Newcore Gold Step Out Diamond Drilling Intersects High-Grade Gold Mineralization at Depth with 4.51 g/t Gold Over 13.0 Metres and 3.21 g/t Gold Over 15.0 Metres, at the Enchi Gold Project, Ghana Diamond Drilling on the Nyam Gold Deposit Extends Gold Mineralization at Depth,
NEWS RELEASE
Suite 413 - 595 Burrard Street, P.O. 49167 www.newcoregold.com
Vancouver, British Columbia V7X 1J1 [email protected]
Newcore Gold Step Out Diamond Drilling Intersects High-Grade Gold
Mineralization at Depth with 4.51 g/t Gold Over 13.0 Metres and
3.21 g/t Gold Over 15.0 Metres, at the Enchi Gold Project, Ghana
Diamond Drilling on the Nyam Gold Deposit Extends Gold Mineralization at Depth,
Intersects Multiple High-Grade Structures
November 23, 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. Diamond drilling at the Nyam Gold Deposit ("Nyam") at Enchi has intersected high-
grade gold mineralization at depth grading 4.51 grams per tonne gold ("g/t Au") over
13.0 metres ("m") from 236 m and 3.21 g/t Au over 15.0 m from 321 m.
Highlights from Diamond Drilling at Nyam
• Deeper diamond drilling on the southern extent of Nyam in the sulphide zone
encountered high-grade gold mineralization in down dip, step out holes, including:
o Hole NBDD048 intersected 4.51 g/t Au over 13.0 m from 236 m, including 7.40 g/t Au
over 7.7 m from 237.5 m.
o Hole NBDD056 intersected 1.62 g/t Au over 24.8 m from 248.7 m, including 3.17 g/t Au
over 9.0 m from 248.7 m.
o Hole NBDD055 intersected 1.57 g/t Au over 8.0 m from 276 m, including 2.64 g/t Au
over 2.2 m from 279 m.
o Hole NBDD051 intersected 4.57 g/t Au over 2.0 m from 274 m.
• Drilling on the central portion of Nyam , targeting sulphide mineralization, also
encountered high-grade gold mineralization in down dip, step out holes, including:
o Hole NBDD052 intersected a high-grade gold mineralized structure grading 5.57 g/t Au
over 8.0 m from 322 m, within a broader zone of 3.21 g/t Au over 15.0 m from 321 m.
o Hole NBDD053 intersected 1.54 g/t Au over 8.9 m from 291.2 m, including 3.78 g/t Au
over 1.8 m from 291.2 m and 4.20 g/t Au over 1.0 m from 297 m.
• To date, deeper drilling at Nyam has defined two northerly plunging high -grade
zones with strike lengths of up to 500 m and extending to depths of up to 300 m that
remain open for further expansion.
o The Nyam Gold Deposit, one of four gold deposits defined to date at Enchi, has been
outlined by drilling for over 1.8 kms and remains open along strike and at depth.
Luke Alexander, President and CEO of Newcore stated, " We are extremely pleased with the
continued success from our ongoing 90,000 metre drill program, with these latest results from
Nyam continuing to demonstrate the potential for higher -grade mineralization at depth.
Drilling continues to intersect high -grade structures at all the defined deposits at Enchi, with
all deposits remaining open along s trike and at depth. We look forward to continuing to
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advance our understanding of the potential at Enchi through the drill bit, an asset that is
located in a prolific and well-known district that hosts multi-million-ounce gold mines."
This news release reports results for nine Diamond Drill ("DD") holes totalling 3,311 m
(NBDD048 to NBDD056) targeting the down dip extensions of the Nyam Gold Deposit, with
all holes intersecting gold mineralization.
Select assay results from the nine 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)
NBDD048 Nyam 236.0 249.0 13.0 4.51
including 237.5 245.2 7.7 7.40
NBDD052 Nyam 207.0 212.0 5.0 1.47
and 321.0 336.0 15.0 3.21
including 322.0 330.0 8.0 5.57
NBDD056 Nyam 248.7 273.5 24.8 1.62
including 248.7 257.7 9.0 3.17
NBDD053 Nyam 291.2 300.1 8.9 1.54
including 291.2 293.0 1.8 3.78
and incl. 297.0 298.0 1.0 4.20
NBDD055 Nyam 276.0 284.0 8.0 1.57
including 279.0 281.2 2.2 2.64
NBDD054 Nyam 167.0 170.0 3.0 1.77
NBDD051 Nyam 274.0 276.0 2.0 4.57
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
A plan map showing the drill hole locations can be viewed at:
https://newcoregold.com/site/assets/files/5743/2021_11-ncau-nr-enchi-plan-map-nyam-l.pdf
A cross section showing drill results and highlights for hole NBDD048 can be viewed at:
https://newcoregold.com/site/assets/files/5743/2021_11_23-ncau-crosssection-nbdd048-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/5743/2021_11-ncau-enchi-2020-2021-drill-results-l.pdf
Hole NBDD048, drilled on the southern end of the current resource pit at Nyam, intersected
4.51 g/t Au over 13.0 m from 236 m, including 7.40 g/t Au over 7.7m from 237.5 m. This hole
was drilled below the section where RC hole NBRC017 intersected shallow o xide
mineralization of 1.38 g/t Au over 45 m from 8 m, including 6.25 g/t Au over 6 m from 47 m .
Additional holes on the same section include previously released holes NBRC024 (1.34 g/t Au
over 27 m from 57 m and 3.45 g/t Au over 9 m from 93 m) and NBRC027 (2.83 g/t Au over
6 m from 3 m). Hole NBDD056 collared 75 metres north of NBDD048 and approximately
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10 metres downdip of NBDD048 intersected 1.62 g/t Au over 24.8 m from 248.7 m, including
3.17 g/t Au over 9 m from 248.7 m and a second interval of 0.67 g/t Au over 13 m from 278 m.
Hole NBDD055 collared 75 metres north of NBDD056 intersected 1.57 g/t Au over 8 m from
276 m, including 2.64 g/t Au over 2.2 m from 279 m. Hole NBDD051, drilled 100 metres south
of hole NBDD048 and beyond the southern limit of the current pit constrained resource at
Nyam, intersected 4.57 g/t Au over 2.0 m from 274 m and 0.65 g/t Au over 12 m from 254 m,
extending the drill tested extent of the gold miner alization by 175 metres to depth below the
resource pit.
Hole NBDD052, which intersected 3.21 g/t Au over 15 m from 321 m including 5.57 g/t Au
over 8 m from 322 m , was drilled 150 metres north of NBRC047 (previously released results
contained high-grade gold mineralization of 1.94 g/t Au over 25 m from 222 m, including
5.78 g/t Au over 7 m from 227 m). This hole represented a 100 metre step out and a down dip
extension of the gold structure at Nyam . Hole NBDD053 was drilled 75 metres south of
NBDD052 and tested an up -dip portion of the structure . NBDD053 intersected 1.54 g/t Au
over 8.9 m from 291.2m, including 3.78 g/t Au o ver 1.8 m from 291.2m, confirming the
continuity of the high-grade gold mineralization.
The deeper diamond drilling at Nyam has defined two northerly plunging higher-grade zones
within the Nyam gold zone. The southern high-grade zone which is defined along 350 metres
of strike length, and to a depth of 250 metres vertically, includes near surface intercepts in RC
holes NBRC017, NBRC024, and NBRC027 and deeper mineralized intervals in diamond drill
holes NBDD048, NBDD055, and NBDD056. The central high-grade zone , which is defined
along 500 metres of strike length and to a vertical depth of 300 metres , includes previous
intercepts in numerous shallow RC holes : down dip RC holes NBRC045 and NBRC047 , and
deeper mineralized intervals in diamond drill holes NBDD052, NBDD053, and NBDD054.
Additional drilling is planned at Nyam to follow-up on these results.
For the total planned 90,000 metre drill program, assay results have now been received and
released for 359 holes representing 62,870 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 a vailable 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
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planned on the Project. This drill program includes testing extensions of the existing res ource
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 101 holes totalling 17,120 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)
NBDD048 530341 637217 96 300 -60 319.2
NBDD049 530629 637594 99 300 -62 382.3
NBDD050 530617 637648 107 300 -63 337.3
NBDD051 530286 637133 75 300 -63 360.7
NBDD052 530677 637738 105 300 -63 393.7
NBDD053 530628 637680 109 300 -63 382.4
NBDD054 530672 637613 118 300 -63 466.7
NBDD055 530401 637334 92 300 -63 337.4
NBDD056 530364 637280 95 300 -63 331.4
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), maintaining social distancing, frequent hand washing, and daily temperature
checks at the start of each shift.
Newcore Gold Best Practice
Newcore is committed to be st 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
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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 Mineral Resource Estimate is pit
constrained.
5. Metallurgical recoveries have been applied to four individual deposits and in e ach 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.
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8. Mineral Resources that are not mineral reserves do not have economic viability. Numbers may not add due to
rounding.
9. These numbers ar e 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 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 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 refle ct 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 forward -looking statements contained in this news release are b ased 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 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 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.
500 metres
2020-2021 Drill Program | Enchi Gold Project
Nyam, Ghana (As of November 2021)
Pit Shell
Outline
Previous Drill Holes
Drill Hole
Prior 2020 -2021 Assays Not in
Mineral Resource Estimate
Legend
Drill Hole
Assays Announced
November 23, 2021
Drill Hole
2020 Assay Included in
Mineral Resource Estimate
Drill Hole
Assays Pending
NBDD051
NBDD048
NBDD056
NBDD055
NBDD049
NBDD054
NBDD050
NBDD053
NBDD052
NBRC060
NBRC058
NBRC057
NBRC056
NBRC059B
NBRC070
NBRC030
NBRC029
NBRC028
NBRC018
NBRC027
NBRC016
NBRC026
NBRC031
NBRC025
NBRC024
NBRC017
NBRC068
NBRC067
NBRC053
NBRC052
NBRC055
NBRC054
NBRC069
NBRC071
NBRC051
NBRC050
NBRC072 NBRC074
NBRC073 NBRC032
NBRC048
NBRC049
NBRC075
NBRC022
NBRC045
NBRC047
NBRC046
NBRC021
NBRC020
NBRC079
NBRC080
NBRC076
NBRC078
NBRC077
NBRC081
NBRC084
NBRC082
NBRC083
NBRC085
NBRC086
NBRC089
NBRC088
NBRC087
NBRC044
NBRC023
NBRC034
NBRC019
NBRC033
NBRC035
NBRC042A
NBRC043
NBRC041
NBRC040NBRC039
NBRC036 NBRC037
NBRC038
-50 Elev
-150 Elev
-100 Elev
0 Elev
50 Elev
NBRC018
NBRC031
NBDD048NBRC025
NBRC024
NBDDH038
NBDDH039
NBRC017
1.28 g/t Au over 11 m
0.84 g/t Au over 32 m
1.34 g/t Au over 27 m
3.45 g/t Au over 9 m
1.38 g/t Au over 45 m
0.49 g/t Au over 1 m
0.67 g/t Au over 4 m
0.51 g/t Au over 2 m
0.89 g/t Au over 1 m
0.41 g/t Au over 1 m
0.32 g/t Au over 2 m
0.47 g/t Au over 7 m 0.51 g/t Au over 3 m
0.31 g/t Au over 24 m
1.48 g/t Au over 6 m
0.38 g/t Au over 9 m
0.34 g/t Au over 2 m
0.55 g/t Au over 11 m
0.54 g/t Au over 5 m
1.88 g/t Au over 2 m
0.41 g/t Au over 10 m
0.51 g/t Au over 3 m
0.55 g/t Au over 11 m
0.32 g/t Au over 6 m 2.51 g/t Au over 3 m
0.25 g/t Au over 2 m 5.38 g/t Au over 8 m
1.87 g/t Au over 4 m
6.25 g/t Au over 6 m
0.74 g/t Au over 22 m
Oxide Zone
surface
319.2
210
174
156
150
102
84
1.24 g/t Au over 2 m
130
0.53 g/t Au over 2 m
0.84 g/t Au over 1 m
0.81 g/t Au over 1 m
0.30 g/t Au over 1 m
0.37 g/t Au over 2 m
0.69 g/t Au over 3.3 m
4.51 g/t Au over 13 m
including 7.40 g/t Au over 7.7 m
OPEN
TO DEPTH
OPEN
TO DEPTH
2020-2021 Drill Program | Enchi Gold Project
Nyam - Cross Sec�on
NBRC017, NBRC024, NBRC025, NBRC031, NBDD048
Viewing Northeast, November 2021
Drillhole trace
Mineralized Zone
LEGEND
2021 Resource Pit Shell
(US$1,650/oz Au)
50 m0 25