Mr. Alex Klenman reports

LEOCOR GOLD UPDATES 5,000 METRE DRILL PROGRAM AT THE COPPER CREEK PROJECT, NEWFOUNDLAND

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

Rally Drill Services of New Brunswick has been chosen to provide equipment and crew for the program, which is planned for up to 5,000 metres of drilling primarily focused on copper targets at Copper Creek and gold targets within the adjacent Dorset claims. The drill permit application has been advanced to the referral stage and is currently under assessment. Drill targets at Copper Creek have been finalized within the large copper anomaly discovered through the company's previous exploration work in 2022 and 2023. The company anticipates finalizing timelines for the commencement of drilling some time in the next four weeks.

Leocor's Baie Verte project is an approximately 2,000-hectare contiguous exploration package that incorporates several claim areas including the Copper Creek project, 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 adjacent Dorset gold project is already established as containing several high-grade gold zones and presents additional, highly prospective exploration targets.

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 (see news release dated May 19, 2022).

Highlights of the program include:

• Multiple targets identified along seven-kilometre northeast-trending zone of anomalous gold in soils and a four km subparallel trend of anomalous copper (plus or minus gold) in soils with results up to 2,862 parts per million copper (Cu) and 1,601 parts per billion gold (Au);
• Indications of two styes of mineralization on the project, including VMS (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 km mineralized gold trend that was not previously known and a base-metal copper-zinc target measuring 1,200 metres by 400 m, located in proximity to the Terra Nova base-metal deposit;
• The nearby Dorset gold project is located south of the Pine Cove gold mine and 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 (see news release dated Dec. 7, 2022):

• Sharpie Ridge target: 2.32 grams per tonne (g/t) gold (Au) 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 km by two km gold-in-soil anomaly delineated by Leocor in 2022.

About Leocor's Baie Verte project

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 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.

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 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.

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