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Leocor Gold Signs LOI to Acquire Hare Bay Resources Corp.
Vancouver, British Columbia – TheNewswire - December 4, 2020 - Leocor Gold Inc. (the “Company” or “Leocor”) (CSE:LECR) (CNSX:LECR.CN) (OTC:LECRF) is pleased to
About this update from Leocor Mining Inc.
[{"type":"text","content":"Vancouver, British Columbia – TheNewswire - December 4, 2020 - Leocor Gold Inc. (the “Company” or “Leocor”) (CSE:LECR) (CNSX:LECR.CN) (OTC:LECRF) is pleased to announce that it has entered into a letter of intent dated November 30, 2020 (“LOI”) with Hare Bay Resources Corp. (“Hare Bay”), pursuant to which the Company will acquire 100% of the issued and outstanding common shares in the capital of Hare Bay (the “Hare Bay Shares”) in exchange for common shares of the Company (“Company Shares”) at a ratio of one Company Share for every one Hare Bay Share (the “Proposed Transaction”). Upon closing, it is expected that the Company will issue approximately 4,750,001 Company Shares to shareholders of Hare Bay. Hare Bay owns an option to acquire 70% of the 6,847-hectare Star Trek Gold Project, located in Central Newfoundland (the “Project”). The Project is located in the Gander Zone geological group, in rocks similar to those underlying New Found Gold Corp.’s Queensway Gold Project located 25 km to the west. “We’re going to get into some due diligence and evaluate the data, but this potential acquisition would give us a sizeable presence in a real area of interest for us,” said CEO Alex Klenman. “One of our goals is to expand Leocor’s footprint into other prospective areas in Newfoundland, and we think this acquisition would make an excellent strategic addition to our Atlantic Canada portfolio,” continued Mr. Klenman. The Project contains three areas of interest, the Western, Central and Eastern Zones. More than 50 gold occurrences have been discovered on the property through previous trenching and grab samples. The Western Zone features gold mineralization outlined for 2km, with grab samples** up to 3.5 grams-per-tonne (“g/t”) gold (“Au”) in quartz stock work, with veins featuring epithermal features, arsenopyrite and trace amounts of stibnite (see White Metal Resources Corp. (“White Metal”) news releases dated December 18, 2019 and July 30, 2019). The Eastern Zone has been traced for 2km and displays characteristics of hydrothermal alteration, with silicification, albite, and tourmaline. The Central Zone has seen trenching by Rubicon Minerals, which focused on gold showings hosted in epithermal vein system, and which produced highly anomalous values of gold, arsenic and antimony. Subsequent sampling by Whi...