(via TheNewswire)
Current and historical surface work shows a semi-continuous N-NE strike length of alteration and mineralization between the Five mile Brook South prospect to the Tidewater Prospect. Leocor will be working with GroundTruth exploration on the program which will unify the projects with a common soil database and holistically define what we expect to be a significant mineralized footprint. The GroundTruth method breaks down the exploration process into phases, typically defined as follows:
Phase 1)
-Soils 100 m line separation and 25 m sampling separation
- Air magnetic survey
-
Lidar Survey -
VLF Survey
Phase 2)
-GT Probe Drilling (around areas of interest constituting potential targets)
- Induced Polarization across potential drill targets
Phase 3)
-GT Rab Drilling (typically 60m holes in fences across shallow targets)
Phase 4)
-Diamond or Reverse Circulation drilling (once structure and orientation of target are well defined)
The planned program is budgeted for 710,000 CA$ and consists of:
Phase 1 171 Line Km of ground magnetic
4943 soil samples
20 Km2 Airborne Lidar survey
Phase 2 5,000 m of Induced Polarization
585 GT Probe samples
Phase 3 15 short, 60 m Rab holes
The distribution of planned work is illustrated in image 1. Image 1A shows ground magnetic lines, soil lines and IP lines over topography and relative to a selection of some of the more important mineral occurrences on the property. Image 1B shows the same data over the district geology. The
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Image 1 and 1A: Leocor Baie Verte Property position with planned work, mineral occurrences, and district geology
Recent Work
Over the past six months Company geologists have identified asignificant zone of gold mineralization at the new Braz-NE trench site as well as an extensive gold-in-soil anomaly in the southwestern claims, from which a recent rock sample value of 1.23 grams-per-tonne (“g/t”) gold (“Au”) was obtained.
The most significant gold results, from the Braz-NE trench, illustrated in Image 2, were obtained from a 16.8 m wide section of a 57 m wide iron-carbonate alteration zone, where a total of 12 channel samples were collected. Eight of these, from20304 to 20311,returned a continuous section of highly anomalous gold results having a combined (average) grade of 1.69 g/t Au over 8m; the latter section includes two subzones yielding 1.47 g/t Au over 4m and 2.49 g/t over 3m. Bounding this zone, to the northwest, is a 3.6m gap (of non-exposure) separating it from a 2.5m wide quartz vein rich zone where three channel samples20301, 2 and 3returned an average grade of 3.31 g/t Au over 2.5m. To the southeast of the 8m channel-sampled section, a 0.7 m gap of non-exposure, separates the latter from a 1.6m wide bedrock exposure20311returning 1.34 g/t Au over 1.6m.
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Image 2: BRAZ-NE Trench
About Leocor’s
The
The
Historic select samplingat the
Otherzones include The Albatross, wherehistoric rock sampling of mineralized zones returned values up to30.3 g/t Au.Assay results from three1987 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 and the
In the
Five
* Historic rock samples andgrab 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 historic 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
National Instrument 43-101 Disclosure
Dr.
About
Contact Information
Email : aklenman@leocorgold.com
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 Agreements or at all; Leocor's ability to exercise the Options; the state of the financial markets for Leocor's securities; the state of the 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 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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