Newcore Gold Increases Drill Program to 35,000 Metres and Intersects 1.28 g/t Gold over 63.0 Metres at the Enchi Gold Project, Ghana Drilling Intersects Multiple Zones of Shallow 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 Increases Drill Program to 35,000 Metres and Intersects
1.28 g/t Gold over 63.0 Metres at the Enchi Gold Project, Ghana
Drilling Intersects Multiple Zones of Shallow Gold Mineralization at the Boin Gold Deposit
2024 - 2025 Drill Program Increased to 35,000 Metres
February 28, 2025 TSX-V: NCAU, OTCQX: NCAUF
Vancouver, BC – Newcore Gold Ltd. ("Newcore" or the "Company") (TSX-V: NCAU,
OTCQX: NCAUF) is pleased to announce that on the back of the success achieved to date with
drilling at the Company’s 100% owned Enchi Gold Project ("Enchi" or the "Project") in Ghana,
and the completion of a $15 million equity financing, the Company has increased its 2024 -
2025 drill program to 35,000 metres. Newcore is also pleased to announce additional drill
results from the drill program underway at Enchi. Shallow Reverse Circulation ("RC") drilling at
the Boin Gold Deposit ( "Boin") intersected multiple zones of gold mineralization, with hole
KBRC328 intersecting 1.28 grams per tonne gold ("g/t Au") over 63.0 metres ("m") from 9 m,
and hole KBRC335 intersecting 2.18 g/t Au over 23.0 m from 6 m including a higher-grade
interval of 5.58 g/t over 8.0 m from 16 m.
The expanded drill program will allow Newcore to accelerate completion of the drilling
required for resource conversion in advance of commissioning a Pre -Feasibility Study ("PFS")
later this year. This expanded drill program will also include a subset of drilling focused on
discovery and resource growth with drilling to be completed on earlier -stage exploration
targets along with drilling focused on defining the resource growth potential at depth. Thus
far, the drill program underway at Enchi has primarily focused on resource growth and infill
drilling designed to convert Inferred Resources to Indicated. Drilling completed to date as part
of the 2024 - 2025 drill program continues to prove out the continuity of gold min eralization
and potential for future resource growth across the Project.
Highlights from Drilling at the Boin Gold Deposit at Enchi
• Drilling continues to encounter wide zones of gold mineralization near-surface,
within the oxidized mineralization.
o KBRC328 intersected 1.28 g/t Au over 63.0 m from 9 m in the oxide/transition zones, with
a second intercept of 0.76 g/t Au over 18.0 m from 78 m in the upper sulphide zone.
o KBRC335 intersected 2.18 g/t Au over 23.0 m from 6 m, including a higher-grade interval
of 5.58 g/t Au over 8.0 m from 16 m in the oxide/transition zones.
• In the south -central portion of Boin, drilling encountered wide zones of gold
mineralization within the upper sulphide horizon.
o KBRC337 intersected 1.06 g/t Au over 47.0 m from 79 m.
o KBRC341 intersected 0.64 g/t Au over 69.0 m from 51 m.
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Luke Alexander, President and CEO of Newcore stated, " We are thrilled to be increasing the
size of our drill program at Enchi to 35,000 metres on the back of a very successful equity
financing which was led by strong support from both new and existing institutional
shareholders. We are in a very strong financial position to continue to drill and advance the
development of Enchi for the next 18 - 24 months, with a focus of unlocking the district scale
opportunity at Enchi while concurrently advancing the development of the Project towards
commissioning of a PFS in the second half of 2025."
Greg Smith, Vice President of Exploration of Newcore stated, "These latest results from the drill
program, focused on Boin which is our second largest deposit at Enchi, continue to highlight
the resource growth potential from near surface mineralization that is amenable to open pit
mining and heap leach processing. Drilling targeted the north -central and south -central
portions of the deposit, with most of the drilling focused on testing a gap area in the prior
Mineral Resource Estimate. Results from this closer spaced drilling were positive in intersecting
gold mineralization and continue to prove out the continuity of mineralization at Boin. With the
expanded size of our 2024 – 2025 drill program, and all our deposits at Enchi remaining open
along strike and at depth , I am excited to keep the drill rig turning as we look to continue to
define the resource growth potential across the district scale property."
This release reports results for 23 RC holes totalling 2,252 m (KBRC319 to KBRC341) targeting
the Boin Gold Deposit. 21 of the 23 holes intersected gold mineralization. A total of 10,632
metres in 87 holes have been reported as part of the ongoing 2024 - 2025 drill program at
Enchi.
Select assay results from the 23 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)
KBRC328 Boin 9.0 72.0 63.0 1.28
and 78.0 96.0 18.0 0.76
KBRC335 Boin 6.0 29.0 23.0 2.18
including 16.0 24.0 8.0 5.58
KBRC337 Boin 79.0 126.0 47.0 1.06
KBRC341 Boin 51.0 120.0 69.0 0.64
KBRC324 Boin 64.0 120.0 56.0 0.50
KBRC320 Boin 85.0 98.0 13.0 0.67
and 108.0 146.0 38.0 0.70
KBRC325 Boin 37.0 45.0 8.0 0.84
and 60.0 79.0 19.0 0.54
and 132.0 180.0 48.0 0.43
KBRC319 Boin 33.0 52.0 19.0 0.94
KBRC339 Boin 90.0 106.0 16.0 1.06
KBRC326 Boin 35.0 51.0 16.0 1.03
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.
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A plan map showing the drill hole locations can be viewed at:
https://newcoregold.com/site/assets/files/5897/2025_02-ncau-nr-enchi-plan-map-boin.pdf
A cross section showing drill results and highlights for holes KBRC328 and KBRC327 can be
viewed at:
https://newcoregold.com/site/assets/files/5897/2025_02-ncau-crosssection-kbrc328.pdf
A complete list of the drill results in this release, including hole details, can be viewed at:
https://newcoregold.com/site/assets/files/5897/2025_02_28-ncau-enchi-2024-2025-drill-results.pdf
Drilling at the Boin Gold Deposit
KBRC319 to KBRC341 (23 RC holes totalling 2,252 m) were completed at Boin, targeting the
north-central and south-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 the 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 distributed
across 13 separate sections that are spread along a strike length of 2.5 kilometres.
11 RC holes totalling 1,030 m (KBRC325 to KBRC335) tested a gap area in the prior Mineral
Resource Estimate located in the north -central portion of the deposit. Drilling from this area
encountered positive results including KBRC328 which intersected 1.28 g/t Au over 63.0 m
from 9 m, with a second intercept of 0.76 g/t Au over 18.0 m from 78 m. KBRC335 intersected
2.18 g/t Au over 23.0 m from 6 m, including a higher -grade interval of 5.58 g/t Au over 8.0 m
from 16 m in the oxide/transition mineralization. Additional drill results from this area included
KBRC325 which intersected three zones: 0.43 g/t Au over 48.0 m from 132 m, 0.54 g/t Au over
19.0 m from 60 m and 0.84 g/t Au over 8.0 m from 37 m.
Drilling also included 4 RC holes totalling 438 m (KBRC319, KBRC320 and KBRC323, KBRC324)
completed on two sections located 500 metres south of the gap area, spaced 50 metres apart.
Results from this area included KBRC324 with 0.50 g/t Au over 56.0 m from 64 m, KBRC320
with 0.70 g/t Au over 38.0 m from 108 m and 0.67 g/t Au over 13.0 m from 85 m, and KBRC319
with 0.94 g/t Au over 19.0 m from 33 m.
Drilling completed on the far southern end of the central portion of the Boin Gold Deposit
included 6 RC holes totalling 558 m ( KBRC336 to KBRC341) drilled across three sections
spaced 100 metres apart . Results included KBRC337 which intersected 1.06 g/t Au over
47.0 m from 79 m, KBRC341 with 0.64 g/t Au over 69.0 m from 5 1 m, KBRC339 with 1.06 g/t
Au over 16.0 m from 90 m, and KBRC340 with 0.61 g/t Au over 20.0 m from 14 m.
One additional section was drilled to the north of the far southern end of the central portion of
Boin (2 RC holes totalling 226 m, KBRC321 and KBRC322), with drill results including two
intercepts within the oxidized material: KBRC322 with 0.86 g/t Au over 13.0 m from 23 m and
KBRC321 with 0.86 g/t Au over 13.0 m from 4 m.
This set of drill results 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 also consistent with prior wider-spaced drilling completed at Boin.
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The drill results released to date from the 2024 - 2025 drill program are from the Boin and
Sewum deposits where drilling was designed to improve the confidence level of the existing
Mineral Resource Estimate. This recent drilling was drilled in area s where the previous pit
constrained Mineral Resource Estimate was classified as Inferred. The Company anticipates
that the results of this recent drilling should allow for the 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. Most 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
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 and 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 studi es. 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 90 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)
KBRC319 519535 634589 122 114 -60 78
KBRC320 519496 634605 122 114 -60 150
KBRC321 518801 633303 132 114 -50 60
KBRC322 518741 633324 140 114 -50 166
KBRC323 519502 634511 135 114 -60 90
KBRC324 519475 634523 133 114 -60 120
KBRC325 519657 634877 120 114 -60 180
KBRC326 519708 634856 120 114 -60 144
KBRC327 519754 634955 105 114 -60 132
KBRC328 519773 634942 110 114 -60 96
KBRC329 519786 635002 105 114 -60 60
KBRC330 519815 635023 107 114 -60 64
KBRC331 520017 635043 120 114 -60 60
KBRC332 519948 635072 120 114 -60 72
KBRC333 520064 635075 125 114 -60 90
KBRC334 520092 635118 127 114 -60 66
KBRC335 520035 635135 127 114 -60 66
KBRC336 518507 632990 123 114 -50 70
KBRC337 518467 633006 130 114 -50 126
KBRC338 518449 632888 124 114 -60 72
KBRC339 518421 632912 123 114 -60 120
KBRC340 518396 632821 125 114 -60 50
KBRC341 518366 632833 125 114 -60 120
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 (see Newcore news release date d
March 7, 2023). 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 is from the technical report titled "Mineral Resource Estimate for the Enchi
Gold Project" with an effective date of January 25, 2023, which was prepared for Newcore by
Todd McCracken, P. Geo, of BBA E&C Inc. and Simon Meadows Smith, P. Geo, of SEMS
Exploration Services Ltd. in accordance with NI 43-101 - Standards of Disclosure for Mineral
Projects, and is available under the Company’s profile on SEDAR+ at www.sedarplus.ca. Todd
McCracken and Simon Meadows Smith are independent qualified persons ("QP") as defined
by NI 43-101.
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Grant of Equity Incentive Awards
Newcore has granted 1,700,000 restricted share units ( "RSUs") to employees, directors and
executives of the Company. The RSUs are granted under the Company’s long -term incentive
plan and will vest over a three-year period with one-third vesting after each 12-month period.
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 returns 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
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.
- 7 -
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 even ts 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 phras es, 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 drilling, 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, am ong 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 c urrency 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 haz ards, 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 pr ove 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.
1 km
Previous Drill Holes
Legend
Drill Hole
Prior 2024 - 2025 Assays Not in
Mineral Resource Estimate
CENTRAL
SECTOR
Pit Shell
Outline
NORTH
SECTOR
Drill Hole
Assays Announced
February 28, 2025
KBRC288
KBRC289
KBRC290
KBRC293
KBRC292
KBRC291
KBRC294
KBRC295
KBRC296
KBRC297
KBRC298
KBRC299
KBRC300
KBRC303A
KBRC301
KBRC305
KBRC306
KBRC302
KBRC308
KBRC307A
KBRC304
2024 - 2025 Drill Program | Enchi Gold Project
Boin, Ghana (As of February 2025)
KBRC311
KBRC309A
KBRC312
KBRC310
KBRC313
KBRC314
KBRC315
KBRC316
KBRC317
KBRC318
Map Area
KBRC341
KBRC340
KBRC338
KBRC339
KBRC337
KBRC336
KBRC321
KBRC322
KBRC323
KBRC319
KBRC320
KBRC3324
KBRC325
KBRC326
KBRC328
KBRC327
KBRC329
KBRC330
KBRC331
KBRC333
KBRC334
KBRC335KBRC332