|Leocor Ventures Signs Letter of Intent to Acquire Dorset Gold Project from Nexus Gold |
Vancouver, British Columbia - TheNewswire - March 30, 2020 - Leocor Ventures Inc. (the "Company" or "Leocor") is Leocor Ventures Inc. (the "Company" or "Leocor") (CSE:LECR) (CNSX:LECR.CN) is pleased to announce that it has signed a non-binding letter of intent ("LOI") with Nexus Gold Corp. ("Nexus") regarding its Dorset gold project (the "Dorset Project") located in northern Newfoundland, Canada.
Under the terms of the LOI, Leocor has the option ("Option") to acquire a 100% interest in the Dorset Project, subject to a 2% net smelter returns royalty on commercial production from the Dorset Project granted in favour of United Gold Inc. and Margaret Duffit, 50% of which may be purchased by Leocor at any time for a cash payment of $1,000,000. In order to exercise the Option, Leocor must make cash payments to Nexus of CDN$1,250,000 over four years (CDN$100,000 due upon a definitive agreement being entered into) and incur work expenditures of CDN$1,500,000 over five years.
The proposed transaction is subject to approval of the Canadian Securities Exchange and the TSX Venture Exchange. The LOI is not binding and the parties are not bound to complete the proposed transaction on the terms set out herein or at all.
About the Dorset Project
The Dorset Project consists of a series of mineral claims comprising approximately 275 hectares of land located in the Province of Newfoundland, south of the Pine Cove Gold Mine.
The Dorset gold project is a 275-hectare land package containing multiple gold occurrences and mineralized zones. The main zone includes three historic occurrences, with up to 409 grams per tonne gold in grab samples, with channel sampling results of 177 g/t Au over 0.35 metre, 22 g/t Au over 1.5 m, 17.2 g/t Au over 1.5 m and 14.7 g/t Au over 1.5 m. Historic drilling includes DDH 87-1, which intersected 9.5 g/t Au over 1.3 m (MacDougall, 1990). The reported drill intercept is an intersected length and is not a true width.
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 0.4 m, 5.7 g/t Au over 0.5 m and 1.2 g/t Au over 0.65 m. Weighted averages of historic rock sampling encompassing vein and mineralized wall rock returned values of 5.8 g/t Au over 1.9 m, 3.1 g/t Au over two m 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 one g/t over 7.3 m, 1.81 g/t over 4.3 m and 1.02 g/t over 2.2 m; 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 drill hole intersection of 1.07 g/t Au over 5.45 m; and the Gunshot zone, where veins contain visible gold and pyrite, returned grab samples collected from the veins have assayed up to 162 g/t Au and channel samples have assayed up to 18 g/t Au over 0.4 m (MacDougall, 1989).
Termination of Rockland Project Letter of Intent
Further to its news release dated February 11, 2020, the Company announces that, after conducting due diligence, it has decided not the pursue the acquisition of the Rockland property owned by Enigma Resources LLC ("Enigma") and has terminated its letter of intent with Enigma.
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 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 Ventures Inc.
Zula Kropivnitski, Chief Financial Officer
Telephone: (604) 681-0084
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; 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.