Vancouver, British Columbia – TheNewswire – August 26, 2020 – Leocor Gold Inc. (the “Company” or “Leocor“) (CSE:LECR) (CNSX:LECR.CN) is pleased to announce it has formally engaged JDS Energy & Mining Inc. (“JDS”) to conduct a Preliminary Work Assessment on the Company’s Dorset Gold, Copper Creek and Five Mile Brook Projects in the Baie Verte Mining District in Newfoundland, Canada.
The team at JDS will work alongside Leocor’s field geologist, Wilson Jacobs, and the Company’s senior management and board, in reviewing historical results, area history, geological and technical reports, and ongoing reconnaissance exploration programs, in an effort to prioritize targets for future drill programs at the Company’s Newfoundland projects.
“We’re excited to add JDS to our team,” said CEO, Alex Klenman. “Their level of expertise is well documented and their involvement will be of great benefit to our development efforts in Newfoundland. We’re committed to both an aggressive and efficient path, and adding JDS will be a key component in unlocking the value we believe is held within our Baie Verte project portfolio,” continued Mr. Klenman.
About JDS Energy & Mining Inc.
JDS Energy & Mining Inc. (JDS) was founded in 2004 by Jeff Stibbard and is now composed of a diverse set of skilled and highly experienced mining and construction professionals. With a proven record providing clients with fit-for-purpose solutions and value delivery, JDS has acquired a reputation for delivering and executing project plans on budget, on time, and most importantly, safely. The JDS team prides itself on delivering project concepts from inception to full operations – a process it has executed seamlessly for operations throughout Canada and the world, including the Minto and Eagle Gold Mines in the Yukon, the Gahcho Kue Mine located in the Northwest Territories, and the currently under construction Madsen Mine in Red Lake, Ontario.
About the Dorset Gold Project
The Dorset gold project is a 275-hectare gold exploration project, located south of the Pine Cove gold mine, Baie Verte mining district, north-central Newfoundland, Canada, with multiple zones of high-grade gold mineralization. A number of high-target areas have been delineated for follow-up, based on the historic work, which includes the following highlights*:
- Dorset – 408 grams-per-tonne (“g/t”) gold (“Au”) (grab sample), 41.6 g/t Au over 1.5 metres (channel) and 9.5 g/t Au over 1.3 m in a diamond drill hole;
- Dorset extension – 56 g/t Au over 2.5 m (channel) and 2.32 g/t Au over 0.5 m (diamond drill hole);
- Braz – 314 g/t Au (grab), 40 g/t Au (grab) and 5.8 g/t over 1.9 m (channel);
- Gunshot – 162 g/t Au (grab), 18 g/t Au over 0.4 m (channel) and 5.73 g/t over 0.55 m (diamond drill hole);
- Central carbonate zone – 5.5 g/t Au (grab), 4.6 g/t Au (grab) and 0.6 g/t Au over 5.5 m (channel).
About Copper Creek and Five Mile Brook Projects
The Baie Verte Peninsula represents one of the more productive and historical gold and base metal mining districts in Canada. The former Terra Nova base metal mine – one of several copper mines of the region, which operated during the late 1880’s to early 1900’s – lies 200 meters west of Leocor’s Copper Creek claims. Former gold mining operations in the area include the Goldenville mine (of 1903-1906), located 8 km NE of the property, and the more recent Nugget Pond mine (1997-2000) of the eastern Baie Verte Peninsula area. Currently producing mines in the area include the Rambler base metal-gold mine (1961-present), located 14 km ESE of Baie Verte, and the Pine Cove Mine and Stogertite deposit (collectively, 2011-present) located 1.6 km and 5.4 km NE of the current property.
Historical results at Copper Creek include 3.9 g/t Au over 4 meters in a channel sample, and 16 g/t Au, 11.35 g/t Au, 9.20 g/t Au, 8.23 g/t Au, 7.33 g/t in grab samples*. Five Mile Brook has been subject to minimal exploration in the past but shows potentially important geological continuity to the Company’s Dorset Gold Project, which lies directly contiguous to the northern boundary.
* (Noranda, 1988-1990; Anaconda Mining 2004; Chan 2013)
Note: the reader is cautioned that rock grab samples are selective by nature and may not represent the true grade or style of mineralization across the property.
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.
Leocor Shares Begin Trading in USA
The Company is also pleased to announce that effective immediately, its common shares have commenced trading in the United States under the ticker symbol “LECRF”. The listing coincides with the Company’s ongoing efforts to both increase and support its existing U.S. shareholder base and to facilitate trading in the OTC markets. The company has also pursued DTC eligibility to support electronic trading and expects that approval in the coming weeks.
About Leocor Gold Inc.
Leocor Gold Inc is a British Columbia-based resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada. 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”. Leocor has an option agreement with Nexus Gold Corp. on the Dorset Gold Project in the Province of Newfoundland and Labrador, pursuant to which Leocor has the option to acquire a 100% interest in the project. Dorset is located in the Baie Verte Mining District, proximal to known deposits and currently producing mines, including Anaconda Mining’s Pine Cove Mine and Stogertite deposit, and Rambler Metals’ Ming Mine.
Leocor Gold Inc.
Alex Klenman, Chief Executive Officer
Telephone: (604) 970-4330
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 Option Agreement or at all; Leocor’s ability to exercise 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; circumstances related to COVID-19; Leocor’s ability to raise the necessary capital or to be fully able to implement its business strategies; 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.
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