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Leocor Ventures and Nexus Gold partner on Dorset gold project

24th April 2020

By: Donna Slater

Features Managing Editor and Chief Photographer

     

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British Columbia-based Leocor Ventures has entered into a definitive property option agreement with gold explorer and developer Nexus Gold to cooperate in the development of the recently acquired Dorset gold project, in Newfoundland and Labrador.

The agreement, dated April 22, replaces the letter of intent between Leocor Ventures and Nexus, and is subject to approval of the TSX-V.

In order to exercise the option, Leocor must make cash payments to Nexus of C$1.25-million over four years, with the first C$100 000 due on the date the TSX-V approves the option agreement. In addition, Leocor must incur work expenditures of C$1.5-million over five years. Meeting these terms will enable Leocor Ventures the right to acquire up to a 100% interest in the Dorset project, south of the Pine Cove gold mine.

The Dorset project is subject to a 2% net smelter returns royalty on commercial production in favour of United Gold and Margaret Duffit, 50% of which may be purchased at any time for a cash payment of $1-million.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

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