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Newcore Gold Drilling Intersects 1.98 g/t Gold over 25.0 m, 0.89 g/t Gold over 47.8 m, and 5.84 g/t Au over 6.0 m

15.02.2022  |  GlobeNewswire
Including 26.82 g/t Au over 1.0 Metre at the Enchi Gold Project, Ghana

VANCOUVER, Feb. 15, 2022 - 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. Reverse Circulation ("RC") drilling on the southern end of the Sewum Gold Deposit ("Sewum") at Enchi has intersected shallow high-grade oxide gold mineralization grading 1.98 grams per tonne gold ("g/t Au") over 25.0 metres ("m") from 3 m, as well as high-grade results in deeper sulphide mineralization including 2.14 g/t Au over 18.0 m from 123 m. Newcore's ongoing drill program also includes testing previously drilled targets on the property. Diamond ("DD") drilling at the Eradi Gold Target ("Eradi") at Enchi has intersected wide gold mineralization grading 0.89 g/t Au over 47.8 m from 41.2 m, including 6.44 g/t Au over 2.5 m from 41.2 m and 2.14 g/t Au over 5.8 m from 54.2 m.

Highlights from Drilling at Sewum and Eradi

  • RC drilling at the southern end of the Sewum Gold Deposit (also referred to as Sewum Extension) intersected near surface oxidized gold mineralization:
    • Hole SWRC164 encountered a gold mineralized structure near surface grading 1.98 g/t Au over 25.0 m from 3 m, and a second zone of 0.58 g/t Au over 22.0 m from 48 m.
    • Hole SWRC152, drilled on a sub-parallel structure, intersected mineralization near surface of 5.84 g/t Au over 6.0 m from 2 m, including 26.82 g/t Au over 1.0 m from 2 m.
  • Additional RC drilling at Sewum Extension extended the gold mineralization to depth, into the upper portion of the sulphide zone, with results including:
    • Hole SWRC160 intersected 2.14 g/t Au over 18.0 m from 123 m, including 3.01 g/t Au over 4.0 m from 124 m and 2.87 g/t Au over 7.0 m from 129 m.
    • Hole SWRC165 intersected 1.31 g/t Au over 18 m from 73 m, including 8.28 g/t Au over 2.0 m from 83 m.
    • Hole SWRC144 intersected 1.72 g/t Au over 13 m from 81 m.
  • Diamond drilling at Eradi intersected multiple gold mineralized zones, including a wide zone with high-grade core structures:
    • Hole ERDD020 intersected 0.89 g/t Au over 47.8 m from 41.2 m, including 6.44 g/t Au over 2.5 m from 41.2 m and 2.14 g/t Au over 5.8 m from 54.2 m.
    • Eradi is a previously drilled target at Enchi with no defined Mineral Resource Estimate. The zone has been tested at wide spacings over a strike length of 1.6 kilometres and remains open along strike and to depth.

Luke Alexander, President and CEO of Newcore stated, "These results include drilling completed on the southern end of the Sewum Gold Deposit which has extended the gold mineralization up and down dip, encountering high-grade gold in both near-surface oxides as well as in the deeper sulphides. We also completed first pass drilling on a parallel structure at Sewum, situated outside of the current pit constrained mineral resource, which encountered high-grade mineralization near-surface. In addition to testing the potential for resource growth at our existing deposit areas, the ongoing 90,000 metre drill program at Enchi is also focused on testing previously drilled areas on the property. Drilling at the Eradi target, which is situated on the northern end of the property, intersected widespread gold mineralization over more than 1.1 kilometres of strike length. We continue to encounter high-grade gold results across our Project in Ghana, highlighting the resource growth potential at Enchi which is situated on a prolific gold belt that hosts numerous multi-million-ounce gold mines."

This news release reports results for 42 holes totalling 4,890.5 m, including 28 RC holes totalling 2,701 m (SWRC143 to SWRC170) targeting the Sewum Gold Deposit (Sewum Extension and a parallel related structure) and 14 DD holes totalling 2,189.5 m (ERDD011 to ERDD023) targeting the Eradi Gold Target. 39 of the 42 holes intersected gold mineralization.

Select assay results from the 42 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)
SWRC164 Sewum Ext. 3.0 28.0 25.0 1.98
and 48.0 70.0 22.0 0.58
SWRC160 Sewum Ext. 123.0 141.0 18.0 2.14
including 124.0 128.0 4.0 3.01
and incl. 129.0 136.0 7.0 2.87
SWRC152 Sewum Ext. 2 2.0 8.0 6.0 5.84
including 2.0 3.0 1.0 26.82
SWRC165 Sewum Ext. 73.0 91.0 18.0 1.31
including 83.0 85.0 2.0 8.28
SWRC144 Sewum Ext. 81.0 94.0 13.0 1.72
SWRC143 Sewum Ext. 5.0 19.0 14.0 1.49
SWRC151 Sewum Ext. 2 29.0 39.0 10.0 1.10
and 72.0 92.0 20.0 0.67
including 79.0 84.0 5.0 1.23
ERDD020 Eradi 41.2 89.0 47.8 0.89
including 41.2 43.7 2.5 6.44
and incl. 54.2 60.0 5.8 2.14
ERDD015 Eradi 9.7 14.3 4.6 0.87
and 65.8 72.9 7.1 0.61
and 105.6 107.8 2.2 0.93


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

Plan maps showing the drill hole locations can be viewed at:
https://newcoregold.com/site/assets/files/5754/2022_02-ncau-nr-enchi-plan-maps-l.pdf

Cross sections showing drill results and highlights for holes SWRC164-165-166, SWRC150-151-152 and ERDD020 can be viewed at:
https://newcoregold.com/site/assets/files/5754/2022_02-ncau-crosssections-l.pdf

A complete list of the 2020 - 2021 drill results released to date, including hole details, can be viewed at:
https://newcoregold.com/site/assets/files/5754/2022_02-ncau-enchi-2020-2021-drill-results-l.pdf

For the total planned 90,000 metre drill program, assay results have now been received and released for 438 holes representing 73,207 metres.

Drilling at Sewum Extension

Sewum Extension refers to the southern portion of the Sewum Gold Deposit. Recent drilling targeted up-dip and down dip extensions to the resource area along with a number of holes directed at initial testing of a sub-parallel structure located approximately 200 metres east of the main structure.

Additional RC drilling on the principal structure, which hosts a portion of the existing pit-constrained resource, tested 500 metres of strike length (18 holes drilled - SWRC143 to SWRC148, SWRC156 to SWRC166, and SWRC169). Hole SWRC164 intersected a shallow gold mineralized structure within the oxidized portion of the deposit grading 1.98 g/t Au over 25.0 m from 3 m, and a second zone of 0.58 g/t Au over 22.0 m from 48 m in the sulphides (hole ended in mineralization). Hole SWRC165, drilled on the same section as SWRC164, intersected mineralization down dip returning 1.31 g/t Au over 18 m from 73 m, including 8.28 g/t Au over 2 m from 83 m.

Hole SWRC160, collared 250 metres north of SWRC164, tested the down dip extension of the Sewum structure and intersected 2.14 g/t Au over 18.0 m from 123 m, including 3.01 g/t Au over 4.0 m from 124 m and 2.87 g/t Au over 7.0 m from 129 m (sulphide zone). Additional drilling included hole SWRC144 which intersected 1.72 g/t Au over 13 m from 81 m (sulphide zone) and SWRC143 which intersected 1.49 g/t Au over 14 m from 5 m (oxide zone).

Strong results were also encountered in first pass drilling that was completed on an undrilled target at Sewum, sub-parallel structures defined by gold-in-soil and trench anomalies located approximately 200 metres east of the main Sewum structure (10 holes drilled - SWRC149 to SWRC155, SWRC167, SWRC168, and SWRC170). Hole SWRC152 intersected 5.84 g/t Au over 6.0 m from 2 m, including 26.82 g/t Au over 1.0 m from 2 m (oxide zone). Hole SWRC151, drilled on the same section as SWRC152, tested the down dip extension and intersected two gold mineralized structures grading 1.10 g/t Au over 10.0 m from 29 m in the oxides and 0.67 g/t Au over 20.0 m from 72 m including 1.23 g/t Au over 5.0 m from 79 m in the sulphides. Hole SWRC168, drilled on the adjacent section south of SWRC151/152 located 200 metres south, intersected a series of gold mineralized zones including 0.48 g/t Au over 4.0 m from 4 m in the oxides, 0.85 g/t Au over 12.0 m from 35 m in the oxide-sulphide transition, and two zones in the sulphides grading 0.70 g/t Au over 13.0 m from 72 m and 0.49 g/t Au over 9.0 m from 91 m. Hole SWRC155, drilled on the adjacent section north of SWRC151/152 located 200 metres north, intersected a series of gold mineralized zones with 0.51 g/t Au over 1.0 m from 49 m, 0.41 g/t Au over 9.0 m from 111 m, and 0.43 g/t Au over 2.0 m from 124 m (sulphide zone). These new sub-parallel structures have now been tested for over 400 metres of strike length and are open to both the north and south, representing a new area for potential resource growth at Sewum.

Drilling at Eradi

Diamond drilling was completed on the Eradi Gold Target following up on positive drilling and trenching completed prior to 2020. Eradi is an earlier stage target at Enchi with no defined mineral resource. 14 DD holes totalling 2,189.5 m (ERDD011 to ERDD023) tested approximately 1.2 kilometres of strike length, with all holes intersecting gold mineralization. Hole ERDD020, completed on the northern portion of the zone, intersected multiple gold mineralized zones within the oxides including a wide zone with high-grade core structures which returned 0.89 g/t Au over 47.8 m from 41.2 m, including 6.44 g/t Au over 2.5 m from 41.2 m and 2.14 g/t Au over 5.8 m from 54.2 m. Hole ERDD020 also encountered additional near surface structures including 0.31 g/t Au over 1.0 m from 10 m and 0.43 g/t Au over 4.5 m from 15.2 m.

Hole ERDD015, collared one kilometre south of ERDD020 on the southern portion of the zone, intersected a series of gold mineralized structures including 0.87 g/t Au over 4.6 m from 9.7 m and 0.61 g/t Au over 7.1 m from 65.8 m, and 0.93 g/t Au over 2.2 m from 105.6 m in the oxides.

Work completed at Eradi prior to 2020 included trenching and drilling, with prior trenching returning 1.67 g/t Au over 36.9 m and 10 wide spaced shallow drill holes intersecting gold mineralized intervals of 0.60 g/t Au over 27.0 m from 25 m including 1.30 g/t Au over 10.0 m from 42 m, 1.15 g/t Au over 10.0 m from 58 m, 0.60 g/t Au over 17.0 m from 5 m, and 1.02 g/t Au over 10.0 m from 22 m.

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 dated June 8, 2021). 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 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 available 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 (anticipated completion in Q2 2022). The program includes both RC and diamond drilling and includes the first deeper drilling on the Project. This drill program includes testing extensions of the existing resource 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 also focused on 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.

Sewum Gold Zone

The Sewum Gold Deposit is the largest of the four deposits which comprise the pit constrained Inferred Mineral Resource Estimate at Enchi, with Sewum hosting approximately 51% of the currently defined resource (41.0 million tonnes grading 0.55 g/t Au containing 725,200 ounces). Sewum 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. Sewum is outlined on surface by a six-kilometre-long and one-to-two-kilometre-wide gold in soil anomaly. An airborne geophysical anomaly coincident with the Sewum Deposit defines a series of sub parallel and intersecting structures. Approximately 50% of the gold-in-soil anomaly is untested by drilling. As part of the current drill program results have been received and released for a total of 85 holes representing 15,420 metres at Sewum.

Eradi Gold Target

The Eradi Gold Zone is the northernmost drill tested target at Enchi, with no currently defined Mineral Resource Estimate. Eradi is located 25 kilometres northeast of the town of Enchi, with nearby roads and power and further access provided by a series of drill roads. Eradi is outlined on surface by a four-kilometre-long and one-kilometre-wide gold in soil anomaly. An airborne geophysical anomaly coincident with the Eradi Gold Target defines a series of sub parallel and intersecting structures. Approximately 60% of the gold-in-soil anomaly is untested by drilling. As part of the current drill program a total of 14 holes totalling 2,189.5 metres have been completed at Eradi.

Drill Hole Locations

Table 2 - Enchi Gold Project Drill Hole Location Details

Hole ID UTM East UTM North Elevation Azimuth ? Dip ? Length (m)
SWRC143 520505 626275 122 120 -55 50
SWRC144 520501 626343 118 120 -60 120
SWRC145 520569 626355 113 120 -55 70
SWRC146 520550 626367 120 120 -55 100
SWRC147 520615 626387 108 120 -55 40
SWRC148 520576 626411 105 120 -65 110
SWRC149 520996 626322 98 120 -50 100
SWRC150 520893 626162 97 120 -50 102
SWRC151 520775 626215 130 120 -50 102
SWRC152 520831 626189 189 120 -50 100
SWRC153 520845 626392 110 120 -50 108
SWRC154 520779 626420 117 120 -50 114
SWRC155 520915 626351 94 120 -50 130
SWRC156 520654 626422 98 120 -55 50
SWRC157 520589 626463 89 120 -55 120
SWRC158 520623 626437 87 120 -55 100
SWRC159 520522 626383 113 120 -55 140
SWRC160 520491 626397 117 120 -55 160
SWRC161 520491 626397 117 120 -60 40
SWRC162 520393 626096 96 120 -60 50
SWRC163 520381 626103 97 120 -60 70
SWRC164 520402 626147 92 120 -60 70
SWRC165 520374 626160 92 120 -60 100
SWRC166 520355 626174 93 120 -55 140
SWRC167 520717 626011 95 120 -50 100
SWRC168 520655 626046 101 120 -50 100
SWRC169 520441 626176 107 120 -55 85
SWRC170 520633 626060 101 120 -55 130
ERDD011 539579 650489 165 130 -60 179.2
ERDD012 539818 650767 211 130 -60 79.7
ERDD012A 539823 650758 212 130 -60 260.2
ERDD013 539765 650539 161 130 -60 81.1
ERDD014 539860 650741 216 130 -60 182.2
ERDD015 539729 650573 163 130 -60 158.2
ERDD016 539878 650616 197 130 -60 102.2
ERDD017 539848 650644 203 130 -60 102.0
ERDD018 540021 650784 193 130 -60 152.2
ERDD019 540284 651078 127 130 -60 173.1
ERDD020 540466 651192 178 130 -60 158.2
ERDD021 540551 651237 186 130 -60 224.0
ERDD022 540356 651175 159 130 -60 185.2
ERDD023 540304 651188 113 130 -60 152.0


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 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 control 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 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
info@newcoregold.com
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 each 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.
8. Mineral Resources that are not mineral reserves do not have economic viability. Numbers may not add due to rounding.
9. These numbers are 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 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 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 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 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 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.

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