Mr. Alex Klenman reports

LEOCOR GOLD READY FOR Q1 DRILL CAMPAIGN IN NEWFOUNDLAND

Leocor Gold Inc. has provided an update on its upcoming drill campaign at the Baie Verte project, an approximately 2,000-hectare contiguous exploration package located in north-central Newfoundland, Canada.

On Monday, Dec. 2, Leocor's geological team, led by Resourceful Geosciences, and the dill crew (Rally Drill Services) visited the target drill sites located at the Copper Creek and Dorset gold project claims. They confirmed existing trails and roads to transport material, crews and drill rigs to and from proposed drill sites.

Drill pad locations at the Dorset gold project need little to no preparation work, while some Copper Creek targets will receive some attention before the drill equipment is mobilized. The geological team is also sourcing options for core shack locations. Subject to permit approval, drilling is anticipated to begin in early January. More updates will be provided in the days and weeks ahead.

2021 project highlights (see news release dated May 19, 2022):

• 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-zinc) mineralization and structurally controlled gold mineralization with similarities to the nearby Pine Cover mine.

2022 project highlights (see news release dated Dec. 7, 2022):

• Sharpie Ridge target: 2.32 grams per tonne (g/t) 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 m 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.

The Dorset project is highly prospective for additional high-grade gold zones and the 2025 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.

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

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.

For more information regarding Leocor's Baie Verte project, including additional figures, assessment details and historic data, please visit the company's website.

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.

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