43,500 Indicated and 972,000 Inferred Gold Ounces
Inaugural Indicated Resource De-Risks Project Development; Future Resource Growth from
District-Scale Exploration Potential of Both Oxide and Sulphide Mineralisation
March 7, 2023 TSX-V: NCAU, OTCQX: NCAUF
Vancouver, BC – Newcore Gold Ltd. ("Newcore" or the "Company") (TSX-V: NCAU,
OTCQX: NCAUF) is pleased to announce the results of an updated, independent, Mineral
Resource Estimate (the "Resource") prepared in accordance with National Instrument 43-101
Standards of Disclosure for Mineral Projects ("NI 43-101") for the Company’s 100% owned
Enchi Gold Project ("Enchi" or the "Project") in Ghana. The Resource was completed by BBA
E&C Inc. ("BBA") of Sudbury, Ontario, Canada. The Resource:
(i) Successfully outlined an inaugural Indicated Mineral Resource of 743,500 gold ounces
with substantial conversion from the Inferred category to the Indicated category, derisking project development;
(ii) Defined an Inferred Mineral Resource of 972,000 gold ounces;
(iii) Established a high-grade underground resource for the first time of 135,900 gold ounces
at an average grade of 2.42 g/t gold, proof of concept that outlines the potential for
longer-term resource growth from sulphide mineralisation;
(iv) Added a fifth deposit at Enchi, with an inaugural Inferred Mineral Resource at Tokosea of
46,900 ounces, proving out the potential for mine life extension from the district scale
exploration opportunity at the Project;
(v) Does not include approximately 38,000 metres of drilling which focused on greenfield
discoveries and high-grade sulphide mineralisation at depth, highlighting the multimillion-ounce potential of the 216 km2 district scale property; and
(vi) Further supports and de-risks the strong economics outlined in the 2021 Preliminary
Economic Assessment ("PEA").
The Resource has an effective date of January 25, 2023, is reported using a constraining
resource pit at a gold price of US$1,650 per ounce, and consists of:
• Indicated Mineral Resource of 743,500 ounces of gold at an average grade of 0.55 g/t Au
and totalling 41,736,000 tonnes; and
• Inferred Mineral Resource of 972,000 ounces of gold at an average grade of 0.65 g/t Au
and totalling 46,556,000 tonnes.
• Underground Inferred Mineral Resource of 135,900 ounces gold at 2.42 g/t Au.
• Initial Inferred Mineral Resource at Tokosea of 46,900 ounces gold at 0.75 g/t Au.
• A higher-grade subset of the open pit Resource, using a 0.50 cut-off grade, consists of an
Indicated Mineral Resource of 493,700 ounces of gold at an average grade of 0.97 g/t Au
and an Inferred Mineral Resource of 580,900 ounces of gold at an average grade of
1.04 g/t Au. This does not include the underground Inferred Mineral Resource of
135,900 ounces at an average grade of 2.42 g/t Au.
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The Resource builds on the last completed Mineral Resource Estimate released on June 8,
2021 (the "June 2021 Resource") and incorporates approximately 34,000 metres of infill and
resource expansion Reverse Circulation ("RC") and diamond drilling completed by Newcore
between January 2021 and July 2022. Of the 92,583 metres of drilling completed since 2020,
approximately 38,000 metres has yet to be incorporated into a mineral resource estimate; this
drilling continues to prove out the future resource growth potential at Enchi as these metres
highlighted new greenfield discoveries and the potential for high-grade sulphide
mineralisation at depth, showcasing the district scale exploration opportunity at Enchi.
Table 1 - Mineral Resource Estimate for the Enchi Gold Project (1)
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