Newcore Gold Ltd. ("Newcore" or the "Company")
(TSX-V: NCAU, OTCQX: NCAUF) is pleased to announce two new gold
discoveries from the 90,000 metre drill program underway at the
Company’s 100% owned Enchi Gold Project ("Enchi" or the "Project")
in Ghana. First pass Reverse Circulation ("RC") drilling on two
grassroots targets, Tokosea and Sewum South, intersected shallow
oxide gold mineralization demonstrating the strong potential to
delineate additional resource areas across the 216 km2 property.
Drilling at Tokosea (located on the central portion of Enchi)
intersected shallow high-grade oxide gold mineralization grading
3.52 grams per tonne gold ("g/t Au") over 9.0 metres ("m") from 74
m, including 7.36 g/t Au over 4.0 m from 77 m. Drilling at Sewum
South (located at the southern end of Enchi, one of the largest
previously undrilled targets identified on the Project) intersected
0.95 g/t Au over 15.0 m from 25 m, including 2.31 g/t Au over 5.0 m
from 25 m.
Highlights from First Pass Drilling at
Tokosea and Sewum South
- Both
Tokosea (central portion of Enchi) and Sewum South (southern end of
Enchi) are previously undrilled gold targets with very large
anomalous areas identified.
- First pass
discovery drilling at Sewum South and Tokosea tested gold
mineralization to an average depth of only 75 metres.
- The Tokosea and
Sewum South gold targets are each outlined on surface by
a six-kilometre-long and two-to-three-kilometre-wide
gold-in-soil anomaly.
- Awaiting assays
from an additional 30 RC drill holes completed at Tokosea.
- Drilling
at Tokosea intersected near surface oxidized gold mineralization,
including:
- Hole TORC025
intersected two mineralized zones, 3.52 g/t Au over 9.0 m from 74
m, including 7.36 g/t Au over 4.0 m from 77 m in the lower zone,
and 1.15 g/t Au over 3.0 m from 3 m in the upper zone.
- Hole TORC012
intersected 0.51 g/t Au over 27.0 m from 4 m, including 1.92 g/t Au
over 5.0 m from 23 m.
- Drilling
at Tokosea also intersected gold mineralization to depth, into the
upper portion of the sulphide mineralization, with results
including:
- Hole TORC012
intersected a second structure in the sulphides with 1.73 g/t Au
over 6.0 m from 125 m, including 4.35 g/t Au over 2.0 m from
125 m.
- Hole TORC020
intersected 0.90 g/t Au over 12.0 m from 74 m, including 4.55 g/t
Au over 2.0 m from 76 m.
- Drilling
at Sewum South intersected multiple gold mineralized zones,
including higher grade core structures:
- Hole SWRC130
intersected 0.95 g/t Au over 15.0 m from 25 m, including 2.31 g/t
Au over 5.0 m from 25 m and a second zone of 1.50 g/t Au over 4.0 m
from 14 m.
- Hole SWRC121
intersected 0.53 g/t Au over 24.0 m from 54 m, including
higher-grade structures of 1.09 g/t Au over 3.0 m from 54 m and
1.61 g/t Au over 2.0 m from 69 m.
Greg Smith, VP Exploration of Newcore stated,
"We are thrilled with the success of inaugural drilling on some of
the largest gold anomalies we have identified at Enchi. Both
drilling at Tokosea and Sewum South, two prospective early-stage
targets on the property, have identified several new areas of gold
mineralization with strong results in both near surface oxide and
sulphide mineralization. This first pass drilling tested gold
mineralization to an average vertical depth of only 75 metres and
identified a number of mineralized zones with higher-grade core
structures with further potential from follow-on drilling along
strike and at depth. We have only just scratched the surface of the
gold potential at Enchi. The 90,000 metre drill program underway
continues to prove out the significant multi-million ounce
potential across this district scale property."
Luke Alexander, President and CEO of Newcore
stated, "These two new discoveries along with recent results from a
parallel structure at Sewum extension accomplish our stated goal of
making new greenfield discoveries as part of our multi-pronged
exploration approach. These new discoveries complement prior drill
results which outlined near surface resource expansion potential
along strike at all four of our existing deposits, strong results
from drilling at three previously drilled areas, and high-grade
intercepts at depth which have outlined the potential for
underground resources. These new discoveries are a real testament
to our geological team’s understanding of the structures at our
Enchi Gold Project. We will continue to systematically approach the
exploration across the Project with the goal of creating value for
all our stakeholders."
This news release reports results for 55 holes
totalling 5,698 m, including 26 RC holes totalling 2,848 m (TORC001
to TORC026) targeting the Tokosea Gold Target and 29 RC holes
totalling 3,120 m (SWRC114 to SWRC142) targeting the Sewum South
Gold Target. 49 of the 55 holes intersected gold mineralization.
Both Tokosea and Sewum South are targets at Enchi with no prior
drilling.
Select assay results from the 55 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) |
TORC025 |
Tokosea |
3.0 |
6.0 |
3.0 |
1.15 |
and |
|
74.0 |
83.0 |
9.0 |
3.52 |
including |
|
77.0 |
81.0 |
4.0 |
7.36 |
TORC012 |
Tokosea |
4.0 |
31.0 |
27.0 |
0.51 |
including |
|
23.0 |
28.0 |
5.0 |
1.92 |
and |
|
125.0 |
131.0 |
6.0 |
1.73 |
including |
|
125.0 |
127.0 |
2.0 |
4.35 |
TORC007 |
Tokosea |
36.0 |
67.0 |
31.0 |
0.36 |
including |
|
37.0 |
45.0 |
8.0 |
0.67 |
and |
|
87.0 |
113.0 |
26.0 |
0.34 |
TORC020 |
Tokosea |
74.0 |
86.0 |
12.0 |
0.90 |
including |
|
76.0 |
78.0 |
2.0 |
4.55 |
TORC016 |
Tokosea |
43.0 |
54.0 |
11.0 |
0.84 |
including |
|
53.0 |
54.0 |
1.0 |
6.81 |
SWRC130 |
Sewum South |
14.0 |
18.0 |
4.0 |
1.50 |
and |
|
25.0 |
40.0 |
15.0 |
0.95 |
including |
|
25.0 |
30.0 |
5.0 |
2.31 |
SWRC121 |
Sewum South |
54.0 |
78.0 |
24.0 |
0.53 |
including |
|
54.0 |
57.0 |
3.0 |
1.09 |
including |
|
69.0 |
71.0 |
2.0 |
1.61 |
SWRC131 |
Sewum South |
42.0 |
50.0 |
8.0 |
1.57 |
SWRC129 |
Sewum South |
19.0 |
35.0 |
16.0 |
0.51 |
including |
|
19.0 |
21.0 |
2.0 |
1.64 |
including |
|
30.0 |
33.0 |
3.0 |
0.94 |
|
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 property map showing the location of Tokosea
and Sewum South can be viewed
at: https://newcoregold.com/site/assets/files/5762/2022_03-enchi-property-target-map-soils-l.pdf
Plan maps showing the drill hole locations can
be viewed
at:https://newcoregold.com/site/assets/files/5762/2022_03-ncau-nr-enchi-plan-maps-l.pdf
Cross sections showing drill results and
highlights for holes TORC025, TORC012, SWRC130 and SWRC131 can be
viewed at:
https://newcoregold.com/site/assets/files/5762/2022_03-ncau-crosssections-l.pdf
A complete list of the 2020 – 2022 drill results
released to date, including hole details, can be viewed
at:https://newcoregold.com/site/assets/files/5762/2022_03-ncau-enchi-2020-2022-drill-results-l.pdf
For the total planned 90,000 metre drill
program, assay results have now been received and released for 493
holes representing 79,175 metres.
Drilling at Tokosea
Tokosea is a large, previously undrilled gold
target at Enchi, located in the central portion of the property to
the north of the Sewum Gold Deposit. Tokosea is outlined on surface
by a six-kilometre-long and two-to-three-kilometre-wide
gold-in-soil anomaly. First pass drilling at Tokosea consisted of
26 RC holes totalling 2,848 m (TORC001 to TORC026) designed to test
gold-in-soil and trench anomalies. The wide spaced drilling tested
several targets within a four-kilometre-by-two-kilometre area, with
23 of the 26 holes intersecting gold mineralization.
A total of 12 holes (TORC010 to TORC016, TORC022
to TORC026) tested a strike length of 1.75 km of the central
structure within the anomalous area at Tokosea, including an area
associated with historic artisanal open pit and underground
workings. Additional structures have been identified west, east,
and north of the central structure.
Drilling intersected mineralization within both
the oxide and sulphide zones. Hole TORC025 completed on the
northern end of the drill tested area at Tokosea intersected two
mineralized zones in the oxides, 3.52 g/t Au over 9 m from 74 m,
including 7.36 g/t Au over 4 m from 77 m in the lower oxidized
zone, with an additional intercept of 1.15 g/t Au over 3 m from 3 m
in the upper oxidized zone. On the same section, hole TORC026
collared 75 metres west of TORC025 intersected the down dip
continuation of the upper zone (from TORC025) with 0.52 g/t Au
over 11 m from 43 m, including 2.88 g/t Au over 1 m from 45 m and
the down dip extension of the lower zone with 1.36 g/t Au over 2 m
from 87 m.
Drilling on the central portion of the anomaly
included hole TORC016 collared one kilometre to the south of
TORC025 (on the same structure) which intersected 0.84 g/t Au over
11 m from 43 m, including 6.81 g/t Au over 1 m from 53 m in oxide
mineralization. Hole TORC012 collared 500 m to the south of TORC016
intersected 0.51 g/t Au over 27 m from 4 m, including 1.92 g/t
Au over 5 m from 23 m in the oxides along with a lower zone in the
sulphides of 1.73 g/t Au over 6 m from 125 m including 4.35
g/t Au over 2 m from 125 m.
A total of 9 holes (TORC001 to TORC009) tested a
series of subparallel structures on the western portion of the
anomaly at Tokosea. Up to five separate mineralized structures
occur across a 200-metre-wide area located approximately 500 metres
west of the central structure. To date the structures have been
tested by two sections of holes spaced 200 metres apart. Drill
results include three holes intersecting mineralization within the
oxide zone: TORC007 with an upper zone of 0.36 g/t Au over 31 m
from 36 m, including 0.67 g/t Au over 8 m from 37 m and a lower
zone of 0.34 g/t Au over 26 m from 87 m; TORC003 collared 250 m to
the north of TORC007 intersected 0.81 g/t Au over 11 m from 38 m
including 2.73 g/t Au over 2 m from 44 m; and TORC008 collared
200 m to the west (on a sub-parallel structure) of TORC003
intersected 0.34 g/t Au over 18 m from 33 m and 0.81 g/t Au over 11
m from 38 m, including 2.73 g/t Au over 2 m from 44 m.
A total of 5 holes (TORC017 to TORC021) tested a
structure in the southern portion of Tokosea. The area is possibly
the extension of the central structures or an additional
sub-parallel zone. Results include three holes intersecting
mineralization within the upper portion of the sulphide zone:
TORC020 intersected 0.90 g/t Au over 12 m from 74 m, including 4.55
g/t Au over 2 m from 76 m; TORC021 collared 100 m to the south of
TORC020 intersected 1.30 g/t Au over 5 m from 72 m, including
4.17 g/t Au over 1 m from 74 m; and TORC019 collared 150 m to the
south of TORC021 intersected 0.87 g/t Au over 7 m from 84 m.
Drilling continues at Tokosea, with additional
assay results pending for 30 drill holes.
Drilling at Sewum South
Sewum South is one of the largest previously
undrilled gold anomalies identified at Enchi, with the target
located at the southern end of the property. Sewum South is
outlined on surface by a six-kilometre-long and
two-to-three-kilometre-wide gold-in-soil anomaly. First pass
drilling at Sewum South consisted of 29 RC holes totalling 3,120 m
(SWRC114 to SWRC142) designed to test gold-in-soil and trench
anomalies. The wide spaced drilling tested several targets within a
three-kilometre-by-two-kilometre area, with 26 of the 29 holes
drilled intersecting gold mineralization.
Drilling intersected mineralization within both
the oxide and sulphide zones. Hole SWRC130 collared in the central
portion of the Sewum South Target intersected 0.95 g/t Au over 15 m
from 25 m, including 2.31 g/t Au over 5 m from 25 m and a second
zone of 1.50 g/t Au over 4 m from 14 m. On the same section,
hole SWRC131 collared 50 metres east of SWRC130 intersected the
down dip continuation of the zone with 1.57 g/t Au over 8 m from 42
m. Hole SWRC129, collared 75 metres west of SWRC130, intersected a
sub-parallel structure with 0.51 g/t Au over 16 m from 19 m,
including 1.64 g/t Au over 2 m from 19 m and 0.94 g/t Au over 3 m
from 30 m. Hole SWRC121, collared 500 metres south of SWRC130
targeted the strike extension of the mineralized structures,
intersected 0.53 g/t Au over 24 m from 54 m including 1.09 g/t Au
over 3 m from 54 m and 1.61 g/t Au over 2 m from 69 m.
Additional drilling has highlighted the
potential for additional mineralization across this prospective
target area. Hole SWRC118, collared one kilometre south of SWRC121
and the hole drilled the furthest south on the target, intersected
a mineralized zone with multiple structures interpreted to be
approximately 400 to 500 metres east of the main structure at
Sewum. Additional strong results from the southernmost holes
drilled at the Sewum South target include hole SWRC117, collared 75
metres east of SWRC118, which intersected 0.75 g/t Au over 6 m
from 20 m, and hole SWRC115, collared 400 metres north of SWRC118,
which intersected 0.97 g/t Au over 3 m from 61 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 - 2022 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 (Sewum South, Tokosea and Nkwanta). All zones
represent high priority targets based on geological, geochemical
and geophysical surface work and previous trenching and
drilling.
Tokosea Gold Target
The Tokosea Target is located in the central
portion of the Enchi Gold Project and is one of the largest
anomalous areas with gold-in-soil and associated geophysical
anomalies. Tokosea is located 15 kilometres southeast of the town
of Enchi, with nearby roads and power and further access provided
by a series of drill roads. Tokosea is outlined on surface by a
six-kilometre-long and two to three-kilometre-wide gold-in-soil
anomaly. An airborne geophysical anomaly coincident with the area
defines a series of sub-parallel and intersecting structures.
Historic artisanal small scale open pit and underground mining has
occurred on individual structures dating as far back as the early
20th century. The area was untested by drilling prior to the
current drill program. As part of the current drill program results
have been received and released for 26 RC holes totalling 2,848
metres.
Sewum South Gold Target
The Sewum South Target is located at the
southern end of the Enchi Gold Project and is one of the largest
undrilled anomalous areas on the Project. Sewum South 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. The area is
one-to-two kilometres south and east of the Sewum Deposit. Sewum
South is outlined on surface by a six-kilometre-long and two to
three-kilometre-wide gold-in-soil anomaly. An airborne geophysical
anomaly coincident with the area defines a series of sub-parallel
and intersecting structures. The area was untested by drilling
prior to the current drill program. As part of the current drill
program results have been received and released for 29 RC holes
totalling 3,120 metres.
Drill Hole Locations
Table 2 - Enchi Gold Project Drill Hole
Location Details
Hole ID |
UTM East |
UTM North |
Elevation |
Azimuth ° |
Dip ° |
Length (m) |
TORC001 |
522718 |
629843 |
117 |
120 |
-50 |
96 |
TORC002 |
522659 |
629877 |
127 |
120 |
-50 |
100 |
TORC003 |
522604 |
629911 |
144 |
120 |
-50 |
100 |
TORC004 |
522562 |
629719 |
123 |
120 |
-50 |
100 |
TORC005 |
522499 |
629747 |
126 |
120 |
-50 |
100 |
TORC006 |
522342 |
629817 |
126 |
120 |
-50 |
102 |
TORC007 |
522290 |
629847 |
120 |
120 |
-50 |
114 |
TORC008 |
522436 |
629991 |
129 |
120 |
-50 |
102 |
TORC009 |
522369 |
630029 |
119 |
120 |
-50 |
126 |
TORC010 |
522776 |
629274 |
117 |
120 |
-50 |
100 |
TORC011 |
522732 |
629213 |
107 |
120 |
-50 |
114 |
TORC012 |
522650 |
629254 |
134 |
120 |
-50 |
132 |
TORC013 |
522866 |
629373 |
120 |
120 |
-50 |
130 |
TORC014 |
522992 |
629514 |
147 |
120 |
-50 |
114 |
TORC015 |
522795 |
629414 |
118 |
120 |
-50 |
102 |
TORC016 |
523092 |
629680 |
120 |
120 |
-50 |
100 |
TORC017 |
522648 |
628835 |
122 |
120 |
-50 |
120 |
TORC018 |
522502 |
628681 |
111 |
120 |
-50 |
102 |
TORC019 |
522423 |
628718 |
121 |
120 |
-50 |
102 |
TORC020 |
522566 |
628880 |
157 |
120 |
-50 |
138 |
TORC021 |
522477 |
628821 |
137 |
120 |
-50 |
108 |
TORC022 |
523036 |
629482 |
161 |
120 |
-50 |
108 |
TORC023 |
523241 |
630315 |
134 |
120 |
-50 |
114 |
TORC024 |
523838 |
630705 |
136 |
120 |
-50 |
108 |
TORC025 |
523959 |
630632 |
141 |
120 |
-50 |
108 |
TORC026 |
523893 |
630671 |
133 |
120 |
-50 |
108 |
SWRC114 |
518581 |
624633 |
105 |
114 |
-55 |
114 |
SWRC115 |
518542 |
624660 |
112 |
114 |
-55 |
120 |
SWRC116 |
518887 |
624432 |
81 |
114 |
-55 |
102 |
SWRC117 |
518414 |
624361 |
110 |
114 |
-55 |
102 |
SWRC118 |
518336 |
624390 |
108 |
114 |
-55 |
114 |
SWRC119 |
519546 |
625004 |
87 |
114 |
-55 |
100 |
SWRC120 |
519485 |
625030 |
88 |
114 |
-55 |
102 |
SWRC121 |
518704 |
625382 |
141 |
114 |
-55 |
108 |
SWRC122 |
518905 |
625299 |
101 |
114 |
-55 |
100 |
SWRC123 |
519390 |
625078 |
87 |
114 |
-55 |
102 |
SWRC124 |
518975 |
626583 |
208 |
114 |
-55 |
102 |
SWRC125 |
519047 |
626547 |
198 |
114 |
-55 |
100 |
SWRC126 |
519141 |
626508 |
137 |
114 |
-55 |
102 |
SWRC127 |
519245 |
626465 |
108 |
114 |
-55 |
114 |
SWRC128 |
518657 |
625888 |
211 |
114 |
-55 |
120 |
SWRC129 |
518726 |
625859 |
178 |
114 |
-55 |
100 |
SWRC130 |
518791 |
625819 |
145 |
114 |
-55 |
102 |
SWRC131 |
518836 |
625800 |
134 |
294 |
-50 |
100 |
SWRC132 |
518918 |
626183 |
167 |
114 |
-55 |
100 |
SWRC133 |
518991 |
626151 |
120 |
114 |
-55 |
100 |
SWRC134 |
519146 |
625649 |
132 |
294 |
-50 |
102 |
SWRC135 |
519082 |
625670 |
120 |
294 |
-50 |
102 |
SWRC136 |
519063 |
625680 |
123 |
114 |
-55 |
102 |
SWRC137 |
520106 |
626951 |
109 |
114 |
-50 |
102 |
SWRC138 |
520028 |
626992 |
111 |
114 |
-50 |
100 |
SWRC139 |
519963 |
627038 |
101 |
114 |
-50 |
108 |
SWRC140 |
519324 |
626827 |
130 |
114 |
-55 |
100 |
SWRC141A |
518947 |
625742 |
193 |
114 |
-50 |
200 |
SWRC142 |
518986 |
625727 |
162 |
114 |
-55 |
100 |
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 AlexanderPresident, CEO & Director
For further information, please
contact:
Mal Karwowska | Vice President, Corporate
Development and Investor Relations+1 604 484
4399info@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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