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There are no documents whatsoever supporting any origin, i guess that makes it non cyclopedic.
Leocarnum as lion's flesh in latin has no reference, probably thought because of the araldic symbol of a felin in the flag.
The historian Gian Gaspare Nessi states that the name comes from the celtic origin of the town: “Loc-ar-on, significante paese situato presso un fiume e in sulle sponde d’un lago, e com’anche potrebbe dirsi semplicemente luogo sull’acqua ar essendo articolo, o preposizione significante sull’ ed on o an significando acqua: radice di nome che alla topografica posizione di Locarno egregiamente conviensi”. Loc-ar-on means "place near the water", and from there Locarno. Although it has no proof, it is the most known by the locarnesi, and is reported on the official site too. http://www.locarno.ch/pages/general_content.aspx?id_contenuto=417
According to Stefano Franscini, Leocarnum, Logarum and Lucarnum were alternate names of Locarno. He reports that it is thought by some that the name comes from "Locus carnium" because it has always been a meat producer for the insubric metropolis.