Newcore Gold Drilling Intersects 4.41 g/t Gold over 24.0 Metres, including 9.08 g/t Gold over 10.0 Metres, at the Enchi Gold Project, Ghana Drilling Intersects Wide Zones of Higher-Grade Gold Mineralization at the Boin Gold Deposit
NEWS RELEASE
Suite 1560 - 200 Burrard Street www.newcoregold.com
Vancouver, British Columbia V 6C 3L6 [email protected]
Newcore Gold Drilling Intersects 4.41 g/t Gold over 24.0 Metres,
including 9.08 g/t Gold over 10.0 Metres, at the Enchi Gold Project, Ghana
Drilling Intersects Wide Zones of Higher-Grade Gold Mineralization at the Boin Gold Deposit
May 20, 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 35,000 -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 wide zones of higher-grade gold mineralization, including hole KBRC357
which intersected 4.41 grams per tonne gold ("g/t Au") over 24.0 metres ("m") from 126 m,
including a higher -grade interval of 9.08 g/t Au over 10.0 m from 1 32 m. Hole KBRC3 60
intersected 1.58 g/t Au over 52.0 m from 75 m, including a higher-grade interval of 3.04 g/t Au
over 16.0 m from 96 m. Drilling continues to prove out the continuity of gold mineralization
and potential for resource growth at Enchi.
The 35,000 -metre drill program underway at Enchi is focused on resource growth and infill
drilling designed to convert Inferred Resources to Indicated. The goal of the first phase of
drilling is completion of drilling required for resource conversion in advance of commissioning
a Pre -Feasibility Study later this year. The second phase of the drill program will focus 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.
Highlights from Drilling at the Boin Gold Deposit at Enchi
• Drilling in the north -central portion of the Boin Gold Deposit encountered multiple
wide zones of gold mineralization with higher-grade intervals .
o KBRC357 intersected 4.41 g/t Au over 24.0 m from 126 m, including a high-grade interval
of 9.08 g/t Au over 10.0 m from 132 m .
o KBRC360 intersected 1.58 g/t Au over 52.0 m from 75 m, including a higher -grade
interval of 3.04 g/t Au over 16.0 m from 96 m . The hole ended in mineralization,
encountering a second structure with 0.62 g/t Au over 22.0 m from 155 m .
• Drilling continues to intersect gold mineralization outside of the limits of the pit that
currently constrains the Mineral Resource Estimate at Boin .
o KBRC347B intersected 1.05 g/t Au over 38.0 m from 134 m.
o KBRC362 intersected 0.66 g/t Au over 52.0 m from 158 m, ending in mineralization .
Luke Alexander , President and CEO of Newcore stated, " The results from the drill program
underway at Enchi continue to highlight the strong continuity of mineralization as well as the
potential for resource growth. Not only do we continue to encounter wide zones of gold
mineralization, but we continue to encounter higher-grade zones of gold mineralization above
the average grade of the deposit, and notably we continue to intersect mineralization below
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the limits of the pit that constrains the current Mineral Resource Estimate at Boin . These
additional shallow high-grade intercepts continue to highlight the opportunity for meaningful
resource growth at depth . With most drilling to date at Enchi only completed to an average
vertical depth of 100 metres, we believe we have only just begun to define the potential of the
Project when compared to other multi-million-ounce gold mines, including Asante’s Chirano
and Bibiani mines as well as Newmont’s Ahafo mine, which are located along the Sefwi-Bibiani
belt. We look forward to continuing to highlight the growth and size potential of our district
scale Enchi Gold Project as we advance the Project towards a mineral resource update and
Pre-Feasibility Study in H1 2026. "
This release reports results for 11 RC holes totalling 2,0 42 m (KBRC3 47B, KBRC3 57 to
KBRC366) targeting the Boin Gold Deposit, with all holes intersecting gold mineralization. A
total of 19,634 m in 153 holes have been reported as part of the ongoing 2024 - 2025 drill
program at Enchi.
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)
KBRC357 Boin 126.0 150.0 24.0 4.41
including 132.0 142.0 10.0 9.08
KBRC360 Boin 75.0 127.0 52.0 1.58
including 96.0 112.0 16.0 3.04
KBRC347B Boin 134.0 172.0 38.0 1.05
KBRC362 Boin 158.0 210.0 52.0 0.66
KBRC359 Boin 110.0 144.0 34.0 0.87
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/5915/2025_05_20-ncau-nr-enchi-plan-map-boin.pdf
Cross sections showing drill results and highlights for holes KBRC357, KBRC359 and KBRC360
can be viewed at:
https://newcoregold.com/site/assets/files/5915/2025_05_20 -ncau-crosssections -boin.pdf
A complete list of the drill results in this release , including hole details, can be viewed at:
https://newcoregold.com/site/assets/files/5915/2025_05_20-ncau-enchi-2024-2025-drill-results.pdf
Drilling at the Boin Gold Deposit
KBRC347B and KBRC357 to KBRC366 (11 RC holes totalling 2,042 m) were completed at Boin,
targeting the north -central and central portions of the deposit. Drilling targeted near-surface
oxidized, transition as well as shallow sulphide mineralization with a goal of infill drilling for
resource conversion to improve th e 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. The holes reported in this news release are
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distributed across 3 separate sections spanning 200 metres of strike length in the north-central
area of Boin and 5 separate sections spanning 1.3 kilometres of strike length in the central area
of Boin.
5 RC holes totalling 929 m (KBRC357 to KBRC361) were drilled on the north-central portion of
the structure at Boin. KBRC35 7 intersected 4.41 g/t Au over 24.0 m from 126 m within the
upper sulphide mineralization, including a higher-grade interval in the central portion of the
structure of 9.08 g/t Au over 10.0 m from 132 m. KBRC357 also intersected a second interval
of 1.07 g/t Au over 8.0 m from 113 m within the transition and upper sulphide horizon. Hole
KBRC360, drilled 200 metres north of KBRC357, intersected 1.58 g/t Au over 52.0 m from
75 m, including a higher -grade interval of 3.04 g/t Au over 16.0 m from 96 m within the
transitional mineralization. Within this hole, a second structure was encountered within the
sulphide mineralization of 0.62 g/t Au over 22.0 m from 155 m , with KBRC360 ending in
mineralization and the majority of this second interval encountered below the limits of the pit
that constrains the current Mineral Resource Estimate at Boin. Additional drilling in the north-
central area of Boin encountered wide zones of gold mineralization with above average grade
gold mineralization, including KBRC359, drilled 25 metres to the east of KBRC360 on the same
section, with 0.87 g/t gold over 34.0 m from 110 m intersected within the transitional and upper
sulphide horizon. KBRC361, drilled 150 metres to the east of KBRC359 and directed back
toward the west, intersected multiple zones within the sulphide mineralization including 2.13
g/t Au over 13.0 m from 157 m .
6 RC holes totalling 1,113 m (KBRC347B, KBRC362 to KBRC366) were drilled on the central
portion of the structure at Boin, approximately one kilometre to the south of the north-central
area. KBRC347B intersected 1.05 g/t Au over 38.0 m from 134 m within the sulphide horizon,
with a second interval of 0.58 g/t over 17.0 m from 42 m in the near surface oxide
mineralization. KBRC366, drilled 50 m to the east on the same section as KBRC347B,
intersected a high er-grade zone in the sulphides with 2.01 g/t Au over 11.0 m from 192 m.
KBRC362, drilled 300 m to the south of KBRC347B, intersected 0.66 g/t Au over 52.0 m from
158 m in the sulphide horizon, with the hole ending in mineralization and the entirety of this
interval occurring below the limits of the pit that constrains the current Mineral Resource
Estimate at Boin.
This drilling continues to confirm continuity along strike and down dip for the principal
structures which comprise the Boin Gold Deposit. The width and gold grades within these drill
results are consistent with prior wider -spaced drilling completed at Boin. The Company
anticipates that these results, along with drill results previously released from the 2024 - 2025
drill program, should improve the confidence level of the existing Mineral Resource Estimate.
This recent drilling was drilled in areas 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 35,000 -metre 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. Mo st 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
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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 a nd 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, trenching, hydrogeological testing, geotechnical work, environmental work and soil
sampling. Drone topographic surveys have been completed , 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 was completed across the proposed heap
leach facility area to contribute additional data for future detailed engineering studies. An
airborne magnetic survey tested 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 100 metres.
Drill Hole Locations
Table 2 - Enchi Gold Project Drill Hole Location Details
Hole ID UTM East UTM North Elevation Azimuth ° Dip ° Length (m)
KBRC347B 519323 634242 118 114 -65 180
KBRC357 519546 634737 145 114 -55 168
KBRC358 519586 634795 158 114 -60 186
KBRC359 519612 634809 148 114 -60 148
KBRC360 519588 634823 145 114 -60 177
KBRC361 519726 634714 117 294 -55 250
KBRC362 519197 634054 133 114 -55 210
KBRC363 519205 634182 115 114 -60 210
KBRC364 519223 634082 125 114 -60 174
KBRC365 518844 633393 139 114 -60 84
KBRC366 519241 634342 130 114 -60 255
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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 43 -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
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 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
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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 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, 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
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 requi red 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.
Map Area
1 km
2024 - 2025 Drill Program | Enchi Gold Project
Boin, Ghana (As of May 2025)
Previous Drill Holes
Legend
Drill Hole
Prior 2024 - 2025 Assays Not in
Mineral Resource Estimate
Drill Hole
Assays Announced
May 20, 2025
CENTRAL
SECTOR
NORTH
SECTOR
Pit Shell
Outline
KBRC288
KBRC289
KBRC320
KBRC319
KBRC296
KBRC297KBRC295
KBRC294
KBRC334
KBRC333
KBRC331
KBRC332
KBRC335
KBRC330
KBRC329
KBRC327
KBRC328
KBRC326
KBRC325
KBRC323
KBRC324
KBRC290
KBRC293
KBRC291KBRC292
KBRC306
KBRC305
KBRC301
KBRC298
KBRC300
KBRC299KBRC303A
KBRC302
KBRC308
KBRC309A
KBRC311
KBRC304
KBRC307A
KBRC310
KBRC312
KBRC318
KBRC317
KBRC316
KBRC315
KBRC313
KBRC314
KBRC322
KBRC321
KBRC340
KBRC341
KBRC338
KBRC339
KBRC337 KBRC336
KBRC354
KBRC355
KBRC356 KBRC353
KBRC349
KBRC351KBRC352
KBRC350
KBRC365
KBRC358
KBRC359
KBRC366
KBRC363
KBRC347B
KBRC364
KBRC362
KBRC343
KBRC342
KBRC344
KBRC345
KBRC346
KBRC357
KBRC361
KBRC360
KBRC348
0 Elev
100 Elev
168
KBRC357
KBRC108
105
KBRC273
4.41 g/t Au over 24 m
incl. 9.08 g/t Au over 10 m
0.35 g/t Au over 1 m0.35 g/t Au over 1 m
1.07 g/t Au over 8 m
0.56 g/t Au over 2 m
0.59 g/t Au over 36 m
0.36 g/t Au over 1 m
0.23 g/t Au over 1 m
1.63 g/t Au over 3 m
1.67 g/t Au over 9 m
1.57 g/t Au over 9 m
0.70 g/t Au over 1 m
2024 - 2025 Drill Program | Enchi Gold Project
Boin Deposit - Cross Section (B - B’)
KBRC357
Viewing Northeast, May 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