Newcore Gold Announces 93.0% Gold Recoveries in Column Testwork for the Sewum and Boin Deposits at the Enchi Gold Project, Ghana Results from Seven Additional Column Tests Completed on Oxide Mineralization
NEWS RELEASE
Suite 1560 - 200 Burrard Street www.newcoregold.com
Vancouver, British Columbia V6C 3L6 [email protected]
Newcore Gold Announces 93.0% Gold Recoveries in Column Testwork for
the Sewum and Boin Deposits at the Enchi Gold Project, Ghana
Results from Seven Additional Column Tests Completed on Oxide Mineralization
December 10, 2024 TSX-V: NCAU, OTCQX: NCAUF
Vancouver, BC – Newcore Gold Ltd. ("Newcore" or the "Company") (TSX-V: NCAU,
OTCQX: NCAUF) is pleased to announce positive results from seven additional column tests
completed as part of the metallurgical testwork program underway at the Company’s 100% -
owned Enchi Gold Project ("Enchi" or the "Project") in Ghana. An average gold recovery of
93.0% was achieved from column testwork completed on five composite samples from the
Sewum Gold Deposit ("Sewum") and two composite sample s from the Boin Gold Deposit
("Boin").
In addition to metallurgical testwork, further exploration and development work is on-going at
Enchi to continue to de -risk the development of the Project and prove -out the district scale
exploration potential. This work includes a 10,000 -metre reverse circulation drill program
focused on resource growth and infill drilling designed to improve the confidence level of the
existing Mineral Resource Estimate , drone surveys, hydrogeological testing, condemnation
drilling, geotechnical work, environmental work, an airborne magnetic survey, trenching and
soil sampling.
Highlights from Column Test Results
• Seven Column Tests Completed, Average Gold Recovery of 93.0% Achieved.
o A total of seven column tests (five from Sewum and two from Boin) returned an average
gold recovery of 93.0%, with a recovery range of 82.6% to 97.2%.
• Testwork Further Defines the Understanding of Recovery Parameters for Enchi.
o Testing completed on representative samples of oxide mineralization from trenches
taken from various areas of the Boin and Sewum deposits, including areas not previously
included in column testwork.
o Samples had an overall average assayed grade of 0.56 grams per tonne gold ("g/t Au"),
with a range of 0.32 g/t Au to 0.84 g/t Au.
• Testwork Continues to Highlight Low Reagent Consumption.
o All samples showed modest cyanide consumption with an average of 1.63 kilograms per
tonne ("kg/t"), with a 0.98 kg/t lime (hydrated) addition to maintain a pH above 10.5.
• Additional Metallurgical Testwork Underway.
o Optimization work is planned on both oxide and transition mineralization from the
Sewum, Boin, and Nyam gold deposits consisting of further test s on gold recoveries,
percolation rates, and reagent consumptions.
o Additional testing of sulphide mineralization is in progress consisting of bottle rolls and
column tests, as well as additional testwork of rock properties such as bond work indices.
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Greg Smith, VP Exploration of Newcore stated, "These additional column tests, completed on
representative oxide material from the two largest deposits on the Enchi Gold Project, returned
results that are consistent with prior testwork and continue to confirm generally modest
reagent consumption . The testwork resulted in high recoveries for all seven composite
samples, with the results continuing to highlight the amenability of Enchi to heap leach gold
recovery and supporting the oxide recovery assumptions u sed in the 2024 Preliminary
Economic Assessment study. Additional metallurgical testwork on oxide , transitional and
sulphide mineralization is underway as we continue to de-risk and advance the development
of the Enchi Gold Project."
Metallurgical Testing Summary
A total of seven composite samples, five from Sewum and two from Boin, were submitted for
column testwork to the Intertek Lab located in Tarkwa, Ghana , approximately four hours by
paved road from the Enchi Gold Project. Material for the metallurgical samples consisted of
trench material collected for metallurgical sampling. The samples were selected to represent
the two largest deposits on the Project, Sewum and Boin, and consisted of blended oxide
material with individual samples and composites covering a range of gold grades. Composite
grades closely compare to the average grade of each of the deposits.
Recovery for the seven samples averaged 93.0%, with a recovery range of 82.6% to 97.2%.
Table 1 - Column Tests Grade and Average Recovery
Sample Deposit Grade Au g/t Recovery Rate
BnMetTr3 Boin 0.60 95.66%
BnMetTr4 Boin 0.48 90.42%
SwMetTr4 Sewum 0.84 94.99%
SwMetTr5 Sewum 0.50 93.15%
SwMetTr6 Sewum 0.55 97.17%
SwMetTr7 Sewum 0.66 97.19%
SwMetTr8 Sewum 0.32 82.57%
Average 0.56 93.02%
Composites were prepared using multiple samples from a previously selected trench interval
with total individual samples used for each composite as follows: BnMetTr3 (12 individual
samples), BnMetTr4 (17), SwMetTr4 (10), SwMetTr5 (10), SwMetTr6 (10) , SwMetTr7 (12), and
SwMetTr8 (9). Composites BNMetTr3 , BNMetTr4, SwMetTr4, SwMetTr5 and SwMetTr6 each
weighed 60 kg; composites SwMetTr7 and SwMetTr8 each weighed 100 kg. In all cases 45 kg
of material was added to the column.
Composite samples were homogenized by mixing all material from the individual samples and
crushed to 70% passing 12.5 mm. Each composite sample was then split to provide sub -
samples weighing 4 kg each. Two samples were removed and again split into a further four
fractions of 2 kg for use in screening and grading analysis, head sample analysis, and ten-day
coarse bottle roll leach tests.
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Metallurgical Testing - Column Tests
The primary goal of column tests is to simulate the response to leaching of the sample with the
emphasis on establishing the gold dissolution characteristics (rate and extent), reagent
consumption, and the degree of slumping.
All samples showed amenability to heap leaching, with recoveries averaging 93.0% after 90 to
120 days. A graph showing the leach curve can be viewed at the following link:
https://newcoregold.com/site/assets/files/5885/2024_12-ncau-nr-met-graph.pdf
Seven 45 kg closed -cycle column leach tests were conducted on the samples which were
crushed to 12.5 mm. The test charge was loaded into 150 mm -in-diameter by 1.5 -metre-tall
PVC columns. 30 kg of the individual samples were agglomerated in a rolling drum using
Portland cement at a 10 kg/t addition rate and then allowed to air dry for three days. After the
samples had been air dried, they were loaded into the columns with the columns tilted at an
angle to avoid compaction before being set upright. The column was then allowed to sit for a
day before the initial level was taken to determine the slump.
The leaching parameters used in these column leach tests included the addition of
approximately 1.4 kg/t of lime which was blended into each feed solution, and a cyanide
concentration of 1,000 ppm. The initial feed solution was prepared by adding lime to tap water
to obtain a solution pH above 10.5, followed by the addition of one gram of sodium cyanide
per litre of solution with a solution application rate of 10L/h/m 2 for all samples. The column
testwork was conducted under a closed cycle for 90 -120 days. All solution samples were
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assayed for gold and pH and free sodium cyanide was analyzed and recorded. Leach residue
was thoroughly washed, dried, screened and analyzed for gold by fire assay.
The samples showed low cyanide consumption averaging 1.63 kg/t with a 0.98 kg/t lime
(hydrated) addition to maintain a pH above 10.5. The slumps were within acceptable industry
standards with an overall average of 7.09%. The sample response to a percolatio n rate of
10L/m2/hr resulted in minimal flooding. The percolation rate will continue to be studied and
optimized with further testwork.
Table 2 - Summary of Column Leach Tests
Composite Leach Time Slump % Reagent Consumption kg/t
NaCN Lime Cement
BnMetTr3 120 days 7.39% 1.44 0.99 15
BnMetTr4 90 days 8.01% 0.59 0.89 15
SwMetTr4 90 days 8.77% 1.96 0.79 10
SwMetTr5 90 days 4.86% 1.88 0.50 10
SwMetTr6 90 days 7.08% 2.12 2.75 10
SwMetTr7 90 days 6.10% 1.89 0.66 10
SwMetTr8 120 days 7.40% 1.52 0.30 10
Average 7.09% 1.63 0.98 11.4
The column leach test program has shown that the gold in the samples tested is readily
leachable and amenable to heap leaching. The recoveries achieved are considered high and
are interpreted to indicate amenability to heap leaching. The particle size distribution and size
by size analysis performed on both the head and residue after leach showed that the maximum
gold recovery occurred in the finer fractions as compared to the coarser size fractions.
Screening and Grading Analysis of Head Samples
A size analysis was done on each of the seven composite samples. The samples were tested at
eight screen sizes and included analyses for percent mass.
The samples were assayed for gold which showed that gold was present in all size fractions
analysed. The distribution shows relatively consistent gold grades for all size fractions within
average values in a range of 0.38 g/t Au to 1.02 g/t Au, averaging 0.59 g/t Au. Results include
4% to 56%, averaging 21.5%, passing 150 microns indicating that agglomeration is warranted.
Table 3 - Size Analysis by Composite Sample
Sieve
BnMetTr3 BnMetTr4 SwMetTr4 SwMetTr5 SwMetTr6 SwMetTr7 SwMetTr8
%
mass
Au
g/t
%
mass
Au
g/t
%
mass
Au
g/t
%
mass
Au
g/t
%
mass
Au
g/t
%
mass
Au
g/t
%
mass
Au
g/t
+10.0mm 0.98 0.09 1.50 0.17 8.2 3.50 9.4 0.48 41.4 0.69 18.0 0.18 43.7 0.37
+6.3mm 8.23 1.02 8.90 1.62 8.9 2.18 12.9 0.51 17.7 0.77 9.5 0.78 13.1 0.29
+2.5mm 25.1 0.72 15.5 1.02 29.5 1.15 31.4 0.51 19.7 0.53 18.7 0.74 11.9 0.52
+1.0mm 14.5 0.55 8.89 0.71 23.8 0.99 22.3 0.33 9.0 0.24 11.4 0.69 6.3 0.29
+300µm 10.7 0.63 6.70 0.81 18.2 0.38 15.1 0.24 6.3 0.24 10.4 0.64 6.5 0.27
+212µm 1.93 0.39 1.49 0.53 2.5 0.32 2.1 0.24 1.1 0.30 2.4 0.57 1.9 0.55
+150µm 2.11 0.47 1.41 0.38 1.9 0.37 1.6 0.17 0.9 0.24 2.0 0.75 1.9 0.44
-150µm 36.4 0.35 55.6 0.17 6.9 0.51 5.2 0.28 4.0 0.19 27.7 0.95 14.7 0.24
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Head Sample Analysis
Using the results of the sizing and grading analysis, a head grade was calculated for each of
the composite samples. The results were then compared to the head grade assays which were
completed on the 50-gram subsamples. The results compared well for six of the composites,
with one sample within an acceptable variance.
Table 4 - Grade Analysis by Composite Sample
Gold Grade g/t BnMetTr3 BnMetTr4 SwMetTr4 SwMetTr5 SwMetTr6 SwMetTr7 SwMetTr8 Average
Assayed Grade #1 0.60 0.49 0.85 0.50 0.52 0.68 0.29 0.56
Assayed Grade #2 0.60 0.47 0.83 0.50 0.57 0.64 0.35 0.57
Avg Assayed Grade 0.60 0.48 0.84 0.50 0.55 0.66 0.32 0.56
Calculated 0.56 0.53 1.18 0.40 0.58 0.68 0.35 0.61
Ten Day Coarse Bottle Roll Leach
Simulated heap leach testing was conducted on the composite samples using two -kilogram
sub-samples which underwent leaching for ten days. Batch dissolution tests (ten days,
intermittent rolling -bottle) w ere completed under excess leach conditions (grind size – as
received, 50% solids, leach time: ten days, pH 10.5, NaCN (sodium cyanide) addition 1
gram/litre). The final residue was dried, weighed, and assayed for gold. In 24-hour leaching
periods, solution assays were taken and analyzed, and reagent consumption (cyanide and
lime) was calculated. Recoveries after ten days averaged 62.1% in a range of 30.0% to 82.8%.
In all cases , gold dissolution was continuing at the end of the ten -day period with ultimate
recoveries expected to continue to increase with additional leaching time.
Screening and Grading Analysis of Tails Samples
A size analysis was done on all the tails from the composite sample column tests. The samples
were tested at eight screen sizes including analyses for percent mass and assayed for gold.
The distribution shows consistently low grades of gold for all size fractions, in line with the high
gold recoveries in the column tests, within a range of 0.00 g/t Au to 0.15 g/t Au with only one
outlier of 0.48 g/t Au. The calculated grades for the tails ranged between 0.01 and 0.09 g/t Au
averaging 0.04 g/t Au.
Multi-Element Analyses
The seven composites were tested for 33 elements using multi-acid digestion and analysed by
Inductively Coupled Plasma Optical Emission Spectrometry ("ICP"). The samples show very
similar profiles for all elements analysed. All samples contain no silver with every result below
the detection limit of 0.2 g/t silver. All samples reported low values for lead, zinc, and copper
averaging 18, 23, and 70 ppm respectively and mildly elevated arsenic averaging 422 ppm
with no relationship to the gold grade. All samples reported below detection for mercury and
cadmium (<0.2 ppm), and bismuth (<2 ppm). The oxide material had elevated concentrations
of iron (average 8.8%) and aluminum (average 1.1%), both within a normal range.
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Boin and Sewum Oxide Sample Details
Composite samples for this release were sourced from four trenches dug manually for
metallurgical testwork on the Enchi Gold Project. The locations of the trenches were selected
in order to allow for wide gold mineralized intercepts approximating the average grade in each
of the two largest deposits, Sewum and Boin . Material exposed in the trenches is consider
representative of the oxide portion for both deposits. Samples were assigned a new unique
number and submitted to the Intertek Lab located in Tarkwa, Ghana.
Mineralized intervals from the four trenches which supplied the material for the results
reported in this release are below:
Table 5 - Enchi Gold Project Trenching Results Highlights
Hole ID Zone/Deposit From (m) To (m) Length (m) Au (g/t)
KBTR_MET_002 Boin 92.0 122.0 26.0 0.52
KBTR_MET_003 Boin 56.0 86.0 30.0 1.13
SWTR_MET_002 Sewum 0.0 112.0 112.0 0.59
including 20.0 40.0 20.0 1.05
and 154.0 194.0 40.0 0.73
SWTR_MET_004 Sewum 0.0 36.0 36.0 0.58
and 46.0 66.0 20.0 0.56
Notes:
1. Intervals reported are trench lengths with true width estimated to be 75 - 85%; and
2. Length-weighted averages from uncut assays.
Trench KBTR_MET_002 supplied the mineralized material for sample BnMetTr3; Trench
KBTR_MET_003 supplied the mineralized material for sample BnMetTr4; Trench
SWTR_MET_002 supplied the mineralized material for samples SwMetTr4, SwMetTr5,
SwMetTr6; Trench SWTR_MET_004 supplied the mineralized material for samples SwMetTr 7
and SwMetTr8.
2024 Enchi Work Program
A 10,000 -metre RC drill program is underway at Enchi, targeting near -surface oxide and
shallow sulphide mineralization with a primary goal of infill drilling for resource conversion to
improve the confidence level of the existing Mineral Resource Estimate. Most of the infill
drilling is allocated to the two l argest deposits at Enchi, Boin and Sewum. Improving the
confidence level of the Mineral Resource Estimate at Enchi is a key component of the
development work required to be completed in advance of commissioning a Pre -Feasibility
Study for the Project. A subset of the drill program will also focus on outlining resource growth,
with all deposit areas and pre -resource targets at Enchi remaining open along strike and at
depth, providing for future resource growth across the district-scale property.
Additional exploration and development work is on -going at Enchi, including metallurgical
testwork, drone surveys, an airborne magnetic survey, trenching, hydrogeological testing,
condemnation drilling, geotechnical work, environmental work and soil sampli ng. Drone
topographic surveys are underway, expanding on previously completed work, at the
Kwakyekrom and Tokosea deposit areas to provide detailed topographic information required
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to improve the confidence level of each deposit’s Mineral Resource Estimate. Additionally, the
drone survey will be completed across the proposed heap leach facility area to contribute
additional data for future detailed engineering studies. An airborne ma gnetic survey will test
grass roots targets related to a series of gold -in-soil anomalies and gold mineralization
identified in trenching. Soil sampling is also currently being completed on the Omanpe and
Abotia licenses with a goal of further defining ear ly-stage targets across Enchi for future
trenching and drilling.
Enchi Gold Project Mineral Resource Estimate
The Enchi Gold Project hosts an Indicated Mineral Resource of 41.7 million tonnes grading
0.55 g/t Au containing 743,500 ounces gold and an Inferred Mineral Resource of 46.6 million
tonnes grading 0.65 g/t Au containing 972,000 ounces (see Newcore news release date d
March 7, 2023). Mineral resource estimation practices are in accordance with CIM Estimation
of Mineral Resource and Mineral Reserve Best Practice Guidelines (November 29, 2019) and
follow CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014),
that are incorporated by reference into National Instrument 43-101 ("NI 43-101"). The Mineral
Resource Estimate is from the technical report titled "Mineral Resource Estimate for the Enchi
Gold Project" with an effective date of January 25, 2023, which was prepared for Newcore by
Todd McCracken, P. Geo, of BBA E&C Inc. and Simon Meadows Smith, P. Geo, of SEMS
Exploration Services Ltd. in accordance with NI 43-101 - Standards of Disclosure for Mineral
Projects, and is available under the Company’s profile on SEDAR+ at www.sedarplus.ca. Todd
McCracken and Simon Meadows Smith are independent qualified persons ("QP") as defined
by NI 43-101.
Newcore Gold Best Practice
Newcore is committed to best practice standards for all exploration, sampling and drilling
activities. Drilling was completed by an independent drilling firm using industry standard RC
and Diamond Drill equipment. Analytical quality assurance and quality c ontrol procedures
include the systematic insertion of blanks, standards and duplicates into the sample strings.
Samples are placed in sealed bags and shipped directly to Intertek Labs located in Tarkwa,
Ghana for 50 gram gold fire assay.
Qualified Person
Mr. Gregory Smith, P. Geo, Vice President of Exploration at Newcore, is a Qualified Person as
defined by NI 43 -101, and has reviewed and approved the technical data and information
contained in this news release. Mr. Smith has verified the technical and scientific data disclosed
herein and has conducted appropriate verification on the underlying data including
confirmation of the drillhole data files against the original drillhole logs and assay certificates.
About Newcore Gold Ltd.
Newcore Gold is advancing its Enchi Gold Project located in Ghana, Africa’s largest gold
producer (1). Newcore Gold offers investors a unique combination of top -tier leadership, who
are aligned with shareholders through their 18% equity ownership, and prime district scale
exploration opportunities. Enchi’s 248 km 2 land package covers 40 kilometres of Ghana’s
prolific Bibiani Shear Zone, a gold belt which hosts several multi-million-ounce gold deposits,
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including the Chirano mine 50 kilomet res to the north. Newcore’s vision is to build a
responsive, creative and powerful gold enterprise that maximizes returns for shareholders.
(1) Source: Production volumes for 2023 as sourced from the World Gold Council.
On Behalf of the Board of Directors of Newcore Gold Ltd.
Luke Alexander
President, CEO & Director
For further information, please contact:
Mal Karwowska | Vice President, Corporate Development and Investor Relations
+1 604 484 4399
www.newcoregold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes statements that contain "forward -looking information" within the meaning of
the applicable Canadian securities legislation ("forward -looking statements"). All statements, other than
statements of historical fact, are forward -looking statements and are based on expectations, estimates
and projections as at the date of this news release. Any statement that involves discussion with respect to
predictions, expectations, beliefs, plans, projections, objectives, assumptions, future even ts or
performance (often, but not always using phrases such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including
negative variations) of such words and phras es, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact
and may be forward-looking statements. In this news release, forward -looking statements relate, among
other things, to: statements about the estimation of mineral resources; results of preliminary economic
assessments; completion of a pre-feasibility study; results of metallurgical testwork; results of our ongoing
drill campaign; results of drilling, magnitude or quality of mineral deposits; anticipated advancement of
mineral properties or programs; and future exploration prospects.
These forward-looking statements, and any assumptions upon which they are based, are made in good
faith and reflect our current judgment regarding the direction of our business. The assumptions
underlying the forward -looking statements are based on informa tion currently available to Newcore.
Although the forward -looking statements contained in this news release are based upon what
management of Newcore believes, or believed at the time, to be reasonable assumptions, Newcore
cannot assure its shareholders that actual results will be consistent with such forward-looking statements,
as there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-
looking information also involves known and unknown risks, uncertainties an d other factors which may
cause the actual results, performance or achievements of the Company to be materially different from
any future results, performance or achievements expressed or implied by the forward -looking
information. Such factors include, am ong others: risks related to the speculative nature of Newcore’s
business; Newcore’s formative stage of development; Newcore’s financial position; possible variations in
mineralization, grade or recovery rates; actual results of current exploration activities; fluctuations in
general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward
prices of gold and other commodities; fluctuations in c urrency markets (such as the Canadian dollar to
United States dollar exchange rate); change in national and local government, legislation, taxation,
controls, regulations and political or economic developments; risks and hazards associated with the