Newcore Gold Drilling Intersects Oxide Mineralization Grading 2.04 g/t Gold Over 35.0 Metres, including 4.89 g/t Gold Over 8.0 Metres, at the Enchi Gold Project, Ghana Drilling on the Nyam Gold Deposit Continues to Encounter Multiple Wide Zones of
NEWS RELEASE
Suite 413 - 595 Burrard Street, P.O. 49167 www.newcoregold.com
Vancouver, British Columbia V7X 1J1 [email protected]
Newcore Gold Drilling Intersects Oxide Mineralization Grading
2.04 g/t Gold Over 35.0 Metres, including 4.89 g/t Gold Over
8.0 Metres, at the Enchi Gold Project, Ghana
Drilling on the Nyam Gold Deposit Continues to Encounter Multiple Wide Zones of
Gold Mineralization, Including High-Grade Structures
October 26, 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 Nyam Gold Deposit (" Nyam") at Ench i has intersected high-grade,
oxide gold mineralization grading 2.04 grams per tonne gold ("g/t Au") over 35.0 metres ("m")
from surface, including 4.89 g/t Au over 8.0 m from 8 m. Drilling at Nyam continues to
encounter higher -grade gold mineralization from surface, with wide zones encountered in
both the oxide and sulphide mineralization. These results also tested the southern extension
at Nyam, increasing the drill tested strike extent at Nyam to three kilometres.
Highlights from Drilling at Nyam
• Drilling on the southern portion of Nyam encountered multiple wide zones of near
surface gold mineralization, including high-grade cores.
o Hole NBRC075 intersected, from surface, an oxidized high -grade gold mineralized
structure grading 2.04 g/t Au over 35.0 m, including 4.89 g/t Au over 8.0 m from 8 m.
o Hole NBRC073 intersected 0.78 g/t Au over 57.0 m from 74 m (sulphide zone).
o Hole NBRC076 intersected 0.85 g/t Au over 50.0 m from 1 m (oxide zone transitioning
to sulphide zone), including 1.18 g/t Au over 13.0 m from 1 m and 2.10 g/t Au over
8.0 m from 31 m.
• Drilling on the central portion of Nyam tested oxide and sulphide mineralization and
encountered multiple zones of shallow high-grade gold mineralization.
o Hole NBRC087 intersected a high-grade gold mineralized structure in the sulphide zone
grading 2.14 g/t Au over 19.0 m from 84 m, including 4.14 g/t Au over 2.0 m from 92 m.
o Hole NBRC088 intersected 0.88 g/t Au over 28.0 m from 57 m, including 5.09 g/t Au over
2.0 m from 80 m (sulphide zone).
o Drilling targeting the oxide zone continued to return strong results, with hole NBRC085
intersecting 1.26 g/t Au over 18.0 m from surface and h ole NBRC086 intersecting
1.24 g/t Au over 19.0 m from 17 m.
• Step out holes completed to test the southern extent of Nyam have extended the drill
tested portion of the Nyam structure by 800 metres to the south.
o Hole NBRC066 , drilled 800 metres south of the current resource pit, intersected
0.52 g/t Au over 15.0 m from 89 m (sulphide zone).
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• Results from 59,559 metres of the total 90,000 metre drill program have been
received and released. Drilling continues at Enchi with recent drilling testing Eradi
and Sewum South, gold targets with no defined mineral resource.
Luke Alexander, President and CEO of Newcore stated, "Drilling at Nyam continues to deliver
strong results, demonstrating the potential for resource growth across our Enchi Gold Project.
We have increased the strike extent of drilled mineralization at Nyam with mineralization now
intersected along more than three kilometres of strike length, remaining open along strike and
at depth. We also continue to encounter shallow, higher-grade gold mineralization at Nyam
with drilling intersecting wide zones of mineralization in both the oxides and sulphides. Given
the success we have achieved to date with drilling at Nyam, we will continue to test the
potential to grow the shallow oxide resource at this deposit while testing the potential for
higher-grade mineralization at depth."
This news release reports results for 34 Reverse Circulation ("RC") holes totalling 5,245 m
(NBRC056 to NBRC089) targeting the Nyam Gold Deposit, with 30 of the 34 holes intersecting
gold mineralization.
Select assay results from the 34 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)
NBRC075 Nyam 0.0 35.0 35.0 2.04
including 8.0 16.0 8.0 4.89
and incl. 9.0 11.0 2.0 9.60
NBRC073 Nyam 74.0 131.0 57.0 0.78
including 94.0 103.0 9.0 1.34
NBRC076 Nyam 1.0 51.0 50.0 0.85
including 1.0 14.0 13.0 1.18
including 31.0 39.0 8.0 2.10
NBRC078 Nyam 36.0 115.0 79.0 0.53
NBRC087 Nyam 84.0 103.0 19.0 2.14
NBRC077 Nyam 69.0 98.0 29.0 1.13
NBRC088 Nyam 57.0 85.0 28.0 0.88
NBRC079 Nyam 92.0 119.0 27.0 0.89
including 104.0 109.0 5.0 2.19
NBRC086 Nyam 17.0 36.0 19.0 1.24
NBRC085 Nyam 0.0 18.0 18.0 1.26
including 11.0 13.0 2.0 6.46
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
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A plan map showing the drill hole locations can be viewed at:
https://newcoregold.com/site/assets/files/5739/2021_10-ncau-nr-enchi-plan-map-nyam-l.pdf
A cross section showing drill results and highlights for hole NBRC075 can be viewed at:
https://newcoregold.com/site/assets/files/5739/2021_10_26-ncau-crosssection-nbrc075-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/5739/2021_10-ncau-enchi-2020-2021-drill-results-l.pdf
Drilling on the southern portion of the Nyam Gold Deposit has encountered multiple zones of
gold mineralization including wide zones near su rface and high-grade cores. Hole NBRC075
intersected a near surface oxidized mineralized structure grading 2.04 g/t Au over 35.0 m from
surface, including 4.89 g/t Au over 8.0 m from 8 m. Hole NBRC073 collared 50 metres south of
NBRC075 intersected a wide gold mineralized structure grading 0.78 g/t Au over 57.0 m from
74 m (sulphide zone), including 1.34 g/t Au over 9.0 m from 94 m. Hole NBRC076 collared
75 metres north of NBRC075 intersected a wide , near surface and oxidized transitioning to
sulphide, gold mineralized zone grading 0.85 g/t Au over 50.0 m from 1 m, including
1.18 g/t Au over 13.0 m from 1 m and 2.10 g/t Au over 8.0 m from 31 m.
Hole NBRC078 collared 175 metres north of NBRC075 intersected a wide gold mineralized
structure grading 0.53 g/t Au over 79.0 m from 36 m (sulphide zone). Hole NBRC077 collared
150 metres north of NBRC075 intersected gold mineralization grading 1.13 g/t Au over
29.0 m from 69 m (sulphide zone). Hole NBRC067 collared 300 metres south of NBRC075
intersected gold mineralization grading 0.54 g/t Au over 37.0 m from 147 m (sulphide zone)
and 1.69 g/t Au over 5.0 m from 159 m (sulphide zone).
Drilling on the central portion of Nyam encountered multiple zones of gold mineralization ,
including higher-grade structures. Hole NBRC087 intersected a high-grade gold mineralized
structure grading 2.14 g/t Au over 19.0 m from 84 m (sulphide zone), including 4.14 g/t Au
over 2.0 m from 92 m. Hole NBRC088 collared 50 metres south of NBRC087 intersected a wide
gold mineralized structure grading 0.88 g/t Au over 28.0 m from 57 m (sulphide zone),
including 5.09 g/t Au over 2.0 m from 80 m. Hole NBRC086 drilled on the same sec tion as
NBRC087 tested the up -dip, near surface, oxidized portion of the gold zone and intersected
1.24 g/t Au over 19.0 m from 17 m. Hole NBRC085 drilled on the same section as NBRC088
also tested the up-dip, near surface, oxidized mineralization and intersected 1.26 g/t Au over
18.0 m from surface, including 6.46 g/t Au over 2.0 m from 11 m. Additional new intersections
tested the down dip portion of the zone in the sulphides, including hole NBRC082 that
intersected 1.18 g/t Au over 15.0 m from 93 m and hole NBRC081 that intersected 1.68 g/t Au
over 10.0 m from 120 m.
A series of holes were also completed testing the southern extension of the structure
800 metres to the south. Step out holes to the south have extended the drill tested portion of
the Nyam structure to three kilometres. Hole NBRC066 drilled 800 metres south of the existing
pit constrained resource intersected 0.52 g/t Au over 15.0 m from 89 m (sulphide zone).
Additional results from this step out drilling included h ole NBRC059B which intersected
1.60 g/t Au over 10.0 m from 97 m (sulphide zone) and hole NBRC058 which intersected
1.11 g/t Au over 2.0 m from 17 m (oxide zone).
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For the total planned 90,000 metre drill program, assay results have now been received and
released for 350 holes representing 59,559 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 Resou rce 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
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.
Nyam Gold Zone
The Nyam Gold Deposit is one of the four deposits which comprise the pit constrained Inferred
Mineral Resource Estimate at Enchi (4.9 million tonnes grading 0.82 g/t Au containing 129,000
ounces). Nyam is located 15 kilo metres south of the town of Enchi, with nearby roads and
power and further access provided by a series of drill roads. An airborne geophysical anomaly
coincident with the Nyam Gold Deposit shows a complex series of linear high conductivity
trends, reflective of the multiple sub-parallel gold-bearing structures. As part of the 2020 - 2021
drill program, a total of 83 holes totalling 12,649 metres have been completed at Nyam.
Drill Hole Locations
Table 2 - Enchi Gold Project Drill Hole Location Details
Hole ID UTM East UTM North Elevation Azimuth ° Dip ° Length (m)
NBRC056 530086 637145 80 300 -60 153
NBRC057 530012 637064 77 300 -60 150
NBRC058 530119 637014 75 300 -60 162
NBRC059B 530177 637089 73 300 -60 150
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Hole ID UTM East UTM North Elevation Azimuth ° Dip ° Length (m)
NBRC060 529938 636854 84 300 -60 174
NBRC061 529759 636735 106 300 -60 156
NBRC062 529834 636686 99 300 -60 162
NBRC063 529657 636560 114 300 -60 150
NBRC064 529735 636517 113 300 -60 150
NBRC065 529555 636386 117 300 -60 156
NBRC066 529631 636341 94 300 -60 153
NBRC067 530332 637356 79 300 -60 184
NBRC068 530363 637340 85 300 -60 252
NBRC069 530308 637454 89 300 -60 144
NBRC070 530251 637110 81 300 -60 240
NBRC071 530354 637456 93 300 -60 135
NBRC072 530402 637545 95 300 -60 140
NBRC073 530425 637572 98 300 -60 142
NBRC074 530457 637552 94 300 -60 197
NBRC075 530404 637629 99 300 -60 144
NBRC076 530442 637701 96 300 -60 120
NBRC077 530488 637722 83 300 -60 183
NBRC078 530501 637751 85 300 -55 144
NBRC079 530538 637730 93 300 -55 160
NBRC080 530536 637767 87 300 -60 180
NBRC081 530615 637853 83 300 -50 144
NBRC082 530599 637880 88 300 -60 162
NBRC083 530548 637941 84 300 -60 100
NBRC084 530634 637896 88 300 -50 126
NBRC085 530572 637961 89 300 -60 120
NBRC086 530597 637974 89 300 -60 130
NBRC087 530632 637952 95 300 -60 120
NBRC088 530616 637935 95 300 -60 110
NBRC089 530631 637994 103 300 -60 152
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), main taining social distancing, frequent hand washing, and daily temperature
checks at the start of each shift.
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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 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 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). 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 prime 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 north. 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.
2. The 2021 resource models used ordinary kriging (OK) grade estimation within a three-dimensional block model
with mineralized 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$2.60 for fresh rock per mined
tonne and G&A and milling costs of US$ 6.83/milled tonne. The Inferred Min eral Resource Estimate is pit
constrained.
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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 stateme nts 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 ex pectations, 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: stat ements about the estimation of mineral resources; results of our ongoing drill
campaign, 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 Newc ore.
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 the Company’s
business; the Company’s formative stage of development; the Company’s financial position; possible
variations in minerali zation, 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 n ational 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 t he risks of obtaining necessary licenses,
permits and approvals from government authorities); and title to properties.
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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.