Start Of Drill Program At The Enchi Gold Project

VANCOUVER - Newcore Gold Ltd. reported the start of a 10,000-metre drill program at the Enchi Gold Projectin Ghana. The drill program will focus on infill and resource expansion drilling. Approximately 10,000 metres of Reverse Circulation ("RC") drilling is planned, targeting near-surface oxide and shallow sulphide mineralization with a main goal of infill drilling for resource conversion to improve the confidence level of the existing Mineral Resource Estimate. A subset of the drill program will also focus on outlining resource growth on select zones, with all deposit areas and pre-resource targets remaining open along strike and at depth. Additional exploration and development work also continues at Enchi, including metallurgical testwork, trenching of high-priority surface anomalies, and greenfields work on the recently acquired Omanpe Licence.

Luke Alexander, President and CEO, said, "We are excited to continue to advance the development of the Enchi Gold Project while defining the multi-million-ounce potential of the Project through the drill bit. This next phase of drilling will focus on advancing the confidence level of the existing resources at Enchi, an important next step of development work in advance of commissioning a Pre-Feasibility Study for the Project. At the same time, we will continue to focus on a multi-pronged exploration approach to continue to define the broader potential for Enchi to host a long-life gold camp, with drilling targeting resource expansion at existing deposits. Future drill programs will also focus on earlier stage targets to define additional discoveries across the district scale property as well as additional drilling of deeper sulphide mineralization to continue to define the higher-grade potential at depth.

We would also like to thank our shareholders, management and Board of Directors for their continued support through the exercise of warrants. The warrant proceeds of approximately $3.3 million will fully fund this next phase of development work at Enchi, an important next step in de-risking the Project with the completion of important infill drilling alongside additional metallurgical testwork. The team is hard at work prioritizing the first drill targets, with a drill rig anticipated to be on-site within the next month. We are very excited to continue to advance Enchi towards a construction decision while proving up the significant potential that exists across the district scale Project."