Newcore Gold Drilling Intersects 0.94 g/t Gold over 54.0 Metres, Including 2.08 g/t Gold over 11.0 Metres at the Enchi Gold Project, Ghana 10,000-metre RC Drill Program Underway at Enchi; Drilling Continues to Encounter
NEWS RELEASE
Suite 1560 - 200 Burrard Street www.newcoregold.com
Vancouver, British Columbia V6C 3L6 [email protected]
Newcore Gold Drilling Intersects 0.94 g/t Gold over 54.0 Metres,
Including 2.08 g/t Gold over 11.0 Metres at the Enchi Gold Project, Ghana
10,000-metre RC Drill Program Underway at Enchi; Drilling Continues to Encounter
Mineralization Outside the Limits of the Pit that Constrains the Mineral Resource Estimate
October 30, 2024 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 10,000 -metre drill
program underway at the Company’s 100% owned Enchi Gold Project ("Enchi" or the "Project")
in Ghana. Reverse Circulation ( "RC") drilling at the Boin Gold Deposit ( "Boin") completed as
part of the resource growth and infill program designed to convert Inferred Resources to
Indicated intersected 0.94 grams per tonne gold ("g/t Au") over 54.0 metres ("m") from 150 m
in hole KBRC294, including 2.11 g/t Au over 7.0 m from 151 m and 2.08 g/t Au over 11 m from
170 m. Hole KBRC294 ended in mineralization outside the current limits of the pit constrained
Mineral Resource Estimate. All drill holes intersected gold mineralization, continuing to prove
out the continuity of gold mineralization and potential for future resource growth at Boin.
Highlights from Drilling at the Boin Gold Deposit at Enchi
• All drill holes intersected gold mineralization, confirming continuity along strike and
down dip for the two principal structures which comprise the Boin Gold Deposit.
o Drilling encountered mineralization in both the near surface oxides as well as the upper
portions of the sulphides.
o Hole KBRC296 intersected 1.44 g/t Au over 25.0 m from 31 m in the oxides, with a second
zone of 2.26 g/t Au over 7.0 m from 67 m in the transitional material.
o Hole KBRC298 intersected 0.53 g/t Au over 61.0 m from 159 m, including 1.07 g/t Au
over 12.0 m from 173 m.
o Hole KBRC295 intersected 1.25 g/t Au over 24.0 m from 130 m.
• Hole KBRC294 ended in mineralization which was intersected outside the limits of
the pit that constrains the current Mineral Resource Estimate.
o Multiple structures intersected, with drilling continuing to prove out the continuity of
higher-grade mineralization at Boin.
o Hole KBRC294 intersected 0.94 g/t Au over 54.0 m from 150 m, including 2.11 g/t Au
over 7.0 m from 151 m, and 2.08 g/t Au over 11.0 m from 170 m, and a second interval
of 3.24 g/t Au over 6.0 m from 107 m including 16.52 g/t Au over 1.0 m from 109 m.
In addition to the 10,000 -metre RC drill program that is underway, further exploration and
development work is on-going at Enchi to continue to de-risk the development of the Project
and prove -out the district scale exploration potential. This work includes additional
metallurgical testwork, drone surveys, hydrogeological testing, condemnation drilling,
geotechnical work, environmental work, an airborne magnetic survey, trenching and soil
sampling.
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Luke Alexander, President and CEO of Newcore stated, " We are thrilled with the results
encountered to date from the 10,000-metre drill program underway at our Enchi Gold Project
in Ghana. The results to date not only show strong continuity of mineralization at the Boin Gold
Deposit, but importantly are highlighting the potential for resource growth at depth with
mineralization encountered below the limits of the pits that constrain the current resource at
Enchi. The start of this drill program has also had strong success with prior released hole
KBRC288, calculated on gram by metre, encountering the second-best intercept to date at
Boin, which is now followed by hole KBRC294 which is in the top twenty of intercepts drilled to
date at Boin. We look forward to continuing to prove out the strong potential for resource
growth at Enchi while also advancing the Project with drilling to prove up the confidence level
of the existing resources."
This news release reports results for 5 RC holes totalling 784 m (KBRC294 to KBRC298)
targeting the Boin Gold Deposit. All holes intersected 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)
KBRC294 Boin 107.0 113.0 6.0 3.24
including 109.0 110.0 1.0 16.52
and 150.0 204.0 54.0 0.94
including 151.0 158.0 7.0 2.11
Including 170.0 181.0 11.0 2.08
KBRC295 Boin 130.0 154.0 24.0 1.25
KBRC296 Boin 31.0 56.0 25.0 1.44
and 67.0 74.0 7.0 2.26
KBRC298 Boin 159.0 220.0 61.0 0.53
including 173.0 185.0 12.0 1.07
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.
A plan map showing the drill hole locations can be viewed at:
https://newcoregold.com/site/assets/files/5878/2024_10_30-ncau-nr-enchi-plan-map-boin.pdf
A cross section showing drill results and highlights for holes KBRC294, KBRC295 and KBRC297
can be viewed at:
https://newcoregold.com/site/assets/files/5878/2024_10_30-ncau-crosssection-kbrc294.pdf
A complete list of the drill results in this release, including hole details, can be viewed at:
https://newcoregold.com/site/assets/files/5878/2024_10_30-ncau-enchi-2024-drill-results.pdf
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Drilling at the Boin Gold Deposit
KRBC294 to KBRC298 (5 holes totalling 784 m) were completed in the central portion of Boin,
targeting near-surface oxide and shallow sulphide mineralization with a goal of infill drilling for
resource conversion to improve the confidence level as well as grow the existing Mineral
Resource Estimate. RC drilling at Boin consisted of 50 -metre spaced sections with drill holes
spaced every 25 metres along the sections, designed to confirm the continuity of gold
mineralization. The holes reported in this news release are distributed across three separat e
sections that are spread along a strike length of 500 metres.
This drilling confirmed continuity along strike and down dip for the two principal structures
which comprise the Boin Gold Deposit. The width and gold grades within these drill results are
also consistent with prior wide spaced drilling completed at Boin . Hole KBRC 294, which
intersected 0.94 g/t Au over 54.0 m from 150 m, is located 100 metres south of the recently
released hole KBRC288 which was one of the best holes drilled to date at Boin (intersected
1.96 g/t Au over 62.0 m from 139 m , including 2.31 g/ t Au over 25.0 m from 139 m and
2.23 g/t Au over 28.0 m from 171 m).
The drill results released to date in 2024 from Boin were part of the infill program designed to
improve the confidence level of the existing Mineral Resource Estimate . This recent drilling
covered a strike extent of 750 metres along the principal Boin structures and was drilled in an
area where the previous pit constrained Mineral Resource Estimate was classified as Inferred.
The results of this recent drilling should allow for conversion of a substantial portion of
mineralization within this area to the Indicated category.
2024 Enchi Work Program
A 10,000 -metre RC drill program is underway at Enchi, targeting near -surface oxide and
shallow sulphide mineralization with a primary goal of infill drilling for resource conversion to
improve the confidence level of the existing Mineral Resource Estimate. Most of the infill
drilling is allocated to the two largest deposits at Enchi, Boin and Sewum. Improving the
confidence level of the Mineral Resource Estimate at Enchi is a key component of the
development work required to be completed in advance of commi ssioning a Pre -Feasibility
Study for the Project. A subset of the drill program will also focus on outlining resource growth,
with all deposit areas and pre -resource targets at Enchi remaining open along strike and at
depth, providing for future resource growth across the district-scale property.
Additional exploration and development work is on -going at Enchi, including metallurgical
testwork, drone surveys, an airborne magnetic survey, trenching, hydrogeological testing,
condemnation drilling, geotechnical work, environmental work and soil sampli ng. Drone
topographic surveys are underway, expanding on previously completed work, at the
Kwakyekrom and Tokosea deposit areas to provide detailed topographic information required
to improve the confidence level of each deposit’s Mineral Resource Estimate. Additionally, the
drone survey will be completed across the proposed heap leach facility area to contribute
additional data for future detailed engineering studies. An airborne magnetic survey will test
grass roots targets related to a series of gold -in-soil anomalies and gold mineralization
identified in trenching. Soil sampling is also currently being completed on the Omanpe and
Abotia licenses with a goal of further defining early -stage targets across Enchi for future
trenching and drilling.
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Boin Gold Zone
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 88 metres.
Drill Hole Locations
Table 2 - Enchi Gold Project Drill Hole Location Details
Hole ID UTM East UTM North Elevation Azimuth ° Dip ° Length (m)
KBRC294 519498 634729 125 114 -55 204
KBRC295 519533 634699 127 114 -60 157
KBRC296 519553 634666 125 114 -60 103
KBRC297 519581 634684 127 114 -60 100
KBRC298 519301 634381 130 114 -55 220
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),
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 SEDAR+ at www.sedarplus.ca. Todd
McCracken and Simon Meadows Smith are independent qualified persons ("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.
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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 18% 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 2023 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 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; results of preliminary economic
assessments; completion of a pre-feasibility study; 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
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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 rea sonable 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 implie d 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 commun ities; 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 pr ove 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.
1 km
2024 Drill Program | Enchi Gold Project
Boin, Ghana (As of October 2024)
Previous Drill Holes
Legend
Drill Hole
Prior 2024 Assays Not in
Mineral Resource Estimate
CENTRAL
SECTOR
Pit Shell
Outline
NORTH
SECTOR
KBRC298
Drill Hole
Assays Announced
October 30, 2024
KBRC288
KBRC289
KBRC290
KBRC293
KBRC292
KBRC291
KBRC294
KBRC295 KBRC297
KBRC296
surface
0 Elev
100 Elev
Oxide Zone
204
KBRC294 KBRC295
157
KBRC297
100
0.94 g/t Au over 54 m
including 2.11 g/t Au over 7 m
including 2.08 g/t Au over 11 m
3.24 g/t Au over 6 m
0.57 g/t Au over 4 m
0.45 g/t Au over 14 m
0.95 g/t Au over 7 m
0.22 g/t Au over 1 m
1.25 g/t Au over 24 m
including 16.52 g/t Au over 1 m
0.27 g/t Au over 1 m
0.35 g/t Au over 2 m
0.97 g/t Au over 1 m
0.30 g/t Au over 2 m
0.19 g/t Au over 8 m
0.31 g/t Au over 2 m
0.34 g/t Au over 2 m
OPEN
TO DEPTH
2024 Drill Program | Enchi Gold Project
Boin Deposit - Cross Sec�on (A - A’)
KBRC294, KBRC295 and KBRC297
Viewing Northeast, October 2024
Drillhole trace
Mineralized Zone
LEGEND
2023 Resource Pit Shell
(US$1,650/oz Au)
25 m0 50 m