Newcore Gold Commissions Pre-Feasibility Study for its Enchi Gold Project, Ghana Advancing a Key De-Risking Milestone, PFS Targeted for Completion in H1 2026
NEWS RELEASE
Suite 1560 - 200 Burrard Street www.newcoregold.com
Vancouver, British Columbia V6C 3L6 [email protected]
Newcore Gold Commissions Pre-Feasibility Study
for its Enchi Gold Project, Ghana
Advancing a Key De-Risking Milestone, PFS Targeted for Completion in H1 2026
February 5, 2026 TSX-V: NCAU, OTCQX: NCAUF
Vancouver, BC – Newcore Gold Ltd. ("Newcore" or the "Company") (TSX-V: NCAU,
OTCQX: NCAUF) is pleased to announce it has commissioned a Pre-Feasibility Study ("PFS")
for the Company’s Enchi Gold Project ("Enchi" or the "Project") in Ghana . Newcore has
engaged Lycopodium Minerals Canada Limited ( "Lycopodium") of Toronto, Canada as lead
consultant for the study, with support from Fuse Advisors Inc. (Part of SLR Consulting) , Knight
Piesold Ltd. and DRA Global Limited. The Company is targeting completion of the PFS by the
end of H1 2026.
The PFS will build on the 2024 Preliminary Economic Assessment ("PEA") and will incorporate
the results of fieldwork and testwork completed at Enchi during 2024 and 2025 including
approximately 30,000 metres of additional drilling, PFS level metallurgical testwork,
hydrogeological testing, geotechnical work, and environmental work. As a result of extensive
metallurgical testwork completed since 2024 , and a gold price environment that has
strengthened substantially in the past several years , open pit mining with a standard milling
and carbon-in-leach ("CIL") processing flowsheet will be assumed for the PFS to maximize the
economic value of the Project . CIL t estwork completed to date has returned recoveries of
89.4% to 97.7% relative to previously assumed recoveries of 75% to 85% for heap leach
processing. The added value from maximizing gold recoveries, accelerating gold recovery
rates, and lowering processing risk outweighs the additional cost of mill-processing
infrastructure requirements.
Luke Alexander, President and CEO of Newcore stated, "Advancing our Enchi Gold Project to
the PFS stage represents an important milestone for the Company as we continue to unlock
the value of our district scale Project. We are fully funded to complete the PFS , which is
supported by extensive technical fieldwork, testwork and drilling completed in 2024 and 2025.
A key component of the work completed in advance of commissioning the PFS was
optimization work aimed at identifying the best processing path that maximizes Project value
and economics in a gold price environment that has strengthened significantly since
completion of the 2024 PEA. Metallurgical testwork and optimization analysis focused on
assessing processing alternatives to maximize gold recovery and value for shareholders. The
additional testwork completed highlighted the potential for higher recoveries with a standard
milling and CIL processing flowsheet; given the positive impact of improved recoveries to the
project value and economics , and the lower processing risk, we have determined that this is
the optimal development path. This next stage will continue to technically de -risk the Project
and advance the Project along the development path, as we look to unlock and maximize the
value of our Enchi Gold Project in Ghana."
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Pre-Feasibility Study Commissioned
A PFS has been commissioned for the Company’s Enchi Gold Project, targeted for completion
by the end of H1 2026. Lycopodium has been appointed as the lead engineering consultant,
responsible for process plant design, infrastructure, capital and operating cost estimation, and
overall study integration. Lycopodium led the Company’s 2024 PEA , and with their re -
engagement for the PFS this continuity preserves detailed project knowledge between study
phases. The PFS is supported by a strong group of consultants including Fuse Advisors Inc.
(Part of SLR Consulting) (mine engineering, open pit optimization and design, mine planning,
Mineral Reserve ), Knight Piesold Ltd. (tailings storage facility design, project -wide
hydrogeology, site water management ), and DRA Global Limited ( Mineral Resource , pit
geotechnical and hydrogeological model).
Metallurgical Testwork Completed in Support of the PFS
Metallurgical testwork completed since the 2024 PEA determined that the optimal processing
flowsheet for the Project is standard milling and CIL based on recoveries from testwork of
89.4% to 97.7%.
Metallurgical samples consisted of oxide, transition and fresh material from the three largest
deposits at Enchi (Sewum, Boin, Nyam), with work completed at Intertek Labs ("Intertek") in
Tarkwa, Ghana and Base Metallurgical Laboratories Ltd. ("Base Met Labs") in Kamloops,
Canada. Testwork completed in 2025 included percolation tests at various cement levels on all
material types, gold recovery tests on agglomerated material in 3.5 -metre-tall columns, and a
series of optimized CIL tests . Column tests were completed at Intertek on all three material
types and at various conditions. Oxide and upper diggable transition material continued to
have strong recoveries, highlighting amenability to heap leach processing . T he harder
transition and fresh mineralization however encountered lower recoveries, leading to further
testwork at Base Met Labs to better understand the optimal conditions for all material types.
Results of testwork led to maximum recoveries using a standard milling and CIL processing
flowsheet.
This recent metallurgical testwork focused on understanding the optimal processing
methodology to achieve the maximum gold recoveries for all material types and deposits. With
a much higher gold price environment, and a focus on higher recoveries with lower processing
risk, the Company has determined that the optimal processing methodology for Enchi is a
standard milling and CIL flowsheet to maximize the economic value of the Project.
Fieldwork Completed in Support of the PFS
Additional fieldwork and testwork completed to support the PFS included geotechnical,
hydrogeological, environmental and social baseline studies.
Geotechnical: Oriented diamond drill holes were completed for geotechnical purposes.
These holes are drilled to investigate subsurface soil, rock and groundwater conditions to
better understand the physical properties of the relevant area to confirm pit slope angles and
ensure appropriate conditions for construction foundations. Holes were drilled within the
proposed open pit areas at the Boin and Sewum Gold Deposits, along with holes drilled in the
proposed process plant location.
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Hydrogeological: Diamond drill holes were completed for hydrogeological purposes. These
holes are drilled to better understand groundwater conditions. Measurements of groundwater
recharge continue at all deposits and advanced targets at Enchi. Additionally, two weather
stations have been installed to continuously measure temperature, relative humidity, rainfall,
wind speed and direction, solar radiation and evaporation rates.
Environmental and Social Baseline: Additional environmental and social baseline field work
is underway, with studies completed in both the dry and wet seasons in 2025. This work builds
on prior studies completed in 2024, 2022 and 2015 and is comprised of environmental and
social monitoring acceptable for both national and international standards . Work completed
in 2025 included a series of baseline and technical studies focused on s ocio-economic
conditions, climate, ambient air quality, noise, surface water, sediment, groundwater quality,
terrestrial fauna, aquatic ecology, flora, and soil.
Additional development work completed at Enchi includes early-stage exploration, drone
topographic surveys, expanded community programs and a continued strong focus on health
and safety. Grass roots exploration on earlier stage targets includes soil sampling, geophysical
surveying and trenching designed to prioritize additional exploration targets for future drilling.
Enchi Current Drill Program
The 45,000-metre drill program underway at Enchi commenced August 2024, targeting near-
surface oxide and shallow fresh mineralization. The drill program is in its second phase and is
focused on discovery and resource growth, including drilling targeting the potential for
resource growth along strike at existing deposits along with diamond drilling targeting the
higher-grade potential at depth. The primary goal of the completed first phase of the drill
program was Reverse Circulation ( "RC") infill drilling for resource conversion to improve the
confidence level of the existing Mineral Resource Estimate , with most of the first phase of the
drill program allocated to the two largest deposits at Enchi, Boin and Sewum. All deposit areas
and pre-resource targets at Enchi remain open along strike and at depth, providing for future
resource growth across the district-scale property.
Newcore Gold Best Practice
Newcore is committed to best practice standards for all exploration, sampling and drilling
activities. Drilling was completed by independent drilling firms using industry standard RC and
diamond drill equipment. Quality assurance and quality control procedures for the
metallurgical results include the confirmation that samples are representative of the
mineralized deposits and material types. Laboratory procedures were documented including
sample preparation and splitting procedures. The program included test s at various
independent accredited facilities, with no QA/QC issues encountered . The metallurgical
program did not have any sample recovery problems and did not identify any deleterious
elements or procedural issues that could affect the reliability of the metallurgical results.
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
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herein and has conducted appropriate verification on the underlying data including
confirmation of the metallurgical data files against the raw data generated by the independent
laboratories.
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 15% 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 operating gold mines, including the
Chirano mine 50 kilometres 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 2024 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 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: statements about the estimation of mineral resources; results of
preliminary economic assessments; timing, content and completion of a pre -feasibility study; proposed
development plans for the Company; 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 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
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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 and 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
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 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 Newcore
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.