Newcore Gold Announces Updated Mineral Resource Estimate for the Enchi Gold Project, Ghana
Newcore Gold Ltd. (TSX-V: NCAU) (OTCQX: NCAUF) is pleased to announce the results of an updated, independent, Mineral Resource Estimate prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects for the Company’s Enchi Gold Project in Ghana. The Resource was completed by DRA Global Limited of Toronto, Ontario, Canada.
1,502,000 Indicated and 626,000 Inferred Gold Ounces; Expanded Indicated Resource Provides Strong Foundation for Pre-Feasibility Study
The Resource expanded the Indicated Mineral Resource at Enchi to 83.6 million tonnes at an average grade of 0.56 grams per tonne gold (“g/t Au”) containing 1,502,000 ounces gold, along with an Inferred Mineral Resource of 40.1 million tonnes at an average grade of 0.49 g/t Au containing 626,000 ounces gold. The Resource is reported using a con straining resource pit at a gold price of US$3,200 per ounce and has an effective date of October 6, 2025 (incorporating results from drilling completed up to October 6, 2025). Since October 2025, an additional 10,619 metres of drilling has been completed on the Project which is not included in the Resource. The Indicated Mineral Resource will form the basis for the Pre-Feasibility Study which is underway and targeted for completion by the end of June 2026 (see news release dated February 5, 2026).
Highlights of the Mineral Resource Estimate at Enchi
More Than Doubled the Indicated Mineral Resource to 1,502,000 Ounces Gold.
Indicated Mineral Resource of 1,502,000 ounces of gold at an average grade of 0.56 g/t Au within 83.6 million tonnes, more than double the last Indicated Resource for the Project published in 2023 (see news release dated March 7, 2023).
Incorporated only 28,000 metres of the drilling completed in 2024 and 2025 as part of the on-going 60,000 metre drill program.
Indicated Mineral Resource to form basis for the PFS which is targeted for completion by the end of June 2026.
Additional Inferred Mineral Resource of 626,000 Ounces Gold.
Inferred Mineral Resource of 626,000 ounces of gold at an average grade of 0.49 g/t Au within 40.1 million tonnes.
All Deposits Open Along Strike and at Depth for Future Resource Growth.
Resource includes four pit-constrained deposits (Sewum, Boin, Nyam, Kwakyekrom), with all deposits open along strike and at depth with potential resource growth in shallow oxide and transition mineralization, as well as within the deeper fresh mineralization.
Average depth of resource pits is only 85 metres, with most drilling to date only testing shallow mineralization down to an average depth of 125 metres, and limited drilling completed to a depth of 200 to 350 metres.
District Scale Explorat ion Opportunity at Enchi Still Largely Underexplored.
Future resource growth potential exists across the district scale land package at Enchi, with more than 25 targets identified across the 248 km2 property.
A 60,000 metre drill program is underway at Enchi, targeting the high-grade potential at depth. Current drilling is focused on demonstrating and defining the opportunity for resource expansion in the high-grade shoots within fresh mineralization to depth.
Drilling reported in January 2026 (see news releases dated January 7 and January 21) successfully extended gold mineralization to depth and intersected high-grade at the Boin Gold Deposit, with results including:
3.54 g/t Au over 23.0 m from 253 m, with a higher-grade interval of 6.92 g/t Au over 8.0 m from 256 m (KBDD097);
3.22 g/t Au over 17.0 m from 327 m, with a second interval of 1.70 g/t Au over 25.5 m from 285 m (KBDD102);
173.75 g/t Au over 1.0 m from 264 m (true width unknown) (KBDD098); and
147.50 g/t Au over 1.0 m from 310 m (true width unknown) (KBDD100), including the first visible gold encountered by drilling at Enchi.
Luke Alexander, President and CEO of Newcore stated, “We are excited with the progress we are achieving at Enchi. The substantial conversion of resources to the Indicated category, more than doubling the Indicated ounces, de-risks the project development and will form the basis for the Pre-Feasibility Study that is underway for our Enchi Gold Project in Ghana. The Resource also continues to highlight the multi-million-ounce potential of the Project, and with drilling underway and not yet included in this resource, we believe that as we continue to drive the development of the Project forward, we are in a unique position to continue to highlight resource growth via the drill bit. We are excited to have achieved this important next milestone at Enchi and are looking forward to a busy year ahead marked by advancing the Project to a PFS study alongside exploration drilling, with a key focus on unlocking the significant value of our Enchi Gold Pr oject for all stakeholders.”
Greg Smith, Vice President of Exploration of Newcore stated, “We have a district scale exploration opportunity at Enchi, and with this latest resource estimate we continue to highlight the multi-million-ounce potential that exists at the Project. With the drill rigs turning, I am excited to continue to prove out the longer-term resource growth potential that exists across Enchi, with our most recent drilling completed at Boin successfully extending gold mineralization to depth and highlighting the potential for significant growth longer-term by defining the deeper extents of the high-grade mineralization at Enchi.”
Mineral Resource Estimate Details
The Resource builds on the prior Mineral Resource Estimate that was completed and released in 2023 and incorporates approximately 28,000 metres of infill Reverse Circulation drilling along with 3,450 metres of diamond drilling completed for metallurgical, geotechnical and hydrogeological purposes in 2024 and 2025.
Table 1 – Mineral Resource Estimate for the Enchi Gold Project (1)
| Zone | Classification | Tonnes | Au Grade (g/t) | Contained Au (ounces) |
| Boin | Indicated | 23,477,000 | 0.73 | 550,000 |
| Inferred | 9,237,000 | 0.60 | 178,000 | |
| Sewum | Indicated | 41,233,000 | 0.43 | 573,000 |
| Inferred | 24,246,000 | 0.39 | 308,000 | |
| Nyam | Indicated | 13,458,000 | 0.66 | 287,000 |
| Inferred | 5,471,000 | 0.68 | 120,000 | |
| Kwakyekrom | Inferred | 5,447,000 | 0.52 | 92,000 |
| Inferred | 1,156,000 | 0.52 | 19,000 | |
| Total Indicated | 83,615,000 | 0.56 | 1,502,000 | |
| Total Inferred | 40,111,000 | 0.49 | 626,000 |
| (1) Notes for Mineral Resource Estimate: | ||
| 1. | Canadian Institute of Mining Metallurgy and Petroleum (“CIM”) definition standards were followed for the resource estimate. | |
| 2. | The effective date of the Resource is October 6, 2025. | |
| 3. | All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding. | |
| 4. | The resource models used ordinary kriging (“OK”) grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids and constrained by pit shells for Sewum, Boin, Nyam and Kwakyekrom. Validations were completed using Inverse Distance squared (“ID2“) for Sewum and Nearest Neighbour (“NN”) for Boin, Nyam and Kwakyekrom. | |
| 5. | Open pit cut-off grades varied from 0.1 to 0.2 g/t Au based on mining and processing costs as well as the recoveries in different weathered material. | |
| 6. | A US$3,200 per ounce gold price was used to determine the cut-off grade. | |
| 7. | Metallurgical recovery of 85% was applied to oxide and transition mineralization for heap leach recovery, and 91.7% for fresh mineralization using carbon-in-leach recovery. | |
| 8. | The pit optimization considered the following costs: mining cost based on mineralization type of US$1.97/tonne for oxide, US$2.62/tonne for transition, and US$3.15/tonne for fresh; waste mining costs of US$1.64/tonne for oxide, US$2.34/tonne for transition, and US$2.87/tonne for fresh; processing and G&A costs assumed of US$8.74/tonne for oxide, US$8.49/tonne for transition, and US$19.29/tonne for fresh. | |
| 9. | Average densities of mineralized material varied between 1.53 and 2.15 g/cm3 for oxide, 1.86 and 2.38 g/cm3 for transition, and 2.48 and 2.74 g/cm3 for fresh rock. Average densities of waste rock varied between 1.45 and 1.77 g/c m3 for oxide, 1.81 and 2.15 g/cm3 for transition, and 2.45 and 2.74 g/cm3 for fresh rock. | |
| 10. | Optimization pit slope angles varied by deposit and mineralized area, with an overall strip ratio including all pits of 3.35. | |
| 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 Ryan Wilson, P. Geo, Matthew Halliday, P. Geo, Schadrac Ibrango, P. Geo of DRA Global Limited in accordance with NI 43-101. These individuals are independent qualified persons (“QP”) as defined by NI 43-101. | |
A property map showing the location of deposits and targets at Enchi can be viewed at:
https://newcoregold.com/site/assets/files/5954/2026_03_-_enchi_property_target_map.pdf
DRA evaluated the Resourc e at a series of cut-off grades by using a range of gold prices for the whittle pits.
Table 2a – Gold Price Sensitivity
Pit Constrained Open Pit Indicated Mineral Resource Estimate (1)
| Gold Price | Tonnes | Au Grade (g/t) | Contained Au (ounces) |
| US$3,350 | 85,619,000 | 0.55 | 1,526,000 |
| US$3,200 | 83,615,000 | 0.56 | 1,502,000 |
| US$3,050 | 80,633,000 | 0.57 | 1,483,000 |
Table 2b – Gold Price Sensitivity
Pit Constrained Open Pit Inferred Mineral Resource Estimate (1)
| Gold Price | Tonnes | Au Grade (g/t) | Contained Au (ounces) |
| US$3,350 | 42,148,000 | 0.48 | 648,000 |
| US$3,200 | 40,111,000 | 0.49 | 626,000 |
| US$3,050 | 37,496,000 | 0.50 | 603,000 |
| (1) See notes under Table 1. Numbers may not add due to rounding. | |||
The weathering profile varies by area at Enchi, with depth of oxide mineralization on average 20 to 40 metres but reaching up to 100 metres in some areas. Most drilling to date has focused on the first 150 vertical metres of mineralization across the Project.
Table 3 – Mineral Resource Estimate by Mi neralization Type (1)
| Category | Tonnes | Au Grade (g/t) | Contained Au (oun ces) |
| Indicated | |||
| Oxide | 1 9,924,000 | 0.45 | 286,000 |
| Transition | 26,264,000 | 0.49 | 415,000 |
| Fresh | 37,427,000 | 0.67 | 801,000 |
| Total Indicated | 83,615,000 | 0.56 | 1,502,000 |
| Inferred | |||
| Oxide | 9,139,000 | 0.45 | 132,000 |
| Transition | 12,829,000 | 0.38 | 156,000 |
| Fresh | 18,144,000 | 0.58 | 338,000 |
| Total Inferred | 40,111,000 | 0.49 | 626,000 |
| (1) See notes under Table 1. Numbers may not add due to rounding. | |||
Table 4 – Mineral Resource Estimate by Deposit and Mineralization Type ( 1)
| Indicated Mineral Resource Estimate | Inferred Mineral Resource Estimate | |||||||
| Tonnes | Au Grade (g/t) | Contained Au (ounces) | Tonnes | Au Grade (g/t) | Contained Au (ounces) | |||
| Oxide | Oxide | |||||||
| Sewum | 15,301,000 | 0.38 | 187,000 | Sewum | 7,295,000 | 0.45 | 106,000 | |
| Boin | 2,725,000 | 0.74 | 65,000 | Boin | 998,000 | 0.51 | 16,000 | |
| Nyam | 1,181,000 | 0.65 | 25,000 | Nyam | 592,000 | 0.41 | 8,000 | |
| Kwakyekrom | 717,000 | 0.40 | 9,000 | Kwakyekrom | 253,000 | 0.26 | 2,000 | |
| Oxide | 19,924,000 | 0.45 | 286,000 | Oxide | 9,139,000 | 0.45 | 132,000 | |
| &nbs p; | ||||||||
| Transition | Transition | |||||||
| Sewum | 14,295,000 | 0.40 | 184,000 | Sewum | 8,326,000 | 0.30 | 80,000 | |
| Boin | 6,688,000 | 0.66 | 142,000 | Boin | 3,652,000 | 0.55 | 65,000 | |
| Nyam | 3,425,000 | 0.59 | 65,000 | Nyam | 499,000 | 0.49 | 8,000 | |
| Kwakyekrom | 1,856,000 | 0.42 | 25,000 | Kwakyekrom | 352,000 | 0.30 | 3,000 | |
| Transition | 26,264,000 | 0.49 | 415,000 | Transition | 12,829,000 | 0.38 | 156,000 | |
| Fresh | Fresh | |||||||
| Sewum | 11,637,000 | 0.54 | 202,000 | Sewum | 8,625,000 | 0.44 | 122,000 | |
| Boin | 14,064,000 | 0.76 | 344,000 | Boin | 4,587,000 | 0.66 | 97,000 | |
| Nyam | 8,852,000 | 0.70 | 198,000 | Nyam | 4,380,000 | 0.75 | 105,000 | |
| Kwakyekrom | 2,874,000 | 0.62 | 57,000 | Kwakyekrom | 551,000 | 0.78 | 14,000 | |
| Fresh | 37,427,000 | 0.67 | 801,000 | Fresh | 18,144,000 | 0.58 | 338,000 | |
| (1) See notes under Table 1. Numbers may not add due to rounding. | ||||||||
The updated Mineral Resource Estimate was prepared by independent qualified persons Ryan Wilson, P. Geo., Matthew Halliday, P. Geo., and Schadrac Ibrango, P. Geo of DRA Global Limited. 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 Kriging methodology of grade interpolation for Sewum, Boin, Nyam, and Kwakyekrom.
A full technical report, which is being prepared in accordance with NI 43-101, will be filed and available under the Company’s SEDAR+ profile at www.sedarplus.ca, and on Newcore’s website, within 45 days of this news release.
The results of the preliminary economic assessment on Enchi included in the technical report titled “NI 43-101 Technical Report, Preliminary Economic Assessment on the Enchi Gold Project, Ghana” dated June 7, 2024 with an effective date of April 24, 2024, remain unaff ected by this Resource update and will be included in the technical report for the Resource update that will be available under the Company’s profile at www.sedarplus.ca within 45 days of this news release.
Enchi Current Drill Program
The 60,000 metre drill program underway at Enchi commenced August 2024, targeting near-surface oxide and transition mineralization along with shallow fresh mineralization. The drill program is in its second phase and is focused on discovery and resource growth, including drilling targeting the potential for resource growth along strike at existing deposits along with diamond drilling targeting the higher-grade potential at depth. The primary goal of the completed first phase of the drill program was RC infill drilling for resource conversion to improve the confidence level of the existing Mine ral Resource Estimate, with most of the first phase of the drill program allocated to the two largest deposits at Enchi, Boin and Sewum. All deposit areas and pre-resource targets at Enchi remain open along strike and at depth, providing for future resource growth across the district-scale property.
Newcore Gold Best Practice
Newcore is committed to best practice standards for all exploration, sampling and drilling activities. Drilling was completed by an independent drilling firm using industry standard RC and Diamond Drill equipment. Analytical quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the sample strings. Samples are placed in sealed bags and shipped directly to Intertek Labs located in Tarkwa, Ghana for 50 gram gold fire assay.
Additional supporting details regarding the information in this news release, will be provided in the technical report which will be available on SEDAR+ under the Company’s profile within 45 days of this news release, including all qualifications, assumptions and exclusions that relate to the Resource. The technical report is intended to be read as a whole, and sections should not be read or relied upon out of context.
Qualified Person
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. The resource estimate was prepared by Ryan Wilson, P. Geo, Matthew Halliday, P. Geo, Schadrac Ibrango, P. Geo of DRA Global Limited in accordance with NI 43-101. These individuals are QPs as defined by NI 43-101.
About Newcore Gold Ltd.
Newcore Gold is advancing its Enchi Gold Project located in Ghana, Africa’s largest gold producer (1). Newcore Gold offers investors a unique combination of top-tier leadership, who are aligned with shareholders through their 13% equity ownership, and prime district scale exploration opportunities. Enchi’s 248 km2 land package covers 40 kilometres of Ghana’s prolific Bibiani Shear Zone, a gold belt which hosts several multi-million-ounce gold deposits, including the Chirano mine 50 kilometres to the north. Newcore’s vision is to build a responsive, creative and powerful gold enterprise that maximizes returns for shareholders.
(1) Source: Production volumes for 2024 as sourced from the World Gold Council.
