Leocor Gold Updates Exploration at the Dorset Gold Project, Baie Verte, Newfoundland

Preliminary work on the Dorset property, consisting of research of historical assessment files, data compilation and base map preparation was completed Company geologist, Wilson Jacobs. Geological mapping and sampling were carried out and initial focus was given to the general areas of the historic (Noranda) trench sites, in preparation for a new trenching program scheduled for the first half of 2021. The planned trenching will focus on the strike extension of a number of high-grade, gold-bearing, quartz vein systems discovered, by Noranda, in 1987-1989. These prospects include the Dorset and Copper Creek mineralization which were initially discovered by Noranda while trenching Au-in-soil anomalies.

A total of 36 rock samples were collected from the old trenches, approximately half of which consisted of angular quartz vein debris found along the excavated margins of the historic trenches. Bedrock was limited due to debris-infill and vegetation growth in most of the plus 30 year old trenches, however in situ quartz vein exposures were observed at two of the Noranda trench sites - the Gunshot and the Dorset No. 2 prospects.

The recent sampling carried out by Leocor personnel on the prospects confirmed the high grade nature of the mineralization. Results included 42.87 grams-per-tonne ("g/t ") gold ("Au") over 0.4m from a chip sample at the Gunshot prospect and grab samples of the Dorset No. 2 vein, located 300m east, yielded assay values up to 11.41 g/t Au. (Historical sampling at Gunshot record results up to 162 g/t Au in grab samples, 18.4 g/t Au over 0.4m in channel samples and 5.7 g/t Au over 0.6 m in drill core. The Dorset No. 2 vein has published results of up to 408 g/t Au in grab samples, 41.3 g/t Au over 1.5m in channel samples and up to 9.5 g/t Au over 1.3m in drill core).*

Detailed geological mapping and additional sampling was also carried out on an expanded area around the Gunshot/Dorset area and several (previously unreported) mineralized and altered bedrock exposures were recognized. These are described as zones of gossaneous, strongly sericitized and locally silicified, intermediate to felsic, volcanics, bearing 1-10% disseminated and banded pyrite.

Additional information from the recent exploration activities are being compiled and will be released over the coming weeks as the results are tabulated.

*Historical results are quoted from previous operators on the property - (Noranda, 1988-1990; Anaconda Mining 2004; Chan 2013)

Note: the reader is cautioned that rock grab samples are selective by nature and may not represent the true grade or style of mineralization across the property.

Wayne Reid, P. Geo., a qualified person as defined in National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

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Figure 1: Leocor Gold holdings in the Baie Verte Peninsula, central Newfoundland, Canada

About Leocor Gold Inc.

Leocor Gold Inc. 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 outight ownership and earn-in agreements, currently controls over 1900- hectares of contiguous, prime exploration ground in the prolific Baie Verte Mining District, proximal to known deposits and currently producing mines, including Anaconda Mining's Pine Cove Mine and Stogertite deposit, and Rambler Metals' Ming Mine.

Contact Information

Leocor Gold Inc.

Alex Klenman, Chief Executive Officer

Email: alexk@leocor-ventures.com

Telephone: (604) 970-4330

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