Newcore Gold Ltd. ("Newcore" or the "Company")
(TSX-V: NCAU, OTCQX: NCAUF) reports it has filed the technical
report supporting the updated, independent, Mineral Resource
Estimate (the "Resource") prepared in accordance with National
Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI
43-101") for the Company’s 100% owned Enchi Gold Project ("Enchi"
or the "Project") in Ghana. The Resource was completed by BBA
E&C Inc. ("BBA") of Sudbury, Ontario, Canada. The technical
report, titled "Mineral Resource Estimate for the Enchi Gold
Project" has an effective date of January 25, 2023, is reported
using a gold price of US$1,650 per ounce, and is available under
the Company’s profile on SEDAR at www.sedar.com.
The results of the Resource were announced on
March 7, 2023. The Resource:
- Successfully
outlined an inaugural Indicated Mineral Resource of 743,500 ounces
of gold at an average grade of 0.55 grams per tonne ("g/t Au") and
totalling 41,736,000 tonnes, de-risking project development;
- Defined an
Inferred Mineral Resource of 972,000 ounces of gold at an average
grade of 0.65 g/t Au and totalling 46,556,000 tonnes;
- Established a
high-grade underground resource for the first time of 135,900 gold
ounces at an average grade of 2.42 g/t gold, proof of concept that
outlines the potential for longer-term resource growth from
sulphide mineralisation;
- Added a fifth
deposit at Enchi, with an inaugural Inferred Mineral Resource at
Tokosea of 46,900 ounces gold at 0.75 g/t Au;
- Defined a
higher-grade subset of the open pit Resource, using a 0.50 cut-off
grade, consisting of an Indicated Mineral Resource of 493,700
ounces of gold at an average grade of 0.97 g/t Au and an Inferred
Mineral Resource of 580,900 ounces of gold at an average grade of
1.04 g/t Au. This does not include the underground Inferred Mineral
Resource of 135,900 ounces at an average grade of 2.42 g/t
Au;
- Does not include
approximately 38,000 metres of drilling which focused on greenfield
discoveries and high-grade sulphide mineralisation at depth,
highlighting the multi-million-ounce potential of the 216 km2
district scale property; and
- Further supports
and de-risks the strong economics outlined in the 2021 Preliminary
Economic Assessment.
The updated Mineral Resource Estimate was
prepared by independent qualified person Todd McCracken, P. Geo. of
BBA. Mineral resources are not mineral reserves and do not have
demonstrated economic viability. There is no certainty that any
mineral resource will be converted into a mineral reserve. The
resource estimate is based on the combination of geological
modeling, geostatistics and conventional block modeling using the
Ordinary Krig methodology of grade interpolation for Sewum, Boin,
and Nyam. Kwakyekrom and Tokosea used Inverse Distanced squared.
The mineral resources were estimated using a block model with
parent blocks of 10m x 10m x 10m with sub-blocks to 2.5m x 2.5m x
2.5m. A capping study was made using histograms, probability plots,
quantile plots and deciles plots to define the capping values
resulting in variable capping values by deposit and zone.
Further detail regarding the Resource for the
Project is summarized in the Company’s news release dated March 7,
2023, as well as in the technical report which is available on
Newcore’s website at newcoregold.com and under the Company’s SEDAR
profile at www.sedar.com.
Qualified Persons
The updated Mineral Resource Estimate was
prepared by independent qualified person Todd McCracken, P. Geo. of
BBA. By virtue of his education, membership to a recognized
professional association and relevant work experience, Todd
McCracken is an independent Qualified Persons as this term is
defined by NI 43-101.
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 Indicated Mineral Resource of 743,500 ounces of
gold at 0.55 g/t and an Inferred Mineral Resource of 972,000 ounces
of gold at 0.65 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 Mineral Resource
Estimate:
1. Canadian Institute of Mining Metallurgy and Petroleum ("CIM")
definition standards were followed for the resource estimate.
2. The 2023 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 and Tokosea used Inverse
Distance squared (ID2).
3. Open pit cut-off grades varied from 0.14 g/t to 0.25 g/t Au
based on mining and processing costs as well as the recoveries in
different weathered material.
4. Heap leach cut-off grade varied from 0.14 g/t to 0.19 g/t in
the pit shell and 1.50 g/t for underground based on mining costs,
metallurgical recovery, milling costs and G&A costs.
5. CIL cut off grade varied from 0.25 g/t to 0.27 g/t in a pit
shell and 1.50 g/t for underground based on mining costs,
metallurgical recovery, milling costs and G&A costs.
6. A US$1,650/ounce gold price was used to determine the cut-off
grade.
7. Metallurgical recoveries have been applied to five individual
deposits and in each case three material types (oxide, transition,
and fresh rock).
8. A density of 2.19 g/cm3 for oxide, 2.45 g/cm3 for
transition, and 2.72 g/cm3 for fresh rock was applied.
9. Optimization pit slope angles varied based on the rock
types.
10. Reasonable mining shapes constrain the mineral resource in
close proximity to the pit shell.
11. Mineral Resources that are not mineral reserves do not have
economic viability. Numbers may not add due to rounding.
12. The resource estimate was prepared by Todd McCracken, P.Geo,
of BBA E&C Inc. in accordance with National Instrument
43-101 Standards of Disclosure for Mineral Projects. Todd
McCracken is an independent qualified person ("QP") as defined by
National Instrument 43-101. A full technical report, prepared 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 mineralisation, 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); title to properties; and impact of the
COVID-19 pandemic. The estimate of mineral resources may be
materially affected by environmental, permitting, legal, title,
taxation, sociopolitical, marketing, or other relevant issues. The
quantity and grade of reported inferred mineral resources in this
estimation are uncertain in nature and there has been insufficient
exploration to define these inferred mineral resources as an
indicated or measured mineral resource and it is uncertain if
further exploration will result in upgrading them to an indicated
or measured mineral resource category. The quantity and grade of
the reported indicated mineral resource in this estimation is
uncertain in nature and there has been insufficient exploration to
define this indicated mineral resource as a measured mineral
resource and it is uncertain if further exploration will result in
upgrading it to a measured mineral resource category.
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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