Newcore Gold Announces Significant Increase to the Enchi Gold Project Mineral Resource Estimate

VANCOUVER, British Columbia, Sept. 14, 2020 (GLOBE NEWSWIRE) -- Newcore Gold Ltd. ("Newcore" or the “Company”) (TSX-V: NCAU) is pleased to announce an updated, pit constrained, National Instrument 43-101 (“NI 43-101”) Mineral Resource Estimate for the Company’s 100% owned Enchi Gold Project (“Enchi” or the “Project”), in southwestern Ghana. Enchi hosts an Inferred Mineral Resource of 52.9 million tonnes grading 0.72 g/t Au containing 1.22 million ounces gold (see Table 1 below). Compared to the pit constrained mineral resources used in the Enchi Preliminary Economic Assessment (“PEA”) with an effective date of June 30, 2015, the updated resource has added an additional 503,000 ounces gold for a 70% increase in Inferred resources. The Enchi PEA contemplated an open pit, heap leach gold operation (see Newcore news release dated November 6, 2019). The 2015 PEA is no longer current and as such should not be relied upon. The updated Mineral Resource Estimate was prepared by independent qualified person (“QP”) Todd McCracken, P. Geo. of WSP Canada Inc. (“WSP”). 

Highlights

• Updated NI 43-101 Inferred Mineral Resource estimate for Enchi of 52,926,000 tonnes grading 0.72 g/t Au containing 1,223,800 ounces gold
• Estimate has been pit constrained, and represents an increase of 70% or 503,000 ounces gold when compared to the PEA contained ounces of 721,000
• Newcore is evaluating the benefit of updating the PEA given the significant increase in contained ounces when compared to the most recent economic study. The 2015 PEA is no longer current and as such should not be relied upon
• Significant resource growth potential exists as all deposits are open along strike and at depth, with several additional exploration targets identified on the district scale property
• An 8,000 metre RC drill program is on-going at Enchi, focused on expansion of existing resource areas as well as exploration drilling at a number of high priority gold targets

Luke Alexander, President & CEO of Newcore stated, "We are extremely pleased with the result of the updated Mineral Resource Estimate for the Enchi Gold Project with the addition of 503,000 ounces gold from the prior resource for a total of 1,223,800 inferred ounces. The significant increase in gold ounces further emphasizes the robust nature of the Project and has led us to consider the merits of updating the economic study to highlight the Project’s current potential. The primary goal near-term however is to focus on proving out the potential of this district scale asset through drilling, targeting both extensions of our known deposits along strike and depth, while also testing high priority targets on the property designed to define additional oxide gold resources.”