Newcore Gold Announces Significant Increase to the Enchi Gold Project Mineral Resource Estimate - Seite 2

Greg Smith, VP of Exploration for Newcore stated, “We are very excited about the resource growth potential that exists at Enchi. Drilling is on-going at the Project, with a focus on defining further potential ounces at both the existing resource areas as well as delineating the potential for new resources from the numerous targets across the property. With the potential for over 100 kms of favourable shear zones and structures on the Enchi Gold Project, the current resource provides a solid base to grow resources through further drilling.”

Table 1 - Inferred Mineral Resource for the Enchi Gold Project ¹

Zone	Tonnes	Au Grade (g/t)	Contained Au (ounces)
Boin	19,837,000	0.84	533,000
Sewum	27,600,000	0.60	535,800
Nyam	5,489,000	0.88	155,000
Total	52,926,000	0.72	1,223,800

1 Notes for Inferred Mineral Resource Estimate:

1. CIM definition standards were followed for the resource estimate.
2. The 2020 resource models used ordinary kriging (OK) grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids and constrained by whittle pits shell
3. A base cut-off grade of 0.3 g/t Au was used with a capping of gold grades at 18 g/t
4. A US$1,500/ounce gold price, open pit with heap leach operation was used to determine the cut-off grade of 0.3 g/t Au. Mining costs of US$2.27/mined tonne and G&A and Milling costs of US$9.84/milled tonne. The Inferred Mineral Resource Estimate is pit constrained.
5. A density of 2.45 g/cm³ was applied. Numbers may not add due to rounding.
6. Mineral Resources that are not mineral reserves do not have economic viability.

The updated Mineral Resource Estimate was prepared by independent qualified person Todd McCracken, P. Geo. of WSP. The resource estimate is based on the combination of geological modeling, geostatistics and conventional block modeling using the Ordinary Krig methodology of grade interpolation. The mineral resources were estimated using a block model with parent blocks of 10m x 10m x 10m. A capping study was made using histograms, probability plots, quantile plots and deciles plots to define the capping values resulting in capping value of 18 g/t Au.