Newcore Gold Announces Appointment of Vice President, Projects Commences Updated Preliminary Economic Assessment for the Enchi Gold Project, Ghana
NEWS RELEASE
Suite 1560 - 200 Burrard Street www.newcoregold.com
Vancouver, British Columbia V6C 3L6 [email protected]
Newcore Gold Announces Appointment of Vice President, Projects
Commences Updated Preliminary Economic Assessment for the Enchi Gold Project, Ghana
September 8, 2023 TSX-V: NCAU, OTCQX: NCAUF
Vancouver, BC – Newcore Gold Ltd. ("Newcore" or the "Company") (TSX-V: NCAU,
OTCQX: NCAUF) is pleased to announce the appointment of Branden Fraser , P.Eng. as Vice
President, Projects, effective September 8, 2023. Newcore is also pleased to announce it has
commenced the process of engaging an independent engineering firm to prepare an updated
National Instrument 43-101 Preliminary Economic Assessment ("PEA") study for the Company’s
100% owned Enchi Gold Project ("Enchi" or the "Project") in Ghana.
Luke Alexander, President and CEO of Newcore stated, "We are very excited to welcome
Branden to our team. His significant experience in mine development, both with study
management as well as in construction and operations, will be a significant benefit as we
continue to advance the development of our Enchi Gold Project in Ghana. Concurrently we are
excited to be kicking-off the process to complete an updated PEA for the Project, incorporating
the updated Mineral Resource Estimate that was announced earlier this year , along with the
significant metallurgical testwork that has been completed on the Project since the last
economic study was completed in 2021. We continue to advance and de-risk the development
of our Enchi Gold Project and look forward to creating significant value for our shareholders."
Mr. Fraser, P.Eng., has over 10-years of on-site experience in construction and operations in
both mining and processing roles , as well as significant study management and consulting
experience. His contributions span diverse regions including South America, Central America,
Europe, Africa, and subarctic Canada. Beginning with five years in trades roles within mining
and milling operations, Mr. Fraser transitioned to project and field engineering positions with
Canadian Northern Mining Corp. and JDS Mining and Energy Inc. in 2014. Nota bly, he acted
as Project, Field, and Commissioning Engineer for the construction and commissioning of JDS
Silver's Silvertip Mine in 2015 and Victoria Gold Corp.'s Eagle Gold Mine in 2017. Following
the successful commissioning of the Eagle Gold Mine in 2019, Mr. Fraser assumed the role of
the site’s Heap Leach Engineer. Simultaneously, he provided consulting support for
preliminary and Pre-Feasibility designs and assessments for several heap leach projects,
including Newcore's 2021 PEA. Before joining Newcore Gold, Branden was a Process Engineer
and Project Manager at BBA. Mr. Fraser holds a Bachelor of Science in Mining and Mineral
Processing Engineering from Montana Technological University and is a registered
professional engineer with Engineers & Geoscientists British Columbia.
Newcore has granted 300,000 stock options at a price of $ 0.12 per share for a period of five
years to Mr. Fraser. These options are subject to regulatory approval and are granted under
the Company’s long-term incentive plan and include vesting provisions.
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About Newcore Gold Ltd.
Newcore Gold is advancing its Enchi Gold Project located in Ghana, Africa’s largest gold
producer (1). The Project currently hosts an Indicated Mineral Resource of 743,500 ounces of
gold at 0.55 g/t and an Inferred Mineral Resource of 972,000 ounces of gold at 0.65 g/t (2).
Newcore Gold offers investors a unique combination of top -tier leadership, who are aligned
with shareholders through their 20% equity ownership, and prime district scale exploration
opportunities. Enchi’s 216 km 2 land package covers 40 kilometres of Ghana’s prolific Bibiani
Shear Zone, a gold belt which hosts several 5 million -ounce gold deposits, including the
Chirano mine 50 kilometers to the north. Newcore’s vision is to build a responsive, creative and
powerful gold enterprise that maximizes returns for shareholders.
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
(1) Source: Production volumes for 2022 as sourced from the World Gold Council
(2) Notes for Mineral Resource Estimate:
1. Canadian Institute of Mining Metallurgy and Petroleum ("CIM") definition standards were followed for the
resource estimate.
2. The 2023 resource models used ordinary kriging (OK) grade estimation within a three-dimensional block model
with mineralized zones defined by wireframed solids and constrained by pits shell for Sewum, Boin and Nyam.
Kwakyekrom and Tokosea used Inverse Distance squared (ID2).
3. Open pit cut-off grades varied from 0.14 g/t to 0.25 g/t Au based on mining and processing costs as well as the
recoveries in different weathered material.
4. Heap leach cut-off grade varied from 0.14 g/t to 0.19 g/t in the pit shell and 1.50 g/t for underground based on
mining costs, metallurgical recovery, milling costs and G&A costs.
5. CIL cut off grade varied from 0.25 g/t to 0.27 g/t in a pit shell and 1.5 0 g/t for underground based on mining
costs, metallurgical recovery, milling costs and G&A costs.
6. A US$1,650/ounce gold price was used to determine the cut-off grade.
7. Metallurgical recoveries have been applied to five individual deposits and in each case three material types
(oxide, transition, and fresh rock).
8. A density of 2.19 g/cm3 for oxide, 2.45 g/cm3 for transition, and 2.72 g/cm3 for fresh rock was applied.
9. Optimization pit slope angles varied based on the rock types.
10. Reasonable mining shapes constrain the mineral resource in close proximity to the pit shell.
11. Mineral Resources that are not mineral reserves do not have economic viability. Numbers may not add due to
rounding.
12. The resource estimate was prepared by Todd McCracken, P. Geo, of BBA E&C Inc. in accordance with National
Instrument 43-101 Standards of Disclosure for Mineral Projects. Todd McCracken is an independent qualified
person ("QP") as defined by National Instrument 43 -101. A full technical report, prepared in accordance with
National Instrument 43 -101 Standards of Disclosure for Mineral Projects and is available under Newcore’s
SEDAR profile at www.sedar.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.
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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; timing and completion of an
updated PEA; results of metallurgical testwork, 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 a nd 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, among others: risks related to the speculative nature of the Company’s
business; the Company’s formative stage of development; the Company’s financial position; possible
variations in minerali zation, 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 currency markets (such as the Canadian
dollar to United States do llar exchange rate); change in national and local government, legislation,
taxation, controls, regulations and political or economic developments; risks and hazards associated with
the business of mineral exploration, development and mining (including environmental hazards, unusual
or unexpected geological formations); the presence of laws and regulations that may impose restrictions
on mining; employee relations; relationships with and claims by local communities; the speculative
nature of mineral explorat ion and development (including the risks of obtaining necessary licenses,
permits and approvals from government authorities); and title to properties.
Forward-looking statements contained herein are made as of the date of this news release and the
Company disclaims any obligation to update any forward-looking statements, whether as a result of new
information, future events or results, except as may be r equired by applicable securities laws. There can
be no assurance that forward -looking information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information.