Newcore Gold Ltd. ("Newcore" or the "Company")
(TSX-V: NCAU, OTCQX: NCAUF) is pleased to announce positive results
from three additional column tests completed as part of the ongoing
metallurgical program at the Company’s 100%-owned Enchi Gold
Project ("Enchi" or the "Project") in Ghana. An average gold
recovery of 92.4% was achieved from column testwork completed on
two composite samples from the Sewum Gold Deposit ("Sewum") and one
composite sample from the Boin Gold Deposit ("Boin").
Highlights from Column Test
Results
- Three
Column Tests Completed, Average Gold Recovery of 92.4%
Achieved.
- A total of three
column tests (two from Sewum and one from Boin) returned an average
gold recovery of 92.4%, with a recovery range of 89.0% to
98.6%.
- Testwork
Further Advances the Understanding of Processing Options for
Enchi.
- Testing
completed on representative samples from diamond drill core.
- Coarser samples
used better represent modelled crush size for heap leach
processing.
- Larger sized
samples used in the columns with each sample weighing 30 kg.
- Low
Reagent Consumption.
- Coarser grind
size compared to prior testing contributed to lower consumption for
cyanide as well as lower required amounts of lime and cement per
kilogram.
- All samples
showed modest cyanide consumption with an average of 0.63 kilograms
per tonne ("kg/t"), with a 1.4 kg/t lime (hydrated) addition to
maintain a pH above 10.5.
-
Additional Metallurgical Testwork Planned.
- Optimization work to be completed
on additional column tests.
- Further planned metallurgical work
to consist of a bench-scale test to be completed in the field on
the Project.
- Testing of sulphide mineralization
to be completed in 2023.
Greg Smith, VP Exploration of Newcore stated,
"This additional set of column tests completed on diamond drill
core material from the Enchi Gold Project returned consistent
results with high recoveries for all three composite samples,
highlighting the amenability of Enchi to heap leach gold recovery.
These samples are representative of the oxide and transitional
material from the two largest deposits, Sewum and Boin, which
together currently comprise approximately 87% of the Enchi Inferred
Mineral Resource Estimate. Of note these samples were much coarser
than material used for previous testwork and were more in line with
the parameters of the Preliminary Economic Assessment completed in
2021. The coarser material resulted in a series of positive
benefits including continued excellent recoveries, lower required
reagent levels for lime and cement and lower cyanide consumption
and slumping."
Metallurgical Testing SummaryA
total of three composite samples, two from Sewum and one from Boin,
were submitted for column testwork to the Intertek Lab located in
Tarkwa, Ghana, approximately four hours by paved road from the
Enchi Gold Project. Material for the metallurgical samples
consisted of half diamond drill core from holes drilled
specifically to collect material for metallurgical sampling. The
samples were selected to represent the two largest deposits on the
Project, Sewum and Boin, and consisted of blended oxide and
transitional material. For each deposit, individual samples
included a range of gold grades and weathering intensities.
Composite KBDD077 was prepared using 15 samples
from diamond drill hole KBDD077 drilled at Boin with a total weight
of 41.6 kgs. Composite SWDD084A was prepared using 18 samples from
diamond drill hole SWDD084 drilled at Sewum with a total weight of
42.5 kgs. SWDD084B was prepared using 16 samples from a second
mineralized interval in diamond drill hole SWDD084 with a total
weight of 38.6 kgs.
Recovery for the three samples averaged 92.4 %,
with a range of 89.0% to 98.6%.
Table 1. Column Tests – Grade and Average
Recovery
Sample |
Deposit |
Grade Au g/t |
Recovery Rate |
Composite KBDD077 |
Boin |
0.51 |
98.6% |
Composite SWDD084A |
Sewum |
0.55 |
89.0% |
Composite SWDD084B |
Sewum |
0.85 |
89.7% |
|
|
Average |
92.4% |
Composite samples were homogenized by mixing all
material from the individual samples and crushed to 70% passing 10
mm. Each composite sample was then split to provide four sub-sample
weighting 1,000 grams each, then used for screening and grading
analysis, head sample analysis, and five-day coarse bottle roll
leach test.
Screening and Grading Analysis of Head
SamplesA size analysis was done on each of the three
composite samples. The samples were tested at seven screen sizes
and included analyses for percent mass. The samples were assayed
for gold which showed that gold was present in all size fractions
analysed. The distribution shows relatively consistent gold grades
for all size fractions within a range of 0.41 grams per tonne gold
("g/t Au") to 1.46 g/t Au, with three outliers grading between 0.27
and 0.29 g/t Au. Results include 49% to 63% passing 150 microns
indicating that agglomeration is warranted, and each of the three
composite samples were agglomerated at 10 kg/t of Portland
cement.
Table 2. Size Analysis by Composite
Sample
Sieve |
Composite KBDD077 |
Composite SWDD084A |
Composite SWDD084B |
% mass |
Au g/t |
% mass |
Au g/t |
% mass |
Au g/t |
+2mm |
25.3 |
1.06 |
13.5 |
0.27 |
28.4 |
0.41 |
+1mm |
9.6 |
1.13 |
13.7 |
0.64 |
13.3 |
0.42 |
+250µm |
4.0 |
1.07 |
5.3 |
0.94 |
5.2 |
0.43 |
+150µm |
3.6 |
0.49 |
4.4 |
0.84 |
4.1 |
0.66 |
+106µm |
9.2 |
1.29 |
9.5 |
1.11 |
8.4 |
1.46 |
+75µm |
13.7 |
0.29 |
12.9 |
0.44 |
9.6 |
0.92 |
-75µm |
34.6 |
0.28 |
40.7 |
1.22 |
31.2 |
0.87 |
Head Sample AnalysisUsing the
results of the sizing and grading analysis, a head grade was
calculated for each of the composite samples. The results were then
compared to the head grade assays which were completed on the
50-gram subsamples. The results compared well for the three
composites with each having an average grade representative of the
average grade of the deposits.
Table 3. Grade Analysis by Composite
Sample
Gold Grade g/t |
KBDD077 |
SWDD084A |
SWDD084B |
Average |
Assayed Grade |
0.51 |
0.55 |
0.85 |
0.64 |
Calculated Grade |
0.69 |
0.87 |
0.70 |
0.75 |
Average |
0.60 |
0.71 |
0.78 |
0.70 |
Five Day Coarse Bottle Roll
LeachSimulated heap leach testing was conducted on the
composite samples using one-kilogram sub-samples which underwent
leaching for five days. Batch dissolution tests (five days,
intermittent rolling-bottle) was completed under excess leach
conditions (50% solids, leach time: five days, pH 10.5, NaCN
(sodium cyanide) addition 1 gram/litre). The final residue was
dried, weighed, and assayed for gold. After each of 1, 2, 3, 4 and
5 days of leaching, solution assays were taken and analyzed, and
reagent consumption was calculated (cyanide and lime).
For composite KBDD077, 80.8% of the gold was
recovered on the first day, with recoveries increasing constantly
as the days passed to about 94.1% on the fifth day. For composite
SWDD084A, 58.0% of the gold was recovered on the first day,
increasing to 75% on the fifth day. For composite SWDD084B, the
dissolution curve was constant over the five days, with 77% of the
gold recovered on the first day and 76.3% on the fifth day.
In all cases leaching continued after the first
five days with ultimate recoveries expected to continue to increase
with additional time.
Metallurgical Testing - Column
TestsThree 30 kgs closed-cycle column leach tests were
conducted on the samples as received. The test charge was loaded
into 150 mm in diameter by 1.5-metre-tall PVC columns. 30 kgs of
the individual samples were agglomerated in a rolling drum using
Portland cement at a 10 kg/t addition rate and then allowed to air
dry for three days. After the samples had been air dried, they were
loaded into the columns with the columns tilted at an angle to
avoid stacking before being set upright. The column was then
allowed to sit for a day before the initial level was taken to
determine the slump.
The leaching parameters used in this column
leach test included the addition of approximately 1.4 kg/t of lime
which was blended into each feed solution and a cyanide
concentration of 1,000 ppm. The initial feed solution was prepared
by adding lime to tap water to obtain a solution pH above 10.5
followed by the addition of one gram of sodium cyanide per litre of
solution with a solution application rate of 10L/h/m2 for all
samples. The column testwork was conducted under a closed cycle for
90 days. All solution samples were assayed for gold and pH and free
sodium cyanide was analyzed and recorded. Leach residue was
thoroughly washed, dried, screened and analyzed for gold by fire
assay.
A graph showing the leach curve can be viewed at
the following link:
https://newcoregold.com/site/assets/files/5791/2022_10-ncau-nr-column-test-graph.pdf
The column tests are aimed at simulating the
response to leaching of the sample with the emphasis on
establishing the gold dissolution characteristics (rate and
extent), reagent consumption, and the degree of slumping within the
ore bed. All samples showed amenability to heap leaching, with
recoveries averaging 92.4% after 90 days.
The samples showed low cyanide consumption
averaging 0.63 kg/t with a 1.4 kg/t lime (hydrated) addition to
maintain a pH above 10.5. The slumps were within acceptable
industry standards with an overall average of 9.1%. The sample
responded well to a percolation rate of 10L/m2/hr with some minimal
flooding. The optimum percolation rate will be studied and
optimized.
Table 4. Summary of Column Leach
Tests
Composite |
Leach Time |
Slump % |
Reagent Consumption kg/t |
NaCN |
Lime |
Cement |
KBDD077 |
90 days |
5.7% |
0.62 |
1.4 |
10 |
SWDD084A |
90 days |
7.9% |
0.65 |
1.4 |
10 |
SWDD084B |
90 days |
13.6% |
0.62 |
1.4 |
10 |
|
Average |
9.10% |
0.63 |
1.4 |
10 |
The column leach test program has shown that the
gold in the ore samples tested is readily leachable and amenable to
heap leaching. The recoveries achieved are considered high and are
interpreted to indicate the strong amenability to heap leaching.
The particle size distribution and size by size analysis performed
on both the head and residue after leach showed that the maximum
gold recovery occurred in the finer fractions as compared to the
coarser size fractions.
Screening and Grading Analysis of Tails
SamplesA size analysis was done on all the tails from the
composite sample column tests. The samples were tested at seven
screen sizes including analyses for percent mass and assayed for
gold. The distribution shows consistently low grades of gold for
all size fractions within a range of 0.00 g/t Au to 0.80 g/t Au
with two outliers of 1.11 and 1.42 g/t Au.
Table 5. Size Analysis of Tails by
Composite Sample
Sieve |
Composite KBDD077 |
Composite SWDD084A |
Composite SWDD084B |
% mass |
Au g/t |
% mass |
Au g/t |
% mass |
Au g/t |
+2mm |
13.5 |
0.18 |
14.8 |
0.04 |
38.2 |
0.18 |
+1mm |
13.7 |
0.14 |
8.0 |
0.30 |
9.6 |
0.17 |
+250µm |
5.3 |
0.08 |
3.2 |
0.00 |
3.7 |
0.10 |
+150µm |
4.4 |
0.05 |
3.2 |
0.09 |
2.8 |
0.58 |
+106µm |
9.5 |
0.09 |
8.9 |
0.74 |
7.0 |
1.11 |
+75µm |
12.9 |
0.04 |
22.1 |
0.80 |
9.0 |
1.42 |
-75µm |
40.7 |
0.01 |
39.8 |
0.17 |
29.8 |
0.05 |
Enchi Gold Project Mineral Resource
EstimateThe 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.
Enchi Drill ProgramA 5,000
metre discovery and resource expansion drill program, following up
on the success achieved to date from drilling at Enchi, commenced
in Q3 2022. Diamond drilling will focus on continuing to define the
higher-grade sulphide mineralization at depth with a goal of
delineating the potential for high-grade underground resources at
Enchi. Reverse Circulation ("RC") drilling will target near-surface
oxide and shallow sulphide mineralization with a goal of outlining
additional resource growth along strike and depth at all deposit
areas. RC drilling will also be planned to follow-up on discoveries
made as part of the recently completed 90,000 metre drill program.
Additional exploration work is also on-going, including
metallurgical testwork and trenching of high-priority surface
anomalies.
A 90,000 metre discovery and resource expansion
drill program (commenced in August 2020) was completed at Enchi in
Q2 2022. The program included both RC and diamond drilling and
included the first deeper drilling on the Project. Newcore’s
multi-pronged exploration approach delivered on the goals set out
at the start of drilling: (i) successfully outlined potential
resource growth along strike at all four existing deposits (Sewum,
Boin, Nyam, Kwakyekrom); (ii) encountered strong results at
previously drilled zones that are outside of the resource area
(Kojina Hill and Eradi); (iii) drilling intersected high-grade at
depth which has outlined the potential for underground resources;
and (iv) identified new discoveries from successful first pass
drilling on early stage kilometre-scale gold-in-soil anomalous
targets (Sewum South, Tokosea). The total planned drill program
consisted of 575 holes representing 92,583 metres.
Newcore Gold Best
PracticeNewcore 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 PersonMr. 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 24%
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 the 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 2021 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 StatementsThis 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 metallurgical testwork program; results of our 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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