Newcore Gold Ltd. ("Newcore" or the "Company")
(TSX-V: NCAU, OTCQX: NCAUF) is pleased to provide an update on work
programs and exploration activities underway at the Company’s 100%
owned Enchi Gold Project ("Enchi" or the "Project") in Ghana.
Current activities focused on de-risking and advancement of the
Project include:
- Completion of an updated Mineral
Resource Estimate to be released in January 2023;
- Diamond drilling underway at the
Nyam Gold Deposit at Enchi, following up on high-grade results from
prior drilling of the upper sulphide mineralization;
- Trenching on several
kilometre-scale gold anomalies to continue to advance early-stage
targets across the Project towards the drill testing stage;
- Continued metallurgical testwork,
including testing of sulphide mineralization;
- Completion of an updated
environmental and social baseline study in H1 2023.
Highlights from Work Programs and
Exploration Underway at Enchi
- Mineral
Resource Update Underway with Completion in January 2023,
incorporating results from a portion of the 90,000 metre drill
program completed in mid-2022. From this drilling approximately
20,000 metres was included in the 2021 Mineral Resource Estimate;
approximately 40,000 metres was focused on resource expansion and
is anticipated to be included in the update; the remaining metres
focused on earlier stage targets that highlight the future resource
growth potential at Enchi and will be incorporated into future
mineral resource updates. Completion of an updated Mineral Resource
Estimate is scheduled for January 2023 as the Company’s resource
consultant completes incorporation of all new drilling data and
recently completed drone topographic surveys. It is anticipated
that incorporating the recently completed drone survey will upgrade
a portion of the Mineral Resource Estimate into the Indicated
category, further de-risking the Project.
- Newcore
is funded to complete the current work program at Enchi
(commenced October 2022) with $5 million in cash and short-term
investments at the end of Q3 2022.
- Drilling
Underway Targeting High-Grade Potential at Enchi. Diamond
drilling underway at the Nyam Gold Deposit is following-up on
high-grade mineralization identified in the upper portions of the
sulphide mineralization, continuing to define the potential for
high-grade underground mineralization at Enchi. Results anticipated
Q1 2023.
-
Trenching Intersected Mineralization at Early-Stage
Targets, providing additional drill targets for discovery.
First pass trenching of kilometre-scale gold-in-soil anomalies
encountered strong results in oxidized mineralization with 0.73
grams per tonne gold ("g/t Au") over 22.0 metres ("m") at the
Nkwanta Target and 0.65 g/t Au over 24.0 m at the Agyeikrom
Target.
- Metallurgical Testwork and
Updated Baseline Environmental and Social Study underway
as part of broader activities at Enchi designed to continue to
advance and de-risk the Project.
Luke Alexander, President and CEO of Newcore
stated, "We continue to be active on numerous fronts advancing and
de-risking the Enchi Gold Project. An updated Mineral Resource
Estimate, incorporating the significant amount of drilling
completed in 2021 and 2022, is targeted for completion in January
2023. We are also thrilled to be back drilling at Enchi with the
first phase of this drill program targeting the higher-grade
potential of the sulphide mineralization that we first encountered
in 2021. Testing the high-grade and depth potential of the sulphide
mineralization is a priority as part of defining the potential for
gold mineralization at Enchi on the same scale and magnitude as the
significant gold deposits along the Sefwi-Bibiani gold belt."
Greg Smith, VP Exploration of Newcore stated,
"The extensive trenching program completed in 2021 and 2022 has
defined multiple gold mineralized structures in a series of
kilometre-scale gold-in-soil anomalies. This sets the stage for
future first pass drilling on additional early stage targets at
Enchi with an objective of proving out the potential for additional
new discoveries across the Project. Simultaneously additional work
underway, consisting of further metallurgical testing, a baseline
environmental study and a drone topographic survey, are important
steps in continuing to de-risk and advance the Project for future
economic studies."
Mineral Resource Update to be Completed
January 2023
An updated Mineral Resource Estimate is
underway, incorporating results from the 90,000 metre drill program
completed in mid-2022. Of the 92,583 metres of drilling completed
in 2021 and 2022, the current Mineral Resource Estimate (completed
June 2021) incorporated only 20,195 metres of drilling. Of the
remaining 72,388 metres the Company anticipates that approximately
40,000 metres will be additive to the resource at Enchi given those
metres focused on testing existing deposit areas along strike and
at depth. The remaining metres targeted earlier stage targets
highlighting the potential for future resource growth at Enchi as
Newcore continues to prove out the multi-million-ounce potential of
the 216 km2 district scale property. Completion of the updated
Mineral Resource Estimate is scheduled for January 2023 as the
Company’s consultant completes incorporation of all new drilling
data and recently completed drone topographic surveys. It is
anticipated that incorporating the recently completed drone survey
will upgrade a portion of the Mineral Resource Estimate into the
Indicated category, further de-risking the Project.
Diamond Drilling Targeting High-Grade
Sulphide Mineralization
Diamond drilling is underway testing the Nyam
Gold Deposit at Enchi, following-up on high-grade intercepts
intersected in the upper portions of the sulphide mineralization. A
series of holes are planned to test the down dip and lateral
extensions to the high-grade gold mineralization. To date, the
deposit has only been tested to a maximum vertical depth of 300
metres and remains open to depth.
Table 1 - Enchi Gold Project High Grade
Drill Highlights
Hole ID |
Zone/Deposit |
From (m) |
To (m) |
Length (m) |
Au (g/t) |
NBRC045 |
Nyam |
179.0 |
219.0 |
40.0 |
1.57 |
including |
|
185.0 |
194.0 |
9.0 |
5.40 |
NBDD048 |
Nyam |
236.0 |
249.0 |
13.0 |
4.51 |
including |
|
237.5 |
245.2 |
7.7 |
7.40 |
NBRC047 |
Nyam |
222.0 |
247.0 |
25.0 |
1.94 |
including |
|
227.0 |
234.0 |
7.0 |
5.78 |
NBDD052 |
Nyam |
321.0 |
336.0 |
15.0 |
3.21 |
including |
|
322.0 |
330.0 |
8.0 |
5.57 |
NBRC073 |
Nyam |
74.0 |
131.0 |
57.0 |
0.78 |
including |
|
94.0 |
103.0 |
9.0 |
1.34 |
NBRC092 |
Nyam |
38.0 |
62.0 |
24.0 |
1.79 |
including |
|
51.0 |
55.0 |
4.0 |
4.14 |
Notes:1. See detailed table for complete
results2. Intervals reported are hole lengths with true width
estimated to be 75 - 85%3. Length-weighted averages from uncut
assays
A long section showing deeper drill results at
Nyam can be viewed
at:https://newcoregold.com/site/assets/files/5784/2022_09-ncau-longsection-nyam-l.pdf
This is the first priority area to be drilled as
part of the planned 5,000 metres of drilling announced September 8,
2022 which will include both diamond and Reverse Circulation ("RC")
drilling. 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. 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 as well
as at new discoveries made as part of the 90,000 metre drill
program completed mid-2022.
Trenching on Several Kilometre-Scale
Gold-in-Soil Anomalies
Exploration work at Enchi includes trenching to
continue to define the near-surface, multi-million-ounce potential
of the Project. Trenching completed in 2021 and 2022 focused on a
number of high-priority gold targets that are defined by
kilometre-scale gold-in-soil anomalies located across the 216 km2
Project. Trenching intersected high-priority gold mineralization
with similar grades and widths to prior trench results associated
with the current resource zones. Since 2021, Newcore has completed
62 trenches total 11,037 metres with a total of 49 trenches
encountering gold bearing structures of which 37 encountered
multiple gold mineralized zones. This exploration work continues to
define additional drill targets which will be prioritized for
further exploration work.
Table 2 - Enchi Gold Project Trenching
Results Highlights
Hole ID |
Zone |
From (m) |
To (m) |
Length (m) |
Au (g/t) |
KJTR008B |
Kojina Hill |
240.0 |
246.0 |
6.0 |
4.59 |
KJCH004 |
Kojina Hill |
0.0 |
9.0 |
9.0 |
2.01 |
KJTR001 |
Kojina Hill |
48.0 |
78.0 |
30.0 |
0.58 |
NKTR0013A |
Nkwanta |
38.0 |
60.0 |
22.0 |
0.73 |
including |
|
46.0 |
52.0 |
6.0 |
2.45 |
AGTR002B |
Agyeikrom |
98.0 |
122.0 |
24.0 |
0.65 |
KKSTR003 |
Kwakyekrom |
174.0 |
182.0 |
8.0 |
1.90 |
KJTR002 |
Kojina Hill |
106.0 |
110.0 |
4.0 |
1.04 |
and |
|
234.0 |
276.0 |
42.0 |
0.24 |
and |
|
308.0 |
326.0 |
18.0 |
0.71 |
KKSTR001 |
Kwakyekrom |
82.0 |
126.0 |
44.0 |
0.25 |
AGTR005 |
Agyeikrom |
174.0 |
202.0 |
28.0 |
0.36 |
NKTR0014 |
Nkwanta |
80.0 |
136.0 |
56.0 |
0.14 |
NKTR010 |
Nkwanta |
48.0 |
66.0 |
18.0 |
0.37 |
KJTR005 |
Kojina Hill |
76.0 |
100.0 |
24.0 |
0.26 |
NKTR026 |
Nkwanta |
108.0 |
118.0 |
10.0 |
0.58 |
AGTR004 |
Agyeikrom |
98.0 |
108.0 |
10.0 |
0.51 |
NKTR003 |
Nkwanta |
68.0 |
76.0 |
8.0 |
0.61 |
Notes:1. See detailed table for complete
results2. Intervals reported are trench lengths with true width
estimated to be 75 - 85%3. Length-weighted averages from uncut
assays
A complete list of the results from trenching
completed in 2021 and 2022 can be viewed
at:https://newcoregold.com/site/assets/files/5798/2022_12-ncau-enchi-2021-2022-trench-results-l.pdf
A plan map with highlights from trenching
completed in 2021 and 2022 can be viewed at:
https://newcoregold.com/site/assets/files/5798/2022_12-ncau-nr-enchi-plan-map-trenching-l.pdf
A property map showing the location of deposits
and targets at Enchi can be viewed
at:https://newcoregold.com/site/assets/files/5784/2022_09-ncau-nr-enchi-property-target-map-l.pdf
The exploration work includes first pass
trenching on the Agyeikrom Target which is located in the
north-central portion of the Enchi Gold Project. The gold-in-soil
anomaly at Agyeikrom extends 4.5 kms by 2.0 kms with no previous
trenching or drilling completed. A total of eight trenches (1,852
m) tested 1.2 kms of strike length with results including 0.65 g/t
Au over 24.0 m and a second interval of 0.20 g/t Au over 4.3
m, 0.36 g/t Au over 28.0 m and a second interval of 0.57 g/t Au
over 4.0 m, 0.51 g/t Au over 10.0 m, and 0.48 g/t Au over 4.0
m.
At the Nkwanta Target trenching has defined a
series of gold mineralized structures within one of the strongest
gold-in-soil anomalies on the Project which stretches for 2.5 kms
by 1.5 kms. A total of 30 trenches (5,610 m) tested multiple
structures with results including 0.73 g/t Au over 22.0 m including
2.45 g/t Au over 6.0 m, 0.14 g/t Au over 56.0 m, 0.37 g/t Au
over 18.0 m, 0.58 g/t Au over 10.0 m, 0.61 g/t Au over 8.0 m,
and 0.78 g/t Au over 6.0 m.
At the Kojina Hill Target trenching consisted of
15 trenches (2,168 m) with step-out trenching of the previously
drilled area extending the defined gold mineralization more than
500 metres north and south of the prior drilling. Trench KJTR008B,
located 300 metres to the south of previous work intersected eight
gold mineralized structures highlighted by 4.59 g/t Au over 6.0 m.
Trench KJCH004, located 100 metres to the east on a subparallel
structure intersected 2.01 g/t Au over 9.0 m. Trench KJTR001,
located 500 metres to the south of previous work and on the
southern limited of the currently tested area, intersected multiple
gold mineralized structures with results including 0.58 g/t Au over
30.0 m, 0.40 g/t Au over 12.0 m, and 0.28 g/t Au over 12.0 m.
Additional trenches intercepted 0.71 g/t Au over 18.0 m, 0.24 g/t
Au over 42.0 m, 0.26 g/t Au over 24.0 m, and 1.04 g/t Au over 4.0
m.
Trenching work on the southern extension of the
Kwakyekrom Gold Deposit has extended the defined gold
mineralization in preparation of additional drilling to be
completed in 2023. The trenching consisted of a total of nine
trenches (1,407 m) with results including 1.90 g/t Au over 8.0 m,
0.25 g/t Au over 44.0 m, 0.25 g/t Au over 12.0 m, 0.23 g/t Au over
6.0 m, and 0.22 g/t Au over 6.0 m.
Health, safety, and the environment are
prioritized throughout the trenching process and all trenches are
backfilled and reclaimed once sampling and mapping are
completed.
Metallurgical Testwork
The Company continues to de-risk the Project
through metallurgical testwork designed to optimize and improve the
understanding of processing options available for Enchi.
Diamond drill core samples were collected and
delivered to the laboratory at the University of Technology and
Mining located in Tarkwa, Ghana. The metallurgical work underway is
comprised of optimization column tests following-up on recent
positive recoveries from a series of column tests on oxide and
transitional material from the Sewum and Boin Deposits completed at
Intertek laboratories. The recent tests continued to have excellent
recoveries with an average gold recovery of 92.4% and showed low
reagent consumptions (see news release dated October 12, 2022). The
optimization tests will focus on further defining the optimal
reagent level with a goal to lower potential processing costs while
maintaining high recoveries.
In addition to the column testwork, a
bench-scale, bulk, sample metallurgical test work program will be
completed. The program will process 20 tonnes of representative
mineralized material using the optimized reagent levels as
determined by the results of the on-going column tests.
Sample selection is also under way for
metallurgical testing of sulphide mineralization which will be
initiated in 2022 and completed in 2023.
Baseline Environmental and Social
Study
The Company has contracted a qualified
independent engineering firm to complete an updated Baseline
Environmental and Social Study building on the work completed
previously in 2015. The study includes compilation of social
baseline data, collection of physical environmental baseline data,
engagement with relevant stakeholders, and gathering of relevant
supplementary data, as well as recommendations for next steps.
Specific field work will include surface water quality and use,
ground water quality testing, climate, air quality and noise,
geology, soil sampling and analysis, terrestrial ecological survey
including flora and fauna, and aquatic biology/biodiversity
assessment. The socio-economic baseline survey will include
interviews with key informants, focus group discussions, general
surveys, and stakeholder engagement and consultations. This is an
important step in further advancing and de-risking the Enchi Gold
Project towards a future production decision.
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.
Enchi Drill Program
A 5,000 metre discovery and resource expansion
drill program, following up on the success achieved to date from
drilling at Enchi, commenced in Q4 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. 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.
Trench Locations
Table 3 - Enchi Gold Project Trench
Location Details
Hole ID |
Target |
UTM East |
UTM North |
Elevation |
Length (m) |
NKTR001 |
Nkwanta |
526248 |
631596 |
146 |
390.0 |
NKTR002A |
Nkwanta |
526175 |
632142 |
181 |
147.0 |
NKTR002B |
Nkwanta |
526277 |
632061 |
133 |
225.5 |
NKTR003 |
Nkwanta |
526435 |
632891 |
135 |
291.0 |
NKTR004 |
Nkwanta |
525800 |
632411 |
113 |
181.0 |
NKTR005 |
Nkwanta |
526019 |
632730 |
119 |
176.0 |
NKTR006 |
Nkwanta |
526307 |
632528 |
111 |
210.4 |
NKTR007 |
Nkwanta |
525503 |
631369 |
132 |
133.0 |
NKTR008 |
Nkwanta |
525855 |
631868 |
123 |
308.7 |
NKTR009 |
Nkwanta |
526256 |
631469 |
154 |
99.0 |
NKTR010 |
Nkwanta |
526395 |
631362 |
148 |
192.6 |
NKTR011 |
Nkwanta |
526361 |
631586 |
130 |
77.3 |
NKTR012 |
Nkwanta |
526733 |
634852 |
114 |
211.5 |
NKTR0013A |
Nkwanta |
526054 |
634348 |
130 |
101.4 |
NKTR0013B |
Nkwanta |
526177 |
634260 |
118 |
56.5 |
NKTR0014 |
Nkwanta |
526275 |
634452 |
135 |
153.8 |
NKTR015 |
Nkwanta |
525892 |
634235 |
102 |
108.0 |
NKTR016 |
Nkwanta |
526386 |
633654 |
125 |
106.4 |
NKTR017 |
Nkwanta |
526212 |
633527 |
110 |
141.4 |
NKTR018A |
Nkwanta |
525852 |
633300 |
113 |
52.0 |
NKTR018B |
Nkwanta |
525935 |
633237 |
88 |
208.0 |
NKTR019 |
Nkwanta |
525852 |
633006 |
95 |
89.0 |
NKTR020 |
Nkwanta |
525838 |
632859 |
128 |
160.5 |
NKTR021 |
Nkwanta |
525695 |
632691 |
131 |
134.0 |
NKTR022 |
Nkwanta |
527039 |
635074 |
115 |
133.2 |
NKTR023 |
Nkwanta |
524764 |
636462 |
159 |
231.0 |
NKTR024 |
Nkwanta |
524705 |
636728 |
110 |
212.5 |
NKTR025 |
Nkwanta |
524718 |
635983 |
214 |
389.0 |
NKTR026 |
Nkwanta |
525058 |
635021 |
106 |
371.8 |
NKTR027 |
Nkwanta |
524928 |
634880 |
105 |
318.5 |
AGTR001 |
Agyeikrom |
531693 |
644706 |
134 |
549.3 |
AGTR002A |
Agyeikrom |
533253 |
644078 |
142 |
149.0 |
AGTR002B |
Agyeikrom |
533397 |
643983 |
102 |
198.3 |
AGTR003 |
Agyeikrom |
533578 |
644336 |
124 |
317.6 |
AGTR004 |
Agyeikrom |
534032 |
644376 |
122 |
159.0 |
AGTR005 |
Agyeikrom |
534356 |
644739 |
128 |
226.0 |
AGTR006 |
Agyeikrom |
532061 |
644683 |
147 |
202.6 |
ADCH001 |
Agyeikrom |
533422 |
643878 |
114 |
50.0 |
KJTR001 |
Kojina Hill |
528391 |
636864 |
121 |
306.6 |
KJTR002 |
Kojina Hill |
528624 |
637182 |
127 |
502.0 |
KJCH001 |
Kojina Hill |
528531 |
636894 |
131 |
26.0 |
KJTR003 |
Kojina Hill |
528733 |
637553 |
89 |
87.3 |
KJTR004 |
Kojina Hill |
528638 |
637627 |
86 |
84.0 |
KJTR005 |
Kojina Hill |
529088 |
637413 |
87 |
199.4 |
KJTR006A |
Kojina Hill |
529537 |
638023 |
78 |
108.7 |
KJTR006B |
Kojina Hill |
529649 |
637954 |
79 |
40.0 |
KJTR007 |
Kojina Hill |
528594 |
637455 |
111 |
103.9 |
KJTR008A |
Kojina Hill |
528502 |
637061 |
107 |
196.2 |
KJTR008B |
Kojina Hill |
528653 |
636920 |
119 |
315.3 |
KJTR009 |
Kojina Hill |
529324 |
637649 |
113 |
155.9 |
KJCH002 |
Kojina Hill |
529211 |
637235 |
88 |
24.0 |
KJCH003 |
Kojina Hill |
529201 |
637221 |
92 |
4.0 |
KJCH004 |
Kojina Hill |
529187 |
637224 |
87 |
15.0 |
KKSTR001 |
Kwakyekrom |
528011 |
634259 |
126 |
189.6 |
KKSTR002 |
Kwakyekrom |
528022 |
633756 |
120 |
260.0 |
KKSTR003 |
Kwakyekrom |
527873 |
633367 |
125 |
208.0 |
KKSTR004 |
Kwakyekrom |
527667 |
633009 |
115 |
103.0 |
KKSTR005 |
Kwakyekrom |
527866 |
632881 |
110 |
210.8 |
KKSTR006 |
Kwakyekrom |
527729 |
632544 |
119 |
134.0 |
KKSTR007A |
Kwakyekrom |
526976 |
633012 |
112 |
31.0 |
KKSTR007B |
Kwakyekrom |
527063 |
632949 |
111 |
54.6 |
KKSTR008 |
Kwakyekrom |
527299 |
633326 |
98 |
216.0 |
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 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 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 drill campaign, results of our
exploration work including trench results, results of metallurgical
testwork, 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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