Newcore Gold Drilling Intersects 1.96 g/t Gold over 62.0 Metres, Including 2.23 g/t Gold over 28.0 Metres at the Enchi Gold Project, Ghana First Drill Results from the 10,000-metre RC Drill Program Underway at Enchi
NEWS RELEASE
Suite 1560 - 200 Burrard Street www.newcoregold.com
Vancouver, British Columbia V6C 3L6 [email protected]
Newcore Gold Drilling Intersects 1.96 g/t Gold over 62.0 Metres,
Including 2.23 g/t Gold over 28.0 Metres at the Enchi Gold Project, Ghana
First Drill Results from the 10,000-metre RC Drill Program Underway at Enchi
October 8, 2024 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 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 1.96 grams per tonne gold ("g/t Au") over 62.0 metres ("m") from 139 m in hole
KBRC288, including 2.31 g/t Au over 25.0 m from 139 m . This hole ended in mineralization
with an interval of 2.23 g/t Au over 28.0 m from 171 m, intersected outside the current limits of
the pit constrained Mineral Resource Estimate. All drill holes intersected gold mineralization,
successfully proving the continuity of gold mineralization and potential for future resource
growth at Boin.
Highlights from Drilling at the Boin Gold Deposit at Enchi
• Drilling intersected multiple structures and successfully proved the continuity of
higher-grade mineralization at Boin.
o Drilling encountered mineralization in both the near surface oxides and upper portions
of the sulphides.
o Hole KBRC288 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 which was intersected
outside the limits of the pit that constrains the current Mineral Resource Estimate. Hole
KBRC288 ended in mineralization.
• 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 Hole KBRC289 intersected 1.46 g/t Au over 10.0 m from 97 m, with a second zone of
0.65 g/t Au over 11.0 m from 66 m.
o Hole KBRC291 intersected multiple mineralized zones including 1.16 g/t Au over 6.0 m
from 11 m, 0.77 g/t Au over 7.0 m from 56 m, and 0.56 g/t Au over 17.0 m from 122 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, an airborne magnetic survey, trenching and soil
sampling.
Greg Smith, VP Exploration of Newcore stated, "This first set of drill results from the 2024 drill
program has successfully confirmed the continuity of mineralization at the Boin Gold Deposit,
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within both the oxide horizon as well as the upper portions of the sulphide mineralization. This
set of drilling focused on the central portion of the Boin deposit, consisting of 50-metre spaced
sections with drill holes spaced every 25 metres along the sections to prove-up the continuity
of gold mineralization. All drill holes successfully encountered mineralization with hole
KBRC288 ending in mineralization that is outside the limits of the pit that currently constrains
the resource at Boin, highlighting the opportunity for future resource growth at depth as well
as along strike. This first phase of the drilling pro gram is an important step in advancing the
Project as we focus on proving up the confidence level of the existing resources at Enchi."
This news release reports results for 6 RC holes totalling 806 m ( KBRC288 to KBRC293)
targeting the Boin Gold Deposit. All holes intersected gold mineralization.
Select assay results from the 6 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)
KBRC288 Boin 139.0 201.0 62.0 1.96
including 139.0 164.0 25.0 2.31
Including 171.0 199.0 28.0 2.23
KBRC289 Boin 66.0 77.0 11.0 0.65
and 97.0 107.0 10.0 1.46
KBRC291 Boin 11.0 17.0 6.0 1.16
and 56.0 63.0 7.0 0.77
KBRC293 Boin 10.0 14.0 4.0 1.28
and 43.0 47.0 4.0 0.62
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/5877/2024_10-ncau-nr-enchi-plan-map-boin.pdf
A cross section showing drill results and highlights for holes KBRC288 and KBRC289 can be viewed at:
https://newcoregold.com/site/assets/files/5877/2024_10-ncau-crosssection-kbrc288.pdf
A complete list of the drill results in this release, including hole details, can be viewed at:
https://newcoregold.com/site/assets/files/5877/2024_10-ncau-enchi-2024-drill-results.pdf
Drilling at the Boin Gold Deposit
KRBC288 to KBRC293 (6 holes totalling 806 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 separate
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sections that are distributed 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.
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 , hydro geological testing,
condemnation drilling, geotechnical work, environmental work and soil sampling . 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 m agnetic 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.
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)
KBRC288 519558 634796 132 114 -60 201
KBRC289 519608 634766 132 114 -60 151
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Hole ID UTM East UTM North Elevation Azimuth ° Dip ° Length (m)
KBRC290 519453 634446 130 114 -60 103
KBRC291 519374 634438 132 114 -60 140
KBRC292 519415 634419 133 114 -60 110
KBRC293 519452 634401 133 114 -60 101
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.
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,
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including the 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.
(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
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
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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
2024 Drill Program | Enchi Gold Project
Boin, Ghana (As of October 2024)
Previous Drill Holes
Legend
Drill Hole
Assays Announced
October 8, 2024
CENTRAL
SECTOR
Pit Shell
Outline
KBRC291 KBRC290
KBRC293
NORTH
SECTOR
KBRC289
KBRC288
KBRC292
surface
0 Elev
100 Elev
Oxide Zone
KBRC288 KBRC289
151
201
0.65 g/t Au over 11 m
1.96 g/t Au over 62 m
including 2.31 g/t Au over 25 m
including 2.23 g/t Au over 28 m
1.46 g/t Au over 10 m0.47 g/t Au over 5 m
0.85 g/t Au over 1 m
0.17 g/t Au over 3 m
0.25 g/t Au over 1 m
OPEN
TO DEPTH
2024 Drill Program | Enchi Gold Project
Boin Deposit - Cross Sec�on (A - A’)
KBRC288 and KBRC289
Viewing Northeast, October 2024
Drillhole trace
Mineralized Zone
LEGEND
2023 Resource Pit Shell
(US$1,650/oz Au)
25 m0 50 m