Newcore Gold Commissions Updated Preliminary Economic Assessment Study for the Enchi Gold Project, Ghana

Completion Targeted for H1 2024

VANCOUVER, British Columbia, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Newcore Gold Ltd. ("Newcore" or the "Company") (TSX-V: NCAU, OTCQX: NCAUF) is pleased to announce it has engaged the independent engineering consultants Lycopodium, Micon International Limited and SEMS Exploration to prepare an updated National Instrument 43-101 ("NI 43-101") Preliminary Economic Assessment ("PEA") study for the Company’s 100%-owned Enchi Gold Project ("Enchi" or the "Project") in Ghana. Newcore is targeting completion and announcement of the results of the study by the end of H1 2024.

Luke Alexander, President & CEO of Newcore stated, "We believe updating our PEA is an important step in continuing to advance the development of our Enchi Gold Project in Ghana. The update will incorporate the current Mineral Resource Estimate that was announced earlier this year, updated cost estimates, as well as the significant metallurgical testwork that has been completed on the Project since the last economic study was completed in 2021.This low-cost de-risking work will continue to advance the development of our district-scale Enchi Gold Project, showcase its potential as an open pit, heap leach operation, while also providing an underpinning of value for Newcore Gold."

Updated PEA Study

Newcore has engaged the independent engineering consultants Lycopodium, Micon International Limited and SEMS Exploration to prepare an updated NI 43-101 PEA Technical Report for the Enchi Gold Project. The PEA will incorporate the Mineral Resource Estimate completed in 2023, as well as the significant metallurgical testwork completed since the last study in 2021. The study will be led by Lycopodium, who will conduct a process plant and infrastructure evaluation using their knowledge on operating Ghanaian gold projects. Micon is providing mine design and environmental services with mineral resource assessment supplied by SEMS Exploration. The combined study team has significant experience in successful development of not only PEA studies, but also subsequent studies and services including construction and operation.

Enchi Gold Project Mineral Resource Estimate

The Enchi Gold Project hosts an Indicated Mineral Resource of 41.7 million tonnes grading 0.55 g/t Au containing 743,500 ounces gold and an Inferred Mineral Resource of 46.6 million tonnes grading 0.65 g/t Au containing 972,000 ounces (see Newcore news release dated March 7, 2023). Mineral resource estimation practices are in accordance with CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines (November 29, 2019) and follow CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014), that are incorporated by reference into National Instrument 43-101 ("NI 43-101"). The Mineral Resource Estimate is from the technical report titled "Mineral Resource Estimate for the Enchi Gold Project" with an effective date of January 25, 2023, which was prepared for Newcore by Todd McCracken, P. Geo, of BBA E&C Inc. and Simon Meadows Smith, P. Geo, of SEMS Exploration Services Ltd. in accordance with NI 43-101 Standards of Disclosure for Mineral Projects, and is available under the Company’s profile on SEDAR at www.sedar.com. Todd McCracken and Simon Meadows Smith are independent qualified persons ("QP") as defined by NI 43-101.