Newcore Gold Announces 94.7% Gold Recoveries in Column Testwork for the Sewum and Boin Deposits at the Enchi Gold Project, Ghana

July 15, 2021, Vancouver, BC – Newcore Gold Ltd. ("Newcore" or the "Company") (TSX-V: NCAU, OTCQX: NCAUF) is pleased to announce positive results from four 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 94.7% was achieved from column testwork completed on two composite samples from the Sewum Gold Deposit ("Sewum") and two composite samples from the Boin Gold Deposit ("Boin").

Highlights from Column Test Results

-          Four Column Tests Completed, Average Gold Recovery of 94.7% Achieved

-          A total of four column tests (two from Sewum and two from Boin) returned an average gold recovery of 94.7%, with a recovery range of 91.7% to 97.7%.

-          Low Reagent Consumption

-          All samples showed modest cyanide consumption of less than 1 kilogram per tonne ("kg/t"), with a 3 kg/t lime (hydrated) addition to maintain a pH above 10.5.

-          Further Metallurgical Testwork Ongoing

-          Another column test is underway on a composite sample from the Kwakyekrom Deposit.

-          Additional bottle rolls and column tests will be completed on samples from each of the four deposits (Sewum, Boin, Nyam, Kwakyekrom) which comprise the Inferred Mineral Resource at Enchi.

Greg Smith, Vice President of Exploration of Newcore stated, "This first set of column tests completed on material from the Enchi Gold Project returned consistent results with high recoveries for all four 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. Further metallurgical testing is ongoing and will include a range of tests designed to further characterise and optimise the potential recoveries at the Project."

Metallurgical Testing Summary

A total of four composite samples, two from Boin and two from Sewum, were submitted for column testwork to the Intertek Lab located in Tarkwa, Ghana, approximately five hours by paved road from the Enchi Gold Project. Material for the metallurgical samples consisted of the remaining reverse circulation ("RC") chips collected during the 2020 - 2021 RC drilling program which had previously been provided to Intertek for bottle roll tests. Samples for metallurgical testing consisted of 5 kilogram ("kg") splits created using a riffle splitter of the remaining material from the RC drill chips and are considered representative. 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, samples included a range of gold grades, weathering intensities, and came from various areas of the deposits.

The first composite ("Composite 1") was prepared using six samples from two drill holes representing approximately one kilometre of strike length from Boin Central with a total weight of 15.9 kgs. The second composite ("Composite 2") was prepared using six samples from two drill holes spaced three kilometres apart from Boin North and South weighting 15.8 kg. The third composite ("Composite 3") was prepared using six samples from two drill holes over 200 metres of Sewum Ridge with a total weight of 16.0 kg. The fourth composite ("Composite 4") was prepared using six samples from two drill holes from Sewum CH and Extension spaced apart by 1.5 kilometres and weighted 17.6 kg.

Recovery for the four samples averaged 94.7 %, with a range of 91.7% to 97.7%

Table 1. Column Tests – Grade and Average Recovery

Composite samples were homogenized by mixing the remaining material not used for the bottle roll tests. The entire composite sample was then split using a riffle splitter to provide four samples of approximately 4 kgs each. One sample was removed and again split into a further four fractions of approximately 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 Samples

A size analysis was done on all the 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 tight range of 0.80 grams per tonne gold ("g/t Au") to 1.57 g/t Au, with one outlier grading 2.85 g/t Au. Results include 40% to 50% passing 150 microns indicating that agglomeration is warranted, and each of the four composite samples were agglomerated at 20 kg/t of Portland cement.

Table 2. Size Analysis by Composite Sample

Head Sample Analysis

Using 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 three of the composites (#1, #2 and #3), with a wider but acceptable range for Composite #4 (1.51 vs 0.90 g/t Au).

Table 3. Grade Analysis by Composite Sample

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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 1.4 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 32% 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 Alexander

President, CEO & Director

For further information, please contact:

Mal Karwowska | Vice President, Corporate Development and Investor Relations

+1 604 484 4399

[email protected]

www.newcoregold.com 

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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 metallurgical testwork program; 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.