Newcore Gold Intersects 1.67 g/t Gold Over 47.0 Metres, Including 3.63 g/t Gold Over 10.0 Metres, at the Enchi Gold Project, Ghana First Set of Results from On-Going 8,000 Metre Drill Program
NEWS RELEASE
Suite 413 - 595 Burrard Street, P.O. 49167 www.newcoregold.com
Vancouver, British Columbia V7X 1J1 [email protected]
Newcore Gold Intersects 1.67 g/t Gold Over 47.0 Metres, Including
3.63 g/t Gold Over 10.0 Metres, at the Enchi Gold Project, Ghana
First Set of Results from On-Going 8,000 Metre Drill Program
September 28, 2020 TSX-V: NCAU
Vancouver, BC – Newcore Gold Ltd. ("Newcore" or the "Company") (TSX-V: NCAU) is
pleased to announce the first set of results from the 8,000 metre drill program underway on
the Company’s 100% owned Enchi Gold Project ("Enchi" or the "Project"), in southwest Ghana.
Drilling has successfully intersected shallow oxide gold mineralization outside of the currently
defined resource area , supporting the potential for resource expansion at the Project . Enchi
hosts a pit constrained National Instrument 43-101 ("NI 43-101") Inferred Mineral Resource of
52.9 million tonnes grading 0.72 g/t Au containing 1.22 million ounces gold (see Newcore
news release dated September 14, 2020, the Company will file a NI 43-101 compliant technical
report in support of the disclosure contained in that news release on or before October 29,
2020).
Highlights
• To date, 22 drill holes have been completed of a planned 60 -hole, 8,000 metre drill
program, with assay results having been received for 13 drill holes
• Drilling at the Boin Gold Deposit ("Boin") has successfully intersected shallow oxide gold
mineralization outside of the currently defined resource area . Boin remains open for
expansion along strike and to depth
• Highlights from holes drilled at Boin include:
o Hole KBRC141 intersected 1.67 grams per tonne gold ("g/t Au") over 47.0 metres ("m")
from 48 m to 95 m, including 3.63 g/t Au over 10.0 m from 75 m to 85 m
o Hole KBRC151 intersected 2.30 g/t Au over 11.0 m from 9 m to 20 m
o Hole KBRC146 intersected 0.92 g/t Au over 32.0 m from 30 m to 62 m, including 1.78
g/t Au over 12.0 m from 42 m to 54 m
Luke Alexander, President & CEO of Newcore stated, "We are extremely pleased with the first
set of results from the drill program at Enchi. The initial results confirm the potential extension
of shallow, oxide gold mineralization beyond the limits of the currently defined resource area.
Boin remains open for potential resource expansion along strike and to depth and is the first
of six areas we are targeting as part of this drill program. W e look forward to proving out the
district scale potential at Enchi as we receive additional results from resource expansion drilling
and drill testing of new high priority gold targets across the 216 km2 property."
The 13 holes highlighted in this news release targeted the Boin Gold Deposit including seven
holes at Boin North stepping out along strike and down dip from previous positive drilling
results, five holes at Boin Central primarily targeting down dip extensions to the gold
mineralization, and one hole at Boin South designed to explore if Boin can be extended
laterally and to depth.
- 2 -
To date a total of 3,666 metres in 22 holes has been completed as part of the current drill
program, with results received for 13 holes representing 1,576 metres. A total of 60 holes are
planned as part of the 8,000 metre Reverse Circulation ("RC") drill program to be completed
in 2020, focused on expansion of existing resource areas as well as exploration drilling at a
number of high priority gold targets.
Select assay results from the first 13 holes of the drill program are reported below:
Table 1 - Enchi Gold Project Drill Highlights
Hole ID Zone/Deposit From (m) To (m) Length (m) Au (g/t)
KBRC139 Boin 1.0 17.0 16.0 0.69
KBRC141 Boin 48.0 95.0 47.0 1.67
including 49.0 58.0 9.0 2.96
and including 75.0 85.0 10.0 3.63
KBRC146 Boin 30.0 62.0 32.0 0.92
including 42.0 54.0 12.0 1.78
KBRC150A Boin 87.0 108.0 21.0 1.19
KBRC151 Boin 9.0 20.0 11.0 2.30
Notes:
1. See detailed table for complete results
2. Intervals reported are core lengths with true width estimated to be 75 - 85 %
3. Length-weighted averages from uncut assays
4. Results pending for holes KBRC138, KBRC142, KBRC145, and KBRC152 – 159
A plan map showing the drill hole locations can be viewed at:
https://newcoregold.com/site/assets/files/5591/2020_09_28-ncau-nr-enchi-plan-map.pdf
A complete list of the 2020 drill results to date, including hole details, can be viewed at:
https://newcoregold.com/site/assets/files/5591/2020_09_28-ncau-nr-enchi-2020-drill-results-
detailed-table.pdf
2020 Enchi Drilling Program
As highlighted in Newcore’s news release on August 12, 2020 , an 8,000 metre RC drilling
program is underway at Enchi. The 2020 drilling program includes approximately 60 RC drill
holes testing six gold targets on the Project , focused on testing extensions of t he existing
resource areas while also testing a number of exploration targets outside of the Inferred
Mineral Resource. Drilling is predominantly focused on step out extensions and exploration
drilling at the Boin, Sewum, and Nyam Deposits . Additional drilling is planned at two zones
identified outside of the resource area, Kojina Hill and Kwayehkrom, along with maiden drilling
on the Nkwanta gold anomaly which has yet to be drill tested. All zones represent high priority
targets based on geol ogical, geochemical and geophysical surface work and previous
trenching and drilling.
- 3 -
Boin Gold Zone
The Boin Gold Deposit is one of the primary deposits currently included in the NI 43 -101
Inferred Mineral Resource Estimate at Enchi. Boin is located 15 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 five -kilometre-long and 0.5 to 1.0 kilometre wide gold in soil
anomaly. An airborne geophysical a nomaly coincident with the Boin structure extends for a
further two kilometres north and five kilometres south beyond the limits of current drilling.
Drill Hole Locations
Table 2 - Enchi Gold Project Drill Hole Location Details
Hole ID UTM East UTM North Elevation Azimuth ° Dip ° Length (m)
KBRC139 518700 633234 130 120 -60 80
KBRC140 519121 633708 155 120 -60 80
KBRC141 519018 633704 156 114 -50 120
KBRC143 519395 634172 120 114 -60 108
KBRC144 519378 634178 120 120 -60 150
KBRC145 520325 635410 117 120 -60 150
KBRC146 520456 635619 124 114 -50 100
KBRC147 520424 635582 124 114 -50 102
KBRC148 520391 635546 122 114 -50 108
KBRC149 520378 635496 120 114 -50 100
KBRC150 520335 635517 125 114 -65 148
KBRC150A 520338 635514 122 114 -65 174
KBRC151 519349 634402 131 120 -60 156
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 on-going drill program
consisting of the mandatory use of personal protective equipment (including facemask for all
employees), maintaining social distancing , frequent hand washing, and daily temperature
checks at the start of each shift.
Newcore Gold Best Practice
Newcore is committed to best practice standards for all exploration, sampling and drilling
activities. Drilling was completed by 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 dupl icates 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.
- 4 -
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 Corp.
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 1.2 million ounces of
gold at 0.72 g/t 2. Newcore Gold offers investors a unique combination of top-tier leadership,
who are aligned with shareholders through their 39% 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 no rth. 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 2019 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 2020 resource models used ordinary kriging (OK) grade estimation within a three-dimensional block model
with mineralized zones defined by wireframed solids and constrained by whittle pits shell.
3. A base cut-off grade of 0.3 g/t Au was used with a capping of gold grades at 18 g/t.
4. A US$1,500/ounce gold price, open pit with heap leach operation was used to determine the cut -off grade of
0.3 g/t Au. Mining costs of US$2.27/mined tonne and G&A and Milling costs of US$9.84/milled tonne. The
Inferred Mineral Resource Estimate is pit constrained.
5. A density of 2.45 g/cm3 was applied. Numbers may not add due to rounding.
6. Mineral Resources that are not mineral reserves do not have economic viability.
7. The Company will file a NI 43 -101 compliant technical report in support of the Inferred Mineral Resource
Estimate contained in the Company’s news release dated September 14, 2020 on or before October 29, 2020.
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.
- 5 -
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain forward -looking statements, Any statements that express or involve
discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, using words or phrases such as "expects" or does
not expect", "is expected", anticipates" or "does not anticipate" "plans", "estimates" or "intends" or stating
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". Forward-looking
statements are subject to a variety of risks and uncertainties which could cause actual events or results to
materially differ from those reflected in the forward-looking statements.
Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except
for the statements of historical fact contained herein, the information presented constitutes "forward -
looking statements" within the meaning of the Pri vate Securities Litigation Reform Act of 1995. Such
forward-looking statements including but not limited to those with respect to the price of gold, potential
mineralization, reserve and resource determination, exploration results, and future plans and obj ectives
of the Company involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievement of the Company to be materially different from any future
results, performance or achievements expressed or implied by such forward -looking statements. There
can be no assurance that such statements will prove to be accurate as actual results and future events
could differ materially from those anticipated in such statements. Accordingly, readers should not p lace
undue reliance on forward-looking statements.