Newcore Gold Files Technical Report for the Updated Mineral Resource Estimate for the Enchi Gold Project, Ghana –

VANCOUVER, British Columbia, April 20, 2023 (GLOBE NEWSWIRE) — Newcore Gold Ltd. (“Newcore” or the “Company”) (TSXV:NCAU, OTCQX:NCAUF) reports it has filed the technical report supporting the 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 technical report, titled “Mineral Resource Estimate for the Enchi Gold Project” has an effective date of January 25, 2023, is reported using a gold price of US$1,650 per ounce, and is available under the Company’s profile on SEDAR at www.sedar.com.

The results of the Resource were announced on March 7, 2023. The Resource:

• Successfully outlined an inaugural Indicated Mineral Resource of 743,500 ounces of gold at an average grade of 0.55 grams per tonne (“g/t Au”) and totalling 41,736,000 tonnes, de-risking project development;
• Defined an 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;
• 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;
• Added a fifth deposit at Enchi, with an inaugural Inferred Mineral Resource at Tokosea of 46,900 ounces gold at 0.75 g/t Au;
• Defined a higher-grade subset of the open pit Resource, using a 0.50 cut-off grade, consisting 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;
• Does not include approximately 38,000 metres of drilling which focused on greenfield discoveries and high-grade sulphide mineralisation at depth, highlighting the multi-million-ounce potential of the 216 km² district scale property; and
• Further supports and de-risks the strong economics outlined in the 2021 Preliminary Economic Assessment.

The updated Mineral Resource Estimate was prepared by independent qualified person Todd McCracken, P. Geo. of BBA. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any mineral resource will be converted into a mineral reserve. The resource estimate is based on the combination of geological modeling, geostatistics and conventional block modeling using the Ordinary Krig methodology of grade interpolation for Sewum, Boin, and Nyam. Kwakyekrom and Tokosea used Inverse Distanced squared. The mineral resources were estimated using a block model with parent blocks of 10m x 10m x 10m with sub-blocks to 2.5m x 2.5m x 2.5m. A capping study was made using histograms, probability plots, quantile plots and deciles plots to define the capping values resulting in variable capping values by deposit and zone.

Further detail regarding the Resource for the Project is summarized in the Company’s news release dated March 7, 2023, as well as in the technical report which is available on Newcore’s website at newcoregold.com and under the Company’s SEDAR profile at www.sedar.com.

Qualified Persons

The updated Mineral Resource Estimate was prepared by independent qualified person Todd McCracken, P. Geo. of BBA. By virtue of his education, membership to a recognized professional association and relevant work experience, Todd McCracken is an independent Qualified Persons as this term is defined by NI 43-101.

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 24% 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
info@newcoregold.com
www.newcoregold.com  

^{(1) Source: Production volumes for 2021 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&A 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&A 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&C 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 our drill campaign, results of our exploration work including trench results, results of metallurgical testwork, 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…