Mr. Alex Klenman reports

LEOCOR GOLD ADVANCES UPCOMING DRILL PROGRAM AT PRIME COPPER / GOLD EXPLORATION PROJECT IN NEWFOUNDLAND

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

The drill program is scheduled for up to 5,000 metres of drilling primarily targeting copper targets at Copper Creek and gold targets within the adjacent Dorset claims. Drill targets have been finalized, and the company is eager to drill the large copper anomaly discovered through its previous exploration work in 2022 and 2023. The drill permit application process is in its final stages, awaiting driller input before final submission. The company anticipates this to occur within the next several days.

Copper Creek is a copper exploration target with compelling historical results. The company is excited 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 high-grade gold zones and presents additional, highly prospective exploration targets.

The Baie Verte project is an approximately 2,000-hectare contiguous exploration package that incorporates several smaller projects, namely Dorset, Dorset Extension, Copper Creek and the Five Mile Brook claims. Leocor's exploration efforts have been combined with historical results to identify several areas of interest across the project claims. The company is planning multiple programs to drill test these 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 and high-resolution drive imagery surveys. Highlights of the program include:

• Multiple targets identified along 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 copper and 1,601 parts per billion gold;
• Indications of two styes of mineralization on the project, including volcanogenic massive sulphide style copper (plus or minus gold-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 m by 400 m, located in proximity to the Terra Nova base metal deposit.

Historic results at Copper Creek include grab sample values of 1,019 to 9,414 ppm copper 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 m (Dunsworth, 2004). However, farther southwestward, an extension of the T5 site, by Chan, in 2007 (through 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 microgabbro, 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.

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 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 gold over 10.67 m, including 10.2 g/t Au over 1.52 m; new target that is open along strike and at depth;
• Braz NE target: 3.18 g/t Au over 4.57 m from surface; new target that is open along strike and at depth;
• Dorset Main target: 1.41 g/t over 7.62 m; confirming geometry of the mineralized zone.

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 km 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 km east-southeast of Baie Verte, and the Pine Cove and Stogertite mines (collectively, 2011 to present) located 1.6 km and 5.4 km northeast of the current property.

The Baie Verte project combines the Dorset, Dorset Extension, Five Mile Brook and Copper Creek projects consisting of 14 mineral licences, totalling 80 claims, and covering 1,995 hectares (19.95 square km).

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 Dorset 1, 2 and 3 showings. High-grade grab samples from Dorset 1 returned 407.9, 349.2, 147.1, 143.9, 138.2 and 108 grans per tonne 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 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 rock returned values of 5.8 g/t Au over 1.9 m, 3.1 g/t Au over two m and 2.5 g/t Au over 1.5 m (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 microgabbroic dikes/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.

Director resigns

The company further reports that director Wayne Reid has resigned. The company wishes to thank Mr. Reid for his years of service and wishes him well in his retirement.

Qualified person

The technical information contained in this press 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 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 Baie 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 (collectively Western Exploits), representing over 144,000 hectares (1,440 square kilometres) of prospective exploration ground.

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