Newcore Gold Drilling Intersects 1.85 g/t Gold over 62.0 Metres and 0.75 g/t Gold over 68.0 Metres at the Enchi Gold Project, Ghana Drilling Intersects Multiple Zones of Shallow Gold Mineralization at the Sewum Gold Deposit
NEWS RELEASE
Suite 1560 - 200 Burrard Street www.newcoregold.com
Vancouver, British Columbia V 6C 3L6 [email protected]
Newcore Gold Drilling Intersects 1.85 g/t Gold over 62.0 Metres and
0.75 g/t Gold over 68.0 Metres at the Enchi Gold Project, Ghana
Drilling Intersects Multiple Zones of Shallow Gold Mineralization at the Sewum Gold Deposit
January 30, 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. Shallow Reverse Circulation ("RC") drilling at the Sewum Gold Deposit ( "Sewum")
intersected multiple zones of gold mineralization, with hole SWRC194 intersecting 1.85 grams
per tonne gold ("g/t Au") over 62.0 metres ("m") from 1 m, including a higher-grade intercept
of 8.36 g/t Au over 10.0 m from 13 m. The drill program underway at Enchi is focused on
resource growth and infill drilling designed to convert Inferred Resources to Indicated. Drilling
completed to date as part of the 2024 - 2025 drill program continues to prove out the
continuity of gold mineralization and potential for future resource growth across the Project.
Highlights from Drilling at the Sewum Gold Deposit at Enchi
• Drilling continues to encounter wide zones of gold mineralization within both the
oxidized and sulphide mineralization .
o SWRC194 intersected 1.85 g/t Au over 62.0 m from 1 m in the oxide/transition zones,
with a higher -grade interval of 8.36 g/t Au over 10.0 m from 13 m .
o A second intercept within hole SWRC194 intersected 0.75 g/t Au over 68.0 m from 99 m
in the upper sulphide zone, including 1.15 g/t Au over 14.0 m from 102 m.
• Drilling is proving out the continuity of near surface gold mineralization in all target
areas across Sewum.
o SWRC202 intersected 2.39 g/t Au over 13.0 m from 28 m, with a second zone of
1.65 g/t Au over 5.0 m from surface .
o SWRC195 intersected two areas of mineralization near surface, including 0.77 g/t Au
over 9.0 m from surface, with a second zone of 0.80 g/t Au over 38.0 m from 20 m.
o SWRC201 intersected 1.07 g/t Au over 27.0 m from 72 m, including 2.82 g/t Au over
8.0 m from 73 m.
Luke Alexander, President and CEO of Newcore stated, "The drill program underway at Enchi
continues to deliver strong results with drilling confirming the continuity of gold mineralization
across our two largest deposits at Enchi, Boin and Sewum. These latest results from the drill
program, focused on Sewum which is our largest deposit at Enchi , highlight the resource
growth potential from near surface mineralization that is amenable to open pit mining and
heap leach processing. Importantly, mineralization was encountered from surface, with results
including higher -grade intervals above the average grade of the deposit as defined in our
current Mineral Resource Estimate. We are confidant that with this drill program we will achieve
our primary goal of improving the confidence level of the existing Mineral Resource Estimate,
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an important next step in advancing Enchi towards a Pre-Feasibility Study which we view as a
value creating milestone for the Company."
This release reports results for 33 RC holes totalling 2,922 m (SWRC171 to SWRC203) targeting
the Sewum Gold Deposit. 32 of the 33 holes intersected gold mineralization. A total of 8,380
metres in 64 holes have been reported as part of the ongoing 2024 - 2025 drill program at
Enchi.
Select assay results from the 33 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)
SWRC172 Sewum 1.0 27.0 26.0 0.61
including 12.0 21.0 9.0 1.09
SWRC180 Sewum 0.0 26.0 26.0 0.66
including 16.0 23.0 7.0 1.46
SWRC182 Sewum 52.0 62.0 10.0 2.45
including 52.0 55.0 3.0 7.44
SWRC194 Sewum 1.0 63.0 62.0 1.85
including 13.0 23.0 10.0 8.36
and 99.0 167.0 68.0 0.75
including 102.0 116.0 14.0 1.15
SWRC195 Sewum 0.0 9.0 9.0 0.77
and 20.0 58.0 38.0 0.80
SWRC201 Sewum 72.0 99.0 27.0 1.07
including 73.0 81.0 8.0 2.82
SWRC202 Sewum 0.0 5.0 5.0 1.65
and 28.0 41.0 13.0 2.39
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/5890/2025_01_30-ncau-nr-enchi-plan-map-sewum.pdf
Cross section s showing drill results and highlights for holes SWRC182, SWRC194 and
SWRC202 can be viewed at:
https://newcoregold.com/site/assets/files/5890/2025_01_30-ncau-crosssections-sewum.pdf
A complete list of the drill results in this release , including hole details, can be viewed at:
https://newcoregold.com/site/assets/files/5890/2025_01_30-ncau-enchi-2024-2025-drill-results.pdf
Drilling at the Sewum Gold Deposit
SWRC171 to SWRC203 (33 RC holes totalling 2,922 m) were completed in the Checkerboard
Hill, Extension Parallel Structure and Ridge Zones at Sewum. Drilling targeted near -surface
oxidized, transition as well as shallow sulphide mineralization with a goal of infill drilling for
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resource conversion to improve the confidence level as well as grow the existing Mineral
Resource Estimate. RC drilling at Sewum 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 20 separate sections that are spread along a strike length of two kilometres.
At the Checkerboard Hill area of Sewum, two holes (SWRC194, SWRC195) totaling 233 metres
were completed . Both holes intersected multiple mineralized structures with wide zones of
gold mineralization . SWRC194 intersected 1.85 g/t Au over 62.0 m from 1 m including
8.36 g/t Au over 10.0 m from 13 m, with a second zone of 0.75 g/t Au over 68.0 m from 99.0 m
including 1.15 g/t Au over 14.0 m from 102 m. SWRC195 was drilled 150 metres to the south
of SWRC194 and intersected 0.77 g/t Au over 9.0 m from surface, with a second zone of
0.80 g/t Au over 38.0 m from 20.0 m. The two holes at Checkerboard Hill confirm the multiple
wide subparallel zones at above average grade which constitute this portion of the Sewum
Gold Deposit. The zones at Checkerboard Hill are open along strike and to depth with the
potential to grow the resource in this area with additional drilling in the future .
Select assay results from drilling completed at the Checkerboard Hill area of Sewum are below:
Table 2 - Drill Highlights from Checkerboard Hill at Sewum
Hole ID Zone/Deposit From (m) To (m) Length (m) Au (g/t)
SWRC194 Sewum 1.0 63.0 62.0 1.85
including 13.0 23.0 10.0 8.36
and 99.0 167.0 68.0 0.75
including 102.0 116.0 14.0 1.15
SWRC195 Sewum 0.0 9.0 9.0 0.77
and 20.0 58.0 38.0 0.80
Notes:
1. Intervals reported are hole lengths with true width estimated to be 75 - 85%; and
2. Length-weighted averages from uncut assays.
At the Extension Parallel Structure area of Sewum, s even holes (SWRC196 to SWRC202)
totaling 720 metres were completed . Drilling in this area intersected multiple higher-grade
gold mineralized structures near surface. The holes in this area were distributed on five sections
covering 300 meters of strike length. SWRC202 intersected 2.39 g/t Au over 13.0 m from
28.0 m, with mineralization encountered from surface in a second zone of 1.65 g/t Au over
5.0 m. SWRC201 was drilled 75 metres to the north of SWRC202 and intersected 1.07 g/t Au
over 27.0 m from 72 m including 2.82 g/t Au over 8.0 m from 73 m. Additional intercepts from
drilling in this area include 0.81 g/t Au over 14.0 m from 20 m (SWRC200) and 2.31 g/t Au over
3.0 m from 63 m (SWRC196). The Extension Parallel Structure, located 150 metres east of the
Sewum Extension Deposit, is a more recent discovery at Enchi and is one of the new zones that
was included in the Mineral Resource Estimate completed in 2023. This drilling has confirmed
the multiple sub -parallel structures within the zone and identified portions of this zone that
contain above average grades. To date the structures in this area have been drilled on seven
sections testing 500 metres of strike length. The drilling completed in 2024 has extended the
mineralization along strike with the zone remaining open along strike, both to the north and to
the south. Drilling completed to date on this area has targeted shallow mineralization, with the
zone remaining open for expansion to depth.
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Select assay results from drilling completed at the Extension Parallel Structure area of Sewum
are below:
Table 3 - Drill Highlights from Extension Parallel Structure at Sewum
Hole ID Zone/Deposit From (m) To (m) Length (m) Au (g/t)
SWRC196 Sewum 63.0 66.0 3.0 2.31
SWRC200 Sewum 20.0 34.0 14.0 0.81
SWRC201 Sewum 72.0 99.0 27.0 1.07
including 73.0 81.0 8.0 2.82
SWRC202 Sewum 0.0 5.0 5.0 1.65
and 28.0 41.0 13.0 2.39
and 60.0 76.0 16.0 0.39
Notes:
1. Intervals reported are hole lengths with true width estimated to be 75 - 85%; and
2. Length-weighted averages from uncut assays.
At the Ridge Zone area of Sewum, 24 holes (SWRC171 to SWRC193 , SWRC203) totaling
1,969 metres were completed . Drilling in this area intersected multiple near surface
mineralized structures with wide zones of gold mineralization . The holes in this area were
distributed on 13 sections covering 1 .2 kilometres of strike length. SWRC182 intersected
2.45 g/t Au over 10.0 m from 52 m including 7.44 g/t Au over 3.0 m from 52 m. Hole SWRC180,
drilled 150 metres to the south of SWRC182, intersected 0.66 g/t Au over 26.0 m from surface
with a higher-grade intercept of 1.46 g/t Au over 7.0 m from 16 m. Additional intercepts from
drilling in this area include 0.61 g/t Au over 26.0 m from 1 m including 1.09 g/t Au over 9.0 m
from 12 m (SWRC172) and 0.30 g/t Au over 45.0 m from 12 m (SWRC176). The Ridge Zone
currently represents the largest portion of the Mineral Resource Estimate defined at the Sewum
Gold Deposit, with the majority of the zone already defined to an Indicated Category. The 2024
- 2025 drilling completed in this area of Sewum successfully intersected the targeted structures
that required closer spaced drilling for resource conversion.
Select assay results from drilling completed at the Ridge Zone area of Sewum are below:
Table 4 - Drill Highlights from the Ridge Zone at Sewum
Hole ID Zone/Deposit From (m) To (m) Length (m) Au (g/t)
SWRC171 Sewum 56.0 74.0 18.0 0.60
SWRC172 Sewum 1.0 27.0 26.0 0.61
including 12.0 21.0 9.0 1.09
SWRC178 Sewum 0.0 9.0 9.0 0.78
SWRC180 Sewum 0.0 26.0 26.0 0.66
including 16.0 23.0 7.0 1.46
SWRC182 Sewum 52.0 62.0 10.0 2.45
including 52.0 55.0 3.0 7.44
Notes:
1. Intervals reported are hole lengths with true width estimated to be 75 - 85%; and
2. Length-weighted averages from uncut assays.
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This drilling has confirmed continuity along strike and down dip for the principal structure s
which comprise the Sewum Gold Deposit. The width and gold grades within these drill results
are also consistent with prior wider -spaced drilling completed at Sewum.
The drill results released to date from the 2024 - 2025 drill program are from the Boin and
Sewum deposits where drilling was designed to improve the confidence level of the existing
Mineral Resource Estimate. This recent drilling was drilled in area s 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 these areas
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 commissioning 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,
geotechnical work, environmental work and soil sampling. Drone topographic s urveys 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.
Sewum Gold Zone
Sewum is one of the five deposits which comprise the Mineral Resource Estimate at Enchi
(Sewum has an Indicated Mineral Resource of 20.9 million tonnes grading 0.48 g/t Au
containing 323,300 ounces and Inferred Mineral Resource of 21.8 million tonnes gradi ng
0.53 g/t Au containing 373,100 ounces). Sewum is located 15 kilometres south of the town of
Enchi, with nearby roads and power and further access provided by a series of drill roads.
Sewum is outlined on surface by a greater than six-kilometre-long and one to two-kilometre-
wide gold in soil anomaly. An airborne geophysical anomaly coincident with the Sewum Gold
Deposit defines a series of sub parallel and intersecting structures. To date, approximately 50%
of the gold-in-soil anomaly at Sewum is untested by drilling, with the average vertical depth of
all holes drilled to date at Sewum only down to 75 metres.
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Drill Hole Locations
Table 5 - Enchi Gold Project Drill Hole Location Details
Hole ID UTM East UTM North Elevation Azimuth ° Dip ° Length (m)
SWRC171 521265 628718 225 120 -50 78
SWRC172 521293 628770 225 120 -50 70
SWRC173 521320 628836 233 120 -60 60
SWRC174 521304 628813 232 120 -60 60
SWRC175 521491 628830 228 120 -60 60
SWRC176 521475 628780 220 120 -60 72
SWRC177 521446 628754 221 120 -60 72
SWRC178 521482 628875 235 120 -50 80
SWRC179 521450 628801 227 120 -60 84
SWRC180 521321 628958 235 120 -50 80
SWRC181 521341 629045 240 120 -50 60
SWRC182 521411 629166 235 120 -50 80
SWRC183 521719 629772 234 120 -60 102
SWRC184 521764 629828 233 120 -60 105
SWRC185 521730 629842 234 120 -60 144
SWRC186 521392 629219 235 120 -60 80
SWRC187 521365 629237 230 120 -60 80
SWRC188 521365 629197 220 120 -50 80
SWRC189 521749 629765 222 120 -60 72
SWRC190 521804 629833 216 120 -50 72
SWRC191 521791 629797 220 120 -60 60
SWRC192 521772 629848 225 120 -50 120
SWRC193 521435 628727 218 120 -60 90
SWRC194 521352 627847 158 120 -50 167
SWRC195 521289 627794 172 120 -50 66
SWRC196 520826 626252 156 120 -55 96
SWRC197 520771 626290 147 120 -55 108
SWRC198 520670 626267 155 120 -55 90
SWRC199 520759 626222 160 120 -55 120
SWRC200 520741 626162 161 120 -55 126
SWRC201 520704 626103 158 120 -55 102
SWRC202 520648 626033 131 120 -55 78
SWRC203 521761 629918 222 120 -50 108
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
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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.
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 retur ns 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
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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 re late, 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 th at 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 devel opment (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.