Enchi Gold Project Drilling Program Underway

VANCOUVER – Newcore Gold Ltd. reported on the 35,000-metre drill program underway at the Enchi Gold Project in Ghana. Shallow Reverse Circulation (RC) drilling at the Sewum Gold Deposit intersected multiple zones of near-surface gold mineralization, including hole SWRC258 which intersected 0.89 grams per tonne gold (g/t Au) over 33.0 metres (m) from 1 m and hole SWRC269 which intersected 3.98 g/t Au over 6.0 m from 2 m, including a higher-grade interval of 22.62 g/t Au over 1.0 m from 7 m. Drilling continues to prove out the continuity of gold mineralization and potential for resource growth at Enchi.
Drilling on the Ridge Zone at the Sewum Gold Deposit continues to define a series of stacked sub-parallel gold mineralized structures. Structures occur across an average width of 250 m, with consistent gold mineralization defined over a length of 800 m within the oxide and transition horizons.
Multiple sections of drilling at the Ridge Zone at Sewum encountered shallow gold mineralization within the oxide and transition horizons. SWRC258 to SWRC264 drilled along the same section encountered several shallow gold mineralized structures: 1) SWRC258 intersected 0.89 g/t Au over 33.0 m from 1 m. 2) SWRC259 intersected 0.51 g/t Au over 40.0 m from 2 m. 3) SWRC260 intersected 0.51 g/t Au over 41.0 m from 27 m, including a higher-grade interval of 1.66 g/t Au over 6.0 m from 55 m.

SWRC247 to SWRC251 drilled along the same section intersected multiple gold mineralized structures near surface: 1) SWRC247 intersected 0.61 g/t Au over 30.0 m from 2 m. 2) SWRC248 intersected 0.56 g/t Au over 41.0 m from 4 m. 3) SWRC249 intersected 0.80 g/t Au over 24.0 m from 15 m. 4) SWRC251 intersected 0.51 g/t Au over 41.0 m from 59 m.

Sewum is the largest of the five deposits which comprise the Mineral Resource Estimate at Enchi, remaining open along strike and to depth with the average vertical depth of all holes drilled to date at Sewum only down to 75 metres.

Sewum has an Indicated Mineral Resource of 20.9 million tonnes grading 0.48 g/t Au containing 323,300 ounces and Inferred Mineral Resource of 21.8 million tonnes grading 0.53 g/t Au containing 373,100 ounces.

The 35,000-metre drill program underway at Enchi is focused on resource growth and infill drilling designed to convert Inferred Resources to Indicated. The goal of the first phase of drilling is completion of drilling required for resource conversion in advance of commissioning a Pre-Feasibility Study later this year. The second phase of the drill program will focus on discovery and resource growth, including drilling targeting earlier-stage exploration targets along with drilling focused on defining the resource growth potential at depth and along strike.

Luke Alexander, President and CEO, said, “These results from drilling at Sewum continue to confirm the continuity of gold mineralization at the largest deposit on the Enchi Gold Project. The drilling completed at Sewum targeted shallow mineralization in the oxide and transition horizon, within a maximum vertical depth of 120 metres, which is amenable to open pit mining and heap leach processing. As we continue to drill at Enchi, with a 35,000-metre drill program underway, we also continue to complete development work required to advance the Project to a Pre-Feasibility Study in 2026 including diamond drilling to support further metallurgical, geotechnical and hydrogeological testwork. Newcore has a busy year ahead as we continue to advance the development of Enchi while in tandem defining the longer-term potential of our district scale Enchi Gold Project through the drill bit.”

This release reports results for 47 RC holes totalling 4,493 m (SWRC225 to SWRC271) targeting the Sewum Gold Deposit, with 46 holes intersecting gold mineralization. A total of 24,127 m in 200 holes have been reported as part of the ongoing 2024 – 2025 drill program at Enchi, with 98% of holes intersecting gold mineralization.