Drill Program Increases To 35,000 Metres At Enchi Gold Project

VANCOUVER - Newcore Gold Ltd. announced that on the back of the success achieved to date with drilling at the Enchi Gold Project in Ghana, and the completion of equity financing, the Company has increased its 2024 - 2025 drill program to 35,000 metres. Newcore is also pleased to announce additional drill results from the drill program underway at Enchi. Shallow Reverse Circulation (RC) drilling at the Boin Gold Deposit intersected multiple zones of gold mineralization, with hole KBRC328 intersecting 1.28 grams per tonne gold (g/t Au) over 63.0 metres (m) from 9 m, and hole KBRC335 intersecting 2.18 g/t Au over 23.0 m from 6 m including a higher-grade interval of 5.58 g/t over 8.0 m from 16 m.

The expanded drill program will allow Newcore to accelerate completion of the drilling required for resource conversion in advance of commissioning a Pre-Feasibility Study (PFS) later this year. This expanded drill program will also include a subset of drilling focused on discovery and resource growth with drilling to be completed on earlier-stage exploration targets along with drilling focused on defining the resource growth potential at depth. Thus far, the drill program underway at Enchi has primarily focused on resource growth and infill drilling designed to convert Inferred Resources to Indicated. Drilling completed to date as part of the 2024 - 2025 drill program continues to prove out the continuity of gold mineralization and potential for future resource growth across the Project.

Drilling at the Boin Gold Deposit at Enchi continues to encounter wide zones of gold mineralization near-surface, within the oxidized mineralization. KBRC328 intersected 1.28 g/t Au over 63.0 m from 9 m in the oxide/transition zones, with a second intercept of 0.76 g/t Au over 18.0 m from 78 m in the upper sulphide zone. KBRC335 intersected 2.18 g/t Au over 23.0 m from 6 m, including a higher-grade interval of 5.58 g/t Au over 8.0 m from 16 m in the oxide/transition zones. In the south-central portion of Boin, drilling encountered wide zones of gold mineralization within the upper sulphide horizon. KBRC337 intersected 1.06 g/t Au over 47.0 m from 79 m. KBRC341 intersected 0.64 g/t Au over 69.0 m from 51 m.

Luke Alexander, President and CEO, said, "We are thrilled to be increasing the size of our drill program at Enchi to 35,000 metres on the back of a very successful equity financing which was led by strong support from both new and existing institutional shareholders. We are in a very strong financial position to continue to drill and advance the development of Enchi for the next 18 - 24 months, with a focus of unlocking the district scale opportunity at Enchi while concurrently advancing the development of the Project towards commissioning of a PFS in the second half of 2025."