Newcore Gold Announces Start of Drill Program at its 100% Owned Enchi Gold Project, Ghana

VANCOUVER, British Columbia, Aug. 12, 2020 (GLOBE NEWSWIRE) -- Newcore Gold Ltd. (TSX-V: NCAU) (the "Company" or "Newcore") is pleased to announce the commencement of an 8,000 metre Reverse Circulation ("RC") drill program on the 100% owned Enchi Gold Project ("Enchi or the Project") located in Southwest Ghana.

Highlights on the Enchi Gold Project

• Newcore has commenced an 8,000 metre Reverse Circulation drilling program focused on testing extensions of the existing 1.1 million ounce gold Inferred Mineral Resource Estimate (37.4 Mt grading 0.9 g/t)¹ at Enchi (see news release dated November 6, 2019 for full details)
  
  
• The program is comprised of 8,000 meters in approximately 60 RC drill holes at 6 separate areas on the Enchi Project including testing gold targets that are not currently in the Inferred Resource
  
  
• Enchi’s current Inferred Resource remains open for further resource expansion along strike and to depth. Numerous, additional high priority gold targets exist on the 216 km² property
  
  
• An updated Mineral Resource Estimate to include 3,400 meters of drilling completed in 2017-2018 on the Enchi Gold Project is currently in progress and is scheduled to be completed in Q3 2020
  
  
• Past work at Enchi has included RC and diamond drilling (52,385 m in 646 drill holes), resource estimation and a Preliminary Economic Assessment ("PEA") study (NPV Pre-Tax 5%: US$206 million and Post-Tax US$130 million using US$1,560/oz gold² ), (see news release dated November 6, 2019 for full details)
  
  
• Newcore has implemented COVID-19 protocols for the drilling program

Luke Alexander, Newcore Gold’s President and CEO commented, “We are extremely excited to be back on the ground drilling at Enchi for the first time since 2018. The 8,000 m drill program is focused on expanding the current inferred resource as well as testing new gold targets within our extensive 216 km² land package. With its district scale potential, we view exploration at Enchi as an opportunity to create significant value for Newcore Gold shareholders.”

2020 Enchi Drill Program

The 2020 RC drill program has commenced. The work will include approximately 60 holes totalling 8,000 metres. Targets are primarily step out extensions and exploration drilling on the Boin, Sewum, and Nyam Deposits. Additionally, drilling will be directed at two new zones outside of the Inferred Resource; Kojina Hill and Kwakyekrom, and one gold anomaly which has never been drilled, Nkwanta.