Newcore Gold Ltd. ("Newcore" or the "Company")
(TSX-V: NCAU, OTCQX: NCAUF) is pleased to announce 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. First
pass Reverse Circulation ("RC") drilling at the Tokosea Gold Target
("Tokosea"), completed as part of the inaugural drill program on
the grassroot target at Enchi, intersected multiple wide zones of
gold mineralization from surface. Drill results included 1.80 grams
per tonne gold ("g/t Au") over 27.0 metres ("m") from 30 m,
including 4.13 g/t Au over 3.0 m from 31 m, and 1.67 g/t Au over
17.0 m from 131 m, including 18.17 g/t Au over 1.0 m from 131 m.
Tokosea is a new greenfield discovery at Enchi where first pass
drilling has highlighted the strong potential to delineate
additional resources across the 216 km2 land package at Enchi.
Highlights from First Pass Drilling at
Tokosea
- Drilling
at Tokosea has confirmed and expanded the new greenfield discovery,
highlighting the strong potential to delineate additional gold
resources at Enchi:
- This drilling
was completed as part of the first pass discovery drilling
completed at Tokosea in 2022, with first results announced March 7,
2022.
- Inaugural
drilling tested mineralization to an average vertical depth of only
75 metres.
- Tokosea is
outlined on surface by a six-kilometre-long and
two-to-three-kilometre-wide gold-in-soil anomaly. With only 56
holes drilled to date on the target, the strong results highlight
the possibility of a new area for potential mineral resources at
Enchi.
- Drilling
at Tokosea has expanded the gold mineralization, intersecting
multiple structures in the upper portion of the sulphides,
including:
- Hole TORC045
intersected multiple zones of mineralization throughout the drill
hole. Near surface, the hole intersected 1.80 g/t Au over 27.0 m
from 30 m, including 4.13 g/t Au over 3.0 m from 31 m, 3.41 g/t Au
over 3.0 m from 38 m, and 3.76 g/t Au over 3.0 m from 47 m. A zone
near the end of the hole intersected 0.93 g/t Au over 15.0 m from
134 m, including 3.22 g/t Au over 3.0 m from 140 m.
- Hole TORC032
intersected 1.67 g/t Au over 17.0 m from 131 m, including 18.17 g/t
Au over 1.0 m from 131 m and a second zone with 3.36 g/t Au over
5.0 m from 105 m.
- Drilling
on a series of sub-parallel structures intersected shallow oxide
mineralization:
- Hole TORC048
intersected 0.40 g/t Au over 32.0 m from surface, including 2.10
g/t Au over 3.0 m from 27 m and a second zone with 0.74 g/t Au over
8.0 m from 87 m.
- Hole TORC047
intersected 1.20 g/t Au over 10.0 m from surface, including 4.26
g/t Au over 2.0 m from 1 m and a second zone with 0.99 g/t Au over
4.0 m from 26 m.
Luke Alexander, President and CEO of Newcore
stated, "These results are the continuation of the results we
released last month, confirming and expanding one of three new
discoveries at our Enchi Gold Project. These results and new
discoveries confirm the potential for Enchi to host additional
deposits. Drilling at Tokosea has successfully delineated
high-grade, wide zones of mineralization near surface with drilling
on the target having only tested mineralization to an average
vertical depth of 75 metres. We have now defined mineralization
across a strike length of four-kilometres, with only a small
portion of this six-kilometre-long anomaly tested to date. Enchi’s
216 km2 land package covers 40 kilometres of Ghana’s prolific
Bibiani Shear Zone, a gold belt which hosts several large,
multi-million-ounce gold deposits. We look forward to continuing
our systematic approach to exploration and defining the potential
of our district scale Enchi Gold Project through the drill
bit."
This news release reports results for 30 RC
holes totalling 3,889 m (TORC027 to TORC056) targeting the Tokosea
Gold Target. 24 of the 30 holes intersected gold mineralization.
These results follow up on the initial 26 RC holes which made the
discovery at Tokosea.
Select assay results from the 30 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) |
TORC045 |
Tokosea |
30.0 |
57.0 |
27.0 |
1.80 |
including |
|
31.0 |
34.0 |
3.0 |
4.13 |
including |
|
38.0 |
41.0 |
3.0 |
3.41 |
including |
|
47.0 |
50.0 |
3.0 |
3.76 |
and |
|
78.0 |
86.0 |
8.0 |
0.58 |
and |
|
134.0 |
149.0 |
15.0 |
0.93 |
including |
|
140.0 |
143.0 |
3.0 |
3.22 |
TORC032 |
Tokosea |
105.0 |
110.0 |
5.0 |
3.36 |
and |
|
131.0 |
148.0 |
17.0 |
1.67 |
including |
|
131.0 |
132.0 |
1.0 |
18.17 |
TORC031 |
Tokosea |
0.0 |
4.0 |
4.0 |
1.73 |
and |
|
26.0 |
30.0 |
4.0 |
1.31 |
and |
|
97.0 |
115.0 |
18.0 |
0.83 |
including |
|
107.0 |
112.0 |
5.0 |
1.89 |
TORC048 |
Tokosea |
0.0 |
32.0 |
32.0 |
0.40 |
including |
|
27.0 |
30.0 |
3.0 |
2.10 |
and |
|
87.0 |
95.0 |
8.0 |
0.74 |
TORC047 |
Tokosea |
0.0 |
10.0 |
10.0 |
1.20 |
including |
|
1.0 |
3.0 |
2.0 |
4.26 |
and |
|
26.0 |
30.0 |
4.0 |
0.99 |
TORC034A |
Tokosea |
5.0 |
20.0 |
15.0 |
0.60 |
including |
|
17.0 |
18.0 |
1.0 |
3.13 |
TORC046 |
Tokosea |
161.0 |
173.0 |
12.0 |
0.62 |
including |
|
164.0 |
165.0 |
1.0 |
6.27 |
|
|
|
|
|
|
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/5764/2022_04-ncau-nr-enchi-plan-map-tokosea-l.pdf
A cross section showing drill results and
highlights for hole TORC045 can be viewed at:
https://newcoregold.com/site/assets/files/5764/2022_04-ncau-crosssection-torc045-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/5764/2022_04-ncau-enchi-2020-2022-drill-results-l.pdf
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 now consists
of 56 RC holes totalling 6,737 m (TORC001 to TORC056) 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 47 of the 56 holes intersecting gold mineralization.
From the results reported in this release, 12
holes (TORC027 to TORC034A, TORC045 to TORC048) tested the central
structure within the anomalous area at Tokosea, stepping out from
the discovery drill hole TORC025 which intersected 3.52 g/t Au over
9 m from 74 m, including 7.36 g/t Au over 4 m from 77 m. This set
of results has now extended the strike length of the drill tested
portion of the central structure at Tokosea by one kilometre, to a
total strike length of four kilometres, with mineralization
intersected within both the oxides and sulphides.
Hole TORC045, completed on the south-central
portion of the drill tested area, intersected multiple mineralized
zones throughout the drill hole beginning at surface. Results
included 1.80 g/t Au over 27.0 m from 30 m including 4.13 g/t Au
over 3.0 m from 31 m, 3.41 g/t Au over 3.0 m from 38 m and 3.76 g/t
Au over 3.0 m from 47 m. A second zone, near the end of the hole,
intersected 0.93 g/t Au over 15.0 m from 134 m, including 3.22 g/t
Au over 3.0 m from 140 m. A third zone intersected 0.58 g/t Au over
8.0 m from 78 m. Hole TORC034A, collared 120 metres west of TORC045
on the same section, intersected an adjacent structure with 0.60
g/t Au over 15.0 m from 5 m, including 3.13 g/t Au over 1.0 m from
17 m.
Hole TORC032, collared on the next section 200
metres north of TORC045, intersected 1.67 g/t Au over 17.0 m from
131 m, including 18.17 g/t Au over 1.0 m from 131 m and a second
zone with 3.36 g/t Au over 5.0 m from 105 m. On the same section,
hole TORC031 collared 75 metres east of TORC032 intersected the
up-dip continuation of the upper zone in TORC032 returning 1.73 g/t
Au over 4.0 m from surface and 1.31 g/t Au over 4.0 m from 26 m as
well as the up-dip extension of the lower zone with 0.83 g/t Au
over 18.0 m from 97 m including 1.89 g/t Au over 5.0 m from 107
m.
Drilling south of hole TORC045 on a series of
sub-parallel structures intersected multiple mineralized zones
including TORC048 with a wide zone of gold mineralization from
surface returning 0.40 g/t Au over 32.0 m from surface, including
2.10 g/t Au over 3.0 m from 27 m and a second zone with 0.74 g/t Au
over 8.0 m from 87 m. Hole TORC047, collared 200 metres south of
TORC048, also returned gold mineralization from surface with 1.20
g/t Au over 10.0 m from surface, including 4.26 g/t Au over 2.0 m
from 1 m and a second zone with 0.99 g/t Au over 4.0 m from 26 m.
On the same section as hole TORC045, 200 metres north of TORC048,
hole TORC046 intersected the down dip continuation of the
sub-parallel zone in hole TORC034A returning 0.62 g/t Au over 12.0
m from 161 m, including 6.27 g/t Au over 1.0 m from 164 m.
10 holes (TORC035 to TORC044) tested a series of
structures on the northern portion of the Tokosea anomaly
approximately 1.5 kilometres north of TORC045. All holes
intersected gold mineralization with up to four separate
mineralized structures. To date the area has been tested by two
sections of holes spaced 200 metres apart. Drill results include
TORC044 with 0.43 g/t Au over 10.0 m from 14 m; TORC036 with 0.92
g/t Au over 3.0 m from 147 m, TORC043 with 2.12 g/t Au over 1.0 m
from 84 m; and TORC039 with 0.23 g/t Au over 11.0 m from 5 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.
For the total planned 90,000 metre drill program, assay results
have now been received and released for 523 holes representing
83,064 metres.
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 56 RC holes totalling 6,737
metres.
Drill Hole Locations
Table 2 - Enchi Gold Project Drill Hole
Location Details
Hole ID |
UTM East |
UTM North |
Elevation |
Azimuth ° |
Dip ° |
Length (m) |
TORC027 |
523937 |
630780 |
142 |
120 |
-50 |
114 |
TORC028 |
524067 |
630710 |
134 |
120 |
-50 |
120 |
TORC029 |
524018 |
630724 |
136 |
120 |
-50 |
102 |
TORC030 |
523788 |
630451 |
112 |
120 |
-50 |
170 |
TORC031 |
523744 |
630489 |
131 |
120 |
-50 |
120 |
TORC032 |
523676 |
630518 |
135 |
120 |
-50 |
156 |
TORC033 |
523685 |
630319 |
114 |
120 |
-50 |
124 |
TORC034A |
523640 |
630345 |
114 |
120 |
-50 |
160 |
TORC035 |
524244 |
631301 |
142 |
120 |
-50 |
130 |
TORC036 |
524182 |
631335 |
153 |
120 |
-50 |
162 |
TORC037 |
524518 |
631332 |
134 |
120 |
-50 |
137 |
TORC038 |
524425 |
631204 |
151 |
120 |
-50 |
126 |
TORC039 |
524357 |
631237 |
163 |
120 |
-50 |
156 |
TORC040 |
524319 |
631321 |
173 |
120 |
-50 |
138 |
TORC041 |
524457 |
631372 |
157 |
120 |
-50 |
136 |
TORC042 |
524401 |
631414 |
167 |
120 |
-50 |
126 |
TORC043 |
524342 |
631447 |
162 |
120 |
-50 |
102 |
TORC044 |
524288 |
631486 |
174 |
120 |
-50 |
108 |
TORC045 |
523739 |
630276 |
112 |
120 |
-50 |
150 |
TORC046 |
523492 |
630405 |
123 |
120 |
-50 |
180 |
TORC047 |
523130 |
630115 |
136 |
120 |
-50 |
138 |
TORC048 |
523153 |
630362 |
122 |
120 |
-50 |
100 |
TORC049 |
522211 |
628391 |
118 |
120 |
-50 |
120 |
TORC050 |
522156 |
628419 |
130 |
120 |
-50 |
144 |
TORC051 |
522349 |
628119 |
142 |
120 |
-50 |
120 |
TORC052 |
522310 |
628139 |
143 |
120 |
-50 |
114 |
TORC053 |
522241 |
628175 |
122 |
120 |
-50 |
108 |
TORC054 |
522179 |
628204 |
112 |
120 |
-50 |
126 |
TORC055 |
522195 |
628547 |
105 |
120 |
-50 |
102 |
TORC056 |
522183 |
628619 |
112 |
120 |
-50 |
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 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). 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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