Newcore Gold Drilling Intersects 1.08 g/t Gold over 22.0 Metres and 1.29 g/t Gold over 15.0 Metres, at the Enchi Gold Project, Ghana Drilling Continues to Highlight the Potential for Resource Growth at Enchi, Intersects Near
NEWS RELEASE
Suite 1560 - 200 Burrard Street www.newcoregold.com
Vancouver, British Columbia V6C 3L6 [email protected]
Newcore Gold Drilling Intersects 1.08 g/t Gold over 22.0 Metres and
1.29 g/t Gold over 15.0 Metres, at the Enchi Gold Project, Ghana
Drilling Continues to Highlight the Potential for Resource Growth at Enchi, Intersects Near
Surface Gold Mineralization Outside of Current Resources at the Kwakyekrom Gold Deposit
November 4, 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 45,000-metre drill
program underway at the Company’s 100% owned Enchi Gold Project ("Enchi" or the "Project")
in Ghana . Shallow Reverse Circulation ( "RC") drilling at the Kwakyekrom Gold Deposit
("Kwakyekrom") intersected multiple zones of near-surface gold mineralization, including hole
KKRC099 which intersected 1.08 grams per tonne gold ("g/t Au") over 22.0 metres ("m") from
112 m, with a higher-grade interval of 2.78 g/t Au over 7.0 m from 126 m. Hole KKRC085A also
encountered shallow gold mineralization, intersecting 1.29 g/t Au over 15.0 m from 88 m. Both
KKRC099 and KKRC085A targeted areas for potential resource growth and encountered
mineralization outside of the current limits of the pit constrained Mineral Resource Estimate at
Kwakyekrom. Drilling continues to prove out the continuity of gold mineralization and potential
for resource growth at Enchi.
Highlights from Drilling at the Kwakyekrom Gold Deposit at Enchi
• Drilling at Kwakyekrom included holes that targeted and intersected gold
mineralization outside of the current limits of the pit constrained Mineral Resource
Estimate, highlighting the potential for future resource growth at Enchi.
o KKRC099 intersected 1.08 g/t Au over 22.0 m from 112 m, with a higher -grade interval
of 2.78 g/t Au over 7.0 m from 126 m.
o KKRC085A intersected 1.29 g/t Au over 15.0 m from 88 m.
• Drilling continues to define a series of sub-parallel gold mineralized structures.
o Gold mineralization was intersected on the northern and southern extents at
Kwakyekrom, extending the mineralization both north and south of the current pit
constrained Mineral Resource Estimate.
• All holes intersected gold mineralization, with drilling targeting shallow gold
mineralization within the oxide, transition and upper fresh mineral horizons.
The 45,000-metre drill program underway at Enchi is focused on resource growth and infill
drilling designed to convert Inferred Resources to Indicated. The drill program is now in its
second phase focused on discovery and resource growth, including drilling tar geting earlier-
stage exploration targets along with drilling focused on defining the resource growth potential
at depth and along strike. The completed first phase of drilling focused on the drilling required
for resource conversion in advance of commissioning a Pre-Feasibility Study later this year.
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Luke Alexander, President and CEO of Newcore stated, "The drilling we recently completed at
Kwakyekrom continues to highlight the resource growth potential at Enchi, with these results
highlighting the opportunity to expand the current deposit at Kwakyekrom both within the
near-surface mineralization as well as at depth. This drilling has further defined the continuity
of the gold mineralization along the edges of the current pits that constrain the current Mineral
Resource Estimate at Kwakyekrom, while also extending the known mineralization to both the
north and south. We look forward to continuing to highlight the growth potential that exists at
our Enchi Gold Project in Ghana through the drill bit, in tandem with advancing the Project to
a Pre-Feasibility Study in H1 2026."
This release reports results for 24 RC holes totalling 3,843 m (KKRC085A to KKRC108) targeting
the Kwakyekrom Gold Deposit , with all holes in tersecting gold mineralization. A total of
28,940 m in 231 holes have been reported as part of the ongoing 2024 - 2025 drill program at
Enchi, with 98.7% of holes intersecting gold mineralization.
Select assay results from the 24 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)
KKRC099 Kwakyekrom 112.0 134.0 22.0 1.08
including 126.0 133.0 7.0 2.78
KKRC085A Kwakyekrom 88.0 103.0 15.0 1.29
KKRC100 Kwakyekrom 8.0 19.0 11.0 1.39
KKRC088 Kwakyekrom 93.0 103.0 10.0 0.96
KKRC098 Kwakyekrom 25.0 40.0 15.0 0.60
including 33.0 37.0 4.0 1.65
and 214.0 215.0 1.0 6.41
KKRC093 Kwakyekrom 56.0 58.0 2.0 2.05
and 113.0 125.0 12.0 0.57
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/5936/2025_11_04-ncau-nr-enchi-plan-map-kwakyekrom.pdf
Cross sections showing drill results and highlights for holes KKRC085A, KKRC086, KKRC093,
KKRC098, KKRC099, and KKRC100 can be viewed at:
https://newcoregold.com/site/assets/files/5936/2025_11_04-ncau-crosssections-kwakyekrom.pdf
A complete list of the drill results in this release, including hole details, can be viewed at:
https://newcoregold.com/site/assets/files/5936/2025_11_04-ncau-enchi-2024-2025-drill-results.pdf
Drilling at the Kwakyekrom Gold Deposit
KKRC085A to KKRC108 (24 RC holes totalling 3,843 m) were completed at the Kwakyekrom
Gold Deposit, targeting the northern and southern extensions of the mineralized structure.
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Drilling targeted shallow mineralization with a focus on expanding the deposit and growing
the known resource. RC drilling at Kwakyekrom consisted of 50 -metre spaced sections with
drill holes spaced every 25-metres along the sections. Drilling targeted shallow mineralization,
with drill holes reaching a maximum vertical depth of 120 metres. The holes reported in this
news release are distributed across 12 separate sections that are spread along a 2 -kilometre
strike length, and span (1) the northern extension; (2) the northern edge of the resource pit; (3)
the southern edge of the resource pit; and (4) the southern extension.
11 RC holes totalling 1,968 m (KKRC085A to KKRC09 1, KKRC096, KKRC098 , KKRC099 ,
KKRC108) were drilled at the northern extension of the Kwakyekrom Gold Deposit. Drilling
intersected a series of sub -parallel structures hosting the gold mineralization in this area.
KKRC099 intersected 1.08 g/t Au over 22.0 m from 112 m, with a higher-grade interval of 2.78
g/t Au over 7.0 m from 126 m. KKRC085A, located 150 metres north of KKRC099 and the
northernmost hole drilled to date at Kwakyekrom as part of the current drill program ,
intersected 1.29 g/t Au over 15.0 m from 88 m. KKRC088 which tested below the shallow pit
that currently constrains the Mineral Resource Estimate at Kwakyekrom extended the gold
mineralization to depth intersecting 0.96 g/t Au over 10.0 m from 93 m. KKRC089, drilled 50
metres south of KKRC088, likewise extended the mineralization to depth intersecting 0.47 g/t
Au over 18.0 m from 87 m.
6 RC holes totalling 825 m (KKRC092 to KKRC095, KKRC097 B, KKRC100) were drilled on the
northern edge of the pit that constrains the current Mineral Resource Estimate at Kwakyekrom.
This drilling intersected a series of close -spaced gold mineralized structures. KKRC100
intersected 1.39 g/t Au over 11.0 m from 8 m and 0.97 g/t Au over 5.0 m from 109 m. Additional
results in this area included KKRC093 with 0.57 g/t Au over 12.0 m from 113 m and 2.05 g/t Au
over 2.0 m from 56 m, as well as KKRC092 with 0.84 g/t Au over 6.0 m from 91 m and 0.90 g/t
Au over 4.0 m from 58 m.
3 RC holes totalling 438 m (KKRC101 to KKRC103) were drilled on the southern edge of the
pit that constrains the current Mineral Resource Estimate at Kwakyekrom. KKRC102 intersected
both near-surface and deeper gold mineralized structures with 0.42 g/t Au over 10.0 m from
25 m and 0.29 g/t Au over 20.0 m from 60 m.
4 RC holes totalling 612 m (KKRC104 to KKRC107) were drilled to test the southern extension
of the Kwakyekrom Gold Deposit. KKRC104 intersected multiple gold mineralized structures
including 0.35 g/t Au over 18.0 m from 67 m and 0.34 g/t Au over 22.0 m from 91 m.
The recently completed drilling at Kwakyekrom continues to confirm continuity along strike
and down dip for the principal structures which comprise the Kwakyekrom Gold Deposit. The
width and gold grades within these drill results are consistent with prior wider-spaced drilling
completed at Kwakyekrom . This drilling also continues to confirm the potential for resource
growth at Enchi from drilling on known deposits as well as at earlier-stage targets that have
been identified across the district scale property.
2024 - 2025 Enchi Work Program
A 45,000-metre drill program is underway at Enchi, targeting near -surface oxide and shallow
fresh mineralization. The primary goal of the first phase of the drill program was infill drilling
for resource conversion to improve the confidence level of the existing Mineral Resource
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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 at
Enchi is a key component of the development work required to be completed in advance of
commissioning a Pre-Feasibility Study for the Project. With the first phase of drilling complete,
the second phase of the 2024 – 2025 drill program will focus on outlining resource growth
along strike at existing deposits and diamond drilling targeting the higher-grade potential at
depth. 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.
Kwakyekrom Gold Deposit
Kwakyekrom is one of the four deposits which comprise the Mineral Resource Estimate at Enchi
(Kwakyekrom has an Inferred Mineral Resource of 4.2 million tonnes grading 0. 72 g/t Au
containing 97,700 ounces). Kwakyekrom is located 15 kilometres southeast of the town of
Enchi, with nearby roads and power and further access provided by a series of drill roads.
Kwakyekrom is located to the south of Nyam, with the Kwakyekrom structure interpreted to be
an extension of the Nyam structure. To date, approximately 40% of the gold-in-soil anomaly at
Kwakyekrom is untested by drilling, with the average vertical depth of all holes drilled to date
at Kwakyekrom only down to 80 metres.
Drill Hole Locations
Table 2 - Enchi Gold Project Drill Hole Location Details
Hole ID UTM East UTM North Elevation Azimuth ° Dip ° Length (m)
KKRC085A 529000 635363 85 298 -60 180
KKRC086 528942 635392 104 298 -60 122
KKRC087 528929 635332 109 298 -60 150
KKRC088 528945 635255 102 298 -60 174
KKRC089 528968 635307 100 298 -60 228
KKRC090 528899 635167 102 298 -60 240
KKRC091 528796 635102 112 298 -60 120
KKRC092 528633 634835 130 298 -60 126
KKRC093 528695 634878 132 298 -60 125
KKRC094 528762 634990 130 298 -60 102
KKRC095 528771 634927 128 298 -60 168
KKRC096 528816 634982 117 298 -60 180
KKRC097B 528779 634878 116 298 -60 78
KKRC098 528890 635212 101 298 -60 220
KKRC099 528934 635195 104 298 -60 240
KKRC100 528748 634846 126 298 -60 226
KKRC101 528521 634486 102 298 -60 192
KKRC102 528458 634419 115 298 -60 114
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Hole ID UTM East UTM North Elevation Azimuth ° Dip ° Length (m)
KKRC103 528430 634374 121 298 -60 132
KKRC104 528415 634306 130 298 -60 150
KKRC105 528387 634272 137 298 -60 150
KKRC106 528353 634248 147 298 -60 132
KKRC107 528390 634223 148 298 -60 180
KKRC108 528786 635064 127 298 -60 114
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
Guidelines (November 29, 2019) and follow CIM Definition Standards for Mineral Resources
and Mineral Reserves (May 10, 2014), t hat 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,
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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
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
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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.
200 m
2024 - 2025 Drill Program
Enchi Gold Project
Kwakyekrom, Ghana (As of Nov 2025)
Previous Drill Holes
Legend
Drill Hole
Assays Announced
November 4, 2025
Map Area
Pit Shell
Outline
KKRC089
KKRC086
KKRC087
KKRC088
KKRC090
KKRC091
KKRC108
KKRC094
KKRC095
KKRC096
KKRC097B
KKRC092
KKRC101
KKRC102
KKRC103
KKRC105
KKRC106
KKRC107
KKRC093
KKRC100
KKRC099
KKRC098
KKRC085A
KKRC104