Newcore Gold Drilling Intersects 0.97 g/t Gold over 96.0 Metres and 1.06 g/t Gold over 81.0 Metres at the Enchi Gold Project, Ghana Drilling Continues to Intersect Wide Zones of Gold Mineralization at the Boin Gold Deposit
NEWS RELEASE
Suite 1560 - 200 Burrard Street www.newcoregold.com
Vancouver, British Columbia V6C 3L6 [email protected]
Newcore Gold Drilling Intersects 0.97 g/t Gold over 96.0 Metres and
1.06 g/t Gold over 81.0 Metres at the Enchi Gold Project, Ghana
Drilling Continues to Intersect Wide Zones of Gold Mineralization at the Boin Gold Deposit
January 14, 2025 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") continues to
intersect wide zones of gold mineralization with hole KBRC 316 intersecting 0.97 grams per
tonne gold ("g/t Au") over 96.0 metres ("m") from 100 m, including 2.05 g/t Au over 10.0 m
from 163 m. Drilling continues to encounter higher -grade mineralization with hole KBRC313
intersecting 2.50 g/t Au over 17.0 m from 132 m, within a broader interval of 1.06 g/t Au over
81.0 m from 127 m.
Drilling is underway at Enchi as part of the resource growth and infill program designed to
convert Inferred Resources to Indicated. All drill holes to date as part of the 2024 - 2025 drill
program have intersected gold mineralization, continuing to prove out the continuity of gold
mineralization and potential for future resource growth across the Project, including at Boin.
Highlights from Drilling at the Boin Gold Deposit at Enchi
• Drilling continues to encounter wide zones of higher -grade gold mineralization
within the sulphide mineralization.
o Hole KBRC316 intersected 0.97 g/t Au over 96.0 m from 100 m, including 2.05 g/t Au
over 10.0 m from 163 m.
o Hole KBRC313 intersected 1.06 g/t Au over 81.0 m from 127 m, including 2.50 g/t Au
over 17.0 m from 132 m and 2.15 g/t Au over 7.0 m from 184 m.
o Hole KBRC314 intersected 0.86 g/t Au over 62.0 m from 161 m , including 2.24 g/t Au
over 9.0 m from 210 m.
o Hole KBRC317 intersected 0.70 g/t Au over 73.0 m from 109 m and 1.52 g/t Au over
7.0 m from 192 m.
• Drilling continues to prove out the continuity of gold mineralization and potential for
resource growth at Enchi.
o All drill results released to date as part of the 2024 - 2025 drill program have intersected
gold mineralization.
Luke Alexander, President and CEO of Newcore stated, " The results from the drill program
underway at Enchi continue to show strong continuity of gold mineralization at the Boin Gold
Deposit along with wide zones of higher -grade gold mineralization within the sulphide
mineralization. We believe that the results achieved to date with the current drill program
underscore the potential to prove up the confidence of the existing resources at Enchi which
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is an important next step in advancing our Enchi Gold Project towards a Pre-Feasibility Study.
We look forward to an exciting year-ahead as we continue to advance the development of our
Enchi Gold Project in Ghana."
This release reports results for 10 RC holes totalling 2,060 m (KBRC309A to KBRC318) targeting
the Boin Gold Deposit, with all holes intersecting gold mineralization. A total of 5,458 metres
in 31 holes have been reported as part of the ongoing 2024 - 2025 drill program at Enchi.
Select assay results from the 10 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)
KBRC312 Boin 130.0 210.0 80.0 0.54
KBRC313 Boin 127.0 208.0 81.0 1.06
including 132.0 149.0 17.0 2.50
including 184.0 191.0 7.0 2.15
KBRC314 Boin 161.0 223.0 62.0 0.86
including 210.0 219.0 9.0 2.24
KBRC315 Boin 139.0 190.0 51.0 0.58
and 203.0 240.0 37.0 1.32
KBRC316 Boin 100.0 196.0 96.0 0.97
including 163.0 173.0 10.0 2.05
KBRC317 Boin 109.0 182.0 73.0 0.70
Notes:
1. See detailed table for complete results;
2. Intervals reported are hole lengths with true width estimated to be 65 - 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/5888/2025_01_14-ncau-nr-enchi-plan-map-boin.pdf
Cross sections showing drill results and highlights for holes KBRC 313 and KBRC316 can be
viewed at:
https://newcoregold.com/site/assets/files/5888/2025_01_14-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/5888/2025_01_14-ncau-enchi-2024-drill-results.pdf
Drilling at the Boin Gold Deposit
KBRC309A to KBRC318 (10 RC holes totalling 2,060 m) were completed in the central and
south-central portion of Boin . Drilling targeted near-surface oxid ized and shallow sulphide
mineralization with a goal of infill drilling for resource conversion to both 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. The holes reported in this news release are distributed across ten separate sections
that are spread along a strike length of one kilometre. Drilling has confirmed the continuity
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along strike and down dip for the principal structure which comprise s the Boin Gold Deposit.
The width and gold grades within these drill results are also consistent with prior wider-spaced
drilling completed at Boin.
Drill holes KBRC313 to KBRC317 were drilled vertically intersecting the west dipping structure
resulting in an estimated true width in the range of 65 % to 75%, with drilling continuing to
intersect wide zones of gold mineralization. KBRC316 intersected 0.97 g/t Au over 96.0 m from
100 m, including 2.05 g/t Au over 10.0 m from 163 m with the mineralized zone extending
beyond the pit shell limit of the current Mineral Resource Estimate . KBRC313 intersected
1.06 g/t Au over 81.0 m from 127 m, including 2.50 g /t Au over 17.0 m from 132 m and
2.15 g/t Au over 7.0 m from 184 m . Hole KBRC314 intersected 0.86 g/t Au over 62.0 m from
161 m, including 2.24 g/t Au over 9.0 m from 210 m . Hole KBRC317 intersected 0.70 g/t Au
over 73.0 m from 109 m and 1.52 g/t Au over 7.0 m from 192 m. H ole KBRC315 intersected
0.58 g/t Au over 51.0 m from 139 m and a second intercept of 1.32 g/t Au over 37.0 m from
203 m. These results continue to highlight the potential to improve the confidence level of the
Mineral Resource Estimate defined at the Boin Gold Deposit at Enchi.
Highlights from intercepts in the oxidized portion of the Boin Gold Deposit include 1.04 g/t Au
over 16.0 m from 93 m in hole KBRC312 and 1.17 g/t Au over 7.0 m from 65 m in KBRC318.
The drill results released to date from the 2024 - 2025 drill program are from the Boin Gold
Deposit where drilling was designed to improve the confidence level of the existing Mineral
Resource Estimate. This recent drilling covered a strike extent of one kilometre 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 - 2025 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
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Abotia licenses with a goal of further defining early -stage targets across Enchi for future
trenching and drilling.
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 90 metres.
Drill Hole Locations
Table 2 - Enchi Gold Project Drill Hole Location Details
Hole ID UTM East UTM North Elevation Azimuth ° Dip ° Length (m)
KBRC309A 519178 634148 119 114 -60 220
KBRC310 519161 634010 126 114 -60 200
KBRC311 519171 634107 127 114 -60 200
KBRC312 519119 633968 133 114 -50 210
KBRC313 518956 633618 154 0 -90 240
KBRC314 518935 633580 156 0 -90 230
KBRC315 518914 633556 154 0 -90 240
KBRC316 518900 633506 133 0 -90 220
KBRC317 518874 633478 133 0 -90 200
KBRC318 518804 633406 137 114 -50 100
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.
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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 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
- 6 -
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 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 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, am ong 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 c urrency 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 haz ards, 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 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
Map Area
Previous Drill Holes
Legend
Drill Hole
Prior 2024 - 2025 Assays Not in
Mineral Resource Estimate
CENTRAL
SECTOR
Pit Shell
Outline
NORTH
SECTOR
Drill Hole
Assays Announced
January 14, 2025
KBRC288
KBRC289
KBRC290
KBRC293
KBRC292
KBRC291
KBRC294
KBRC295
KBRC296
KBRC297
KBRC298
KBRC299
KBRC300
KBRC303A
KBRC301
KBRC305
KBRC306
KBRC302
KBRC308
KBRC307A
KBRC304
KBRC311
KBRC318
KBRC314
KBRC312
KBRC310
KBRC309A
KBRC313
KBRC317
KBRC316
KBRC315
2024 - 2025 Drill Program | Enchi Gold Project
Boin, Ghana (As of January 2025)
surface
0 Elev
100 Elev
Oxide Zone
KBTR009
240
KBRC313
81
KBRC035KBRC010
100
KBRD059
140.8
KBDD052
201
KBDD042
102
1.24 g/t Au over 37 m
0.91 g/t Au over 24 m
1.06 g/t Au over 81 m
including 2.50 g/t Au over 17 m
0.22 g/t Au over 2 m
0.29 g/t Au over 8 m
0.98 g/t Au over 2 m
0.32 g/t Au over 2 m
including 2.15 g/t Au over 7 m
0.28 g/t Au over 2 m
0.44 g/t Au over 4 m
0.93 g/t Au over 7 m
0.61 g/t Au over 11 m
0.79 g/t Au over 21 m
0.55 g/t Au over 16 m
1.42 g/t Au over 1 m
0.75 g/t Au over 3 m
1.05 g/t Au over 19 m
0.30 g/t Au over 3 m
1.04 g/t Au over 8 m
0.47 g/t Au over 7 m
OPEN
TO DEPTH
2024 - 2025 Drill Program | Enchi Gold Project
Boin Deposit - Cross Section (A - A’)
KBRC313
Viewing Northeast, January 2025
Drillhole trace
Mineralized Zone
LEGEND
2023 Resource Pit Shell
(US$1,650/oz Au)
50 m0 100 m