Newcore Gold Completes 90,000 Metre Drill Program, Significantly Expanding the Mineralized Footprint at the Enchi Gold Project, Ghana

High-Grade Encountered in Sulphides at Depth, Footprint of Oxide Mineralization Expanded at all Resource Areas, Three Greenfield Discoveries Made on the Project

July 27, 2022 - Vancouver, BC – Newcore Gold Ltd. ("Newcore" or the "Company") (TSX-V: NCAU, OTCQX: NCAUF) is pleased to announce final drill results and the completion of a successful 90,000 metre drill program at the Company’s 100% owned Enchi Gold Project ("Enchi" or the "Project") in Ghana. Newcore’s multi-pronged exploration approach delivered on its goals:

(i)        Successfully outlined the potential resource growth along strike at all four deposits (Sewum, Boin, Nyam, Kwakyekrom);

(ii)       Encountered strong results at previously drilled zones outside of the resource area (Kojina Hill, Eradi);

(iii)     Intersected high-grade gold at depth, outlining the potential to delineate underground resources; and

(iv)     Identified new discoveries from successful first pass drilling on early-stage targets (Sewum South, Tokosea, Sewum Ext. Parallel Structure).

The largest drill program to ever be completed on the Project was successful in highlighting the district scale potential across the 216 km2 property and the strong potential to delineate additional resources at Enchi. Results from the drill program will be incorporated into an updated Mineral Resource Estimate expected to be completed by the end of 2022. Newcore is now planning the next phase of discovery and resource expansion drilling at Enchi.

Highlights from the 2020 - 2022 Drill Program at Enchi

-          Largest drill program to ever be completed at Enchi (92,583 metres) with results highlighting the potential for significant resource growth across the Project.

• All deposits and targets remain open along strike and at depth, with drill results highlighting the potential for resource growth in both shallow oxides and at depth.

-          Drilling intersected the highest-grade gold interval to date, outside the limits of the pit-constrained mineral resource area.

• RC hole KBRC250 at Boin intersected 95.16 g/t Au over 2.0 m from 109 m.

-          Deepest Drilling to Date Completed on the Project, Intersected High-Grade Mineralization in the Sulphides.

• Drilling at Nyam defined two northerly plunging high-grade zones down to a depth of 300 metres which remain open for further expansion. Results include hole NBDD048 which intersected 4.51 g/t Au over 13.0 m from 236 m.

-          Three New Discoveries from First Pass Drilling on New Structures.

• Drilling on a parallel structure at Sewum Extension, located 200 metres east of the Sewum Deposit, intersected 1.98 g/t Au over 25.0 m from 3.0 m in hole SWRC164.
• Shallow drilling on two of the largest untested anomalies at Enchi, Sewum South and Tokosea, showcased the potential for additional resource areas across the property.

Luke Alexander, President and CEO of Newcore stated, "Since we relaunched Newcore in mid-2020, we have not only retained strong alignment with shareholders through management and director’s 24% equity interest, but we have also built out a very strong institutional shareholder base that currently owns approximately 40% of the equity, we have completed two resource updates and a Preliminary Economic Assessment, and we have now also completed the largest drill program ever on the Project. Our multi-pronged exploration approach delivered on the objectives we set at the start. We outlined near surface resource expansion potential along strike at all four of our existing deposits, we achieved strong results from drilling at previously drilled areas, we encountered high-grade intercepts at depth which outlined the potential for delineating underground resources, and we made three new greenfield discoveries. We have only just scratched the surface of the gold potential at Enchi. We look forward to continuing to unlock the value of Enchi through exploration and the drill bit, with a next phase drill program currently being planned for later this summer."

Greg Smith, VP Exploration of Newcore stated, "This drill program has significantly advanced our geological understanding of the potential size and scale at Enchi. Results from this largest-ever drill program on the Project highlight the potential to define gold mineralization on the same scale and magnitude as the significant gold deposits along the Sefwi-Bibiani Gold Belt. The success we have had with drilling, in both oxide and sulphide mineralization, highlights the potential for Enchi to develop into a much larger project through additional exploration. We are excited to be on a path to unlocking that potential."

Final Drill Results From the 90,000 Metre Drill Program and On-Going Exploration

Final drill results from the 2020 - 2022 drill program included Reverse Circulation ("RC") drilling targeting oxide mineralization within the southern extension of the Boin Gold Deposit, as well as diamond drilling ("DD") targeting deeper mineralization at all resource areas. All holes intersected gold mineralization, with results including 1.16 grams per tonne gold ("g/t Au") over 20.0 metres ("m") from 221 m in the sulphides, including 4.92 g/t Au over 1.8 m from

221 m at Boin.

Additional exploration work is on-going, including metallurgical testwork and trenching of high-priority surface anomalies in advance of a next phase drill program anticipated to commence in late Q3 2022.

Summary of Achievements from the 2020 – 2022 Drill Program

The drill program consisted of 575 holes representing 92,583 metres. The current Mineral Resource Estimate (completed June 2021) incorporated 20,195 metres of this drilling. Select highlighted assay results from the drill program are below:

Table 1 - Enchi Gold Project Drill Highlights (2020 - 2022 Drill Program)

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

Plan maps showing the drill hole locations can be viewed at:

https://newcoregold.com/site/assets/files/5776/2022_07-ncau-nr-enchi-plan-maps-l.pdf

A cross section showing drill results and highlights for hole KBDD067 and KBDD075 can be viewed at:

https://newcoregold.com/site/assets/files/5776/2022_07-ncau-crosssection-kbdd067-l.pdf

A complete list of the 2020 – 2022 drill results, including hole details, can be viewed at:

https://newcoregold.com/site/assets/files/5776/2022_07-ncau-enchi-2020-2022-drill-results-l.pdf

Please follow the link to view entire original news in English language:

https://newcoregold.com/news/newcore-gold-completes-90-000-metre-drill-program-significantly-expanding-the-mineralized-footprint-at-the-enchi-gold-project/

Final Drill Results From the 90,000 Metre Drill Program

Remaining results from the 2020 - 2022 drill program included RC drilling targeting oxide mineralization within the southern extension of the Boin Gold Deposit, as well as diamond drilling completed at all resource areas. This release reports final results from the drill program: 3 DD holes totalling 1,061.7 m (SWDD081 to SWDD083) at Sewum, 10 DD holes totalling 2,631.4 m (KBDD067 to KBDD076) targeting Boin, 7 RC holes totalling 932 m (KBRC281 to KBRC287) targeting the southern extension at Boin, 3 DD holes totalling 946.9 m (NBDD057 to NBDD059) at Nyam, and 2 DD holes totalling 640.3 m (KKDD002, KKDD003) at Kwakyekrom. All holes intersected gold mineralization.

Diamond drilling at Boin included hole KBDD075, drilled in the central portion of the structure, intersected several gold mineralized zones including 1.16 g/t Au over 20.0 m from 221 m with higher-grade core structures of 4.92 g/t Au over 1.8 m from 221 m, 1.99 g/t Au over 3.8 m from 227.2 m, and 2.03 g/t Au over 2.5 m from 236 m. Hole KBDD067, collared 50 metres west of KBDD075 on the same section, intersected 1.07 g/t Au over 15.0 m from 250 m, including

2.28 g/t Au over 5.0 m from 251 m, as well as 5.14 g/t Au over 2.8 m from 185.2 m, 1.75 g/t Au over 5.7 m from 33.3 m, and 1.35 g/t Au over 3.0 m from 90 m. Hole KBDD076, collared 100 metres south of KBDD075, intersected 3.42 g/t Au over 2.8 m from 257 m, and 1.00 g/t Au over 2.2 m from 199 m. Hole KBDD068, collared 800 metres north of KBDD075, intersected multiple gold mineralized structures including 1.11 g/t Au over 1.3 m from 241.5 m and 2.01 g/t Au over 1.0 m from 278 m.

Shallow drilling on the southern extension at Boin consisted of seven RC holes all of which intersected gold mineralization within the near-surface oxidized zone and upper portions of the sulphides. Hole KBRC284 intersected multiple mineralized zones with 1.07 g/t Au over 5.0 m from 18 m and 0.57 g/t Au over 8.0 m from 50 m. Hole KBRC281 intersected multiple structures including 1.43 g/t Au over 3.0 m from 108 m and 0.60 g/t Au over 7.0 m from 3 m.

Drilling at Nyam included three additional deeper diamond drill holes, each of which intersected multiple gold mineralized zones. Hole NBDD057 intersected 1.07 g/t Au over 12.0 m from 181 m including 1.96 g/t Au over 3.0 m from 184 m. Hole NBDD058, drilled 50 metres south of NBDD057, intersected 0.90 g/t Au over 12.2 m from 221.2 m including 2.64 g/t Au over 1.4 m from 222.8 m and 2.10 g/t Au over 1.8 m from 231.6 m. Hole NBDD059, drilled 75 metres north of NBDD057, intersected 0.59 g/t Au over 13.0 m from 277 m, including 1.13 g/t Au over 2.2 m from 286.8 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 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.

Drill Hole Locations (Previously Unreleased Drill Results Only)

Table 2 - Enchi Gold Project Drill Hole Location Details

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 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 

(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 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.