Newcore Gold Ltd. ("Newcore" or the "Company")
(TSX-V: NCAU, OTCQX: NCAUF) is pleased to announce additional drill
results from the 10,000-metre drill program underway at the
Company's 100% owned Enchi Gold Project ("Enchi" or the "Project")
in Ghana. Reverse Circulation ("RC") drilling at the Boin Gold
Deposit ("Boin") continues to intersect wide zones of gold
mineralization with hole KBRC316 intersecting 0.97 grams per tonne
gold ("g/t Au") over 96.0 metres ("m") from 100 m, including 2.05
g/t Au over 10.0 m from 163 m. Drilling continues to encounter
higher-grade mineralization with hole KBRC313 intersecting 2.50 g/t
Au over 17.0 m from 132 m, within a broader interval of 1.06 g/t Au
over 81.0 m from 127 m.
Drilling is underway at Enchi as part of the
resource growth and infill program designed to convert Inferred
Resources to Indicated. All drill holes to date as part of the 2024
– 2025 drill program have intersected gold mineralization,
continuing to prove out the continuity of gold mineralization and
potential for future resource growth across the Project, including
at Boin.
Highlights from Drilling at the Boin
Gold Deposit at Enchi
- Drilling continues to
encounter wide zones of higher-grade gold mineralization within the
sulphide mineralization.
- Hole KBRC316 intersected 0.97 g/t
Au over 96.0 m from 100 m, including 2.05 g/t Au over 10.0 m from
163 m.
- Hole KBRC313 intersected 1.06 g/t
Au over 81.0 m from 127 m, including 2.50 g/t Au over 17.0 m from
132 m and 2.15 g/t Au over 7.0 m from 184 m.
- Hole KBRC314 intersected 0.86 g/t
Au over 62.0 m from 161 m, including 2.24 g/t Au over 9.0 m from
210 m.
- Hole KBRC317 intersected 0.70 g/t
Au over 73.0 m from 109 m and 1.52 g/t Au over 7.0 m from 192
m.
- Drilling continues to prove
out the continuity of gold mineralization and potential for
resource growth at Enchi.
- All drill results released to date
as part of the 2024 – 2025 drill program have intersected gold
mineralization.
Luke Alexander, President and CEO of Newcore
stated, "The results from the drill program underway at Enchi
continue to show strong continuity of gold mineralization at the
Boin Gold Deposit along with wide zones of higher-grade gold
mineralization within the sulphide mineralization. We believe that
the results achieved to date with the current drill program
underscore the potential to prove up the confidence of the existing
resources at Enchi which is an important next step in advancing our
Enchi Gold Project towards a Pre-Feasibility Study. We look forward
to an exciting year-ahead as we continue to advance the development
of our Enchi Gold Project in Ghana."
This release reports results for 10 RC holes
totalling 2,060 m (KBRC309A to KBRC318) targeting the Boin Gold
Deposit, with all holes intersecting gold mineralization. A total
of 5,458 metres in 31 holes have been reported as part of the
ongoing 2024 – 2025 drill program at Enchi.
Select assay results from the 10 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) |
KBRC312 |
Boin |
130.0 |
210.0 |
80.0 |
0.54 |
KBRC313 |
Boin |
127.0 |
208.0 |
81.0 |
1.06 |
including |
|
132.0 |
149.0 |
17.0 |
2.50 |
including |
|
184.0 |
191.0 |
7.0 |
2.15 |
KBRC314 |
Boin |
161.0 |
223.0 |
62.0 |
0.86 |
including |
|
210.0 |
219.0 |
9.0 |
2.24 |
KBRC315 |
Boin |
139.0 |
190.0 |
51.0 |
0.58 |
and |
|
203.0 |
240.0 |
37.0 |
1.32 |
KBRC316 |
Boin |
100.0 |
196.0 |
96.0 |
0.97 |
including |
|
163.0 |
173.0 |
10.0 |
2.05 |
KBRC317 |
Boin |
109.0 |
182.0 |
73.0 |
0.70 |
Notes: 1. See detailed table for complete
results; 2. Intervals reported are hole lengths
with true width estimated to be 65 - 85%; and 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/5888/2025_01_14-ncau-nr-enchi-plan-map-boin.pdf
Cross sections showing drill results and
highlights for holes KBRC313 and KBRC316 can be viewed
at:https://newcoregold.com/site/assets/files/5888/2025_01_14-ncau-crosssections-boin.pdf
A complete list of the drill results in this
release, including hole details, can be viewed
at:https://newcoregold.com/site/assets/files/5888/2025_01_14-ncau-enchi-2024-drill-results.pdf
Drilling at the Boin Gold
Deposit
KBRC309A to KBRC318 (10 RC holes totalling 2,060
m) were completed in the central and south-central portion of Boin.
Drilling targeted near-surface oxidized and shallow sulphide
mineralization with a goal of infill drilling for resource
conversion to both 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 ten separate sections that are spread along a
strike length of one kilometre. Drilling has confirmed the
continuity along strike and down dip for the principal structure
which comprises the Boin Gold Deposit. The width and gold grades
within these drill results are also consistent with prior
wider-spaced drilling completed at Boin.
Drill holes KBRC313 to KBRC317 were drilled
vertically intersecting the west dipping structure resulting in an
estimated true width in the range of 65% to 75%, with drilling
continuing to intersect wide zones of gold mineralization. KBRC316
intersected 0.97 g/t Au over 96.0 m from 100 m, including 2.05 g/t
Au over 10.0 m from 163 m with the mineralized zone extending
beyond the pit shell limit of the current Mineral Resource
Estimate. KBRC313 intersected 1.06 g/t Au over 81.0 m from 127 m,
including 2.50 g/t Au over 17.0 m from 132 m and 2.15 g/t Au over
7.0 m from 184 m. Hole KBRC314 intersected 0.86 g/t Au over 62.0 m
from 161 m, including 2.24 g/t Au over 9.0 m from 210 m. Hole
KBRC317 intersected 0.70 g/t Au over 73.0 m from 109 m and 1.52 g/t
Au over 7.0 m from 192 m. Hole KBRC315 intersected 0.58 g/t Au over
51.0 m from 139 m and a second intercept of 1.32 g/t Au over 37.0 m
from 203 m. These results continue to highlight the potential to
improve the confidence level of the Mineral Resource Estimate
defined at the Boin Gold Deposit at Enchi.
Highlights from intercepts in the oxidized
portion of the Boin Gold Deposit include 1.04 g/t Au over 16.0 m
from 93 m in hole KBRC312 and 1.17 g/t Au over 7.0 m from 65 m in
KBRC318.
The drill results released to date from the 2024
– 2025 drill program are from the Boin Gold Deposit where drilling
was designed to improve the confidence level of the existing
Mineral Resource Estimate. This recent drilling covered a strike
extent of one kilometre along the principal Boin structures and was
drilled in an area where the previous pit constrained Mineral
Resource Estimate was classified as Inferred. The results of this
recent drilling should allow for conversion of a substantial
portion of mineralization within this area to the Indicated
category.
2024 – 2025 Enchi Work
Program
A 10,000-metre RC 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, drone surveys,
an airborne magnetic survey, trenching, hydrogeological testing,
condemnation drilling, geotechnical work, environmental work and
soil sampling. Drone topographic surveys are underway, 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 will be completed across
the proposed heap leach facility area to contribute additional data
for future detailed engineering studies. An airborne magnetic
survey will test 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.
Drill Hole Locations
Table 2 – Enchi Gold Project Drill Hole Location
Details |
Hole ID |
UTM East |
UTM North |
Elevation |
Azimuth ° |
Dip ° |
Length (m) |
KBRC309A |
519178 |
634148 |
119 |
114 |
-60 |
220 |
KBRC310 |
519161 |
634010 |
126 |
114 |
-60 |
200 |
KBRC311 |
519171 |
634107 |
127 |
114 |
-60 |
200 |
KBRC312 |
519119 |
633968 |
133 |
114 |
-50 |
210 |
KBRC313 |
518956 |
633618 |
154 |
0 |
-90 |
240 |
KBRC314 |
518935 |
633580 |
156 |
0 |
-90 |
230 |
KBRC315 |
518914 |
633556 |
154 |
0 |
-90 |
240 |
KBRC316 |
518900 |
633506 |
133 |
0 |
-90 |
220 |
KBRC317 |
518874 |
633478 |
133 |
0 |
-90 |
200 |
KBRC318 |
518804 |
633406 |
137 |
114 |
-50 |
100 |
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 dated 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.
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 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 18% equity ownership,
and prime district scale exploration opportunities. Enchi's 248
km² 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
kilometres 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 AlexanderPresident, CEO & Director
For further information, please
contact:
Mal Karwowska | Vice President, Corporate
Development and Investor Relations+1 604 484
4399info@newcoregold.comwww.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.
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 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 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 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 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 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 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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