Business
Leocor Gold Expands Newfoundland Holdings Acquiring Copper Creek and Five Mile Brook Gold Projects
Vancouver, British Columbia - TheNewswire - August 21, 2020 - Leocor Gold Inc. (the "Company" or "Leocor") (CSE:LECR) (CNSX:LECR.CN) is pleased to announce that
About this update from Leocor Mining Inc.
[{"type":"text","content":"Vancouver, British Columbia - TheNewswire - August 21, 2020 - Leocor Gold Inc. (the \"Company\" or \"Leocor\") (CSE:LECR) (CNSX:LECR.CN) is pleased to announce that it has entered into an option agreement (the \"Option Agreement\") dated August 11, 2020 with Lai Lai Chan, pursuant to which Leocor has the option (the \"Option\") to acquire a 100% interest in the Copper Creek and Five Mile Brook projects located north-central portion of the Baie Verte Peninsula, Newfoundland. In order to exercise the Option, Leocor must: (1) make cash payments to Ms. Chan of $250,000 over four years; (2) issue a total of 600,000 common shares of the Company to Ms. Chan over four years; and (3) incur work expenditures of $1,650,000 over four years. Upon exercise of the Option, Ms. Chan will retain a 2% NSR royalty. The acquisition of the Five Mile Brook (350 hectares) and Copper Creek claims (1025 hectares) brings the total of Leocor Gold's holdings on The Baie Verte Peninsula to 1,650 hectares. These two additions give Leocor a near contiguous land package that bridges the gap between Tenacity Gold to the south, and Anaconda Mining to the north (see figure 1). \"These are strategically significant acquisitions for Leocor,\" said CEO, Alex Klenman. \"With these additions we've grown our footprint by approximately 600% in one of the most prolific mining districts in Canada. The area is well known for gold, copper and base metal deposits. The popularity of Newfoundland as a mining district in general has grown substantially in recent times thanks to high-profile discoveries and transactions. We are pleased to be able to expand our operations there and plan on conducting some considerable exploration work on the new ground, as well as the Dorset project, in the coming months,\" continued Mr. Klenman. 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 th...