Newcore Gold Drilling Intersects 3.28 g/t Gold over 11.0 Metres, Including 6.57 g/t Gold over 4.0 Metres at the Enchi Gold Project, Ghana

Drilling at Nyam Continues to Intersect High-Grade Mineralization and Metallurgical Testwork Returns 91.7% Average Gold Recoveries in the Upper Portions of the Sulphide Mineralization

August 16, 2023 – Vancouver, BC – Newcore Gold Ltd. ("Newcore" or the "Company") (TSX-V: NCAU, OTCQX: NCAUF) is pleased to announce an update on exploration and development activities underway at the Company’s 100% owned Enchi Gold Project ("Enchi" or the "Project") in Ghana. Diamond Drilling ("DD") at the Nyam Gold Deposit ("Nyam"), targeting high-grade mineralization in the upper portions of the sulphide mineralization, intersected 3.28 grams per tonne gold ("g/t Au") over 11.0 metres ("m"), within a broader zone of 1.58 g/t Au over 26.3 m. Nyam is one of the currently identified deposits at Enchi where drilling continues to highlight the potential for longer-term resource growth from delineating high-grade underground resources in the sulphide mineralization. In addition to drilling, results of metallurgical testing on sulphide mineralization from Nyam confirmed excellent gold recoveries averaging 91.7%.

Additional exploration work underway at Enchi includes trenching on several kilometre-scale gold anomalies which continues to advance early-stage targets towards the drill testing stage, and further metallurgical testwork of both the oxide and sulphide mineralization.

Highlights from Diamond Drilling and Metallurgical Testwork at Nyam  

-          Drilling targeting high-grade mineralization in the upper portions of the sulphides continues to highlight the potential for resource growth at Enchi.

-      Hole NBDD063 intersected 1.58 g/t Au over 26.3 metres, including 3.28 g/t Au over 11.0 m and 6.57 g/t Au over 4.0 m; and

-      Hole NBDD064 intersected 1.16 g/t Au over 36.4 m, including 2.03 g/t Au over 17.4 m.

-          Drilling followed-up on two northerly plunging high-grade zones identified at Nyam.

-      Five holes tested the down dip and lateral extensions to high-grade gold mineralization previously identified at Nyam in two shoots (central and southern); and

-      To date, the Nyam deposit has only been tested to a maximum vertical depth of

-      350 metres and remains open for further expansion to depth.

-          Results of metallurgical testing on sulphide material from the Nyam Gold Deposit confirms excellent recoveries from cyanidation averaging 91.7%.

-      14 composite samples were analysed by a series of bottle roll tests and returned an average gold recovery of 91.7% (ranging from 82.7% to 98.0%).

Greg Smith, VP Exploration of Newcore stated, "This latest drilling at our Enchi Gold Project continues to prove out our geological model that includes resource growth from the higher-grade mineralization at depth. Drilling followed-up on two previously identified high-grade shoots at Nyam, which remain open to depth and along strike, and highlight the resource growth potential of the high-grade mineralization in the sulphides. We continue to advance our understanding of the significant size and scale potential at Enchi, which is located on a prolific gold belt in southwest Ghana that hosts a number of multi-million-ounce gold mines."

Luke Alexander, President and CEO of Newcore stated, "We continue to advance and de-risk the development of our Enchi Gold Project in Ghana. Recently completed metallurgical testwork on sulphide mineralization at Nyam has confirmed strong recoveries averaging 91.7%, continuing to highlight the longer-term potential for resource growth from higher-grade sulphide mineralization at depth. We look forward to continuing to advance the development of Enchi with additional metallurgical testwork as we prioritize targets for our next phase of drilling to commence later this year."

This news release reports results for 5 DD holes totalling 2,155 m (NBDD060 to NBDD064) targeting the Nyam Gold Deposit. All holes intersected gold mineralization.

Select assay results from the 5 holes of the drill program reported in this release are below:

Table 1 - Enchi Gold Project Drill Highlights

Notes:

1. See detailed table for complete results;
2. Intervals reported are hole lengths with true width estimated to be 75 - 85%; and
3. Length-weighted averages from uncut assays.

A plan map showing the drill hole locations can be viewed at:

https://newcoregold.com/site/assets/files/5823/2023_08-ncau-nr-enchi-nyam-plan-map.pdf

A long section of the Nyam Gold Deposit can be viewed at:

https://newcoregold.com/site/assets/files/5823/2023_08-ncau-longsection-nyam.pdf

A cross section showing drill results and highlights for hole NBDD063 can be viewed at:

https://newcoregold.com/site/assets/files/5823/2023_08-ncau-crosssection-nbdd063.pdf

A complete list of the drill results in this release, including hole details, can be viewed at:

https://newcoregold.com/site/assets/files/5823/2023_08-ncau-enchi-2023-drill-results.pdf

Drilling at Nyam

Diamond drilling at Nyam consisted of five holes (2,155 metres) following-up on high-grade intercepts intersected in the upper portions of the sulphide mineralization. A series of holes tested the down dip and lateral extensions to the high-grade gold mineralization. Holes NBDD060 and NBDD061 tested the southern high-grade shoot. Holes NBDD062, NBDD063 and NBDD064 tested extensions to the central high-grade shoot located 200 to 500 metres to the north. To date, the deposit has only been tested to a maximum vertical depth of 350 metres and remains open to depth and along strike.

Hole NBDD063, which tested the central high-grade shoot, stepped out 75 m down dip from previously drilled hole NBDD052 which intersected 3.21 g/t Au over 15.0 m from 321.0 m. NBDD063 intersected 1.58 g/t Au over 26.3 m from 482.5 m, including 3.28 g/t Au over

11.0 m from 489.0 m. Hole NBDD064 is a lateral step out extending the high-grade zone intersected in previously drilled hole NBRC045 (1.57 g/t Au over 40.0 m from 179.0 m), intersecting 1.16 g/t Au over 36.4 m from 217.2 m, including 2.03 g/t Au over 17.4 m from 219.2 m. 

Hole NBDD060 is a down dip step out on the southern high-grade shoot and was drilled 90 m down dip of previously drilled hole NBDD048 which intersected 4.51 g/t Au over 13.0 m from 236.0 m. NBDD060 intersected 0.70 g/t Au over 19.7 m from 358.3 m, including 1.30 g/t Au over 9.4 m from 359.2 m.

Link to the original news:

https://newcoregold.com/site/assets/files/5823/2023_08_16_-_ncau_nr_-_enchi_drill_results_nyam_-_sedar.pdf

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 Indicated Mineral Resource of 743,500 ounces of gold at 0.55 g/t and an Inferred Mineral Resource of 972,000 ounces of gold at 0.65 g/t (2). Newcore Gold offers investors a unique combination of top-tier leadership, who are aligned with shareholders through their 20% 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 the 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 

Suite 1560 - 200 Burrard Street

Vancouver, British Columbia V6C 3L6

(1) Source: Production volumes for 2022 as sourced from the World Gold Council

(2) Notes for Mineral Resource Estimate:

1. Canadian Institute of Mining Metallurgy and Petroleum ("CIM") definition standards were followed for the resource estimate.
2. The 2023 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 and Tokosea used Inverse Distance squared (ID2).
3. Open pit cut-off grades varied from 0.14 g/t to 0.25 g/t Au based on mining and processing costs as well as the recoveries in different weathered material.
4. Heap leach cut-off grade varied from 0.14 g/t to 0.19 g/t in the pit shell and 1.50 g/t for underground based on mining costs, metallurgical recovery, milling costs and G costs.
5. CIL cut off grade varied from 0.25 g/t to 0.27 g/t in a pit shell and 1.50 g/t for underground based on mining costs, metallurgical recovery, milling costs and G costs.
6. A US$1,650/ounce gold price was used to determine the cut-off grade.
7. Metallurgical recoveries have been applied to five individual deposits and in each case three material types (oxide, transition, and fresh rock).
8. A density of 2.19 g/cm3 for oxide, 2.45 g/cm3 for transition, and 2.72 g/cm3 for fresh rock was applied.
9. Optimization pit slope angles varied based on the rock types.
10. Reasonable mining shapes constrain the mineral resource in close proximity to the pit shell.
11. Mineral Resources that are not mineral reserves do not have economic viability. Numbers may not add due to rounding.
12. The resource estimate was prepared by Todd McCracken, P. Geo, of BBA E Inc. in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. Todd McCracken is an independent qualified person ("QP") as defined by National Instrument 43-101. A full technical report, prepared 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 metallurgical testwork, results of drilling, 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.