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, completed as part of the inaugural drill program on the grassroot target at Enchi, intersected 1.29 grams per tonne gold (“g/t Au”) over 13.0 metres from 42 m in the oxides, with an additional zone in the upper sulphides intersecting 0.48 g/t Au over 32.0 m from 106 m, including 1.06 g/t Au over 7.0 m from 108 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 Drilling at Tokosea

• Drilling on the southern end of the Tokosea trend intersected multiple structures and has extended the drill tested gold mineralization 100 metres to the south:
  • Hole TORC057 intersected mineralization in both the near surface oxides and upper portions of the sulphides. Near surface the hole intersected 1.29 g/t Au over 13.0 m from 42 m. Within the upper sulphides the hole intersected 0.48 g/t Au over 32.0 m from 106 m, including 1.06 g/t Au over 7.0 m from 108 m.

• Drilling on the central portion of the main trend at Tokosea extended the zone to depth, as well as up- and down- dip from prior drill tested mineralization:
  • Hole TORC081 intersected 1.64 g/t Au over 10.0 m from 158 m.
  • Hole TORC077 intersected 2.11 g/t Au over 7.0 m from 71 m.
  • Hole TORC070 intersected 1.73 g/t Au over 8.0 m from 28 m and 1.62 g/t Au over 2.0 m from 78 m.
• Drilling on a sub-parallel structure at Tokosea intersected gold mineralization within the near-surface oxidized zone, including:
  • Hole TORC063 intersected 1.34 g/t Au over 8.0 m from 10 m.

• Strong results from drilling at Tokosea, a new greenfield discovery at Enchi, continue to highlight the potential for mineral resource growth at Enchi:
  • This drilling was completed as part of the first pass discovery drilling completed at Tokosea in 2022, with prior results announced March 7, 2022 and April 20, 2022.
  • Tokosea is outlined on surface by a six-kilometre-long and two-to-three-kilometre-wide gold-in-soil anomaly. Previous drill intercepts at Tokosea include: 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 in TORC045, 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 in TORC032 (see Newcore’s April 20, 2022 news release).

Greg Smith, VP Exploration of Newcore stated, “We are excited by the results we have achieved from our inaugural drill program at Tokosea. Only 82 holes have been drilled on the target, with drilling testing mineralization to an average vertical depth of only 75 metres. First pass drilling at Tokosea focused on testing shallow gold mineralization within the oxides and upper portion of the sulphides, with the target remaining open along strike and at depth and only a small portion of the anomaly tested to date. These results expand this new discovery at Enchi and confirm the potential for resource growth across the Project, a district scale property located on a prolific gold belt that hosts a number of multi-million-ounce gold mines.”

This news release reports results for 26 RC holes totalling 3,501 m (TORC057 to TORC082) targeting the Tokosea Gold Target. 20 of the 26 holes intersected gold mineralization.

Select assay results from the 26 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/5772/2022_06-ncau-nr-enchi-plan-map-tokosea-l.pdf

A cross section showing drill results and highlights for hole TORC057 can be viewed at:

https://newcoregold.com/site/assets/files/5772/2022_06-ncau-crosssection-torc057-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/5772/2022_06-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.

Drilling on the southern end of the Tokosea trend has now expanded the gold mineralization defined on the main structure, intersecting multiple zones in the oxides and upper portion of the sulphides. Hole TORC057 intersected a near surface structure with 1.29 g/t Au over 13.0 m from 42 m in the oxides, and a deeper structure in the sulphides with 0.48 g/t Au over 32.0 m from 106 m, including 1.06 g/t Au over 7.0 m from 108 m extending the drill tested gold mineralization 100 metres to the south.

Drilling on the central portion of the main structure at Tokosea, 1.5 kilometres northeast of hole TORC057, extended the main mineralized zone up- and down- dip from the previously drill tested zone. Hole TORC081 extended mineralization on the central portion of the main structure by 100 metres to the south, intersecting 1.64 g/t Au over 10.0 m from 158 m. Hole TORC070, collared 400 metres north of TORC081, intersected an upper mineralized zone in the oxides with 1.73 g/t Au over 8.0 m from 28 m, and 1.62 g/t Au over 2.0 m from 78 m in the sulphides. Hole TORC077, 100 metres north of TORC081, intersected 2.11 g/t Au over 7.0 m from 71 m.

A series of holes at Tokosea also tested a sub-parallel zone located approximately 350 metres west of the main structure. Drilling intersected additional gold mineralization within the near-surface oxidized zone and upper portion of the sulphide zone. Hole TORC063 tested the central portion of the sub-parallel structure and intersected 1.34 g/t Au over 8.0 m from 10 m within the oxides. Hole TORC080 intersected a broad zone of gold mineralization in the sulphides with 0.35 g/t Au over 29.0 m from 84 m, including 0.53 g/t Au over 6.0 m from 85 m. Hole TORC065 intersected two gold zones in the oxides with an upper mineralized zone of 0.31 g/t Au over 19.0 m from 24 m, and a second zone with 0.81 g/t Au over 4.0 m from 57 m.

First pass drilling at Tokosea now consists of 82 RC holes totalling 10,238 m (TORC001 to TORC082) designed to test gold-in-soil and trench anomalies. The wide spaced and shallow drilling tested several targets within a four-kilometre-by-two-kilometre area, with 68 of the 82 holes intersecting gold mineralization.

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. Newcore’s multi-pronged exploration approach has delivered on the goals set out at the start of drilling: (i) successfully outlined potential resource growth along strike at all four existing deposits (Sewum, Boin, Nyam, Kwakyekrom); (ii) encountered strong results at previously drilled zones that are outside of the resource area (Kojina Hill and Eradi); (iii) drilling intersected high-grade at depth which has outlined the potential for underground resources; and (iv) identified new discoveries from successful first pass drilling on early stage kilometre-scale gold-in-soil anomalous targets (Sewum South, Tokosea). For the total planned 90,000 metre drill program, assay results have now been received and released for 549 holes representing 86,565 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. 82 RC holes totalling 10,238 metres were completed and released as part of the current drill program.

Drill Hole Locations

Table 2 – Enchi Gold Project Drill Hole Location Details

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.