Newcore Gold Announces Start of 10,000 Metre Drill Program at 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 Start of 10,000 Metre Drill Program
at the Enchi Gold Project, Ghana
June 26, 2024 TSX-V: NCAU, OTCQX: NCAUF
Vancouver, BC – Newcore Gold Ltd. ("Newcore" or the "Company") (TSX-V: NCAU,
OTCQX: NCAUF) is pleased to announce the start of a 10,000 -metre drill program at the
Company’s 100%-owned Enchi Gold Project ("Enchi" or the "Project") in Ghana . The drill
program will focus on infill and resource expansion drilling.
Approximately 10,000 metres of Reverse Circulation ("RC") drilling is planned, targeting near-
surface oxide and shallow sulphide mineralization with a main goal of infill drilling for resource
conversion to improve the confidence level of the existing Mineral Resource Estimate. A subset
of the drill program will also focus on outlining resource growth on select zones , with all
deposit areas and pre-resource targets remaining open along strike and at depth. Additional
exploration and development work also continues at Enchi, including metallurgical testwork,
trenching of high -priority surface anomalies , and greenfields work on the recently acquired
Omanpe Licence.
Highlights
• Newcore is funded to complete the 10,000-metre drill program at Enchi.
o Funding of approximately $3.3 million anticipated as a result of the exercise of in-the-
money warrants expiring June 28, 2024 (as of March 31, 2024 there were 16.6 million
warrants with an exercise price of $0.20 outstanding).
o As of June 25, 2024 approximately 16.2 million of these warrants have been exercised,
for proceeds of approximately $3.2 million.
o The Company’s cash balance as of the most recently disclosed quarter (March 31, 2024)
was approximately $2.6 million.
• Infill drilling focused on resource conversion to improve the confidence level of the
existing Mineral Resource Estimate.
o Majority of the drill program to be allocated towards infill drilling at the two largest
deposits at Enchi, currently identified as Sewum and Boin.
o Focus of infill drilling is to increase the confidence level of the existing resources at Enchi,
a key component of the development work needed to be completed in advance of
commissioning a Pre-Feasibility Study for the Project.
• Drilling to target resource growth, with expansion potential existing at all deposits.
o Drilling will also target further resource expansion at select targets with all existing
deposits remaining open along strike and at depth, with potential for resource growth in
both shallow oxides and within the sulphide mineralization.
o Drilling to be completed on areas where good grade and wide widths of gold
mineralization remains open for expansion.
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• District scale potential at Enchi still largely underexplored.
o The Enchi Gold Project spans 248 km 2 along a prolific gold belt in Ghana that hosts
several large scale multi-million-ounce gold mines.
o Newcore has identified more than 20 pre-resource targets across the property, with less
than 10% of the property explored to date. The district scale exploration opportunity at
Enchi remains largely underexplored and untested, a key area of opportunity for longer-
term future resource growth across the property.
o Future drilling will also target early-stage pre-resource targets with a focus on identifying
new discoveries across the Project, to continue to prove out the longer-term size and
scale potential that exists at Enchi.
• Further potential for future resource growth from the high-grade potential at depth.
o Limited deeper drilling has now defined high-grade sulphide mineralization to a vertical
depth of 300 metres, with first underground resources defined on the Project in 2023.
o Future drilling will also target the opportunity to define the potential for additional high-
grade underground mineralization in the sulphide mineralization at Enchi.
Luke Alexander, President and CEO of Newcore stated, "We are excited to continue to advance
the development of the Enchi Gold Project while defining the multi-million-ounce potential of
the Project through the drill bit. This next phase of drilling will focus on advancing the
confidence level of the existing resources at Enchi , an important next step of development
work in advance of commissioning a Pre-Feasibility Study for the Project. At the same time, we
will continue to focus on a multi -pronged exploration approach to continue to define the
broader potential for Enchi to host a long -life gold camp , with drilling targeting resource
expansion at existing deposits. Future drill programs will also focus on earlier stage targets to
define additional discoveries across the district scale property as well as additional drilling of
deeper sulphide mineralization to continue to define the higher-grade potential at depth.
We would also like to thank our shareholders, management and Board of Directors for their
continued support through the exercise of warrants. The warrant proceeds of approximately
$3.3 million will fully fund this next phase of development work at Enchi, an important next step
in de-risking the Project with the completion of important infill drilling alongside additional
metallurgical testwork. The team is hard at work prioritizing the first drill targets, with a drill rig
anticipated to be on -site within the next month . We are very excited to continue to advance
Enchi towards a construction decision while proving up the significant potential that exists
across the district scale Project."
This next phase drill program will follow -up on the accomplishments achieved over the past
several years including over 93,000 metres drilled that resulted in new discoveries across the
Project, a significant amount of metallurgical testwork to de -risk project development, and
most recently the completion of a Preliminary Economic Assessment Study defining the robust
economics of the Project.
A property map showing the location of deposits and targets at Enchi can be viewed at:
https://newcoregold.com/site/assets/files/5862/2024_06_-_enchi_property_target_map.pdf
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Qualified Persons
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.
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 21% 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,
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.
(1) Source: Production volumes for 2022 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 d iscussion with respect to
predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events 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 phrases, 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: completion of a Pre-Feasibility
Study; the development, operational and economic results of the PEA, includi ng cash flows, capital
expenditures, development costs, extraction rates, recovery rates, mining cost estimates; estimation of mineral
resources; statements about the estimate of mineral resources; magnitude or quality of mineral deposits;
anticipated advancement of the Enchi Gold Project mine plan; future operations; future exploration prospects;
the completion and timing of future development studies; anticipated advancement of mineral properties or
programs; future exploration prospects; and the future growth potential of Enchi.
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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 information 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, among others: risks related to
interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans
continue to be refined, future metal prices, availability of capital and financing on acceptable terms, uninsured
risks, regulatory changes, delays or inability to receive required approvals, taxes, mining title, the speculative
nature of the Company’s business; the Company’s formative stage of development; the Company’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 currency 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 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
exploration 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 required 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.
CÔTE D'IVOIRE
Structural
Targets
AdamansuAdamansu
Alatakrom
Sewum Mine
Extension
Sewum Mine
Extension
Boin NW
Gyasikrom
Geophysical
Targets
Geophysical
Targets
Geochemical
Anomalies
Geochemical
Anomalies
CharleskromCharleskrom
AgyeikromAgyeikrom
Amonie
Agyaka
Amonie
Agyaka
Kwahhu
Eradi
Achimfo
chimfoAchimfo
Kojina Hill
Alatakrom
Gyasikrom
Kwahhu
NkwantaNkwanta
Sewum Ext.
BeekokromBeekokrom
Sewum South
SEWUM
BOIN
NYAM
KWAKYEKROM
Paved Road and Powerline
BIBIANI SHEAR ZONE
BOIN SHEAR ZONE
SEWUM SHEAR ZONE
NYAM SHEAR ZONE
TOKOSEA
OmanpeOmanpe
KwakuKwawu
OMANPE SHEAR ZONE
ENCHI
TOWN
Structures
Resources
Drilled Zones
Mineralization
LEGEND
N
10 km0 5
Ghana
Enchi Gold Project
Targets Across Property
Enchi Gold Project