The Conversation (0)
(TheNewswire)
 | |||||||||
 | |||||||||
Spring program to follow 2022 success at Baie Verte
Leocor Gold Inc. (the “ Company ” or “ Leocor ”) (CSE:LECR ) , ( OTC:LECRF) is pleased to announce that RAB drilling has begun on the Dorset Project within the Company’s Baie Verte District landholdings, Newfoundland, Canada.
The Baie Verte District is home to the Point Rousse gold mine now owned by Signal Gold and the Ming copper and gold mine belonging to Rambler Metals and Mining (Figure 1).
“We are excited to announce the beginning of our RAB drilling at Dorset as part of Leocor’s planned $1.2 million 2023 exploration program,” said CEO, Alex Klenman. “RAB drilling is a very mobile and cost-effective tool we are utilizing to target the sub-surface with instant XRF analysis and downhole optical viewing. The Dorset Project remains a top priority for Leocor based on our impressive inaugural RAB results from 2022, and we’re looking forward to continuing the project’s development,” continued Mr. Klenman.
Figure 1. Regional location of Leocor’s Baie Vert District landholdings
Dorset (Baie Verte District)
A total of 16 RAB drill holes are planned for the Dorset Project. RAB drilling will continue to test and expand on the Sharpie Ridge gold occurrence with seven RAB holes where in late 2022 drilling returned 2.32 g/t Au over 10.67 m and 10.2 g/t Au over 1.52m . An additional two RAB holes will be completed at Copper Creek target where in 2022 drilling returned 0.58% % Cu over 9.12m, which includes 1.095% Cu over 1.52m .
Two RAB holes will be completed at the Dorset Gunshot/Braz occurrence where in 2022 drilling returned 3.18 g/t Au over 4.57 m . An additional seven RAB holes will target the Dorset Trend where a large 1 x 2 km gold-in-soil anomaly was outlined by 2022 soil sampling efforts (Figure 2). The extensive gold-in-soil anomaly is “one of the most clustered and anomalous” he has seen, says Leocor’s Technical Advisor, Shawn Ryan.
Figure 2. Planned 2023 RAB drill holes at the Dorset Project
RAB Drilling
The RAB drilling will be completed by GroundTruth Exploration Inc. using their “GT RAB Drill,” a Heli-Portable, wireless remote-controlled, rubber tracked platform with a hydraulic tilting mast assembly and rotary drill head. The GT RAB Drill is environmentally friendly with low-ground pressure and minimal surface disturbance. Individual drill holes can be up to 100m in depth and are paired with onsite XRF analysis and optical televiewer surveys, allowing rapid evaluation of the target areas.
Qualified Person
Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.
About Leocor Gold Inc.
Leocor Gold Inc. is a British Columbia-based resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada. Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte Mining District. Leocor’s Bae Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous nearly 2,000-hectare exploration corridor. The Company also controls the 6,847-ha grassroots Startrek project near Gander, as well as three district scale land packages in North Central Newfoundland, known as Robert’s Arm, Hodge’s Hill, and Leamington, (collectively “Western Exploits”) representing over 144,000 hectares (1,440 square kilometers) of prospective exploration ground.
Contact Information
Leocor Gold Inc.
Alex Klenman, Chief Executive Officer
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.
LECR:CC
Leocor Gold
Overview
Gold is once again drawing the attention of investors as prices continue to rise, recently surging above US$2,000. Many investors are looking beyond commodity trading and placing their bets on gold mining companies to further capitalize on this upward trend. This has shifted the focus to proven gold mining jurisdictions, such as Nevada’s booming gold mining industry. Yet, while Nevada is well known for gold — there’s new jurisdiction that’s quickly gaining traction — one that is severely underexplored: Newfoundland and Labrador.
Mining companies are flocking to the region hoping to find the next big deposit. Over 80,000 claims were staked in Newfoundland between January 2021 and July 2021. The presence of gold in Newfoundland has been known since the 1980s, but due to the price of gold at the time, companies walked away from promising exploration results. Now, improved exploration technology and a soaring gold price is making the mining world take a second look at Newfoundland, and it likes what it sees. Billionaire Eric Sprott recently invested in multiple junior gold mining companies, including four exploration companies in Newfoundland, attracting even more attention to the province.
Discoveries made by legendary prospector Shawn Ryan are partially responsible for the renewed interest in Newfoundland. Ryan is directly responsible for the discovery of millions of ounces of gold in the Yukon, where he worked for decades. But now Newfoundland has caught his attention after his signature soil-sample technique yielded promising results. Coupled with intriguing discoveries made by other mining companies, Newfoundland is experiencing a historic gold rush. Even though Ryan found success in the Yukon, he recently said, "If I was 25 years younger and I found Newfoundland first instead of the Yukon, I’d be in Newfoundland.”
Leocor Gold (CSE:LECR, OTC:LECRF, FRA:LGO) is a junior exploration and development company focused on undervalued and underexplored gold projects throughout Newfoundland and Labrador, Canada. The company believes in the upside potential of the undiscovered or underdeveloped gold mineralizations within its three district-scale holdings spread throughout the region. On top of acquiring promising assets, the company is led by a strong management team with extensive experience in the mining industry, including the renowned prospector, Shawn Ryan.
The company’s district-scale portfolio covers 153,000 hectares of potential gold claims in three notable, yet separate, mining districts: The Western Exploit District, Baie Verte District, and the Gander District. Historic exploration data has already confirmed multiple high-grade gold mineralizations, while Ryan’s exploration data suggest new discoveries in entirely unexplored territory.
Alex Klenman, CEO, explained why the company is so optimistic about its holdings during an interview with INN, “Very few places on the planet, where you're going to find such an underexplored geologically favorable theater to work in. And we get that in Newfoundland."
Leocor Gold’s flagship project is within the Baie Verte District. Known as the Dorset Project, this asset contains two notable mineralized quartz veins, which are often indicative of gold deposits. Dorset encompasses 600-hectares with known occurrences of gold mineralizations, including extensive surface showings. Additionally, other projects within the district have promising historic results alongside new encouraging exploration data.
In 2022, Leocor Gold entered into an option agreement to purchase the Joes Lake Property consisting of a 300-hectare exploration-stage parcel also located in Newfoundland.
The company is led by an experienced management team with decades of experience in the mining industry. Shawn Ryan is leading the exploration charge as a technical advisor, while CEO Alex Klenman brings 30 years of experience in business development, finance, marketing and corporate communications. Heidi Gutte, CFO, brings her expertise in corporate financing, taxation and overall accounting experience to the company. Alexander Stares and Newman Wayne Reid, directors, both have decades of experience in exploration and mining to add additional expertise to the team.
Company Highlights
- Leocor Gold is focused on cultivating its impressive asset portfolio of unexplored and underdeveloped gold projects within Newfoundland and Labrador
- The company’s asset portfolio covers a combined 144,000 hectares of prospective gold claims covering three notable mining districts: Baie Verte District, the Western Exploit District and the Gander District. Each district contains multiple individual projects with exciting new and historic exploration data
- The Dorset Project, located within Baie Verte, is the company’s flagship project due to the confirmed presence of quartz mineralization veins and abundant surface showings
- Leocor Gold has an option agreement to purchase the Joes Lake Property consisting of a 300-hectare exploration-stage parcel also located in Newfoundland.
- Acclaimed prospector Shawn Ryan leads the exploration team, and his track record of uncovering mineralizations resulting in millions of ounces of gold strengthens confidence in the company’s future
- In addition to Ryan, the rest of the management team brings decades of experience in their respective fields, including corporate management, financing and mining exploration
Get access to more exclusive Gold Investing Stock profiles here
Newfoundland Exploration Led by Renowned Prospector Shawn Ryan
Leocor Gold Announces RAB Drill Program
Leocor Gold Inc. (the " Company " or " Leocor ") (CSE:LECR ) ( OTC:LECRF) is pleased to provide an exploration update for its gold projects located in Newfoundland, Canada (Figure 1). With over 150,000 hectares within the Central Newfoundland Gold Belt, targeting and exploration plans have been finalized for the Dorset and Startek gold properties. The Central Newfoundland Gold Belt hosts such notable deposits such as Marathon Gold's Valentine gold project (TSX:MOZ) and the Queensway gold project currently being drilled by New Found Gold (TSXV:NFG) (Figure 2
Click Image To View Full Size
Figure 1. Regional land positions of Leocor Gold in Newfoundland.
Click Image To View Full Size
Figure 2. Gold mines and deposits of the Central Newfoundland Gold Belt.
Dorset (Baie Verte District)
RAB drilling will continue to test and expand on the Sharpie Ridge gold occurrence with 6-8 RAB holes where in late 2022 RAB holes returned 2.32 g/t Au over 10.67 m and 10.2 g/t Au over 1.52m . An additional four RAB holes will be completed at Copper Creek target. Two more RAB holes will be completed at the Dorset Gunshot/Braz occurrence where in 2022 RAB drilling returned 3.18 g/t Au over 4.57 m . An additional six RAB holes will target the Dorset Trend where a large 1 x 2 km gold-in-soil anomaly was outlined by 2022 soil sampling efforts. Additional exploration efforts will include 45-line km of an UAV magnetic survey on the western edge of the Property and general prospecting and mapping (Figure 3). Exploration will commence as soon as ground conditions permit, anticipated to be late April and into May.
Click Image To View Full Size
Figure 3. Exploration targeting for the 2023 field season at Dorset.
Startrek
The Startrek Property contains 50+ gold occurrences through previous trenching and grab samples. Several areas of epithermal gold mineralization have been identified on surface from 2022 rock sampling and historical data. The proposed 2023 field season will focus largely on the Stallion Trend where 2022 grab samples by Leocor reported values up to 40 g/t Au with coincident arsenic and antimony in quartz stockwork veining. Integrating results from ground geophysics, and detailed soil sampling will provide viable data to potentially conduct 22 RAB holes designed to test geophysical contacts and conductive bodies at depth that relate to mineralization on surface. A total of 345 line km of an UAV magnetic survey is also proposed over the South Benton and Startrek SW areas during the 2023 field season. (Figure 4).
Click Image To View Full Size
Figure 4. Exploration targeting for the 2023 field season at Startrek.
RAB Drilling
The RAB drilling will be completed by GroundTruth Exploration Inc. using their "GT RAB Drill," a Heli-Portable, wireless remote-controlled, rubber tracked platform with a hydraulic tilting mast assembly and rotary drill head. The GT RAB Drill is environmentally friendly with low-ground pressure and minimal surface disturbance. Individual drill holes can be up to 100m in depth and are paired with onsite XRF analysis and optical televiewer surveys, allowing rapid evaluation of the target areas.
"We are eager to get to work in the upcoming 2023 field season and building on the success of 2022," said CEO, Alex Klenman. "We take a very systematic approach to exploration and out technical team has provided the expertise to efficiently and cost effectively advance these projects to the next exploration level. We look forward to providing our shareholders with additional positive results as the field season progresses," continued Mr. Klenman.
Qualified Person
Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company. Grab samples are selected samples and not necessarily representative of the mineralization hosted on the property.
About Leocor Gold Inc.
Leocor Gold Inc. is a British Columbia-based resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada. Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte Mining District. Leocor's Bae Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous nearly 2,000-hectare exploration corridor. The Company also controls the 6,847-ha grassroots Startrek project near Gander, as well as three district scale land packages in North Central Newfoundland, known as Robert's Arm, Hodge's Hill, and Leamington, (collectively "Western Exploits") representing over 144,000 hectares (1,440 square kilometers) of prospective exploration.
Contact Information
Leocor Gold Inc.
Alex Klenman, Chief Executive Officer
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.
Copyright (c) 2023 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Leocor Gold Provides Exploration Update
(TheNewswire)
| | |||||||||
| | |||||||||
Leocor Gold Inc. (the " Company " or " Leocor ") (CSE:LECR ) ( OTC:LECRF) is pleased to provide an exploration update for its over 150,000-hectare combined gold projects located in Newfoundland, Canada. The following summaries encompass exploration work to date at each of the Company's five prospective gold projects. Work programs for the 2023 field season are being finalized presently and will be announced in the coming weeks
Dorset (Baie Verte)
-
34 rock samples taken.
-
442 soil samples
-
18 RAB drill holes – 1023 meters – 681 samples
RAB drilling results received in late summer 2022 with 10.2 g/t Au gold intercept on a new drill target (Sharpie Ridge), and Over 1% Cu intercept on Copper Creek target (see Company news release dated December 7, 2022) warrant further drilling plans on Dorset. RAB or diamond drilling will be used to test the extents of mineralization on these higher-grade targets. Drilling on other targets along the "Dorset Trend" Au soil anomaly will focus on geophysical bodies identified at depth which are thought relate to structure and mineralization at surface.
Click Image To View Full Size
Leamington
-
102 rock samples taken on target areas formulated from 2021 soils and airborne geophysics.
-
6,662 soils taken.
Prospecting identified a low-grade gold and copper target that needs to be further assessed on desktop for historical data, and in the field by a team of geologists. The scope is to identify zones of higher-grade Au + Cu near that target since there are large structures and favorable geology present. Northern areas of Leamington remain relatively unexplored due to access, and the central part of the project was unexplorable for part of last season due to fires. These areas will be scouted and explored along geological and geophysical contacts that have anomalous soil. South Leamington may warrant trenching or bedrock interface drilling where the till is deeper.
Robert's Arm
-
161 rock samples taken on target areas determined from soil and airborne geophysical survey.
-
3,712 soil samples
Further follow up on soil anomalies, geophysical contacts, and geological contacts is needed on Robert's Arm. The prospecting covered a large area of road accessible targets identified from 2021 soil sampling and airborne geophysical surveys. The comprehensive 2022 soil sampling program has generated additional targets for exploration efforts in 2023.
Hodges Hill
-
60 rock samples taken on target areas determined from soil and airborne geophysical survey.
-
3,838 soils taken.
Further follow up on soil anomalies and geophysical contacts is needed on Hodges Hill. Hand/mechanical trenching, or bedrock interface drilling may be necessary to further explore through the till layers on this project. The 2022 soil sampling program has generated new target areas for 2023 exploration efforts.
Click Image To View Full Size
Startrek
-
1319 soils taken.
-
56 rock samples taken in areas of interest.
-
12 line-km of ground Mag-VLF (geophysical survey)
Several areas of low-grade epithermal gold have been identified on surface from 2022 rock sampling and historical data. This paired with results from ground geophysics, and detailed soil sampling will provide viable data to conduct a short hole RAB drill hole program. The drill program is designed to test geophysical contacts and conductive bodies at depth that relate to mineralization on surface. Most of the drilling would target the Stallion Trend which is outlined by a large antimony anomaly on the project. Further prospecting is scheduled to be conducted on areas outside the Stallion Trend. There are historical reports of Zinc values up to 3.3%, and Silver up to 24 g/t where large structures are apparent in the LiDAR survey.
Click Image To View Full Size
National Instrument 43-101 Disclosure
Jodie Gibson, P.Geo., consultant, and a Qualified Person as defined by National Instrument 43-101, has reviewed, and approved the scientific technical content of this release.
About Leocor Gold Inc.
Leocor Gold Inc. is a British Columbia-based resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada. Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte Mining District. Leocor's Bae Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous nearly 2,000-hectare exploration corridor. The Company also controls the 6,847-ha grassroots Startrek project near Gander, as well as three district scale land packages in North Central Newfoundland, known as Robert's Arm, Hodge's Hill, and Leamington, (collectively "Western Exploits") representing over 144,000 hectares (1,440 square kilometers) of prospective exploration
Contact Information
Leocor Gold Inc.
Alex Klenman, Chief Executive Officer
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.
Copyright (c) 2023 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Leocor Gold Drills 2.32 G/T Au Over 10.67m at the Baie Verte Project, Newfoundland
(TheNewswire)
| | |||||||||
Vancouver, British Columbia TheNewswire - December 7, 2022 - Leocor Gold Inc. (the " Company " or " Leocor ") (CSE: LECR, OTCQB: LECRF; Frankfurt: LGO) is pleased to announce it has received Rotary Air Blast ("RAB") drill results on the Company's Baie Verte project located near Anaconda Mining's Pine Cove Mine and Rambler Metal's Ming Mine in northwestern Newfoundland.
The Phase 1 program tested at least six different target areas for gold and/or copper mineralization with 18 RAB drill holes and was designed to follow up on previously announced soil and GT Probe results (1) ; evaluating the targets for potential follow up diamond drilling as warranted. Results from 12 of the holes on the gold targets are discussed in this news release, and the results from the additional six holes on the Copper Creek Trend will released in due course.
Highlights from the gold targets include:
-
Sharpie Ridge Target: 2.32 grams-per-tonne ("g/t") gold ("Au") over 10.67m; including 10.2 g/t Au over 1.52m. New target that is open along strike and at depth.
-
Braz NE Target: 3.18 g/t Au over 4.57m from surface. New target that is open along strike and at depth.
-
Dorset Main Target: 1.41 g/t over 7.62m. Confirming geometry of the mineralized zone.
"We're very pleased with the new discoveries on the consolidated Baie Verte package," said CEO, Alex Klenman. "The technical team has done great work to advance the project and our understanding of the mineralized zones. These new targets represent even more upside, and it appears the ground has more to give. We're anxious to see the upcoming Copper Creek results, then we'll move towards diamond drilling," continued Mr. Klenman.
2022 RAB Drill Program
The 2022 RAB Drilling program consisted of 1023m of drilling over 18 holes and tested 6 target areas across the Baie Verte property including the Dorset, Gunshot, Gunshot Extension, Sharpie Ridge, Braz NE, and Copper Creek target areas. The program followed up on previously announced gold and copper soil and GT Probe results over a 7km trend across the property (1) and is designed to evaluate the targets for potential diamond drilling. Results for 12 of the 18 holes, focused on the gold target areas, are included in this release. Additional result from the Copper Creek Trend will be released in due course.
The RAB drilling was be completed by GroundTruth Exploration Inc. using their "GT RAB Drill," a Heli-Portable, wireless remote-controlled, rubber tracked platform with a hydraulic tilting mast assembly and rotary drill head. The GT RAB Drill is environmentally friendly with low-ground pressure and minimal surface disturbance. Individual drill holes can be up to 100m in depth and are paired with onsite XRF analysis and optical televiewer surveys, allowing rapid evaluation of the target areas.
Individual results for the drilling ranged from below detection to 10.2g/t Au and are summarized in Table 1 below. A drill collar table and associated map for the results included in this release are included in Table 2 and Figure 1 below. All intervals are reported as drilled and there is not currently enough information to determine true thickness at this time. It should also be noted that none of the holes reached the originally planned 100m target depth do to challenging ground conditions.
-
(1) See the Companies new release dated May 19, 2022. Available at leocorgold.com and SEDAR.
Table 1: RAB Drill Results from gold targets on the Baie Verte Project
| Hole ID | Target | From (m) | To (m) | Interval (m) | Au g/t) |
| DORRAB22-001 | DOR Main | 28.96 | 36.58 | 7.62 | 1.41 |
| DORRAB22-002 | DOR Main | 28.96 | 35.05 | 6.10 | 1.14 |
| DORRAB22-003 | DOR/Gunshot Extension | 27.43 | 30.48 | 3.05 | 0.57 |
| DORRAB22-004 | DOR/Gunshot Extension | No Significant Results | |||
| DORRAB22-005 | DOR/Gunshot Extension | 1.52 | 19.81 | 18.29 | 0.21 |
| DORRAB22-006 | Sharpie Ridge | No Significant Results | |||
| DORRAB22-007 | Sharpie Ridge | 15.24 | 25.91 | 10.67 | 2.32 |
| Incl. | 15.24 | 16.76 | 1.52 | 10.2 | |
| DORRAB22-008 | Sharpie Ridge | No Significant Results | |||
| DORRAB22-009 | Sharpie Ridge | No Significant Results | |||
| DORRAB22-010 | BRAZ NE | 0.00 | 4.57 | 4.57 | 3.18 |
| DORRAB22-011 | Gunshot | 18.29 | 19.81 | 1.52 | 0.64 |
| DORRAB22-012 | Gunshot | No Significant Results | |||
Table 2: RAB Drill Collars from gold targets on the Baie Verte Project
| Hole ID | Target Area | Easting | Northing | Elevation (m) | Azimuth | Dip | Depth (m) |
| DORRAB22-001 | DOR Main | 555375.1 | 5527046 | 103 | 135 | 55 | 42.67 |
| DORRAB22-002 | DOR Main | 555383.5 | 5527058 | 101 | 135 | 55 | 39.62 |
| DORRAB22-003 | Gunshot Extension | 554554.6 | 5526404 | 176 | 135 | 60 | 56.39 |
| DORRAB22-004 | Gunshot Extension | 554641.2 | 5526466 | 159 | 135 | 60 | 71.63 |
| DORRAB22-005 | Gunshot Extension | 554648.6 | 5526588 | 158 | 135 | 60 | 53.34 |
| DORRAB22-006 | Sharpie Ridge | 553510.7 | 5526370 | 206 | 295 | 60 | 79.25 |
| DORRAB22-007 | Sharpie Ridge | 553491.8 | 5526318 | 204 | 295 | 60 | 53.34 |
| DORRAB22-008 | Sharpie Ridge | 553508.4 | 5526240 | 197 | 295 | 60 | 70.1 |
| DORRAB22-009 | Sharpie Ridge | 553513.2 | 5526237 | 197 | 115 | 60 | 44.2 |
| DORRAB22-010 | BRAZ NE | 555081.6 | 5527013 | 134 | 135 | 60 | 48.77 |
| DORRAB22-011 | Gunshot | 555063.7 | 5527091 | 135 | 135 | 60 | 51.82 |
| DORRAB22-012 | Gunshot | 555058 | 5527093 | 140 | 315 | 60 | 48.77 |
Click Image To View Full Size
Figure 1: Fall 2022 drill locations, Dorset claims, Baie Verte Project, NW Newfoundland
Sharpie Ridge
Four holes (006 – 009) were drilled on the Sharpie Ridge target. The drilling was assessing alteration and mineralization along a NE trending fault-controlled contact of fuchsite altered ultramafic and metavolcanic rocks. The holes were drilled over a 130m strike length and were centered on an outcrop of strongly silicified outcrop with assays up to 1.31 g/t Au. Hole -007 was drilled adjacent to the mineralized outcrop and intersected strongly silicified and quartz veined metavolcanic and ultramafic returning 2.32 g/t Au over 10.32m from 15.24m depth; including 10.2 g/t Au over 1.52m. Holes (006 & 008/009) were collared 55 and 80m north and south of -007; respectively. These holes failed to interest the mineralized structure due to hole placement/dip, and only returned anomalous results. The drill results on Sharpie Ridge are significant because it is a new discovery and is at the NE end of a 1.8km gold in soil anomaly associated with the same faulted contact. Follow up drilling will continue to assess the strike and dip extent of mineralization on the target.
Dorset
Two holes (-002 & -002) were drilled on the Dorset target evaluating the historic Dorset prospect which hosts rock samples up to 57.2 g/t Au from NE striking, steeply west dipping quartz veins and breccia zones sericite-ankerite alteration and pyrite, arsenopyrite, and, locally, visible gold mineralization. The holes were drilled approximately 15m apart and were designed to evaluate the geometry and dip of the mineralization. Both holes interested intersected mineralization at 28.96m depth and returned 1.41 g/t over 7.62m (-001) and 1.14 g/t Au over 6.10m (-002); respectively. The holes confirmed the geometry of the mineralized zone and will guide follow up drilling efforts to assess the strike and dip extent of the zone and evaluate it for higher grade, plunging shoots, of gold mineralization.
DOR/Gunshot Extension
Three holes (-003 to -005) were drilled on the DOR/Gunshot Extension target, located approximately 950m SW of Dorset. The target consists of 1.6km, NE trending, gold in south anomaly with anomalous GT Probe results (up to 1.19 g/t Au). RAB drilling was conducted on the NE end of the trend with the three holes placed approximately 100m apart. Holes -003 and -005 returned zones of anomalous Au mineralization (>0.1 g/t Au) with highlights of 0.57 g/t Au over 3.05m from 27.43m depth from hole -003 and 0.21 g/t Au over 18.29m from 1.52m depth in hole -005.
Gunshot
Two holes (-011 & -012) were drilled on the Gunshot target located approximately 345m west of the Dorset target. The drilling was targeting NE striking gold in soil and GT Probe anomalies (up to 1.97 g/t Au). The holes were, effectively, drilled from the same location (with 5m) at azimuths of 135 and 315; respectively. Only hole -011 encountered anomalous mineralization with the best intercept returning 0.64 g/t Au over 1.52m from 18.29m depth.
Braz NE
One hole was drilled on the Braz NE target, located 80m south of Gunshot. The drilling was targeting a 5m wide outcrop of sheared metavolcanic rocks with sheeted quartz veins and sericite alteration. The hole returned 3.18 g/t Au over 4.57m from surface and will be a target for follow up drilling on the property.
Assay Methodology and QA/QC
All RAB samples were prepared and analyzed by Bureau Veritas Laboratories. Samples were submitted to their Timmins, ON laboratory for preparation with pulps sent to their Vancouver, BC laboratory for assay. The samples were were crushed to 70% passing -2 mm and then splitting off and pulverizing a 250-gram split to 85% passing -75 microns (PRP70-250). A 0.5 gram cut of the pulp was analyzed by AQ201, an aqua regia digestion followed by ICP-MS analysis for 36 elements. Gold was analyzed for by FA430 using a 30-gram charge for a standard fire assay with an AA finish. If Au results were >10 g/t a second 30-gram charge was used for a standard fire assay with a gravimetric finish.
The reported work will be completed using industry standard procedures, including a quality assurance/quality control ("QA/QC") program consisting of the insertion of certified standard, blanks, and duplicates into the sample stream.
Click Image To View Full Size
Figure 3 – Regional Setting of the Baie Verte Project
About Leocor's Baie Verte Project
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 the area include the Rambler base metal-gold mine (1961-present), located 14 km ESE of Baie Verte, and the Pine Cove and Stogertite mines (collectively, 2011-present) located 1.6 km and 5.4 km NE of the current property.
The Baie Verte project combines the Dorset, Dorset Extension, Five Mile Brook and Copper Creek projects consisting of fourteen mineral licenses, totalling 80 claims, and covering 1995 hectares (19.95 square km).
The Dorset Gold Project is a 275-ha gold exploration project, located south of the Pine Cove Gold Mine, and features multiple zones of high-grade gold mineralization. The Main Dorset Zone includes three historic showings, referred to as Dorset 1, 2 and 3 Showings. Grab samples from Dorset 1 returned 407.9, 349.2, 147.1, 143.9, 138.2, 108.0, 106.7, 72.4 and 30.0 g/t Au. Grab samples from Dorset 2 returned 167.0, 96.12, 84.3, 49.7, 23.8,4.33 and 1.33 g/t Au (MacDougall and Walker, 1988) and a "combined assay of 56.0 g/t Au over 2.5m" (MacDougall 1989) . Historic drilling includes DDH 87-1, which intersected 9.5 g/t Au over 1.3m (MacDougall and Walker, 1988).
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 0.4m, 5.7 g/t Au over 0.5m and 1.2 g/t Au over 0.65m. Weighted averages of historic rock sampling encompassing vein and mineralized wall rock returned values of 5.8 g/t Au over 1.9m, 3.1 g/t Au over 2m and 2.5 g/t Au over 1.5m (MacDougall, 1990).
Other zones include The Albatross, where historic rock sampling of mineralized zones returned values up to 30.3 g/t Au. Assay results from three 1987 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 Gunshot Zone, where veins containing visible gold and pyrite returned grab samples that assayed up to 162 g/t Au and channel samples that assayed up to 18 g/t Au over 0.4m (MacDougall, 1989)
In the Phoenix Zone, "assays from initial grab samples returned 5.8 and 5.5 g/t within the gabbro. Quartz veins have returned 1.4, 0.6 and 0.5 g/t Au. Similar mineralization located 500m north east returned 3.3 g/t." (MacDougall, 1987). Diamond drilling hole intersected of 1.07 g/t Au over 5.45m (MacDougall, 1989).
Copper Creek (1,025-ha) hosts a number of gold prospects and copper occurrences associated with extensive alteration/shear zones developed within a thrust-faulted sequence of quartz-Fe-carbonate-fuchsite-altered gabbros, ultramafics and mafic volcanics, of the Advocate (ophiolite) Complex, and intermediate to silicic volcaniclastics & tuffs and microgabbroic dykes/sills, of the Flatwater Pond (cover sequence) Group. Historical results at Copper Creek – Biarritz zone include "values ranging from 1.3 to 16 g/t Au from grab samples and a combined assay of 3.9 g/t Au over 4.0m from detailed chip sampling." Additionally, "300m SW along strike exposed a 5-10m shear zone with similar alteration returned which returned sporadic values up to 9,2 g/t Au from grab samples" Noranda drilled several diamond holes in the area including A-88-7 which returned 0.66 g/t Au over 1.5 m and A-88-9 which returned 3.11 g/t Au over 0.5 m. (MacDougall, 1989).
Five Mile Brook (350-ha) has been subject to minimal exploration in the past but shows potentially important geological continuity to the Company's Dorset Gold Project, which lies directly contiguous to the northern boundary.
* Historic rock samples and grab 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 Newfoundland Department of Natural Resources.
National Instrument 43-101 Disclosure
Jodie Gibson, P.Geo., consultant, and a Qualified Person as defined by National Instrument 43-101, has reviewed, and approved the scientific technical content of this release.
About Leocor Gold Inc.
Leocor Gold Inc. is a British Columbia-based resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada. Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte Mining District. Leocor's Bae Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous nearly 2,000 hectare exploration corridor. The Company also controls the 6,847-ha grassroots Startrek project near Gander, as well as three district scale land packages in North Central Newfoundland, known as Robert's Arm, Hodge's Hill, and Leamington, (collectively "Western Exploits") representing over 144,000 hectares (1,440 square kilometers) of prospective exploration
Contact Information
Leocor Gold Inc.
Alex Klenman, Chief Executive Officer
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.
Copyright (c) 2022 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Maritime Resources: A Low-risk Path to Gold Production in One of the World’s Top Mining Jurisdictions
Maritime Resources (TSXV:MAE) is a Canadian gold development company advancing the fully permitted, high-grade Hammerdown project in Newfoundland & Labrador’s prolific Baie Verte mining district. A past-producing asset, Hammerdown is shovel-ready and de-risked, with construction underway and first ore deliveries to the Pine Cove Mill anticipated between late summer and early fall 2025.
Hammerdown is uniquely positioned to capitalize on existing infrastructure, with close access to paved roads, power, ports, and Maritime’s wholly owned Pine Cove processing facility. Unlike many greenfield developers, Maritime is pursuing a low-capex, staged production strategy—leveraging its established infrastructure and skilled local workforce to reduce costs, mitigate risk, and fast-track value creation through near-term cash flow generation amid record-high gold prices.
Hammerdown project siteLooking ahead, Maritime Resources aims to establish a 100,000 oz/year production platform by integrating nearby deposits—including Orion, Stoger Tight, and Deer Cove—and reactivating its 700 tpd Nugget Pond gold plant. The company’s extensive regional land package spans over 435 sq km of highly prospective terrain, with strong potential for gold, VMS, and porphyry-style mineralization.
Company Highlights
- Near-term Gold Production: First production targeted for H2/2025 from the fully permitted Hammerdown open pit project.
- High-grade Gold Reserves: 1.9 Mt at 4.46 g/t gold (272 koz) proven and probable reserves support initial 35,000-45,000 oz/year production.
- Low-CAPEX Startup: Initial capital estimated at C$15 to $20 million, among the lowest in the sector for a new mine, leveraging Maritime’s fully operational Pine Cove mill
- Owned Processing Infrastructure: Pine Cove Mill (1,300 tpd, operational) and the Nugget Pond gold plant (700 tpd CIP circuit, on standby).
- Exploration Upside: 435 sq km land package includes multiple brownfield and greenfield targets proximal to infrastructure.
- Institutional Backing: Strong support from Dundee Corporation, Eric Sprott and other institutions.
- Fully Funded: recently closed $20 million hard dollar financing and $10 million private placement (live) to fund mine startup and repay the existing US$5 million note.
- Local Workforce Advantage: Fully staffed Pine Cove Mill with 100 percent local residents
This Maritime Resources profile is part of a paid investor education campaign.*
Click here to connect with Maritime Resources (TSXV:MAE) to receive an Investor Presentation
Kobo Resources Confirms Additional High-Grade Gold Mineralization at Kossou with 15.5 m at 2.3 g/t Au, incl. 8.3 m at 3.43 g/t Au; Outlines Next Phase of Exploration at Kossou
- High-grade gold intercepts highlighted by 15.5 m at 2.30 g/t Au, incl. 8.3 m at 3.43 g/t Au at the Road Cut Zone
- Initial drilling on the gap between Jagger and Road Cut Zone confirms target structure, warrants further testing
- Current drill phase complete; Geological modelling and planning underway for 15,000 m drill program expected to begin in H2 2025
Kobo Resources Inc. (" Kobo" or the " Company ") ( TSX.V: KRI ) is pleased to report additional diamond drill results from the Road Cut Zone at its 100%-owned Kossou Gold Project (" Kossou ") in Côte d'Ivoire. Results from these holes continue to strengthen the Company's understanding of the key structural controls that define this prospective target area.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250710272213/en/
Figure 1: Road Cut Zone Drill Hole Locations and Simplified Geology
The Company also completed an initial test of the gap between the Road Cut and Jagger Zones, confirming the presence of the interpreted structure. Additionally, the Company has provided an outline of its next exploration priorities as it advances plans for its next phase of drilling and regional target work.
Diamond Drill Results – Highlights:
Road Cut Zone:
- KDD0088
- 3.5 metres ("m") at 2.33 g/t Au from 81.0 m
- 1.0 m at 3.32 g/t Au from 119.0 m
- KDD0090
- 9.75 m at 1.69 g/t Au from 67.25, including 5.10 m at 2.93 g/t Au, from 68.9 m and 1.0 m at 11.30 g/t Au from 68.9 m, and
- 11.0 m at 2.88 g/t Au from 140.0 m, including 3.0 m at 8.25 g/t Au from 143.0 m
- KDD0091
- 5.0 m at 3.05 g/t Au from 28.0 m
- 15.5 m at 2.30 g/t Au from 123.0 m, including 8.0 m at 3.43 g/t Au from 126.0 m
- KDD0092
- 6.0 m at 2.05 g/t Au from 88.0 m
- KDD0093
- 6.0 m at 1.58 g/t Au from 76.0 m
- 7.95 m at 0.43 g/t Au from 106.0 m
Edward Gosselin, CEO and Director of Kobo commented: "Our latest drilling has outlined additional strong gold mineralization at the Road Cut Zone, highlighting its scale and the consistency of grades and widths we are seeing along strike and down dip. Importantly, these results build on our understanding of the structural setting at Kossou and will help guide how we advance the Road Cut Zone in parallel with the Jagger Zone, including the structural corridor between the two targets."
He continued: "With this phase of diamond drilling now complete, our team is focused on advancing a larger, systematic program to further define the Jagger, Road Cut and Contact Zones, test the potential connection of the gap between these Jagger and Road Cut Zones, and expand our footprint to new targets identified at the Jagger South area and the underexplored western portion of the permit. Based on the work completed to date, we remain confident in the scale and continuity of mineralization at Kossou and believe the project continues to demonstrate significant potential as we move towards the next phase of drilling and a maiden Mineral Resource Estimate."
Road Cut Zone Results
Results from six diamond drill holes at the Road Cut Zone have been received. Holes KDD0088 to KDD0090 were drilled on three sections (RCZ725 to RCZ775) (see Figure 1) to test gold mineralization associated with diamond drill hole KDD0056 , which previously returned 10.0 m at 4.57 g/t Au ( see press release dated January 30, 2025 ).
KDD0090 intersected two zones of strong gold mineralization: an upper intercept of 9.75 m at 1.69 g/t Au , including 1.0 m at 11.20 g/t Au , highlighting the high-grade nature of the cross-cutting V2 veins within the dominant northerly trending shear systems. The second intercept, 11.0 m at 2.88 g/t Au from 140.0 m, including 3.0 m at 8.25 g/t Au from 143.0 m, supports the continuity of high-grade mineralization within a previously identified structure (see Figure 2). Results from KDD0088 and KDD0089 , which returned 3.5 m at 2.33 g/t Au from 81.0 m, illustrate the variability of gold grades within the well-defined shear zones at the Road Cut Zone. These mineralised zones remain open at depth and will be targeted in future drilling.
A second set of holes, KDD0091 to KDD0093 (see Figure 3), targeted an area of artisanal mining previously trenched and sampled by the Company, which returned strong gold mineralization including trench KTR070 with 28.0 m at 4.44 g/t Au and trench KTR069 with 6.0 m at 2.50 g/t Au ( see press release dated December 5, 2023 ). Previous diamond drilling on this target also confirmed strong mineralization, including hole KDD0012 , which intersected 11.0 m at 1.71 g/t Au from 50.0 m ( see press release dated July 11, 2024 ).
All drill holes intersected significant gold mineralization, highlighted by KDD0091 , which returned 15.55 m at 2.30 g/t Au from 123.0 m, including 8.30 m at 3.43 g/t Au from 126.0 m. The mineralized zone is characterized by strong shearing within the basaltic host rocks, cross-cut by a series of V2 and V1 veins that are strongly altered and host gold mineralization that was consistent throughout the interval. This zones shows excellent continuity from surface down dip on the section RCZ500 (see Figure 4). Additional drilling is being planned to test these structures to the north and south along strike of shear zone and to depth.
Testing Structural Corridor Between Jagger and Road Cut Zones
One hole, KDD0087 , was drilled within the interpreted structural corridor between the Road Cut and Jagger Zones. The hole intersected a well-defined shear zone near surface but did not return significant gold mineralization. The presence of the shear structure provides further support for Kobo's geological interpretation in this area. Additional drilling is planned to continue assessing the potential structural linkages and mineralization continuity between these two high-priority targets.
Soil Geochemistry to Define Targets: South Jagger and Western Kossou Permit Area
The Company has extended detailed infill soil geochemistry across the South Jagger Zone, collecting 270 samples to date. Previous infill sampling on a 25 m by 25 m grid proved effective in defining drill-ready targets at the Road Cut, Jagger and Kadie Zones further north. The South Jagger soil anomaly, which consistently returned values up to 1000+ ppb Au, now extends over a distance greater than 2 km, reinforcing its potential for follow-up drilling.
In addition, recent soil geochemical surveying has outlined a new northwest-trending anomaly of over 400 m in the western portion of the Kossou Permit, with individual sample results returning values up to 1,380 ppb gold. These results further support systematic target definition and demonstrate the upside potential across less-explored portions of the permit.
Update on Regional Exploration: Kotobi Permit
At the Kotobi Permit, the Company has collected 1,942 soil samples to date, with additional results pending. Recent work has defined a 50+ ppb gold-in-soil anomaly extending over 400+ m of strike length, with individual samples returning between 370 ppb and 1,420 ppb Au. Follow-up pitting and trenching are currently underway to better define this anomaly and assess its potential for future exploration work.
Earn-In Agreement: NESDAVE MINING
Regional scale soil geochemical sampling is underway at the Akoboissue Permit (PR0970). Information meetings are underway with local village chiefs and elders with respect to the Annépé Permit (PR0973) and regional scale soil geochemical sampling is expected begin shortly.
Next Steps: Preparing for Expanded Drilling and maiden Mineral Resource Estimate at Kossou
With this current phase of drilling now complete, the Company's exploration and technical team is integrating the latest drill data into detailed geological models to refine its understanding of the structural controls at the Jagger and Road Cut Zones. This work will directly inform the Company's next major drill campaign, which is anticipated to comprise more than 15,000 m of additional diamond drilling and begin in H2 2025. This expanded program will prioritize systematic step-out and deeper drilling at the Jagger Zone to support preliminary resource modelling, continue expansion drilling at the Road Cut Zone, and follow up on the interpreted structural corridor between the two zones.
Further, the Company plans to advance the Contact Zone with targeted drilling based on structural mapping completed to date and begin testing new targets on the western side of the Kossou Permit, supported by recent soil geochemical results indicating a strong northwest-trending gold anomaly. This methodical approach is designed to build on the Company's drilling success to date, advance the potential for a future maiden Mineral Resource Estimate, and support the Company's broader strategy to unlock value within Côte d'Ivoire's highly prospective Birimian gold belt.
Table 1: Summary of Significant Diamond Drill Hole Results
| BHID | East | North | Elev. | Az. | Dip | Length |
| From (m) | To | Int. | Au | Target |
| KDD0087 | 228681 | 775702 | 278 | 70 | -50 | 113.00 | NSR | Jagger | ||||
| KDD0088 | 228495 | 775956 | 289 | 70 | -50 | 173.00 | 55.00 | 57.00 | 2.00 | 0.88 | RCZ | |
|
|
|
|
|
|
|
| 81.00 | 84.50 | 3.50 | 2.33 | RCZ | |
|
|
|
|
|
|
|
| 119.00 | 120.00 | 1.00 | 3.32 | RCZ | |
|
|
|
|
|
|
|
| 143.00 | 144.00 | 1.00 | 1.61 | RCZ | |
| KDD0089 | 228487 | 775979 | 283 | 70 | -50 | 179.00 | 59.00 | 62.00 | 3.00 | 0.56 | RCZ | |
| KDD0090 | 228500 | 775931 | 294 | 70 | -50 | 182.00 | 67.25 | 77.00 | 9.75 | 1.69 | RCZ | |
|
|
|
|
|
|
|
| incl. | 68.90 | 74.00 | 5.10 | 2.93 | RCZ |
|
|
|
|
|
|
|
| incl. | 68.90 | 70.00 | 1.00 | 11.20 | RCZ |
|
|
|
|
|
|
|
| 104.00 | 105.00 | 1.00 | 1.67 | RCZ | |
|
|
|
|
|
|
|
| 140.00 | 151.00 | 11.00 | 2.88 | RCZ | |
|
|
|
|
|
|
|
| incl. | 140.00 | 146.00 | 6.00 | 4.66 | RCZ |
|
|
|
|
|
|
|
| incl. | 143.00 | 146.00 | 3.00 | 8.25 | RCZ |
| KDD0091 | 228480 | 776270 | 244 | 70 | -50 | 161.00 | 28.00 | 33.00 | 5.00 | 3.05 | RCZ | |
|
|
|
|
|
|
|
| 123.00 | 138.55 | 15.55 | 2.30 | RCZ | |
|
|
|
|
|
|
|
| incl. | 126.00 | 138.55 | 12.55 | 2.77 | RCZ |
|
|
|
|
|
|
|
| incl. | 126.00 | 134.30 | 8.30 | 3.43 | RCZ |
| KDD0092 | 228529 | 776261 | 226 | 70 | -50 | 116.00 | 88.00 | 94.00 | 6.00 | 2.05 | RCZ | |
|
|
|
|
|
|
|
| 104.00 | 106.00 | 2.00 | 0.67 | RCZ | |
|
|
|
|
|
|
|
| 112.00 | 115.00 | 3.00 | 0.76 | RCZ | |
| KDD0093 | 228510 | 776307 | 225 | 70 | -50 | 116.00 | 76.00 | 82.00 | 6.00 | 1.58 | RCZ | |
|
|
|
|
|
|
|
| 106.05 | 114.00 | 7.95 | 0.43 | RCZ | |
| Notes: Cut-off using 2.0 m at 0.30 g/t Au Intervals are reported with no more than 3 m of internal dilution of less than 0.3 g/t Au except where indicated* | ||||||||||||
An accurate dip and strike and controls of mineralisation are unconfirmed and mineralised zones are reported as downhole lengths. Drill holes are planned to intersect mineralised zones perpendicular to interpreted targets. All intercepts reported are downhole distances.
Sampling, QA/QC, and Analytical Procedures
Drill core was logged and sampled by Kobo personnel at site. Drill cores were sawn in half, with one half remaining in the core box and the other half secured into new plastic sample bags with sample number tickets. Core samples are drilled using HQ core barrels to below the level of oxidation and then reduced to NQ core barrels for the remainder of the bore hole. Samples are transported to the SGS Côte d'Ivoire facility in Yamoussoukro by Kobo personnel where the entire sample was prepared for analysis (prep code PRP86/PRP94). Sample splits of 50 grams were then analysed for gold using 50g Fire Assay as per SGS Geochem Method FAA505. QA/QC procedures for the drill program include insertion of a certificated standards every 20 samples, a blank every 20 samples and a duplicate sample every 20 samples. All QAQC control samples returned values within acceptable limits.
Review of Technical Information
The scientific and technical information in this press release has been reviewed and approved by Paul Sarjeant, P.Geo., who is a Qualified Persons as defined in National Instrument 43-101. Mr. Sarjeant is the President and Chief Operating Officer and Director of Kobo.
About Kobo Resources Inc.
Kobo Resources is a growth-focused gold exploration company with a compelling new gold discovery in Côte d'Ivoire, one of West Africa's most prolific and developing gold districts, hosting several multi-million-ounce gold mines. The Company's 100%-owned Kossou Gold Project is located approximately 20 km northwest of the capital city of Yamoussoukro and is directly adjacent to one of the region's largest gold mines with established processing facilities.
With over 18,500 metres of diamond drilling, nearly 5,900 metres of reverse circulation (RC) drilling, and 5,900 metres of trenching completed since 2023, Kobo has made significant progress in defining the scale and prospectivity of its Kossou's Gold Project. Exploration has focused on multiple high-priority targets within a 9+ km strike length of highly prospective gold-in-soil geochemical anomalies, with drilling confirming extensive mineralisation at the Jagger, Road Cut, and Kadie Zones. The latest phase of drilling has further refined structural controls on gold mineralisation, setting the stage for the next phase of systematic exploration and resource development.
Beyond Kossou, the Company is advancing exploration at its Kotobi Permit and is actively expanding its land position in Côte d'Ivoire with prospective ground, aligning with its strategic vision for long-term growth in-country. Kobo remains committed to identifying and developing new opportunities to enhance its exploration portfolio within highly prospective gold regions of West Africa. Kobo offers investors the exciting combination of high-quality gold prospects led by an experienced leadership team with in-country experience. Kobo's common shares trade on the TSX Venture Exchange under the symbol "KRI". For more information, please visit www.koboresources.com .
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Statement on Forward-looking Information:
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Kobo assumes no obligation and/or liability to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250710272213/en/
For further information, please contact:
Edward Gosselin
Chief Executive Officer and Director
1-418-609-3587
ir@kobores.com
Twitter: @KoboResources | LinkedIn: Kobo Resources Inc.
News Provided by Business Wire via QuoteMedia
Maritime Resources
Investor Insight
With a fully permitted, high-grade gold project, established infrastructure and first gold production on the horizon, Maritime Resources is set to become Atlantic Canada’s next gold producer, positioning the company for significant re-rating and long-term growth.
Overview
Maritime Resources (TSXV:MAE) is a Canadian gold development company focused on generating near-term cash flow from the Hammerdown gold project, a high-grade past-producer in the prolific Baie Verte mining district of Newfoundland & Labrador. The project is fully permitted, de-risked and shovel-ready, with construction underway and first ore deliveries to the Pine Cove Mill expected in late summer to early fall 2025.
Hammerdown project site
Hammerdown benefits from significant infrastructure synergies, including proximity to paved roads, power, ports and Maritime’s wholly owned Pine Cove processing facility. Unlike many greenfield developers, Maritime is executing a bootstrap production model that leverages its installed infrastructure and local skilled labor to reduce costs, minimize risk and accelerate value creation through short term cash flow generation during a period of record high gold prices
Longer term, the company plans to build out a 100,000 oz/year production platform by incorporating nearby deposits (Orion, Stoger Tight, Deer Cove) and utilizing its idle 700 tpd Nugget Pond gold plant. Maritime’s regional land package includes more than 435 sq km of highly prospective ground with gold, VMS, and porphyry-style mineralization potential.
Company Highlights
- Near-term Gold Production: First production targeted for H2/2025 from the fully permitted Hammerdown open pit project.
- High-grade Gold Reserves: 1.9 Mt at 4.46 g/t gold (272 koz) proven and probable reserves support initial 35,000-45,000 oz/year production.
- Low-CAPEX Startup: Initial capital estimated at C$15 to $20 million, among the lowest in the sector for a new mine, leveraging Maritime’s fully operational Pine Cove mill
- Owned Processing Infrastructure: Pine Cove Mill (1,300 tpd, operational) and the Nugget Pond gold plant (700 tpd CIP circuit, on standby).
- Exploration Upside: 435 sq km land package includes multiple brownfield and greenfield targets proximal to infrastructure.
- Institutional Backing: Strong support from Dundee Corporation, Eric Sprott and other institutions.
- Fully Funded: recently closed $20 million hard dollar financing and $10 million private placement (live) to fund mine startup and repay the existing US$5 million note.
- Local Workforce Advantage: Fully staffed Pine Cove Mill with 100 percent local residents
Key Projects
Hammerdown Gold Project
The Hammerdown gold project is Maritime’s flagship asset and is strategically located near the town of King’s Point in the Baie Verte mining district of Newfoundland and Labrador. A past-producing, high-grade deposit formerly operated by Richmont Mines, Hammerdown is being redeveloped as a shallow open-pit operation. The project hosts proven and probable reserves of 1.89 million tonnes at an average grade of 4.46 grams per ton (g/t) gold for 272,000 oz of contained gold, making it one of the highest grade open pit projects in North America
A feasibility study completed in 2022 outlined annual production of approximately 50,000 oz over a 5-year mine life, with attractive economics including a pre-tax NPV (5 percent) of US$251 million at a gold price of US$2,500/oz and an all-in sustaining cost (AISC) of US$912/oz. Since then Maritime has taken steps to de-risk the project including acquiring the Pine Cove mill, allowing for significant savings in capital costs compared to using the Nugget Pond mill.
The processing plan entails crushing ore on site and trucking it approximately 130 km to the Pine Cove Mill. Maritime has completed all major permitting for the project, and construction began in spring 2025 with pre-stripping, civil works and crushing infrastructure installation. The company completed more than 8,750 meters of tight-spaced (10x10 meters) grade control drilling, confirming excellent continuity and high-grade intercepts such as 24.5 g/t gold over 13.9 meters, including 42.2 g/t over 8.0 meters. First gold production is expected in late summer to early fall 2025, with ramp-up to 700 tpd mill feed supported by the fully operational Pine Cove Mill.
Pine Cove Mill
Pine Cove gold pour
Located near Baie Verte, the Pine Cove Mill is a 1,300-ton-per-day gold processing facility recently brought back online after two years of care and maintenance. The mill flowsheet includes crushing, grinding, flotation, regrinding of the float concentrate and Merrill-Crowe leaching circuits for gold doré production. The facility will be upgraded with a new 500 hp regrind circuit (replacing a 150 hp unit), a ball mill inching drive, and an enhanced material handling system to optimize recovery and reliability. The site also includes a large in-pit tailings storage facility, existing waste dump capacity, and access to a deepwater port. Pine Cove has already produced 700oz of gold from processing low grade mineralized stockpiles from around the site. The mill is now preparing to receive and process feed from Hammerdown, with full integration scheduled for H2/2025.
Nugget Pond Gold Circuit
Nugget Pond Gold Circuit
Maritime also owns the 700 tpd carbon-in-pulp (CIP) gold circuit at the Nugget Pond Plant, located 40 km east of Pine Cove. Although currently idle, this plant represents a key component of Maritime’s long-term production strategy to scale toward 100,000 oz per year. The plant is fully configured for gold recovery and is well-positioned to process feed from future regional deposits or third-party toll milling. Maritime’s envisions Nugget Pond operating as a second production hub, enabling parallel processing capacity as the company develops additional deposits in the district.
Stoger Tight and Deer Cove Projects
Located within 10 km of the Pine Cove Mill, Stoger Tight and Deer Cove are advanced-stage deposits with near-term development potential. Stoger Tight hosts a historical NI 43-101 resource of 642,000 tons grading 3.02 g/t gold for 62,300 oz (indicated), with an additional 53,000 tons at 5.63 g/t for 9,600 oz (inferred). It is partially permitted and has the potential to become a satellite source of ore for Pine Cove.
Deer Cove is a high-grade system discovered by Noranda, featuring 500 meters of historic underground development. Recent drill results include 6.9 g/t over 25.1 meters, including 26.1 g/t over 3.6 meters. Stockpiles of 4,275 tons at 3.1 g/t gold have been identified. Both projects benefit from road access and proximity to infrastructure, making them ideal candidates for phased development and integration into Maritime’s hub-and-spoke production model.
Green Bay, Whisker Valley and El Strato Exploration Projects
Maritime’s broader exploration portfolio includes more than 435 sq km of prospective ground in the Baie Verte district, encompassing gold, copper, VMS and porphyry-style targets. The Green Bay project includes the Orion deposit, a near-surface gold target located along strike from Hammerdown. Whisker Valley is an epithermal gold system with porphyry potential, returning 6.2 g/t gold over 5.8 meters in previous drilling. El Strato hosts one of the highest-grade soil and bedrock anomalies in Newfoundland, with gold values up to 200 g/t in outcrop. Additionally, the Black Ridge VMS target features grab samples grading up to 12.6 g/t gold, 181 g/t silver, and 11.8 percent copper. These regional assets offer significant blue-sky potential and provide a robust pipeline of targets that could be developed and processed through Maritime’s existing infrastructure.
Management Team
Garett Macdonald – President and CEO
Garett Macdonald is a mining engineer with over 30 years of experience in mine development, engineering and operations. Former VP operations at Rainy River Resources, where he advanced the 8 Moz Rainy River project to construction prior to its $310-million sale to New Gold. He also served as VP project development at JDS Mining, leading the Curraghinalt feasibility study (+5 Moz gold), and held technical and management roles at Placer Dome, Teck and Suncor Energy.
Germaine M. Coombs – CFO and Corporate Secretary
A chartered accountant with more than three decades of financial leadership in the mining sector, Germaine M. Coombs is the former CFO of Aurelius Minerals and Stonegate Agricom, and former corporate controller at FNX Mining and the Iron Ore Company of Canada.
Perry Blanchard – VP, Environment & Sustainability
Perry Blanchard brings over 25 years of experience in health, safety and environmental leadership across major Canadian mining projects. Blanchard previously managed permitting and sustainability at Detour Gold’s flagship mine and Vale’s Voisey’s Bay operations.
Peter Goudie – Hammerdown Operations Manager
Peter Goudie is a veteran operations leader with over 35 years of experience in mining and contracting, including roles with Guy J. Bailey and Shoreline Aggregates. He manages day-to-day operations at the Hammerdown project, with deep knowledge of logistics, mobile equipment and site execution in Newfoundland’s mining sector.
Dwight Goudie – Pine Cove Mill Manager
Dwight Goudies is a mill operations specialist with over 40 years of metallurgical and processing experience at gold and base metal mines across Newfoundland and Labrador. He is the former mill manager at FireFly Metals and Rambler Metals & Mining’s Nugget Pond facility, and currently oversees all operations at the Pine Cove Mill.
Billy Grace – Chief Engineer
A mining engineer with more than 15 years of experience in mine engineering, project management and consulting, Billy Grace is the former general manager at Aureus Gold, and technical services manager at Newmont’s Musselwhite mine. He also worked at Golder Associates and Mining Plus.
Larry Pilgrim – Project Manager, Newfoundland Properties
Larry Pilgrim is an exploration geologist with more than 45 years of experience in Newfoundland. He is the former chief geologist at Richmont Mines and Rambler Metals, where he helped delineate the original underground reserves at Hammerdown and served as chief geologist during mine operations. He has been leading exploration activities for Maritime since 2018.
Eric Tremblay – Technical Advisor Mining
Eric Tremblay is a highly regarded mine builder with over 30 years of operations experience. He is the former GM at Osisko’s Canadian Malartic Mine and IAMGOLD’s Westwood and Sleeping Giant operations. Tremblay is currently the COO of Dalradian Resources, leading the multi-million ounce Curraghinalt gold project in Northern Ireland. Tremblay provides Maritime with expertise in mine construction, operational scale-up and technical risk management.
Paolo Toscano – Technical Advisor Engineering and Construction
Paolo Toscano has over 30 years of experience in engineering and construction. He most recently served as senior vice-president of engineering and construction for Calibre Mining at the Valentine gold project in Newfoundland and Labrador. Prior to Calibre, he was director of projects for Alamos Gold and New Gold.