Newcore Gold Drilling Intersects 1.29 g/t Gold over 13.0 Metres and 1.64 g/t Gold over 10.0 Metres at the Enchi Gold Project, Ghana Drilling at Tokosea, a New Discovery at Enchi, Intersects Additional Mineralization
NEWS RELEASE
Suite 1560 - 200 Burrard Street www.newcoregold.com
Vancouver, British Columbia V6C 3L6 [email protected]
Newcore Gold Drilling Intersects 1.29 g/t Gold over 13.0 Metres and
1.64 g/t Gold over 10.0 Metres at the Enchi Gold Project, Ghana
Drilling at Tokosea, a New Discovery at Enchi, Intersects Additional Mineralization
June 8, 2022 TSX-V: NCAU, OTCQX: NCAUF
Vancouver, BC – Newcore Gold Ltd. ("Newcore" or the "Company") (TSX-V: NCAU,
OTCQX: NCAUF) is pleased to announce drill results from the 90,000 metre drill program
underway at the Company’s 100% owned Enchi Gold Project ("Enchi" or the "Project") in
Ghana. First pass Reverse Circulation ( "RC") drilling at the Tokosea Gold Target ( "Tokosea"),
completed as part of the inaugural drill program on the grass root target at Enchi, intersected
1.29 grams per tonne gold ("g/t Au") over 13.0 metres ("m") from 42 m in the oxides, with an
additional zone in the upper sulphides intersecting 0.48 g/t Au over 32.0 m from 106 m,
including 1.06 g/t Au over 7.0 m from 108 m. Tokosea is a new greenfield discovery at Enchi
where first pass drilling has highlighted the strong potential to delineate additional resources
across the 216 km2 land package at Enchi.
Highlights from Drilling at Tokosea
• Drilling on the southern end of the Tokosea trend intersected multiple structures and
has extended the drill tested gold mineralization 100 metres to the south:
o Hole TORC057 intersected mineralization in both the near surface oxides and upper
portions of the sulphides. Near surface the hole intersected 1.29 g/t Au over 13.0 m from
42 m. Within the upper sulphides the hole intersected 0.48 g/t Au over 32.0 m from
106 m, including 1.06 g/t Au over 7.0 m from 108 m.
• Drilling on the central portion of the main trend at Tokosea extended the zone to
depth, as well as up- and down- dip from prior drill tested mineralization:
o Hole TORC081 intersected 1.64 g/t Au over 10.0 m from 158 m.
o Hole TORC077 intersected 2.11 g/t Au over 7.0 m from 71 m.
o Hole TORC070 intersected 1.73 g/t Au over 8.0 m from 28 m and 1.62 g/t Au over
2.0 m from 78 m.
• Drilling on a sub-parallel structure at Tokosea intersected gold mineralization withi n
the near-surface oxidized zone, including:
o Hole TORC063 intersected 1.34 g/t Au over 8.0 m from 10 m.
• Strong results from drilling at Tokosea, a new greenfield discovery at Enchi, continue
to highlight the potential for mineral resource growth at Enchi:
o This drilling was completed as part of the first pass discovery drilling completed at
Tokosea in 2022, with prior results announced March 7, 2022 and April 20, 2022.
o Tokosea is outlined on surface by a six -kilometre-long and two-to-three-kilometre-wide
gold-in-soil anomaly . Previous drill intercepts at Tokosea include: 1.80 g/t Au over
27.0 m from 30 m including 4.13 g/t Au over 3.0 m from 31 m in TORC045 , and
1.67 g/t Au over 17.0 m from 131 m including 18.17 g/t Au over 1.0 m from 131 m in
TORC032 (see Newcore’s April 20, 2022 news release).
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Greg Smith, VP Exploration of Newcore stated, "We are excited by the results we have achieved
from our inaugural drill progr am at Tokosea. Only 82 holes have been drilled on the target,
with drilling testing mineralization to an average vertical depth of only 75 metres. First pass
drilling at Tokosea focused on testing shallow gold mineralization within the oxides and upper
portion of the sulphides, with the target remaining open along strike and at depth and only a
small portion of the anomaly tested to date. These results expand this new discovery at Enchi
and confirm the potential for resource growth across the Project , a district scale property
located on a prolific gold belt that hosts a number of multi-million-ounce gold mines."
This news release reports results for 26 RC holes totalling 3,501 m (TORC057 to TORC082)
targeting the Tokosea Gold Target. 20 of the 26 holes intersected gold mineralization.
Select assay results from the 26 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)
TORC057 Tokosea 42.0 55.0 13.0 1.29
and 106.0 138.0 32.0 0.48
including 108.0 115.0 7.0 1.06
TORC081 Tokosea 158.0 168.0 10.0 1.64
TORC077 Tokosea 71.0 78.0 7.0 2.11
TORC070 Tokosea 28.0 36.0 8.0 1.73
and 78.0 80.0 2.0 1.62
TORC063 Tokosea 10.0 18.0 8.0 1.34
TORC080 Tokosea 84.0 113.0 29.0 0.35
including 85.0 91.0 6.0 0.53
Notes:
1. See detailed table for complete results
2. Intervals reported are hole lengths with true width estimated to be 75 - 85%
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/5772/2022_06-ncau-nr-enchi-plan-map-tokosea-l.pdf
A cross section showing drill results and highlights for hole TORC057 can be viewed at:
https://newcoregold.com/site/assets/files/5772/2022_06-ncau-crosssection-torc057-l.pdf
A complete list of the 2020 – 2022 drill results released to date, including hole details, can be
viewed at:
https://newcoregold.com/site/assets/files/5772/2022_06-ncau-enchi-2020-2022-drill-results-l.pdf
Drilling at Tokosea
Tokosea is a large, previously undrilled gold target at Enchi, located in the central portion of
the property to the north of the Sewum Gold Deposit. Tokosea is outlined on surface by a six-
kilometre-long and two-to-three-kilometre-wide gold-in-soil anomaly.
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Drilling on the southern end of the Tokosea trend has now expanded the gold mineralization
defined on the main structure, intersecting multiple zones in the oxides and upper portion of
the sulphides. Hole TORC057 intersected a near surface structure with 1.29 g/t Au over 13.0 m
from 42 m in the oxides, and a deeper structure in the sulphides with 0.48 g/t Au over 32.0 m
from 106 m, including 1.06 g/t Au over 7.0 m from 108 m extending the drill tested gold
mineralization 100 metres to the south.
Drilling on the central portion of the main structure at Tokosea, 1.5 kilometres northeast of hole
TORC057, extended the main mineralized zone up - and down- dip from the previously drill
tested zone. Hole TORC081 extended mineralization on the central portion of the main
structure by 100 metres to the south, intersecting 1.64 g/t Au over 10.0 m from 158 m. Hole
TORC070, collared 400 metres north of TORC081 , intersected an upper mineralized zone in
the oxides with 1.73 g/t Au over 8.0 m from 28 m, and 1.62 g/t Au over 2.0 m from 78 m in the
sulphides. Hole TORC077, 100 metres north of TORC081, intersected 2.11 g/t Au over 7.0 m
from 71 m.
A series of holes at Tokosea also tested a sub-parallel zone located approximately 350 metres
west of the main structure. Drilling intersected additional gold mineralization wit hin the near-
surface oxidized zone and upper portion of the sulphide zone. Hole TORC063 tested the
central portion of the sub-parallel structure and intersected 1.34 g/t Au over 8.0 m from 10 m
within the oxides. Hole TORC080 intersected a broad zone of go ld mineralizat ion in the
sulphides with 0.35 g/t Au over 29.0 m from 84 m, including 0.53 g/t Au over 6.0 m from 85 m.
Hole TORC065 intersected two gold zones in the oxides with an upper mineralized zone of
0.31 g/t Au over 19.0 m from 24 m, and a second zone with 0.81 g/t Au over 4.0 m from 57 m.
First pass drilling at Tokosea now consists of 82 RC holes totalling 10,238 m (TORC001 to
TORC082) designed to test gold -in-soil and trench anomalies. The wide spaced and shallow
drilling tested several targets w ithin a four-kilometre-by-two-kilometre area, with 68 of the 82
holes intersecting gold mineralization.
Enchi Gold Project Mineral Resource Estimate
The Enchi Gold Project hosts a pit constrained Inferred Mineral Resource of 70.4 million tonnes
grading 0.62 g/t Au containing 1. 41 million ounces gold (see Newcore news release date d
June 8, 2021). 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 Definitio n 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 was prepared by independent qualified person Todd McCracken, P. Geo.
of BBA E&C Inc. The technical report, titled "Preliminary Economic Assessment for the Enchi
Gold Project, Enchi, Ghana " has an effective date of June 8, 2021, and is available under the
Company’s profile on SEDAR at www.sedar.com.
2020 - 2022 Enchi Drilling Program
A 90,000 metre discovery and resource expansion drilling program is underway at Enchi
(anticipated completion in Q2 2022). The program includes both RC and diamond drilling and
includes the first deeper drilling on the Project . Newcore’s multi -pronged exploration
approach has delivered on the goals set out at the start of drilling : (i) successfully outlined
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potential resource growth along strike at all four existing deposits (Sewum, Boin, Nyam,
Kwakyekrom); (ii) encountered strong results at previously drilled zones that are outside of the
resource area (Kojina Hill and Eradi); (iii) drilling intersected high-grade at depth which has
outlined the potential for underground resources; and (iv) identified new discoveries from
successful first pass drilling on early stage kilometre-scale gold -in-soil anomalous targets
(Sewum South, Tokosea). For the total planned 90,000 metre drill program, assay results have
now been received and released for 549 holes representing 86,565 metres.
Tokosea Gold Target
The Tokosea Target is located in the central portion of the Enchi Gold Project and is one of the
largest anomalous areas with gold -in-soil and associated geophysical anomalies. Tokosea 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. Tokosea is outlined on surface by a six -kilometre-
long and two-to-three-kilometre-wide gold-in-soil anomaly. An airborne geophysical anomaly
coincident with the area defines a series of sub -parallel and intersecting structures. Historic
artisanal small scale open pit and underground mining has occurred on individual structures
dating as far back as the early 20th century. The area was untested by drilling prior to the current
drill program. 82 RC holes totalling 10,238 metres were completed and released as part of the
current drill program.
Drill Hole Locations
Table 2 - Enchi Gold Project Drill Hole Location Details
Hole ID UTM East UTM North Elevation Azimuth ° Dip ° Length (m)
TORC057 629167 522608 130 120 -50 150
TORC058 629278 522608 136 120 -50 114
TORC059 629325 522691 135 120 -50 156
TORC060 630004 522974 137 120 -50 150
TORC061 630092 523016 140 120 -50 150
TORC062 630143 523088 137 120 -50 150
TORC063 630275 523132 122 120 -50 123
TORC064 630395 523112 121 120 -50 174
TORC065 630458 523197 114 120 -50 150
TORC066 630324 523852 132 120 -50 132
TORC067 630374 523781 108 120 -50 156
TORC068 630263 523800 121 120 -50 132
TORC069 630285 523722 116 120 -57 207
TORC070 630530 523911 138 120 -50 132
TORC071 630592 523798 122 120 -50 150
TORC072A 630428 523681 121 120 -50 162
TORC073 630713 523823 135 120 -55 96
TORC074 630648 523929 136 120 -50 150
TORC075 630615 523999 150 120 -50 78
TORC076 630575 524062 172 300 -50 150
TORC077 630236 523812 118 300 -50 102
TORC078 630351 523177 130 300 -55 48
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Hole ID UTM East UTM North Elevation Azimuth ° Dip ° Length (m)
TORC079 630360 523153 116 120 -70 54
TORC080 630324 523225 136 300 -50 120
TORC081 630190 523670 131 120 -50 171
TORC082 630107 523757 118 300 -70 144
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). The Project currently hosts an Inferred Mineral Resource of 1.41 million ounces of
gold at 0.62 g/t (2). Newcore Gold offers investors a unique combination of top-tier leadership,
who are aligned with shareholders through their 27% equity ownership, and prime district
scale exploration opportunities. Enchi’s 216 km2 land package covers 40 kilometres of Ghana’s
prolific Bibiani Shear Zone, a gold belt which hosts several 5 million -ounce gold deposits,
including Kinross’ 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 2020 as sourced from the World Gold Council
(2) Notes for Inferred Mineral Resource Estimate:
1. CIM definition standards were followed for the resource estimate.
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2. The 2021 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 used Inverse Distance squared (ID2).
3. A base cut-off grade of 0.2 g/t Au was used with a capping of gold grades varied by deposit and zone.
4. A US$1,650/ounce gold price, open pit with heap leach operation was used to determine the cut -off grade of
0.2 g/t Au. Mining costs of US$ 1.40 for oxides, US$2.10 for transition, and US$2.60 for fresh rock per mined
tonne and G&A and milling costs of US$ 6.83/milled tonne. The Inferred Min eral Resource Estimate is pit
constrained.
5. Metallurgical recoveries have been applied to four individual deposits and in each case three material types
(oxide, transition, and fresh rock) with average recoveries of 77% for Sewum, 79% for Boin, 60% for Nyam and
72% for Kwakyekrom.
6. A density of 2.20 g/cm3 for oxide, 2.45 g/cm3 for transition, and 2.70 g/cm3 for fresh rock was applied.
7. Optimization pit slope angles varied based on the rock types.
8. Mineral Resources that are not mineral reserves do not have economic viability. Numbers may not add due to
rounding.
9. These numbers are from the technical report titled " Preliminary Economic Assessment for the Enchi Gold
Project, Enchi, Ghana", with an effective date of June 8, 2021, prepared for Newcore Gold by BBA E&C Inc. 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.
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 ex pectations, 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: stat ements about the estimation of mineral resources; results of our ongoing drill
campaign, 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 Newc ore.
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 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 dollar exchange rate); change in n ational and local government, legislation,
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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 t he 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.
1 km
2020-2022 Drill Program | Enchi Gold Project
Tokosea Target, Ghana (As of June 2022)
TORC018
TORC017
TORC020
TORC021
TORC019
TORC010
TORC013
TORC015
TORC014
TORC022
TORC016
TORC009
TORC008
TORC007
TORC006
TORC005
TORC004
TORC001
TORC002
TORC003
TORC023
TORC026 TORC025
TORC024
TORC012 TORC011
Drill Hole
Prior 2022 Assays Not in
Mineral Resource Estimate
Legend
Drill Hole
Assays Announced
June 8, 2022
TORC044
TORC043
TORC042
TORC041
TORC037
TORC038
TORC036
TORC035
TORC039
TORC040
TORC027
TORC029
TORC028
TORC030
TORC031TORC032
TORC045
TORC033
TORC034A
TORC046TORC048
TORC047
TORC056
TORC055
TORC050
TORC049
TORC051
TORC052TORC053
TORC054
TORC057
TORC058
TORC059
TORC060
TORC061
TORC062
TORC063
TORC082
TORC081 TORC077
TORC068
TORC066
TORC067
TORC072A
TORC069
TORC065
TORC080
TORC078TORC079
TORC064
TORC070
TORC076
TORC075TORC074
TORC073
TORC071