CSE New Listing - Leocor Ventures Commences Trading on the Canadian Securities Exchange - Video News Alert on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - June 24, 2019) - Leocor Ventures (CSE: LECR) is one of the latest new listings on the Canadian Securities Exchange. The copper-gold mineral exploration company holds an option to acquire up to a 100% interest in the Shotgun Property, subject to a 3% NSR Royalty.
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The Shotgun Property consists of 5 mineral titles covering 1,930 hectares, located approximately 60 kilometers north-west of the town of Pemberton, British Columbia, Canada. There is no documented exploration on the Shotgun Property prior to 2015.
Recent work by a previous operator included silt, soil and rock sampling, including a 65 sample soil grid, and a ground magnetic survey. Geochemical results included values of up to 0.77% copper, 3.93 grams per tonne silver and 0.22 grams per tonne gold in rock, 2,317 parts per million copper in soil, and 2,874 parts per million copper in silt.
The recent geophysical survey has indicated a discrete magnetic low particularly visible in both the First Vertical Derivative and the Residual Magnetic Intensity maps, with dimensions of approximately 500 x 500 meters. Through geochemical sampling, exploration to date has revealed anomalous copper mineralization within and continuing up the main Shotgun Creek, where the potential target is a low-grade, large tonnage porphyry copper system. Areas of higher or more concentrated mineralization are visible in outcrop as zones of moderate oxidation, and occur as pods or lenses of quartz veining and silicification up to 15 meters long and 3 meters wide
Management believes the property is an excellent example of grassroots prospecting locating a new mineral showing. To earn its 100% interest, the company must complete $1.2 million of exploration expenditures over four years, make cash payments of $75,000 over two years, and issuing 1.2 million shares of Leocor over two years.
A two-phase exploration program is recommended for the Shotgun Property. It is recommended that Phase 1, budgeted at $116,000, focus on mapping and understanding the nature and intensity of any alteration patterns. Contingent on Phase 1 results, Phase 2, budgeted at $189,000 would include an estimated 5 or 6, 100+ meter holes to test 3 to 6 target zones.
The company recently raised gross proceeds of $340,000 through an IPO of 3.4 million shares priced at $0.10 per share, with PI Financial acting as agent on the offering.
For more information, please contact Zula Kropivnitski, CFO, at 604-681-0084 or email zkropivnitski@PreaknessGroup.com.
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