Newcore Gold Drilling Intersects 3.16 g/t Gold over 3.0 Metres from 62 Metres and 0.78 g/t Gold over 16.0 Metres from 16 Metres, at the Enchi Gold Project, Ghana Drilling Intersects Near Surface Gold Mineralization at the Boin Gold Deposit
NEWS RELEASE
Suite 1560 - 200 Burrard Street www.newcoregold.com
Vancouver, British Columbia V6C 3L6 [email protected]
Newcore Gold Drilling Intersects 3.16 g/t Gold over 3.0 Metres from
62 Metres and 0.78 g/t Gold over 16.0 Metres from 16 Metres,
at the Enchi Gold Project, Ghana
Drilling Intersects Near Surface Gold Mineralization at the Boin Gold Deposit
December 16, 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 Boin Gold Deposit ( "Boin")
intersected multiple zones of near-surface gold mineralization, including hole KBRC370 which
intersected 3.16 grams per tonne gold ("g/t Au") over 3.0 metres ("m") from 62 m. Hole
KBRC368 also returned shallow gold mineralization, intersecting 0.78 g/t Au over 16.0 m from
16 m, with a higher -grade interval of 8.17 g/t Au over 1.0 m from 31 m. Drilling continues to
demonstrate the continuity of gold mineralization and the potential for resource expansion at
Enchi.
Highlights from Drilling at the Boin Gold Deposit at Enchi
• Drilling completed at the northwest area of Boin, a structure sub-parallel to the main
zone at Boin, targeting previously undrilled portions of the mineralization.
o KBRC368 intersected 0.78 g/t Au over 16.0 m from 16 m , including a higher -grade
interval of 8.17 g/t Au over 1.0 m from 31 m.
o KBRC369 intersected 0.51 g/t Au over 18.0 m from 44 m, with a higher-grade interval of
3.29 g/t Au over 2.0 m from 44 m.
• Drilling intersected higher-grade intervals in the shallow fresh mineralization.
o KBRC370 intersected 3.16 g/t Au over 3.0 m from 62 m.
• Final results from the completed first phase of RC drilling at Enchi, with ~98% of holes
intersecting gold mineralization.
o Strong continuity of gold mineralization, with drilling required for resource conversion in
advance of commissioning a Pre-Feasibility Study now complete.
• Diamond drilling underway at Enchi to define higher-grade potential at depth.
o First assay results expected to be released in January 2026.
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 in its second
phase and is focused on discovery and resource growth, including drilling targeting earlier -
stage exploration targets along with drilling focused on defining the resource growth potential
at depth and along strike. The completed first phase of RC drilling targeted the drilling
required for resource conversion to advance the Project to a Pre-Feasibility Study in H1 2026.
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Luke Alexander, President and CEO of Newcore stated, "We continue to see strong continuity
of gold mineralization across the existing deposits at Enchi, including the potential for future
resource growth at parallel structures across the property. With the first phase of RC drilling
complete, technical work is being finalized to commission a Pre-Feasibility Study in early 2026,
which remains on track for completion by the end of H1 2026. In tandem with development
activities, the drill program has transitioned to exploration and resource growth, with diamond
drilling underway targeting the high-grade potential at depth. With the initial drill holes from
the deeper drilling complete, we anticipate the first results from this second phase of drill ing
in early 2026. Following a year focused on advancing the development pathway at Enchi, 2026
is expected to be an active year as we continue to advance development in tandem with
exploration at our Enchi Gold Project to unlock the full potential of the district scale property."
This release reports results for 6 RC holes totalling 550 m (KBRC367 to KBRC372) targeting the
Boin Gold Deposit, with all holes intersecting gold mineralization. A total of 2 9,490 m in 237
holes has 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 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)
KBRC368 Boin 16.0 32.0 16.0 0.78
including 31.0 32.0 1.0 8.17
KBRC370 Boin 62.0 65.0 3.0 3.16
KBRC369 Boin 44.0 62.0 18.0 0.51
including 44.0 46.0 2.0 3.29
KBRC371 Boin 52.0 58.0 6.0 0.89
including 52.0 54.0 2.0 2.37
KBRC372 Boin 14.0 17.0 3.0 1.65
and 45.0 56.0 11.0 0.47
KBRC367 Boin 82.0 84.0 2.0 2.59
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/5942/2025_12_16-ncau-nr-enchi-plan-map-boin.pdf
A cross section showing drill results and highlights for hole s KBRC368 and KBRC369 can be
viewed at:
https://newcoregold.com/site/assets/files/5942/2025_12_16-ncau-crosssections-boin-northwest.pdf
A complete list of the drill results in this release, including hole details, can be viewed at:
https://newcoregold.com/site/assets/files/5942/2025_12_16-ncau-enchi-2024-2025-drill-results.pdf
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Drilling at the Boin Gold Deposit
KBRC367 to KBRC372 (6 RC holes totalling 550 m) were completed at the northwest area of
the Boin Gold Deposit, a mineralized structure sub-parallel to the main zone of Boin, targeting
shallow mineralization with a goal of expanding the deposit. RC drilling at Boin 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 70
metres. The holes reported in this news release are distributed across 4 separate sections
spread along a 400 metres strike length.
The recently completed drilling at Boin continues to confirm continuity along strike and down
dip for the principal structures which comprise the northwest portion of the Boin Gold Deposit.
The width and gold grades within these drill results are consistent with prior wider -spaced
drilling completed in this area.
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
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 is
a key component of the development work required in advance of commissioning a Pre -
Feasibility Study for the Project. With the first phase of drilling complete, the second phase of
the drill program will focus on outlining resource growth along strike at existing deposits and
diamond drilling targeting the higher -grade potential at depth. A ll 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.
Boin Gold Deposit
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 100 metres.
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Drill Hole Locations
Table 2 - Enchi Gold Project Drill Hole Location Details
Hole ID UTM East UTM North Elevation Azimuth ° Dip ° Length (m)
KBRC367 519212 635995 117 294 -60 84
KBRC368 519377 636140 118 294 -60 54
KBRC369 519415 636122 126 294 -60 100
KBRC370 519443 636168 122 294 -60 80
KBRC371 519464 636158 124 294 -60 132
KBRC372 519474 636213 124 294 -60 100
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 4 3-101 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
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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,
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
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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 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.
KBRC372
KBRC371
KBRC370
KBRC368 KBRC369
KBRC367
1km
2024 - 2025 Drill Program | Enchi Gold Project
Boin, Ghana (As of December 2025)
Previous Drill Holes
Legend
Drill Hole
Prior 2024 - 2025 Assays Not in
Mineral Resource Estimate
Drill Hole
Assays Announced
December 16, 2025
BOIN
NORTHWEST
Pit Shell
Outline
Map
Area
CENTRAL
SECTOR
NORTH
SECTOR
100 Elev
50 Elev
KBRC369
100
54
KBRC368
KBTR037
KBRC118
100
0.42 g/t Au over 1 m
0.71 g/t Au over 3 m
0.78 g/t Au over 16 m
incl. 8.17 g/t Au over 1 m
0.54 g/t Au over 3 m
0.51 g/t Au over 18 m
incl. 3.29 g/t Au over 2 m
0.46 g/t Au over 27 m
0.31 g/t Au over 8 m
1.64 g/t Au over 10 m 0.28 g/t Au over 10 m
2024 - 2025 Drill Program | Enchi Gold Project
Boin Deposit - Cross Section (A - A’)
KBRC368, KBRC369
Viewing Northeast, December 2025
Drillhole trace
Mineralized Zone
LEGEND
2023 Resource Pit Shell
(US$1,650/oz Au)
50 m0 25 m
surface
Oxide Zone
OPEN
TO DEPTH