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Monday, May 20, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Gold

Leocor Gold lays out plans for exploration programs at Baie Verte Project in Newfoundland

The project includes both the Dorset Gold and Copper Creek projects in north central Newfoundland

Leocor Gold lays out plans for exploration programs at Baie Verte Project in Newfoundland
Photo by Curioso Photography via Unsplash

Leocor Gold Inc. (CSE: LECR) (OTCQB: LECRF) is targeting its Baie Verte project with multiple drill programs over the summer, with scope and details presently under discussion.

The company announced the plans for its exploration programs at the Baie Verte project on Friday. The project includes both the Dorset Gold and Copper Creek projects, among others, in north central Newfoundland.

The established Dorset Gold Project encompasses several known gold zones and offers additional, highly prospective exploration targets. In 2024, the program aims to test priority zones within a significant 1 x 2 km gold-in-soil anomaly that Leocor delineated in 2022. As for Copper Creek, it serves as a copper target with impressive historical results. The company plans to initiate detailed prospecting in areas of interest and conduct systematic tests on known zones of copper mineralization.

Situated south of the Pine Cove Gold Mine, Dorset boasts multiple zones of high-grade gold mineralization. In late 2022, the company conducted a Rotary Air Blast drill program, targeting six different areas for gold and/or copper mineralization with 18 drill holes. The program aimed to build upon soil and GT Probe results previously announced.

“Here we have an area that has seen a lot of previous exploration work, from gold to base metal and the detailed 2021 soil program outlined a brand new 6.5 Km mineralized gold trend that has not been previous seen,” said Shawn Ryan, Leocor’s technical advisor.

“And the soil work also outlined a nice base metal Copper-Zinc target measuring 1200m by 400m sitting directly across from the old Terra Nova base metal deposit.  Having one of these anomalies is impressive but having two is exceptional.”

Read more: Calibre secures commissioning contract for Valentine plant; signs gold supply deal with Asahi

Read more: BMO underwriters agree to invest C$100M in Calibre Mining

The Baie Verte Peninsula is one of Canada’s most productive districts

The Baie Verte Peninsula stands as one of Canada’s most productive and historic gold and base metal mining districts. The former Terra Nova base metal mine, which is one of the region’s several copper mines and operated from the late 1880s to the early 1900s, is located 200 meters west of Leocor’s Copper Creek claims.

Highlights from the 2022 RAB program include:

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

Channel sampling returned assays of up to 0.196 per cent Cu over/2 m. However, further southwestward extension of the T5 site in 2007 revealed a notable increase in sulphide content and grades; samples from a 1 m wide subzone of semi-massive to massive sulphide returned several assays in the range of 1.46 per cent – 7.1 per cent Cu.

Fall 2022 drill locations, Dorset claims, Baie Verte Project, NW Newfoundland. Image via Leocor.

Read more: Calibre’s 2024 Valentine exploration program shows vast expansion potential, promising targets

Read more: Calibre Mining added to VanEck Gold ETF

Newfoundland has a lengthy low-key history in gold

The Baie Verte Peninsula has been one of the key gold producers since prospectors started showing up at the tail end of the 19th century. The initial gold discoveries were overshadowed in economic importance by the dominant fisheries and timber industries, but despite this the late 1800s witnessed Newfoundland’s first significant gold rush.

The 20th century saw renewed interest and advancements in gold mining technologies, propelling the industry forward.

The Valentine Mining Project, now owned and operated by Calibre Mining Corp (TSX: CXB) (OTCQX: CXBMF) is among the noteworthy projects in contemporary times. It represents one of the largest undeveloped gold resources in Canada, showcasing Newfoundland’s ongoing potential in the gold mining industry.

Calibre is launching an 8,000-meter maiden drill program in the area southwest of Valentine’s Leprechaun/Frank corridor, motivated by high-grade drill results near the Leprechaun deposit earlier this year, including 46.5 g/t gold over 5.3 meters. This initiative marks a new phase in mining exploration.

Additionally, the gold producer is undertaking a 50,000-meter ore control reverse circulation drill program at the Leprechaun and Marathon deposits. Historically, the Leprechaun pit delivered drill results with high grades, reaching up to 16.6 g/t Au over 8.1 meters. Similarly, the Marathon pit has produced bonanza-grade core samples, one of which showed 150.3 g/t Au over 4.3 meters.

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 Calibre Mining is a sponsor of Mugglehead news coverage

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