Newcore Gold Commissions Updated Preliminary Economic Assessment Study for the Enchi Gold Project, Ghana Completion Targeted for H1 2024
NEWS RELEASE
Suite 1560 - 200 Burrard Street www.newcoregold.com
Vancouver, British Columbia V6C 3L6 [email protected]
Newcore Gold Commissions Updated Preliminary Economic Assessment
Study for the Enchi Gold Project, Ghana
Completion Targeted for H1 2024
November 1, 2023 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 engaged the independent engineering
consultants Lycopodium, Micon International Limited and SEMS Exploration to prepare an
updated National Instrument 43 -101 ("NI 43-101") Preliminary Economic Assessment ( "PEA")
study for the Company’s 100%-owned Enchi Gold Project ("Enchi" or the "Project") in Ghana.
Newcore is targeting completion and announcement of the results of the study by the end of
H1 2024.
Luke Alexander, President & CEO of Newcore stated, "We believe updating our PEA is a n
important step in continuing to advance the development of our Enchi Gold Project in Ghana.
The update will incorporate the current Mineral Resource Estimate that was announced earlier
this year, updated cost estimates, as well as the significant metallurgical testwork that has been
completed on the Project since the last economic study was completed in 2021. This low-cost
de-risking work will continue to advance the development of our district-scale Enchi Gold
Project, showcase its potential as an open pit, heap leach operation , while also providing an
underpinning of value for Newcore Gold."
Updated PEA Study
Newcore has engaged the independent engineering consultants Lycopodium, Micon
International Limited and SEMS Exploration to prepare an updated NI 43-101 PEA Technical
Report for the Enchi Gold Project. Th e PEA will incorporate the Mineral Resource Estimate
completed in 2023 , as well as the significant metallurgical testwork completed since the last
study in 2021. The study will be led by Lycopodium, who will conduct a process plant and
infrastructure evaluation using their knowledge on operating Ghanaian gold projects. Micon is
providing mine design and environmental services with mineral resource assessment supplied
by SEMS Exploration. The combined study team has significant experience in successful
development of not only PEA studies, but also subsequent studies and services including
construction and operation.
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),
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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 S EDAR at www.sedar.com. Todd
McCracken and Simon Meadows Smith are independent qualified persons ("QP") as defined
by NI 43-101.
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.
About Lycopodium
Lycopodium brings extensive studies and project delivery experience in gold mineral
processing plants in West Africa, including Ghana. Over the past 25+ years they have
participated or delivered over 30 greenfield projects in West Africa, and 13 within Ghana.
Lycopodium have an established office in Accra and are currently participating in a similar
greenfield gold project, located approximately 200 kilometres north of Newcore’s Enchi Gold
Project. Through their long-term and current project experience Lycopodium have developed
extensive knowledge of Ghanian and West African suppliers and contractors, as well as local
capital and operating costs. Lycopodium has a demonstrated track record for the development
and delivery of value -optimised, fit-for-purpose, fast to ramp up and easy to operate mineral
processing plant projects, delivered in a timely manner.
About Micon International Limited
Micon International Limited is an independent firm of senior geologists, mining engineers, and
metallurgists headquartered in Toronto, Ontario, Canada. Micon also maintains a fully
integrated office in Norwich, United Kingdom, as well as retaining full -time consultants based
in other locations within the UK and France. Micon’s professional staff have extensive
experience in the mining industry with both mining companies and leading consultancy firms.
Since 1988, Micon has offered a broad range of consulting services to clients involved in the
mineral industry. The firm maintains a substantial practice in the geological assessment of
prospective properties, the independent estimation of mineral resources and mineral reserves,
the compilation and review of fea sibility studies, the economic evaluation of mineral
properties, due diligence reviews, and the monitoring of mineral developments on behalf of
financing institutions. Micon’s practice is worldwide and includes precious and base metals,
energy minerals, and a wide variety of industrial and specialty minerals.
About SEMS Exploration
SEMS Exploration is the leading full -services mineral exploration and mining consultancy
company in West Africa. Since 2002, SEMS Exploration has provided independent geological
consultancy and in-country support services to the mineral exploration and mining industry of
West Africa. During this time, SEMS Exploration has established a reputation for dedicated,
high quality work for a wide range of clients from major mining companies to junior exploration
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companies and private investors. SEMS Exploration provides a full range of geological, mining
engineering and environmental services; from grassroots reconnaissance through mineral
resource estimations, project management and mine design.
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 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
National Instrument 43 -101 Standards of Disclosure for Mineral Projects and is available under Newcore’s
SEDAR profile at www.sedar.com. Todd McCracken and Simon Meadows Smith are independent qualified
persons ("QP") as defined by National Instrument 43-101.
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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; 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 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.