Drilling at Tokosea, a New Discovery at Enchi, Intersects Additional High-Grade, Wide Zones of Gold Mineralization from Surface, Expanding Mineralization Along Strike and Down Dip

Newcore Gold Ltd. (TSX-V: NCAU) (OTCQX: NCAUF) is pleased to announce drill results from the 90,000 metre drill program underway at the Company’s 100% owned Enchi Gold Project in Ghana. First pass Reverse Circulation drilling at the Tokosea Gold Target (“Tokosea”), completed as part of the inaugural drill program on the grassroot target at Enchi, intersected multiple wide zones of gold mineralization from surface. Drill results included 1.80 grams per tonne gold over 27.0 metres from 30 m, including 4.13 g/t Au over 3.0 m from 31 m, and 1.67 g/t Au over 17.0 m from 131 m, including 18.17 g/t Au over 1.0 m from 131 m. Tokosea is a new greenfield discovery at Enchi where first pass drilling has highlighted the strong potential to delineate additional resources across the 216 km² land package at Enchi.

Highlights from First Pass Drilling at Tokosea

• Drilling at Tokosea has confirmed and expanded the new greenfield discovery, highlighting the strong potential to delineate additional gold resources at Enchi:
  • This drilling was completed as part of the first pass discovery drilling completed at Tokosea in 2022, with first results announced March 7, 2022.
  • Inaugural drilling tested mineralization to an average vertical depth of only 75 metres.
  • Tokosea is outlined on surface by a six-kilometre-long and two-to-three-kilometre-wide gold-in-soil anomaly. With only 56 holes drilled to date on the target, the strong results highlight the possibility of a new area for potential mineral resources at Enchi.

• Drilling at Tokosea has expanded the gold mineralization, intersecting multiple structures in the upper portion of the sulphides, including:
  • Hole TORC045 intersected multiple zones of mineralization throughout the drill hole. Near surface, the hole intersected 1.80 g/t Au over 27.0 m from 30 m, including 4.13 g/t Au over 3.0 m from 31 m, 3.41 g/t Au over 3.0 m from 38 m, and 3.76 g/t Au over 3.0 m from 47 m. A zone near the end of the hole intersected 0.93 g/t Au over 15.0 m from 134 m, including 3.22 g/t Au over 3.0 m from 140 m.
  • Hole TORC032 intersected 1.67 g/t Au over 17.0 m from 131 m, including 18.17 g/t Au over 1.0 m from 131 m and a second zone with 3.36 g/t Au over 5.0 m from 105 m.

• Drilling on a series of sub-parallel structures intersected shallow oxide mineralization:
  • Hole TORC048 intersected 0.40 g/t Au over 32.0 m from surface, including 2.10 g/t Au over 3.0 m from 27 m and a second zone with 0.74 g/t Au over 8.0 m from 87 m.
  • Hole TORC047 intersected 1.20 g/t Au over 10.0 m from surface, including 4.26 g/t Au over 2.0 m from 1 m and a second zone with 0.99 g/t Au over 4.0 m from 26 m.

Luke Alexander, President and CEO of Newcore stated, “These results are the continuation of the results we released last month, confirming and expanding one of three new discoveries at our Enchi Gold Project. These results and new discoveries confirm the potential for Enchi to host additional deposits. Drilling at Tokosea has successfully delineated high-grade, wide zones of mineralization near surface with drilling on the target having only tested mineralization to an average vertical depth of 75 metres. We have now defined mineralization across a strike length of four-kilometres, with only a small portion of this six-kilometre-long anomaly tested to date. Enchi’s 216 km² land package covers 40 kilometres of Ghana’s prolific Bibiani Shear Zone, a gold belt which hosts several large, multi-million-ounce gold deposits. We look forward to continuing our systematic approach to exploration and defining the potential of our district scale Enchi Gold Project through the drill bit.”

This news release reports results for 30 RC holes totalling 3,889 m (TORC027 to TORC056) targeting the Tokosea Gold Target. 24 of the 30 holes intersected gold mineralization. These results follow up on the initial 26 RC holes which made the discovery at Tokosea.

Select assay results from the 30 holes of the drill program reported in this release are below:

Table 1 – Enchi Gold Project Drill Highlights

A plan map showing the drill hole locations can be viewed at:

https://newcoregold.com/site/assets/files/5764/2022_04-ncau-nr-enchi-plan-map-tokosea-l.pdf

A cross section showing drill results and highlights for hole TORC045 can be viewed at:

https://newcoregold.com/site/assets/files/5764/2022_04-ncau-crosssection-torc045-l.pdf

A complete list of the 2020 – 2022 drill results released to date, including hole details, can be viewed at:

https://newcoregold.com/site/assets/files/5764/2022_04-ncau-enchi-2020-2022-drill-results-l.pdf

Drilling at Tokosea

Tokosea is a large, previously undrilled gold target at Enchi, located in the central portion of the property to the north of the Sewum Gold Deposit. Tokosea is outlined on surface by a six-kilometre-long and two-to-three-kilometre-wide gold-in-soil anomaly. First pass drilling at Tokosea now consists of 56 RC holes totalling 6,737 m (TORC001 to TORC056) designed to test gold-in-soil and trench anomalies. The wide spaced drilling tested several targets within a four-kilometre-by-two-kilometre area, with 47 of the 56 holes intersecting gold mineralization.

From the results reported in this release, 12 holes (TORC027 to TORC034A, TORC045 to TORC048) tested the central structure within the anomalous area at Tokosea, stepping out from the discovery drill hole TORC025 which intersected 3.52 g/t Au over 9 m from 74 m, including 7.36 g/t Au over 4 m from 77 m. This set of results has now extended the strike length of the drill tested portion of the central structure at Tokosea by one kilometre, to a total strike length of four kilometres, with mineralization intersected within both the oxides and sulphides.

Hole TORC045, completed on the south-central portion of the drill tested area, intersected multiple mineralized zones throughout the drill hole beginning at surface. Results included 1.80 g/t Au over 27.0 m from 30 m including 4.13 g/t Au over 3.0 m from 31 m, 3.41 g/t Au over 3.0 m from 38 m and 3.76 g/t Au over 3.0 m from 47 m. A second zone, near the end of the hole, intersected 0.93 g/t Au over 15.0 m from 134 m, including 3.22 g/t Au over 3.0 m from 140 m. A third zone intersected 0.58 g/t Au over 8.0 m from 78 m. Hole TORC034A, collared 120 metres west of TORC045 on the same section, intersected an adjacent structure with 0.60 g/t Au over 15.0 m from 5 m, including 3.13 g/t Au over 1.0 m from 17 m.

Hole TORC032, collared on the next section 200 metres north of TORC045, intersected 1.67 g/t Au over 17.0 m from 131 m, including 18.17 g/t Au over 1.0 m from 131 m and a second zone with 3.36 g/t Au over 5.0 m from 105 m. On the same section, hole TORC031 collared 75 metres east of TORC032 intersected the up-dip continuation of the upper zone in TORC032 returning 1.73 g/t Au over 4.0 m from surface and 1.31 g/t Au over 4.0 m from 26 m as well as the up-dip extension of the lower zone with 0.83 g/t Au over 18.0 m from 97 m including 1.89 g/t Au over 5.0 m from 107 m.

Drilling south of hole TORC045 on a series of sub-parallel structures intersected multiple mineralized zones including TORC048 with a wide zone of gold mineralization from surface returning 0.40 g/t Au over 32.0 m from surface, including 2.10 g/t Au over 3.0 m from 27 m and a second zone with 0.74 g/t Au over 8.0 m from 87 m. Hole TORC047, collared 200 metres south of TORC048, also returned gold mineralization from surface with 1.20 g/t Au over 10.0 m from surface, including 4.26 g/t Au over 2.0 m from 1 m and a second zone with 0.99 g/t Au over 4.0 m from 26 m. On the same section as hole TORC045, 200 metres north of TORC048, hole TORC046 intersected the down dip continuation of the sub-parallel zone in hole TORC034A returning 0.62 g/t Au over 12.0 m from 161 m, including 6.27 g/t Au over 1.0 m from 164 m.

10 holes (TORC035 to TORC044) tested a series of structures on the northern portion of the Tokosea anomaly approximately 1.5 kilometres north of TORC045. All holes intersected gold mineralization with up to four separate mineralized structures. To date the area has been tested by two sections of holes spaced 200 metres apart. Drill results include TORC044 with 0.43 g/t Au over 10.0 m from 14 m; TORC036 with 0.92 g/t Au over 3.0 m from 147 m, TORC043 with 2.12 g/t Au over 1.0 m from 84 m; and TORC039 with 0.23 g/t Au over 11.0 m from 5 m.

Enchi Gold Project Mineral Resource Estimate

The Enchi Gold Project hosts a pit constrained Inferred Mineral Resource of 70.4 million tonnes grading 0.62 g/t Au containing 1.41 million ounces gold (see Newcore news release dated June 8, 2021). 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 was prepared by independent qualified person Todd McCracken, P. Geo. of BBA E&C Inc. The technical report, titled “Preliminary Economic Assessment for the Enchi Gold Project, Enchi, Ghana” has an effective date of June 8, 2021, and is available under the Company’s profile on SEDAR at www.sedar.com.

2020 – 2022 Enchi Drilling Program

A 90,000 metre discovery and resource expansion drilling program is underway at Enchi (anticipated completion in Q2 2022). The program includes both RC and diamond drilling and includes the first deeper drilling on the Project. This drill program includes testing extensions of the existing resource areas while also testing a number of high priority exploration targets outside of the Inferred Mineral Resource. Drilling is focused on step out extensions and exploration drilling at the Sewum, Boin, Nyam and Kwakyekrom Deposits. Additional drilling is also focused on previously drilled zones that are outside of the resource area (Kojina Hill and Eradi), along with first pass drilling to test a series of kilometre-scale gold-in-soil anomalous zones with no prior drilling (Sewum South, Tokosea and Nkwanta). All zones represent high priority targets based on geological, geochemical and geophysical surface work and previous trenching and drilling. For the total planned 90,000 metre drill program, assay results have now been received and released for 523 holes representing 83,064 metres.

Tokosea Gold Target

The Tokosea Target is located in the central portion of the Enchi Gold Project and is one of the largest anomalous areas with gold-in-soil and associated geophysical anomalies. Tokosea is located 15 kilometres southeast of the town of Enchi, with nearby roads and power and further access provided by a series of drill roads. Tokosea is outlined on surface by a six-kilometre-long and two to three-kilometre-wide gold-in-soil anomaly. An airborne geophysical anomaly coincident with the area defines a series of sub-parallel and intersecting structures. Historic artisanal small scale open pit and underground mining has occurred on individual structures dating as far back as the early 20^th century. The area was untested by drilling prior to the current drill program. As part of the current drill program results have been received and released for 56 RC holes totalling 6,737 metres.

Drill Hole Locations

Table 2 – Enchi Gold Project Drill Hole Location Details

COVID-19 Protocols

Newcore’s first priority is the health and safety of all employees, contractors, and local communities. The Company is following all Ghana guidelines and requirements related to COVID-19. The Company has implemented COVID-19 protocols for its ongoing drill program consisting of the mandatory use of personal protective equipment (including facemasks for all employees), maintaining social distancing, frequent hand washing, and daily temperature checks at the start of each shift.

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.

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.

About Newcore Gold Ltd.

Newcore Gold is advancing its Enchi Gold Project located in Ghana, Africa’s largest gold producer ⁽¹⁾. The Project currently hosts an Inferred Mineral Resource of 1.41 million ounces of gold at 0.62 g/t ⁽²⁾. Newcore Gold offers investors a unique combination of top-tier leadership, who are aligned with shareholders through their 27% equity ownership, and prime district scale exploration opportunities. Enchi’s 216 km² land package covers 40 kilometres of Ghana’s prolific Bibiani Shear Zone, a gold belt which hosts several 5 million-ounce gold deposits, including Kinross’ Chirano mine 50 kilometers to the north. Newcore’s vision is to build a responsive, creative and powerful gold enterprise that maximizes returns for shareholders.