Newcore Gold Ltd. Declares Expansion Drill Program in Ghana

At its 100% owned Enchi Gold Project in Ghana, Newcore Gold Ltd. announced the beginning of a 5,000 m discovery and resource expansion drill campaign.

Both diamond and Reverse Circulation (RC) drilling totaling around 5,000 m are planned to take place. To outline the potential for high-grade subterranean resources at Enchi, diamond drilling will continue to delineate the higher-grade sulfide deposits at depth.

To outline future resource growth along strike and depth at all deposit sites, RC drilling will focus on shallow sulfide and oxide mineralization located close to the surface. Following up on findings made as part of the recently finished 90,000 m drill program, RC drilling will also be scheduled. Additionally, trenching of high-priority surface anomalies and metallurgical test work are ongoing aspects of exploration.

Highlights

• After the $5 million brokered equity financing closed on July 12^th, 2022, Newcore was fully funded to finish the drill program at Enchi.
• High-grade potential at depth. Due to limited deeper drilling, high-grade sulfide mineralization has now been identified to a vertical depth of 300 m. Follow-up drilling is planned to further characterize the possibility of additional underground high-grade deposits.
• Possibility for resource expansion. All current deposits, which are all still accessible along strike and at depth, will be the focus of drilling to further expand the available resources. The property’s resources are expected to grow further due to additional drilling on previously discovered targets.
• District scale potential. Enchi is situated on a prolific gold belt in Ghana with multiple large-scale, multi-million-ounce gold mines. On the 216 km² property at Enchi, 25 targets have been discovered, although only nine have undergone drill testing thus far.

We are excited to continue to define the multi-million-ounce potential of our Enchi Gold Project through the drill bit. This next phase of drilling will continue to focus on a multi-pronged exploration approach, with drilling targeting resource expansion at existing deposits, continuing to identify the higher-grade potential at depth, while also defining the broader potential for Enchi to host a long-life gold camp through drilling of earlier stage targets.

Luke Alexander, President and CEO, Newcore Gold Ltd.

Luke Alexander adds, “We look forward to continuing to unlock the large-scale potential at Enchi.”

The recently concluded 90,000 m drill program was effective in revealing the district scale potential across the 216 km² property and the strong possibility of delineating additional resources at Enchi. It will thus be followed up by this phase’s drill program.

The 2020–2022 drill program achieved the following objectives:

(i) Identified the Sewum, Boin, Nyam, and Kwakyekrom deposits’ prospective resource increase along strike successfully.

(ii) Had excellent outcomes at previously-drilled zones beyond the resource area (Kojina Hill, Eradi).

(iii) High-grade gold was intersected at depth, indicating the possibility of defining subsurface resources.

(iv) Made new finds after successful first pass drilling on targets in the early stages (Sewum South, Tokosea, Sewum Ext. Parallel Structure).

The 90,000-m drill program’s findings will be included in an updated Mineral Resource Estimate that will likely be finished by the end of 2022.