Newcore Gold Diamond Drilling Intersects High-Grade Gold Mineralization with 174 g/t Gold over 1.0 Metre and 3.54 g/t Gold over 23.0 Metres, at the Enchi Gold Project, Ghana First Results from Diamond Drilling Intersect High-Grade Gold Mineralization at the
NEWS RELEASE
Suite 1560 - 200 Burrard Street www.newcoregold.com
Vancouver, British Columbia V6C 3L6 [email protected]
Newcore Gold Diamond Drilling Intersects High-Grade Gold
Mineralization with 174 g/t Gold over 1.0 Metre and
3.54 g/t Gold over 23.0 Metres, at the Enchi Gold Project, Ghana
First Results from Diamond Drilling Intersect High-Grade Gold Mineralization at the
Boin Gold Deposit, Highlighting Potential for Resource Growth at Depth
January 7, 2026 TSX-V: NCAU, OTCQX: NCAUF
Vancouver, BC – Newcore Gold Ltd. ("Newcore" or the "Company") (TSX-V: NCAU,
OTCQX: NCAUF) is pleased to announce additional drill results from the 45,000 -metre drill
program underway at the Company’s 100% owned Enchi Gold Project ("Enchi" or the "Project")
in Ghana. Diamond Drilling ("DD") at the Boin Gold Deposit ( "Boin") intersected high-grade
gold mineralization, including hole KBDD098 which intersected 173.75 grams per tonne gold
("g/t Au") over 1.0 metre ("m") from 264 m (true width unknown). Hole KBDD097 also returned
high-grade gold in the fresh mineralization, intersecting 3.54 g/t Au over 23.0 m from 253 m,
with a higher-grade interval of 6.92 g/t Au over 8.0 m from 256 m. This news release reports
results for the first set of holes completed targeting high -grade mineralization in the upper
portions of the fresh mineralization at Boin. Drilling continues to demonstrate the continuity of
gold mineralization and the potential for resource expansion at Enchi.
Highlights from Diamond Drilling at the Boin Gold Deposit at Enchi
• Diamond drilling targeted the gold mineralized structure at depth , intersecting
high-grade intercepts in the fresh mineralization.
o KBDD098 intersected 173.75 g/t Au over 1.0 m from 264 m (true width unknown).
o KBDD097 intersected 3.54 g/t Au over 23.0 m from 253 m, with a higher-grade interval
of 6.92 g/t Au over 8.0 m from 256 m.
o KBDD088 intersected 2.03 g/t Au over 16.5 m from 190 m , including a higher -grade
interval of 3.90 g/t Au over 4.0 m from 195 m.
• Diamond drilling targeted two high-grade zones identified at Boin.
o Five holes tested the down dip and lateral extensions to high-grade gold mineralization
previously identified at Boin in two shoots within the central area of the deposit.
o To date, Boin has only been tested to a n average vertical depth of 100 metres . Results
reported in this news release focused on drilling mineralization to depth with drilling
targeting mineralization within 200 to 300 vertical metres.
o All deposits at Enchi, including Boin, remain open for further expansion to depth.
• Drilling continues to prove out the potential for resource growth at Enchi by defining
the higher-grade potential within the deeper fresh mineralization across the Project.
o Drilling continues to demonstrate the continuity of gold mineralization and potential for
resource expansion at Enchi.
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Luke Alexander, President and CEO of Newcore stated, "We are pleased to report the first set
of results from our ongoing drilling program at Enchi, with diamond drilling targeting fresh
mineralization successfully intersecting high-grade gold mineralization at depth. These results
include the deepest drilling completed to date at Enchi , with diamond drill ing targeting and
intersecting gold mineralization within a vertical depth of 200 to 300 metres and confirming
that the Boin deposit remains open at depth. These results continue to showcase the high -
grade potential of the project with diamond drill hole KBRC098 delivering one of the strongest
high-grade intercepts encountered on the project to date when calculated on a gram-by-metre
basis, further highlighting the high-grade potential at Enchi . With drilling now focused on
testing depth extensions, we believe these results represent an important step toward
unlocking the longer-term growth potential of Enchi. Given that neighbouring deposits located
along the Sefwi-Bibiani belt, including Newmont’s Ahafo Mine and Asante Gold’s Bibiani and
Chirano mines , are mineralized to significantly greater vertical depths , we believe Enchi
remains underexplored and offers substantial upside across our district scale property."
Greg Smith, VP Exploration of Newcore stated, "These initial set of diamond drill results from
the ongoing drill program at our Enchi Gold Project continue to prove our geological model
which supports the potential for resource growth driven by higher-grade mineralization at
depth. Drilling completed targeted two areas at Boin believed to have potential for high-grade
shoots based on the results from earlier drilling. The successful intersection of mineralization
within these identified areas reinforces our confidence in the model and the prospectivity of
the system. As drilling progresses, we look forward to continuing to drill at depth to advance
our understanding of the scale, continuity and longer -term growth potential that we believe
exists at Enchi."
This release reports results for 5 DD holes totalling 1,699 m (KBDD088, KBDD095 to KBDD098)
targeting the Boin Gold Deposit, with all holes intersecting gold mineralization. A total of
31,189 m in 242 holes has been reported as part of the ongoing drill program at Enchi, with
98% of holes intersecting gold mineralization.
Select assay results from the 5 holes of the drill program reported in this release are below:
Table 1 - Enchi Gold Project Drill Highlights
Hole ID Zone/Deposit From (m) To (m) Length (m) Au (g/t)
KBDD098 Boin 264.0 265.0 1.0 173.75
and 320.7 323.2 2.5 3.00
KBDD097 Boin 253.0 276.0 23.0 3.54
including 256.0 264.0 8.0 6.92
KBDD088 Boin 190.0 206.5 16.5 2.03
including 195.0 199.0 4.0 3.90
KBDD096 Boin 363.0 399.5 36.5 0.69
including 385.0 387.0 2.0 2.34
KBDD095 Boin 271.0 279.5 8.5 2.34
including 272.0 274.5 2.5 7.50
Notes:
1. See detailed table for complete results;
2. Intervals reported are hole lengths with true width estimated to be 75 - 85%; and
3. Length-weighted averages from uncut assays.
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A plan map showing the drill hole locations can be viewed at:
https://newcoregold.com/site/assets/files/5944/2026_01_07-ncau-nr-enchi-plan-map-boin.pdf
Cross sections showing drill results and highlights for hole s KBDD097 and KBDD098 can be
viewed at:
https://newcoregold.com/site/assets/files/5944/2026_01_07-ncau-crosssections-boin.pdf
A complete list of the drill results in this release, including hole details, can be viewed at:
https://newcoregold.com/site/assets/files/5944/2026_01_07-ncau-enchi-2024-2025-drill-results.pdf
Diamond Drilling at the Boin Gold Deposit
KBDD088 and KBDD095 to KBDD098 (5 RC holes totalling 1,699 m) were completed at the
Boin Gold Deposit. This drilling targeted mineralization within the fresh mineral horizon at Boin
with a goal of continuing to define the potential for high-grade mineralization at depth. This is
the deepest drilling completed to date at Boin, intersecting mineralization below prior
intercepts and defining the continuity of gold mineralization to depth. The holes reported in
this news release were distributed across 4 separate sections spread along a 1.5 kms strike
length.
Four diamond drill holes totalling 1,379 m (KBDD088, KBDD095, KBDD096, KBDD098) were
completed on three sections along a 300-metre strike length in the south-central portion of the
deposit. KBDD098 intersected 173.75 g/t Au over 1.0 metre from 264 m (true width unknown)
associated with a quartz vein structure with abundant fine pyrite. KBDD088 collared 300 metres
south of KBDD098, intersected 2.03 g/t Au over 16.5 m from 190 m , with a higher -grade
interval of 3.90 g/t Au over 4.0 m from 195 m within a mixed zone of greywacke and phyllite
with variable quartz veining and pyrite. KBDD095 drilled to the north of KBDD088 intersected
2.34 g/t Au over 8.5 m from 271 m, including a higher-grade interval of 7.50 g/t Au over 2.5 m
from 272 m. KBDD096, drilled on the same section as KBDD095, intersected 0.69 g/t Au over
36.5 m from 363 m , with a higher -grade interval of 2.34 g/t Au over 2.0 m from 385 m .
KBDD096 encountered the deepest gold mineralization to date on the Boin structure at a
vertical depth of 370 metres.
One diamond drill hole totalling 320 m (KBDD097) was completed on a section in the north -
central area of the deposit. KBDD097, drilled 1. 3 kms north of KBDD098 , intersected
3.54 g/t Au over 23.0 m from 253 m, including 6.92 g/t Au over 8.0 m from 256 m. This intercept
is hosted in greywacke and minor phyllite with multiple quartz veins and quartz stockworks and
abundant fine-grained pyrite. The hole intersected two additional structures with 1.57 g/t Au
over 3.0 m from 187 m and 0.62 g/t Au over 19.0 m from 226 m , with a higher-grade interval
of 1.67 g/t Au over 2.0 m from 232 m.
The diamond drilling completed at Boin continues to confirm continuity down dip for the
principal structures which comprise the central portion of the Boin Gold Deposit. The width
and gold grades within these drill results are consistent with prior drilling completed in this
area.
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Enchi Work 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. Improving the
confidence level of the Mineral Resource Estimate is a key component of the development
work required to advance the Project to a Pre-Feasibility Study in H1 2026 . 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.
In addition to drilling, development work in support of a Pre -Feasibility Study is on-going at
Enchi, including metallurgical testwork, hydrogeological testing, geotechnical work, and
environmental work.
Boin Gold Deposit
Boin is one of the five deposits which comprise the Mineral Resource Estimate at Enchi (Boin
has an Indicated Mineral Resource of 13.0 million tonnes grading 0.62 g/t Au containing
258,200 ounces and Inferred Mineral Resource of 15.9 million tonnes grading 0.68 g/t Au
containing 349,600 ounces). Boin is located 10 kilometres south of the town of Enchi, with
nearby roads and power and further access provided by a series of drill roads. Boin is outlined
on surface by a greater than six -kilometre-long by up to one-kilometre-wide gold in soil
anomaly. An airborne geophysical anomaly coincident with the Boin structure extends for a
further kilometre north and three kilometres south beyond the limits of current drilling. To date,
approximately 40% of the gold-in-soil anomaly at Boin is untested by drilling, with the average
vertical depth of all holes drilled to date at Boin only down to 100 metres.
Drill Hole Locations
Table 2 - Enchi Gold Project Drill Hole Location Details
Hole ID UTM East UTM North Elevation Azimuth ° Dip ° Length (m)
KBDD088 518740 633481 145 114 -55 213.3
KBDD095 518773 633637 146 114 -60 372.6
KBDD096 518773 633637 146 114 -75 435.4
KBDD097 519511 634814 140 114 -60 320.2
KBDD098 518835 633693 160 114 -65 357.6
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. Mineral resource estimation practices
are in accordance with CIM Estimation of Mineral Resource and Mineral Reserve Best Practice
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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 "NI 43 -101 Technical Report, Preliminary Economic Assessment on the Enchi Gold
Project" dated June 7, 2024, with an effective date of April 24, 2024, prepared for Newcore by
Preetham Nayak, P.Eng., Ryda Peung, P.Eng., and Zunedbhai Shaikh, P.Eng., of Lycopodium
Minerals Canada Ltd.; Kerrine Azougarh, P.Eng., of Micon International Limited; and Simon
Meadows Smith, P.Eng. / P.Geo., of SEMS Exploration in accordance with NI 43 -101, and is
available under the Company’s profile on SED AR+ at www.sedarplus.ca. Simon Meadows
Smith is an independent qualified person ("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 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 multi-million-ounce gold deposits,
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 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
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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 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; completion of a pre-feasibility study; results of metallurgical testwork; results
of our ongoing drill campaign; results of dri lling, 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
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.
1km
2024 - 2025 Drill Program | Enchi Gold Project
Boin, Ghana (As of January 2026)
Previous Drill Holes
Legend
Drill Hole
Prior 2024 - 2025 Assays Not in
Mineral Resource Estimate
Drill Hole
Assays Announced
January 07, 2026
Map Area NORTH
SECTOR
CENTRAL
SECTOR
Pit Shell
Outline
KBDD098
KBDD095
KBDD088
KBDD096
KBDD097
0 Elev
100 Elev
-100 Elev
320
KBDD097 KBRC288
201
KBRC353
80
186
KBRC358
151
KBRC289
1.57 g/t Au over 3.0 m
3.54 g/t Au over 23.0 m
0.53 g/t Au over 3 m
1.96 g/t Au over 62 m
2.15 g/t Au over 24 m
0.62 g/t Au over 19.0 m
1.46 g/t Au over 10 m
incl. 2.31 g/t Au over 25 m
0.30 g/t Au over 2 m
incl. 6.92 g/t Au over 8.0 m
incl. 1.67 g/t Au over 2.0 m
0.17 g/t Au over 3 m
0.25 g/t Au over 1 m
0.65 g/t Au over 11 m
1.25 g/t Au over 8 m
0.47 g/t Au over 19 m
1.05 g/t Au over 13 m
0.85 g/t Au over 1 m
0.47 g/t Au over 5 m
incl. 2.23 g/t Au over 28 m
2024 - 2025 Drill Program | Enchi Gold Project
Boin Deposit - Cross Section (A - A’)
KBDD097
Viewing Northeast, January 2026
Drillhole trace
Mineralized Zone
LEGEND
2023 Resource Pit Shell
(US$1,650/oz Au)
100 m0 50 m
surface
Oxide Zone
OPEN
TO DEPTH