 2.5 g/t Au over 1.5 m (MacDougall,
1990).
Other zones include: The Albatross, where historic rock sampling of mineralized zones
returned values up to 9.6 g/t Au and locally up to 30.3 g/t Au. Assay results from three
1987 diamond drill holes include 1.0 g/t Au over 7.3m, 1.81 g/t over 4.3m and 1.02 g/t
over 2.2m; the Phoenix Zone, where grabs of altered gabbro assayed up to 5.8 g/t Au, 5.5
g/t Au and 3.3 g/t Au, and diamond dri ll hole intersection of 1.07 g/t Au over 5.45m; and
the Gunshot Zone, where veins contain ing visible gold and pyrite returned grab samples
that assayed up to 162 g/t Au and channel samples that assayed up to 18 g/t Au over 0.4m
(MacDougall, 1989).
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* Historic rock samples and grab samples mentioned in this release are selective by nature
and are unlikely to represent average grades of the property
* The reported drill intercept is an intersected length and is not a true width
The data reported here is histo ric in nature and has not yet been verified by a Qualified
Person. Leocor has relied on the information supplied in the Noranda assessment reports
(quoted above) and from information found in MODS (Mineral Occurrence Data System)
published by the Newfoundland Department of Natural Resources.
Name Change
The Company is also pleased to announce that it intends to change its name from "Leocor
Ventures Inc." to "Leocor Gold Inc." The Company will continue to trade under the same
trading symbol of “LECR”. The e ffective date of the name change is still to be confirmed
and will be disclosed immediately upon confirmation.
Option Grants
In addition, the Company has granted an aggregate of 600,000 incentive stock options to
certain directors and officers of t he com pany under its incentive stock option plan. The
options vest immediately and are exercisable at a price of 80 cents for a period of 60
months.
Wayne Reid, P. Geo., a qualified person as defined in National Instrument 43 -101, is
responsible for this release and supervised the preparation of the information forming the
basis for this release.
About Leocor Ventures Inc.
Leocor is a British Columbia-based company involved in the acquisition and exploration of
precious metal projects, with a focus in Ca nada. Leocor is a reporting issuer in British
Columbia, Alberta and Ontario, and has its common shares listed for trading on the
Canadian Securities Exchange under the symbol "LECR".
Contact Information
Leocor Ventures Inc.
Alex Klenman, Chief Executive Officer
Email: [email protected]
Telephone: (604) 681-0084
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Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian
securities laws. Such information includes, without limitation, information regarding the
terms and conditions of the Option. Although Leocor believes that such information is
reasonable, it can give no assurance that such expectations will prove to be correct.
Forward looking information is typically identified by words such as: “believe”, “expect”,
“anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those,
which, by their nature, refer to future events. Leocor cautions investors that any forward-
looking information provided by Leocor is not a guarantee of future results or
performance, and that actual results may differ materially from those in forward looking
information as a result of various factors, including, but not limited to: the agreement of
the parties to proceed with the proposed transaction on the terms set out in the LOI or at
all; Leocor's ability to exercise the Option; the expected timing and terms of the Option;
the state of the financial markets for Leocor's securities; the state of the natural resources
sector in the event the Option is completed; recent market volatility; Leocor's ability to
raise the necessary capital or to be fully able to implement its business strategies; the
receipt of all applicable approvals required for Leocor’s intended name change and other
risks and factors that Leocor is unaware of at this time. The reader is referred to Leocor's
initial public offering prospectus for a more complete discussion of applicable risk factors
and their potential effects, copies of which may be accessed through Leocor’s issuer page
on SEDAR at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date of
this press release. Leocor disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future events or
otherwise, except as required by law.