Mr. Alex Klenman reports

LEOCOR GOLD PLANS DRILL PROGRAMS AT THE DORSET PROJECT, BAIE VERTE DISTRICT, NEWFOUNDLAND WITH A FOCUS ON COPPER CREEK TARGET

Leocor Gold Inc. has provided an update on drill plans at its Baie Verte project, which comprises both the Copper Creek project and the Dorset gold project, among others, located on north-central Newfoundland, Canada.

The company has engaged Resourceful Geoscience Solutions, of Halifax, N.S., to execute the program, which will consist of up to 5,000 metres of diamond drilling with a budget between $1-million and $1.5-million, primarily targeting copper targets at Copper Creek and gold targets within the Dorset claims. The permitting process is currently under way.

Copper Creek is a copper exploration target with compelling historical results. The company is eager to begin detailed prospecting within areas of interest and systematically testing known zones of copper mineralization. The Dorset gold project is already established as containing several known gold zones and presents additional, highly prospective exploration targets.

Copper Creek claims

The Copper Creek portion of the Baie Verte project has had little copper-focused work completed over the past few years and provides excellent exploration potential. In 2021, the company completed exploration work at Dorset and Copper Creek that included soil sampling, geophysics, LiDAR (light detection and ranging) and high-resolution drive imagery surveys*. Highlights of the program include:

• Multiple targets identified along a seven-kilometre northeast-trending zone of anomalous gold in soils and a four-kilometre subparallel trend of anomalous copper (plus or minus gold) in soils with results up to 2,862 parts per million (ppm) copper (Cu) and 1,601 parts per billion (ppb) gold (Au);
• Indications of two styes of mineralization on the project, including VMS-style (volcanic massive sulphide) copper (plus or minus gold and zinc) mineralization and structurally controlled gold mineralization with similarities to the nearby Pine Cover mine.

A detailed 2021 soil program outlined a new 6.5-kilometre mineralized gold trend that was not previously known and a base metal copper-zinc target measuring 1,200 metres by 400 metres, located in proximity to the Terra Nova base metal deposit.

* See Leocor's news release dated May 19, 2022.

Historic results* at Copper Creek includes grab sample values of 1,019 to 9,414 ppm Cu and assays of up to 4.4 per cent Cu, while channel sampling yielded assays of up to 0.85 per cent Cu over two metres (Dunsworth, 2004).

Channel sampling, by Anaconda, returned assays of up to 0.196 per cent Cu over two metres (Dunsworth, 2004). However, further southwestward extension of the T5 site, by Lai Lai Chan, in 2007 (via a two-by-14-metre trench) revealed a notable increase in sulphide content and grades; samples from a one-metre-wide subzone of semi-massive to massive sulphide (60 to 70 per cent pyrite) returned several assays in the range of 1.46 per cent to 7.1 per cent Cu.

Prospecting performed in 2015, along the access road, trending 100 to 300 metres northwest of the T5 site, resulted in the discovery of several roadside ditch exposures of chalcopyrite mineralized, sheared/chloritized, gabbro to micro gabbro, which returned sample assays of 1.3 per cent and 3.22 per cent Cu, as well as several values in the range of 1,760 to 9,770 ppm Cu. Soil sampling, also carried out in 2015, involving several 100-to-200-metre-spaced sample lines emplaced across the general strike of the above mineralized chlorite and chlorite-sericite-quartz schist zones, returned consistently anomalous Cu results of 100 to 762 ppm. Three closely spaced soil samples taken over the T5 site (prior to the 2004 trenching) returned Cu assays of 237 ppm, 522 ppm and 586 ppm Cu.

* General report on the Copper Creek (gold) property, Baie Verte Peninsula, Newfoundland, mineral licences 22882M, 23602M, 23603M, 23801M, 26090M and 23802M (41 claims), prepared by Wilson Jacobs for Mr. Chan, Feb. 28, 2020.

Dorset gold project

Located south of the Pine Cove gold mine, Dorset features multiple zones of high-grade gold mineralization. The company completed a rotary air blast (RAB) drill program in late 2022 that tested six different target areas for gold and/or copper mineralization with 18 drill holes. The program was designed to follow up on previously announced exploration results.

Highlights from the 2022 RAB program include*:

• Sharpie Ridge target: 2.32 grams per tonne (g/t) gold (Au) over 10.67 metres, including 10.2 g/t Au over 1.52 metres; new target that is open along strike and at depth;
• Braz NE (northeast) target: 3.18 g/t Au over 4.57 metres from surface;; new target that is open along strike and at depth;
• Dorset Main target: 1.41 g/t over 7.62 metres; confirming geometry of the mineralized zone.

* See Leocor's news release dated Dec. 1, 2022.

The Dorset project is highly prospective for additional high-grade gold zones and the 2024 program will be designed to test some of the priority zones within a prominent one-by-two-kilometre gold-in-soil anomaly delineated by Leocor in 2022.

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 1880s to early 1900s, lies 200 metres west of Leocor's Copper Creek claims. Former gold mining operations in the area include the Goldenville mine (of 1903 to 1906), located eight kilometres northeast of the property, and the more recent Nugget Pond mine (1997 to 2000) of the eastern Baie Verte Peninsula area. Currently producing mines in the area include the Rambler base-metal-gold mine (1961 to present), located 14 kilometres east-southeast of Baie Verte, and the Pine Cove and Stogertite mines (collectively, 2011 to present), located 1.6 kilometres and 5.4 kilometres northeast of the current property.

The Baie Verte project combines the Dorset, Dorset Extension, Five Mile Brook and Copper Creek projects consisting of fourteen mineral licences, totalling 80 claims and covering 1,995 hectares (19.95 square kilometres).

The Dorset gold project is a 275-hectare 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 the Dorset 1, 2 and 3 showings. High-grade grab samples from Dorset 1 returned 407.9, 349.2, 147.1, 143.9, 138.2, 108 g/t Au, among others. 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).

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 metre, 5.7 g/t Au over 0.5 metre and 1.2 g/t Au over 0.65 metre. Weighted averages of historic rock sampling encompassing vein and mineralized wall rock returned values of 5.8 g/t Au over 1.9 metres, 3.1 g/t Au over two metres and 2.5 g/t Au over 1.5 metres (MacDougall, 1990).

Copper Creek (1,025 hectares) hosts several gold prospects and copper occurrences associated with extensive alteration/shear zones developed within a thrust-faulted sequence of quartz-iron-carbonate-fuchsite-altered gabbros, ultramafics and mafic volcanics, of the Advocate (ophiolite) complex, and intermediate to silicic volcaniclastics and tuffs and micro gabbroic dykes/sills, of the Flatwater Pond (cover sequence) group.

Five Mile Brook (350 hectares) 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.

* 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 others, and from information found in MODS (mineral occurrence data system) published by the Newfoundland Department of Natural Resources.

* Historic rock samples and grab samples mentioned in this news 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 company cautions readers that samples are selected samples and not necessarily representative of the mineralization hosted on the property.

Private placement

The company intends to conduct a private placement of up to 20 million units, at a price of five cents per unit (up to $1-million). Each unit will comprise one common share of the company and one-half of one common share purchase warrant, exercisable at a price of 10 cents for a period of 36 months.

The company intends to use the gross proceeds to advance the exploration and development of its gold and copper projects in Newfoundland, and for general working capital purposes.

In connection with the placement, the company may pay finders' fees to eligible third parties who have assisted in introducing subscribers to the company. All securities to be issued in connection with the placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.

Qualified person

The technical information contained in this news release has been previously published and was reviewed and approved at that time by Mike Kilbourne, PGeo, and Jodie Gibson, PGeo, both independent qualified persons as defined in National Instrument 43-101.

About Leocor Gold Inc.

Leocor Gold 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 district scale land packages in north-central Newfoundland, known as Robert's Arm, Hodge's Hill and Leamington, representing over 144,000 hectares (1,440 square kilometres) of prospective exploration ground.

We seek Safe Harbor.