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Leocor Ventures Signs Letter of Intent to Acquire Dorset Gold Project from Nexus Gold Corp
Vancouver, British Columbia - TheNewswire - March 30, 2020 - Leocor Ventures Inc. (the "Company" or "Leocor") is Leocor Ventures Inc. (the "Company" or "Leocor"
About this update from Leocor Mining Inc.
[{"type":"text","content":"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 r...