Baie Verte District
Dorset Gold Project
The Dorset Gold Project is a 600-hectare project area containing multiple gold occurrences and mineralized zones, located just south of the Pine Cove Gold Mine in North Central Newfoundland on the Baie Verte Peninsula
Leocor Gold has optioned the property from Nexus Gold Corp, wherein Leocor has the right to earn a 100% interest in the project by completing a series of cash payments totaling $1,250,000 over a four-year term, and incurring expenditures on the Project of at least $1,500,000 over a five-year term.
Leocor has also optioned an additional 325 hectares from Stanley H.B. Squires & Robert P. McGuire consolidating the ground between and adjacent to the Company’s central Dorset Gold Project and The Copper Creek project to form a contiguous land package.
The Dorset Project is our flagship exploration target with abundant historical data and two significantly mineralized quartz veins with extensive surface showings.
Dorset gold mineralization is hosted by three subparallel, NE-trending quartz lode vein systems.
The Main Zone includes three historic occurrences, with up to 409 grams-per-tonne (“g/t”) gold (“Au”) in grab samples, with channel sampling results of 177 g/t Au over 0.35m, 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 9.5 g/t Au over 1.3m (MacDougall, 1990).
Historic select sampling at the Braz Zone returned values of 314 g/t Au, 40 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 mineralized wall rock returned values of 5.8 g/t Au over 1.9m; 3.1 g/t Au over 2.0m and 2.5 g/t Au over 1.5m (MacDougall, 1990).
Copper Creek Gold Project
Located in the north-central portion of the Baie Verte Peninsula, Copper Creek extends to within 1.6 km of the active Pine Cove gold mine.
The project’s southwestern section is host to a number of gold prospects and copper occurrences associated with extensive alteration/shear zones developed within a thrust-faulted sequence of quartz-Fe-carbonate-fuchsite-altered gabbros, ultramafics and mafic volcanics, of the Advocate (ophiolite) Complex, and intermediate to silicic volcaniclastics & tuffs and microgabbroic dykes/sills, of the Flatwater Pond (cover sequence) Group.
Five Mile Brook Project
The Five Mile Brook project consists of a single mineral license (25481M), comprised of 8 claims contiguous to the Dorset Gold Project.
Prior to the mid-1980’s, the only recorded exploration work for the Five Mile Brook project consisted of a reconnaissance work by Consolidated Rambler Mines Ltd, in 1976, along the western claim boundary area.
Three non-contiguous samples returned assays of: 1.63% Cu, 0.56 g/t Au, 226 g/t Ag & 0.28% Zn over 0.61 m; 0.32% Cu, 0.51 g/t Au & 3005 g/t Ag over 0.61 m; and 0.49% Cu, 0.62 g/t Au, 226 g/t Ag & 0.18 % Zn over 7.62 m (Collins, 1976).