Leocor Gold Completes Phase 1 Soil Campaign at Hodges Hill Project, North Central Newfoundland, Canada

Vancouver, British Columbia – TheNewswire – January 20, 2022 Leocor Gold Inc. (the “Society” Where “Leocor”) (CSE: LECR) (CNSX:LECR.CN) (OTC:LECRF) (ENG: LGO) is pleased to announce the completion of a soil sampling campaign, consisting of 4,583 soils, on the Hodges Hill property, consisting of nine mining permits totaling 1,562 claims and covering 39,050 hectares (390 sq km) in the area southwest of the Western Operating District, north-central Newfoundland, Canada.

This campaign is part of a comprehensive phase one exploration program on the early stage property. The claims host distinct high magnetic units (Gabbros) in settings indicative of known regional gold occurrences. These rocks are associated with continental volcanism. Gabbros have long been recognized as being directly associated with gold mineralization in the Baie Verte area at occurrences such as the Anaconda Mines Pine Cove deposit and more recently, Anaconda’s 2014 discovery of the Stog’er Tight and Argyle showings. The project covers the main regional NE and NNW structures described by the regional airborne magnetic surveys of Newfoundland and Labrador. Government anomalous till sampling programs have identified gold and arsenic anomalies associated with these regional structures. The overall soil distribution of this Leocor 2021 campaign is shown in Figure 1.

Leocor is working with GroundTruth exploration on the program which should define a significant mineralized footprint. The GroundTruth method breaks the exploration process into phases, generally defined as follows:

Stage 1)

Phase 2)

Phase 3)

Phase 4)

It has recently been revealed that the central Newfoundland gold belt is promising for high-grade gold associated with strong northeast-trending regional structures. The high-grade gold at New Found Gold’s Keats Showing and Labrador Gold’s Big Vein Target was originally discovered in regional and targeted lake, till and soil geochemical programs. These two indices are associated with the first magnetic linear vertical derivative anomalies. Much of the gold in Newfoundland appears to have been deposited within a fairly tight time window between 437 and 375 Ma.

Very similar geophysical anomalies are present on the Leocor claims and are associated with regional till anomalies identified by historical exploration (Noranda and others) and Government of Newfoundland geochemical surveys.

Figure 1: Soil sampling completed for the Hodges Hill project

The Phase 1 program was designed to follow other high linear first derivative magnetic anomalies that are associated with regional till anomalies on the claims. Detailed geochemical grids of the soil C horizon will target potential strong magnetic anomalies. Samples will be taken below the oxidized B horizon whenever possible, as this layer has been identified as a mask for underlying anomalous till sediments that are more reflective of the source material.

Any soil anomalies identified will be followed up by prospecting, additional geochemical, geophysical and geological programs and drilling in future exploration programs.

Appointment of the financial director

Zula Kropivnitsky has resigned as CFO of the company for personal reasons, effective immediately.

The company has appointed Heidi Gutte as the company’s chief financial officer. Ms. Gutte specializes in providing corporate finance, financial reporting, consulting, tax and other accounting services to small businesses as well as public companies in various industries. She also assists in many aspects of client administration, corporate compliance and other activities.

Ms. Gutte earned her bachelor’s degree in computer engineering from Brandenburg University of Applied Sciences, Germany. She holds the professional designation of Chartered Professional Accountant (CPA, CGA) and is a member of the Chartered Professional Accountants of British Columbia and Canada. Ms. Gutte has gained extensive experience as Controller and Chief Financial Officer of numerous publicly listed and private companies across multiple industries.

National Instrument 43-101 Disclosure

Dr. Paul David Robinson, P.Geo, is a Qualified Person as defined by National Instrument 43-101. Dr. Robinson supervised the preparation of the technical information contained in this press release.

About Leocor Gold Inc.

Leocor Gold Inc. is a British Columbia-based resource company involved in the acquisition and exploration of precious metals projects, with a current focus on Atlantic Canada. Leocor, through direct ownership and benefit agreements, currently controls several gold-copper projects in prime exploration lands located in 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 exploration corridor of nearly 2,000 hectares. The Company also controls the 6,847 ha Startrek project near Gander, as well as three district-wide sets of land 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 details

Leocor Gold Inc.

Alex Klenman, General Manager

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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..

Cautions Regarding Forward-Looking Information

This press release contains forward-looking information within the meaning of Canadian securities laws. This information includes, but is not limited to, information regarding the terms and conditions of the Option. Although Leocor believes this information to be reasonable, it cannot guarantee that these expectations will prove to be correct.

Forward-looking information is generally identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “assume” 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 the forward-looking information due to a variety of factors, including, but not limited thereto: agreement of the parties to proceed with the proposed transaction on the terms set forth in the option agreements or not at all; Leocor’s ability to exercise the options; the state of the financial markets for Leocor securities; the state of the natural resources sector in the event that the option, or one of them, is realized; 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 of which Leocor is not aware at this time. The reader is referred to Leocor’s initial public offering prospectus for a fuller discussion of the applicable risk factors and their potential effects, copies of which can be viewed on 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.

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