Newcore Gold Drilling Intersects 2.33 g/t Gold Over 14.0 Metres, including 20.54 g/t Gold Over 1.0 Metre, at the Enchi Gold Project, Ghana Additional Drilling on the Sewum Gold Deposit Continues to Encounter Multiple Gold
NEWS RELEASE
Suite 413 - 595 Burrard Street, P.O. 49167 www.newcoregold.com
Vancouver, British Columbia V7X 1J1 [email protected]
Newcore Gold Drilling Intersects 2.33 g/t Gold Over 14.0 Metres,
including 20.54 g/t Gold Over 1.0 Metre, at the Enchi Gold Project, Ghana
Additional Drilling on the Sewum Gold Deposit Continues to Encounter Multiple Gold
Mineralised Zones, Including Deeper High-Grade Structures
September 21, 2021 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 90,000 metre drill
program underway at the Company’s 100% owned Enchi Gold Project ("Enchi" or the "Project")
in Ghana. Drilling at the Sewum Gold Deposit ("Sewum") at Enchi has intersected 2.33 grams
per tonne gold ("g/t Au") over 14.0 metres ("m") from 104 m, including 20.54 g/t Au over
1.0 m from 116 m in the sulphides. Drilling at Sewum continues to encounter multiple gold
mineralised structures, with these results highlighting the potential for deeper high -grade
structures outside of the existing pit constrained resource.
Highlights from Drilling at Sewum
• Drilling on the central portion of Sewum, at Sewum Checkerboard Hill (CH) ,
encountered multiple zones of mineralisation, including a high-grade core.
o Hole SWDD071B intersected a high -grade mineralised structure grading 2.33 g/t Au
over 14.0 m from 104 m (sulphide zone), including 4.08 g/t Au over 7.0 m from 110 m
which included 20.54 g/t Au over 1.0 m from 116 m.
• Drilling on the northern portion of Sewum, at Sewum Ridge, intercepted the deepest
gold mineralisation encountered to date at Enchi.
o Hole SWDD075 intersected 0.98 g/t Au over 15.6 m from 350 m (sulphide zone),
including 2.00 g/t Au over 6.6 m from 359 m, one of the deepest gold mineralised
structures tested to date on the Enchi Gold Project.
• Drilling at the southern extent of Sewum, at Sewum Extension, continues to intersect
multiple zones of gold mineralisation.
o Hole SWDD077 intersected a series of gold mineralised structures with 1.23 g/t Au over
9.0 m from 224 m (sulphide zone), including 1.98 g/t Au over 3.1 m from 227 m.
• Newcore is fully funded to complete a 90,000 metre drill program at Enchi, focused
on unlocking the multi-million ounce potential of the Project.
Greg Smith, Vice President of Exploration of Newcore stated, " We are very pleased with the
continued success of our ongoing drill progra m at Enchi. Sewum is currently the largest
defined gold deposit on the Project, with these results continuing to highlight the potential for
resource growth both along strike and at depth. Drilling continues to encounter near-surface
mineralisation outside of the resource area , while deeper drilling is now consistently
encountering high-grade core structures within the sulphides, with these results encountering
the deepest gold mineralisation intercepted to date at Enchi . We look forwa rd to continuing
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to drill at the numerous targets at Enchi to prove out the multi-million-ounce potential of this
district-scale project."
This news release reports results for 11 Diamond Drill ("DD") holes totalling 3,658.7 m
(SWDD070A to SWDD080) targeting the Sewum Gold Deposit, with all holes intersecting gold
mineralisation. Results are pending from an additional three DD holes totalling 1,061.7 m that
have been completed at Sewum.
Select assay results from the 11 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)
SWDD071B Sewum (CH) 104.0 118.0 14.0 2.33
including 110.0 117.0 7.0 4.08
including 116.0 117.0 1.0 20.54
and 123.0 127.0 4.0 0.67
and 277.6 291.0 13.4 0.40
SWDD073 Sewum (CH) 195.5 202.0 6.5 1.61
and 231.2 233.0 1.8 1.24
and 273.3 284.5 11.2 0.63
including 283.0 284.5 1.5 2.38
SWDD075 Sewum (Ridge) 2.0 18.0 16.0 0.58
and 350.0 365.6 15.6 0.98
including 359.0 365.6 6.6 2.00
SWDD076 Sewum (Ext.) 130.0 146.0 16.0 0.54
including 131.0 132.0 1.0 1.64
SWDD077 Sewum (Ext.) 224.0 233.0 9.0 1.23
including 227.0 230.1 3.1 1.98
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/5733/2021_09-ncau-nr-enchi-plan-maps-l.pdf
Cross sections showing drill results and highlights for holes SWDD071B and SWDD073 can be
viewed at:
https://newcoregold.com/site/assets/files/5733/2021_09_21-ncau-crosssections-l.pdf
A complete list of the 2020 - 2021 drill results to date, including hole details, can be viewed at:
https://newcoregold.com/site/assets/files/5733/2021_09-ncau-enchi-2020-2021-drill-results-l.pdf
Five DD holes (SWDD070A to SWDD074) were completed in the central portion of Sewum, at
the Sewum Checkerboard Hill (CH) deposit area . Drilling in this area tested a strike length of
500 metres, with drilling near the northern extent of the deposit encountering multiple zones
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of gold mineralisation including a high-grade core. Hole SWDD071B intersected a mineralised
structure grading 2.33 g/t Au over 14.0 m from 104 m (sulphide zone), which included 4.08 g/t
Au over 7.0 m from 110 m and a high-grade core structure of 20.54 g/t Au over 1.0 m from 116
m. Hole SWDD071B intersected additional gold minerali sed structures within the sulphides,
returning 0.67 g/t Au over 4.0 m from 123 m and 0.40 g/t Au over 13.4 m from 277.6 m. Hole
SWDD073 collared 200 metres north of SWDD071B also intersected a series of gold
mineralised structures with 1.61 g/t Au over 6.5 m from 195.5 m, 1.24 g/t Au over 1.8 m from
231.2 m, and 0.63 g/t Au over 11.2 m from 273.3 m which included 2.38 g/t Au over 1.5 m from
283.0 m. The gold mineralisation intersected in hole SWDD073 is interpreted to represent the
down plunge continuation of the mineralisation intersected at Checkerboard Hill in hole
SWDD071B.
Two DD holes (SWDD075 and SWDD079A) were completed in the northern portion of Sewum,
at the Sewum Ridge deposit area , with drilling testing 600 metres of strike length . Hole
SWDD075 intersected near surface oxide mineralisation which returned 0.58 g/t Au over 16.0
m from 2.0 m (oxide zone) associated with the main gold mineralised structure. An additional
intercept in this area included a deeper zone of 0.98 g/t Au over 15.6 m from 350.0 m (sulphide
zone), including 2.00 g/t Au over 6.6 m from 359.0 m , representing the deepest gold
mineralised structure tested and is associated with an eastern structure which remains open
and largely untested by previous drilling.
Four DD holes (SWDD076 to SWDD078, and SWDD080) were completed within the southern
limit of Sewum, at Sewum Extension. Drilling in this area tested the down dip continuity along
a strike length of 400 metres. Hole SWDD077 intersected a series of gold minerali sed
structures including 1.23 g/t Au over 9.0 m from 224 m (sulphide zone), including 1.98 g/t Au
over 3.1 m from 227 m. Hole SWDD076 collared 100 metres north intersected 0.54 g/t Au over
16.0 m from 130 m (sulphide zone), including 1.64 g/t Au over 1.0 m from 131 m.
A total of 70,688 metres in 396 holes have been completed as part of the ongoing 2020 - 2021
drill program at Enchi. For the total planned 90,000 metre drill program, assay results have
now been received and released for 316 holes representing 54,314 metres.
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 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 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 - 2021 Enchi Drilling Program
A 90,000 metre discovery and resource expansion drilling program is underway at Enchi. The
program includes both RC and diamond drilling and will include the first deep er drilling
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planned on the Project. This drill program includes testing extensions of the existing resource
areas while also testing a number of high priority exploration targets outside of the Inferred
Mineral Resource. Drilling is focused on step out extensions and exploration drilling at the
Sewum, Boin, Nyam and Kwakyekrom Deposits. Additional drilling is planned at previously
drilled zones that are outside of the resource area (Kojina Hill and Eradi), along with first pass
drilling to test a series of kilometre -scale gold-in-soil anomalous zones with no prior drilling
(Nkwanta, Sewum South and other anomalies). All zones represent high priority targets based
on geological, geochemical and geophysical surface work and previous trenching and drilling.
Sewum Gold Zone
The Sewum Gold Deposit is the largest of the four deposits which comprise the pit constrained
Inferred Mineral Resource Estimate at Enchi, with Sewum hosting approximately 51% of the
currently defined resource (41.0 million tonnes grading 0.55 g/t Au containing 725,200
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 six -kilometre-long and one -to-two-kilometre-wide gold in soil anomaly. An airborne
geophysical anomaly coincident with the Sewum Deposit defines a series of sub parallel and
intersecting structures. To date, approximately 50% of the gold-in-soil anomaly is untested by
drilling. As part of the current drill program a total of 60 holes totalling 13,785 metres have
been completed at Sewum.
Drill Hole Locations
Table 2 - Enchi Gold Project Drill Hole Location Details
Hole ID UTM East UTM North Elevation Azimuth ° Dip ° Length (m)
SWDD070A 521129 627940 118 120 -57 320.4
SWDD071B 521312 627963 100 120 -55 374.5
SWDD072 521119 627799 111 120 -55 259.8
SWDD073 521264 628205 131 120 -55 350.1
SWDD074 521313 628290 143 120 -55 329.2
SWDD075 521303 628694 195 120 -52 389.3
SWDD076 520522 626435 107 120 -55 275.1
SWDD077 520396 626389 102 120 -55 302.1
SWDD078 520300 626255 99 120 -60 371.4
SWDD079A 521289 628910 174 120 -60 404.6
SWDD080 520308 626179 87 120 -70 282.2
Share Issuance for Drill Services
Newcore has issued an additional 334,153 payment shares in settlement of $211,218 in drilling
services pursuant to the agreement with Geodrill Limited that was announced on April 28,
2021. The shares were issued on August 16, 2021 at a deemed price per share of $0.6321,
equal to the 15-day VWAP immediately prior to the issuance of the shares , and are subject to
a hold period expiring four months following the date of issuance. This is the final tranche of
shares issued under this agreement.
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COVID-19 Protocols
Newcore’s first priority is the health and safety of all employees, contractors, and local
communities. The Company is following all Ghana guidelines and requirements related to
COVID-19. The Company has implemented COVID-19 protocols for its ongoing drill program
consisting of the mandatory use of personal protective equipment (including facemasks for all
employees), maintaining social distancing, frequent hand washing, and daily temperature
checks at the start of each shift.
Newcore Gold Best Practice
Newcore is committed to best practice standards for all exploration, sampling and drill ing
activities. Drilling was completed by an independent drilling firm using industry standard RC
and Di amond Drill equipment. Analytical quality assurance and quality control 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 of Newcore, is a Qualified P erson 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 unde rlying 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 pr ime 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 nort h. 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 mineralised 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$2.60 for fresh rock pe r mined
tonne and G&A and milling costs of US$ 6.83/milled tonne. The Inferred Mineral 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 stateme nts, 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, be liefs, 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 var iations (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 our ongoing drill
campaign, magnitude or quality of mineral deposits; anticipated advancement of m ineral 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 assumptio ns
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 im plied 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 mineralisation, 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,
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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 lo cal 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 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.
500 metres
2020-2021 Drill Program | Enchi Gold Project
Sewum, Ghana (As of September 21, 2021)
Previous Drill Holes
Drill Hole
Prior 2020 -2021 Assays Not in
Mineral Resource Estimate
Legend
Drill Hole
Assays Announced
September 21, 2021
Drill Hole
2020 Assay Included in
Mineral Resource Estimate
SWDD080
SWDD078
SWDD077
SWDD076
SWRC078
SWRC102
SWRC103
SWRC074
SWRC075
SWRC079
SWRC081
SWRC080
SWRC073
SWRC100
SWRC082
SWRC101
SWRC083
SWRC104
SWRC084
SWRC097
SWDD072
SWDD070A
SWRC096
SWRC095 SWRC076
SWDD073
SWDD074
SWDD075
SWDD079A
SWRC089SWRC090
SWRC087SWRC088
SWRC086
SWRC085
SWRC072
SWRC071
SWRC068
SWRC070
SWRC069
Diamond Drill Hole
Assays Pending
SWRC094
SWRC077
SWRC111
SWRC092 SWRC093
SWDD071B
SWRC112
SWRC109
SWRC110
SWRC106
SWRC107
SWRC113
SEWUM
EXT.
SEWUM
CHECKERBOARD HILL
SEWUM
RIDGE
Pit Shell
Outline
SWRC108SWRC098
SWRC099
SWRC091
SWRC105