November 23, 2021 17:00 ET | Source: Newcore Gold Ltd. Newcore Gold Ltd.
Vancouver, British Columbia, November 23, 2021 (GLOBE NEWSWIRE) - Newcore Gold Ltd. ("Newcore" or "Company") (TSX-V: NCAU, OTCQX: NCAUF) is pleased to announce the company's 100% in Ghana % The Enchi Gold Project ("Enchi" or "Project") owned by the company is undergoing a 90,000-meter drilling plan. Diamond drilling at the Enqi Nyam gold deposit ("Nyam") intersects high-grade gold mineralization at a depth of 4.51 grams per ton of gold ("g/t Au"), a distance of 236 m and 3.21 over 13.0 m ("m") g/t Au exceeds 15.0 m from 321 m.
Highlights of Nyam Diamond Drilling
Luke Alexander, President and CEO of Newcore, said: “We are very pleased with the continued success of our ongoing 90,000-meter drilling program. These latest results from Nyam continue to demonstrate the potential for higher-grade mineralization in the depths. Drilling continues to intersect all of Enchi’s Defining the high-grade structure of the deposit, all deposits remain open along strike and depth. We look forward to continuing to deepen our understanding of the potential of Enchi through the drill bit, a prolific asset and a prestigious area with millions of ounces of gold. "
This press release reports the results of nine diamond drilling ("DD") drill holes with a total length of 3,311 m (NBDD048 to NBDD056), which target the downdip extension of the Nyam gold deposit, all of which intersect gold mineralization.
The test results selected from the nine holes of the drilling plan reported in this press release are as follows:
Table 1-Drilling Highlights of Enchi Gold Project
1. See the detailed table for the complete results. 2. The reported interval is the hole length, and the true width is estimated to be 75-85% 3. The weighted average of the length of the uncut analysis
The floor plan showing the location of the drill holes can be viewed at: https://newcoregold.com/site/assets/files/5743/2021_11-ncau-nr-enchi-plan-map-nyam-l.pdf
The cross section showing the drilling results and highlights of hole NBDD048 can be viewed at: https://newcoregold.com/site/assets/files/5743/2021_11_23-ncau-crosssection-nbdd048-l.pdf
The complete list of drilling results to date from 2020 to 2021, including drilling details, can be viewed at: https://newcoregold.com/site/assets/files/5743/2021_11-ncau-enchi-2020-2021-drill -Result-l.pdf
Hole NBDD048 is drilled at the southern end of the current resource pit in Nyam and intersects 4.51 g/t Au at 13.0 m at 236 m, of which 7.40 g/t Au intersects at 7.7 m at 237.5 m. The hole was drilled below the intersection of RC hole NBRC017 and 1.38 g/t Au 1.38 g/t Au from 8 m to 45 m of shallow oxide mineralization, including 6.25 g/t Au from 47 m to 6 m. Other holes on the same part include previously published holes NBRC024 (1.34 g/t Au over 27 m, 57 m and 3.45 g/t Au over 9 m, 93 m away) and NBRC027 (2.83 g/t Au, 6 m, 3 m away). Hole NBDD056 is located 75 meters north of NBDD048. The downward dip of NBDD048 by about 10 meters intersects 1.62 g/t Au at 24.8 m at 248.7 m, of which 3.17 g/t Au at 9 m at 248.7 m and the second interval 06. From 278 m to more than 13 m.
Hole NBDD055 intersects with 1.57 g/t Au at 75 meters north of NBDD056, at a distance of more than 8 m from 276 m, of which 2.64 g/t Au at a distance of more than 2.2 m from 279 m. Hole NBDD051 is located 100 meters south of hole NBDD048, beyond the southern limit of the current restricted resources of Nyam, and intersects with 4.57 g/t Au at 2.0 m at 274 m and 0.65 g/t Au at 12 m at 254 m, extending The drilling tested the gold mineralization area at a depth of 175 meters below the resource pit.
Hole NBDD052 was drilled 150 meters north of NBRC047. The hole intersected 3.21 g/t Au at 15 m at 321 m, including 5.57 g/t Au passing through 8 m at 322 m (previously released The results include high-grade gold mineralization of 1.94 g/t) t Au exceeding 25 m to 222 m, including 5.78 g/t Au exceeding 7 m to 227 m). This hole represents the 100-meter step and the downward extension of the Nyam gold structure. A hole NBDD053 was drilled 75 meters south of NBDD052, and the updip part of the structure was tested. The 1.54 g/t Au at 8.9 m at the intersection of NBDD053 and 291.2m, including 3.78 g/t Au at 1.8 m at 291.2m, confirms the continuity of high-grade gold mineralization.
Deeper diamond drilling in Nyam identified two high-grade areas sloping northward in the Nyam gold belt. The southern high-grade belt has a strike length of 350 meters and a vertical depth of 250 meters. It includes the RC holes NBRC017, NBRC024 and NBRC027 intercepted near the surface and the deeper mineralized sections in the diamond drill holes NBDD048 and NBDD055. And NBDD056. The central high-grade zone has a strike length of 500 meters and a vertical depth of 300 meters, including previous interceptions in many shallow RC holes: down-dip RC holes NBRC045 and NBRC047, and deeper mineralized intervals in diamond drilling NBDD052 and NBDD053 And NBDD054. Additional drilling is planned in Nyam to follow up these results.
For the entire 90,000-meter drilling program, the analysis results of 359 holes with a total length of 62,870 meters have been received and released.
Estimation of Mineral Resources of Enchi Gold Mine Project
The Enchi Gold Mine project has a pit restricted inferred mineral resource of 70.4 million tons, with a grade of 0.62 g/ton gold, containing 1.41 million ounces of gold (see Newcore news released on June 8, 2021). The practice of mineral resource estimation complies with the CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines (November 29, 2019) and follows the CIM Mineral Resource and Mineral Reserve Definition Standard (May 10, 2014), which has been incorporated by reference National Instruments 43-101 ("NI 43-101"). Mineral resource estimates were prepared by independent qualified personnel Todd McCracken, P. Geo. The technical report of BBA E&C Inc., titled "Preliminary Economic Assessment of the Enchi Gold Project in Ghana", with an effective date of June 8, 2021, is available under the SEDAR company profile on www.sedar.com.
A 90,000-meter discovery and resource expansion drilling program is underway at Enchi. The plan includes RC and diamond drilling, and will include the first deeper drilling planned for the project. The drilling plan includes testing the expansion of existing resource areas, as well as testing some high-priority exploration targets beyond inferred mineral resources. The focus of drilling is on the gradual extension and exploration drilling of the Sewum, Boin, Nyam and Kwakyekrom deposits. It is planned to carry out additional drilling in the previously drilled areas (Kojina Hill and Eradi) outside the resource area, and at the same time conduct the first drilling to test a series of kilometer-scale gold anomalous zones (Enkwangta, Seum) that have not been drilled beforehand. Etc.). All areas represent high priority targets based on geological, geochemical and geophysical surface work as well as previous trenching and drilling.
The Nyam gold deposit is one of four deposits (4.9 million tons with a grade of 0.82 g/t gold and 129,000 ounces) that includes an estimate of restricted inferred mineral resources at the Enchi pit. Nyam is located 15 kilometers south of Enchi town. There are roads and electricity nearby, and a series of drilled roads provide further access. The aerial geophysical anomaly that occurred at the same time as the Nyam gold deposit showed a series of complex linear high-conductivity trends, reflecting multiple sub-parallel gold-bearing structures. As part of the 2020-2021 drilling plan, Nyam has completed a total of 101 holes with a total length of 17,120 meters.
Table 2-Enchi Gold Project Drilling Location Details
Newcore's top priority is the health and safety of all employees, contractors and local communities. The company follows all Ghanaian guidelines and requirements related to COVID-19. The company has implemented the COVID-19 protocol for its ongoing exercise program, including mandatory use of personal protective equipment (including masks for all employees), social distancing, frequent hand washing, and daily temperature checks at the beginning of each shift.
Newcore is committed to best practice standards for all exploration, sampling and drilling activities. The drilling was done by an independent drilling company using industry standard RC and diamond drilling equipment. Analytical quality assurance and quality control procedures include the systematic insertion of blanks, standards, and copies into the sample string. The sample was placed in a sealed bag and shipped directly to Intertek Labs in Tarkwa, Ghana for 50 g gold fire analysis.
Mr. Gregory Smith, Vice President of Exploration at Newcore, P. Geo, a qualified person as defined by NI 43-101, has reviewed and approved the technical data and information contained in this press release. Mr. Smith has verified the technical and scientific data disclosed here, and has performed appropriate verification of the basic data, including confirming the drilling data files according to the original drilling log and chemical verification certificate.
Newcore Gold is advancing its Enchi gold project in Ghana, Africa's largest gold producer (1). The project currently has an inferred mineral resource of 1.41 million ounces of gold, 0.62 g/ton (2). Newcore Gold provides investors with a unique combination of top-level leadership, who aligns with shareholders through its 27% equity, as well as exploration opportunities on a prime location scale. Enchi's 216 square kilometer land parcel covers 40 kilometers of Ghana's prolific Bibiani shear zone, a gold belt with several 5 million ounces of gold deposits, including the Chirano mine in Kinross, 50 kilometers to the north. Newcore's vision is to build a responsive, creative and powerful gold company that will bring the greatest return to shareholders.
Representing the board of directors of Newcore Gold Ltd.
Luke Alexander President, CEO and Director
For more information, please contact:
Mal Karwowska | Vice President of Corporate Development and Investor Relations +1 604 484 4399 info@newcoregold.com www.newcoregold.com
(1) Source: 2020 output from the World Gold Council
(2) Inferred mineral resources estimation instructions:
Neither TSX Venture Exchange nor its regulatory service provider (as the term is defined in the policies of TSX Venture Exchange) is responsible for the adequacy or accuracy of this press release.
Note on forward-looking statements
This press release includes statements that contain "forward-looking information" within the meaning of applicable Canadian securities legislation ("forward-looking statements"). Except for statements of historical facts, all statements are forward-looking statements and are based on expectations, estimates and forecasts as of the date of this press release. Any statement that involves discussion of forecasts, expectations, beliefs, plans, forecasts, goals, assumptions, future events or performance (usually but not always using such as "plan", "anticipation", "anticipation", "budget", " "Planned", "estimate", "forecast", "intend", "anticipate" or "believe" or variations of these words and phrases (including negative variations), or state certain actions, events or results "may" , "Could", "would", "might" or "will" are adopted, occurred or realized) are not statements of historical facts, but may be forward-looking statements. In this press release, forward-looking statements refer to, inter alia: statements about mineral resource estimates; the results of our ongoing drilling activities, the quantity or quality of deposits; the expected progress of mineral properties or plans; and future prospects for exploration.
These forward-looking statements and any assumptions on which they are based are made in good faith and reflect our current judgment on the direction of our business. The forward-looking statements are based on assumptions based on information currently available to Newcore. Although the forward-looking statements contained in this press release are based on reasonable assumptions that Newcore management believes or believe at the time, Newcore cannot assure its shareholders that actual results will be consistent with such forward-looking statements because there may be other factors that may cause the results to be inconsistent with expectations , Estimates or expectations. Forward-looking information also involves known and unknown risks, uncertainties and other factors, which may cause the company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information . These factors include: risks related to the speculative nature of the company’s business; the company’s formation and development stage; the company’s financial status; possible changes in mineralization, grade or recovery rates; actual results of current exploration activities; fluctuations in general macroeconomic conditions; Fluctuations in the securities market; fluctuations in the spot and forward prices of gold and other commodities; fluctuations in the currency market (such as the exchange rate of the Canadian dollar to the US dollar); changes in national and local governments, legislation, taxation, control, regulations, and political or economic development ; Risks and hazards related to mineral exploration, development and mining operations (including environmental hazards, abnormal or unexpected geological formations); whether there are laws and regulations that may impose restrictions on mining; employee relations; relations with and local communities Claims; the speculative nature of mineral exploration and development (including the risk of obtaining necessary permits, permits, and approvals from government authorities); and the title of the attribute.
The forward-looking statements contained herein were made on the date of this press release, and the company assumes no obligation to update any forward-looking statements, whether due to new information, future events or results, unless applicable securities laws are required. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events may differ materially from those expected in such statements. Therefore, readers should not rely too much on forward-looking information.