Newcore Gold Files Technical Report for the Updated Mineral Resource Estimate for the Enchi Gold Project, Ghana
NEWS RELEASE
Suite 1560 - 200 Burrard Street www.newcoregold.com
Vancouver, British Columbia V6C 3L6 [email protected]
Newcore Gold Files Technical Report for the Updated Mineral
Resource Estimate for the Enchi Gold Project, Ghana
April 20, 2023 TSX-V: NCAU, OTCQX: NCAUF
Vancouver, BC – Newcore Gold Ltd. ("Newcore" or the "Company") (TSX-V: NCAU,
OTCQX: NCAUF) reports it has filed the technical report supporting the updated,
independent, Mineral Resource Estimate (the "Resource") prepared in accordance with
National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") for the
Company’s 100% owned Enchi Gold Project ("Enchi" or the "Project") in Ghana. The Resource
was completed by BBA E&C Inc. ( "BBA") of Sudbury, Ont ario, Canada. The technical report,
titled "Mineral Resource Estimate for the Enchi Gold Project " has an effective date of January
25, 2023, is reported using a gold price of US$1,650 per ounce , and is available under the
Company’s profile on SEDAR at www.sedar.com.
The results of the Resource were announced on March 7, 2023. The Resource:
• Successfully outlined an inaugural Indicated Mineral Resource of 743,500 ounces of gold
at an average grade of 0.55 grams per tonne ( "g/t Au") and totalling 41,736,000 tonnes,
de-risking project development;
• Defined an Inferred Mineral Resource of 972,000 ounces of gold at an average grade of
0.65 g/t Au and totalling 46,556,000 tonnes;
• Established a high-grade underground resource for the first time of 135,900 gold ounces
at an average grade of 2.42 g/t gold, proof of concept that outlines the potential for
longer-term resource growth from sulphide mineralisation;
• Added a fifth deposit at Enchi, with an inaugural Inferred Mineral Resource at Tokosea of
46,900 ounces gold at 0.75 g/t Au;
• Defined a higher-grade subset of the open pit Resource, using a 0.50 cut -off grade,
consisting of an Indicated Mineral Resource of 493,700 ounces of gold at an average grade
of 0.97 g/t Au and an Inferred Mineral Resource of 580,900 ounces of gold at an average
grade of 1.04 g/t Au. This does not include the underground Inferred Mineral Resource of
135,900 ounces at an average grade of 2.42 g/t Au;
• Does not include approximately 38,000 metres of drilling which focused on greenfield
discoveries and high -grade sulphide mineralisation at depth, highlighting the multi -
million-ounce potential of the 216 km2 district scale property; and
• Further supports and de -risks the strong economics outlined in the 2021 Preliminary
Economic Assessment.
The updated Mineral Resource Estimate was prepared by independent qualified person Todd
McCracken, P. Geo. of BBA. Mineral resources are not mineral reserves and do not have
demonstrated economic viability. There is no certainty that any mineral resource will be
converted into a mineral reserve. The resource estimate is based on the combination of
geological modeling, geostatistics and conventional block modeling using the Ordinary Krig
methodology of grade interpolation for Sewum, Boin , and Nyam. Kwakyekrom and Tokosea
used Inverse Distanced squared. The mineral resources were estimated using a block model
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with parent blocks of 10m x 10m x 10m with sub-blocks to 2.5m x 2.5m x 2.5m. A capping study
was made using histograms, probability plots, quantile plots and deciles plots to define the
capping values resulting in variable capping values by deposit and zone.
Further detail regarding the Resource for the Project is summarized in the Company’s news
release dated March 7, 2023, as well as in the technical report which is available on Newcore’s
website at newcoregold.com and under the Company’s SEDAR profile at www.sedar.com.
Qualified Persons
The updated Mineral Resource Estimate was prepared by independent qualified person Todd
McCracken, P. Geo. of BBA. By virtue of his education, membership to a recognized
professional association and relevant work experience, Todd McCracken is an independent
Qualified Persons as this term is defined by NI 43-101.
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 a ppropriate 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 Indicated Mineral Resource of 743,500 ounces of
gold at 0.55 g/t and an Inferred Mineral Resource of 972,000 ounces of gol d at 0.65 g/t (2).
Newcore Gold offers investors a unique combination of top -tier leadership, who are aligned
with shareholders through their 24% equity ownership, and prime district scale exploration
opportunities. Enchi’s 216 km 2 land package covers 40 k ilometres of Ghana’s prolific Bibiani
Shear Zone, a gold belt which hosts several 5 million -ounce gold deposits, 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.
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 2021 as sourced from the World Gold Council
(2) Notes for Mineral Resource Estimate:
1. Canadian Institute of Mining Metallurgy and Petroleum ("CIM") definition standards were followed for the
resource estimate.
2. The 2023 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 and Tokosea used Inverse Distance squared (ID2).
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3. Open pit cut-off grades varied from 0.14 g/t to 0.25 g/t Au based on mining and processing costs as well as the
recoveries in different weathered material.
4. Heap leach cut-off grade varied from 0.14 g/t to 0.19 g/t in the pit shell and 1.50 g/t for underground based on
mining costs, metallurgical recovery, milling costs and G&A costs.
5. CIL cut off grade varied from 0.25 g/t to 0.27 g/t in a pit shell and 1.5 0 g/t for underground based on mining
costs, metallurgical recovery, milling costs and G&A costs.
6. A US$1,650/ounce gold price was used to determine the cut-off grade.
7. Metallurgical recoveries have been applied to five individual deposits and in each case three material types
(oxide, transition, and fresh rock).
8. A density of 2.19 g/cm3 for oxide, 2.45 g/cm3 for transition, and 2.72 g/cm3 for fresh rock was applied.
9. Optimization pit slope angles varied based on the rock types.
10. Reasonable mining shapes constrain the mineral resource in close proximity to the pit shell.
11. Mineral Resources that are not mineral reserve s do not have economic viability. Numbers may not add due to
rounding.
12. The resource estimate was prepared by Todd McCracken, P.Geo, of BBA E&C Inc. in accordance with National
Instrument 43-101 Standards of Disclosure for Mineral Projects. Todd McCracken i s an independent qualified
person ("QP") as defined by National Instrument 43 -101. A full technical report, prepared 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 le gislation ("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", "forec asts", "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 stat ements 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 drill campaign,
results of our exploratio n work including trench results, results of metallurgical testwork, 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 for ward-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 sation, 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
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dollar to United States dollar exchange rate); change in national and local gov ernment, 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); title to properties; and impact of the COVID -19
pandemic. The estimate of mineral resources may be materially affected by environmental, permitting,
legal, title, taxation, sociopolitical, marketing, or other relevant issues. The quantity and grade of reported
inferred mineral resources in this estimation are uncertain in nature and there has been insufficient
exploration to define these inferred mineral resources as an indicated or measured mineral resource and
it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral
resource category. The quantity and grade of the reported indicated mineral resource in this estimation
is uncertain in nature and there has been insufficient exploration to define this indicated mineral resource
as a measured mineral resource and it is uncertain if further exploration will result in upgrading it to a
measured mineral resource category.
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 ap plicable 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.