Newcore Gold Ltd. (TSX-V: NCAU) (OTCQX: NCAUF) is pleased to announce additional drill results from the 90,000 metre drill program underway at the Company’s 100% owned Enchi Gold Project in Ghana. Drilling at the Sewum Gold Deposit at Enchi has intersected 2.33 grams per tonne gold over 14.0 metres from 104 m, including 20.54 g/t Au over 1.0 m from 116 m in the sulphides. Drilling at Sewum continues to encounter multiple gold mineralised structures, with these results highlighting the potential for deeper high-grade structures outside of the existing pit constrained resource.
Highlights from Drilling at Sewum
Greg Smith, Vice President of Exploration of Newcore stated, “We are very pleased with the continued success of our ongoing drill program at Enchi. Sewum is currently the largest defined gold deposit on the Project, with these results continuing to highlight the potential for resource growth both along strike and at depth. Drilling continues to encounter near-surface mineralisation outside of the resource area, while deeper drilling is now consistently encountering high-grade core structures within the sulphides, with these results encountering the deepest gold mineralisation intercepted to date at Enchi. We look forward to continuing to drill at the numerous targets at Enchi to prove out the multi-million-ounce potential of this district-scale project.”
This news release reports results for 11 Diamond Drill holes totalling 3,658.7 m (SWDD070A to SWDD080) targeting the Sewum Gold Deposit, with all holes intersecting gold mineralisation. Results are pending from an additional three DD holes totalling 1,061.7 m that have been completed at Sewum.
Select assay results from the 11 holes of the drill program reported in this release are below:
Table 1 – Enchi Gold Project Drill Highlights
|Hole ID||Zone/Deposit||From (m)||To (m)||Length (m)||Au (g/t)|
|1.||See detailed table for complete results|
|2.||Intervals reported are hole lengths with true width estimated to be 75 – 85%|
|3.||Length-weighted averages from uncut assays|
A plan map showing the drill hole locations can be viewed at:
Cross sections showing drill results and highlights for holes SWDD071B and SWDD073 can be viewed at:
A complete list of the 2020 – 2021 drill results to date, including hole details, can be viewed at:
Five DD holes (SWDD070A to SWDD074) were completed in the central portion of Sewum, at the Sewum Checkerboard Hill (CH) deposit area. Drilling in this area tested a strike length of 500 metres, with drilling near the northern extent of the deposit encountering multiple zones of gold mineralisation including a high-grade core. Hole SWDD071B intersected a mineralised structure grading 2.33 g/t Au over 14.0 m from 104 m (sulphide zone), which included 4.08 g/t Au over 7.0 m from 110 m and a high-grade core structure of 20.54 g/t Au over 1.0 m from 116 m. Hole SWDD071B intersected additional gold mineralised structures within the sulphides, returning 0.67 g/t Au over 4.0 m from 123 m and 0.40 g/t Au over 13.4 m from 277.6 m. Hole SWDD073 collared 200 metres north of SWDD071B also intersected a series of gold mineralised structures with 1.61 g/t Au over 6.5 m from 195.5 m, 1.24 g/t Au over 1.8 m from 231.2 m, and 0.63 g/t Au over 11.2 m from 273.3 m which included 2.38 g/t Au over 1.5 m from 283.0 m. The gold mineralisation intersected in hole SWDD073 is interpreted to represent the down plunge continuation of the mineralisation intersected at Checkerboard Hill in hole SWDD071B.
Two DD holes (SWDD075 and SWDD079A) were completed in the northern portion of Sewum, at the Sewum Ridge deposit area, with drilling testing 600 metres of strike length. Hole SWDD075 intersected near surface oxide mineralisation which returned 0.58 g/t Au over 16.0 m from 2.0 m (oxide zone) associated with the main gold mineralised structure. An additional intercept in this area included a deeper zone of 0.98 g/t Au over 15.6 m from 350.0 m (sulphide zone), including 2.00 g/t Au over 6.6 m from 359.0 m, representing the deepest gold mineralised structure tested and is associated with an eastern structure which remains open and largely untested by previous drilling.
Four DD holes (SWDD076 to SWDD078, and SWDD080) were completed within the southern limit of Sewum, at Sewum Extension. Drilling in this area tested the down dip continuity along a strike length of 400 metres. Hole SWDD077 intersected a series of gold mineralised structures including 1.23 g/t Au over 9.0 m from 224 m (sulphide zone), including 1.98 g/t Au over 3.1 m from 227 m. Hole SWDD076 collared 100 metres north intersected 0.54 g/t Au over 16.0 m from 130 m (sulphide zone), including 1.64 g/t Au over 1.0 m from 131 m.
A total of 70,688 metres in 396 holes have been completed as part of the ongoing 2020 – 2021 drill program at Enchi. For the total planned 90,000 metre drill program, assay results have now been received and released for 316 holes representing 54,314 metres.
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 – 2021 Enchi Drilling Program
A 90,000 metre discovery and resource expansion drilling program is underway at Enchi. The program includes both RC and diamond drilling and will include the first deeper drilling planned 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 planned at 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 (Nkwanta, Sewum South and other anomalies). All zones represent high priority targets based on geological, geochemical and geophysical surface work and previous trenching and drilling.
Sewum Gold Zone
The Sewum Gold Deposit is the largest of the four deposits which comprise the pit constrained Inferred Mineral Resource Estimate at Enchi, with Sewum hosting approximately 51% of the currently defined resource (41.0 million tonnes grading 0.55 g/t Au containing 725,200 ounces). Sewum is located 15 kilometres south of the town of Enchi, with nearby roads and power and further access provided by a series of drill roads. Sewum is outlined on surface by a six-kilometre-long and one-to-two-kilometre-wide gold in soil anomaly. An airborne geophysical anomaly coincident with the Sewum Deposit defines a series of sub parallel and intersecting structures. To date, approximately 50% of the gold-in-soil anomaly is untested by drilling. As part of the current drill program a total of 60 holes totalling 13,785 metres have been completed at Sewum.
Drill Hole Locations
Table 2 – Enchi Gold Project Drill Hole Location Details
|Hole ID||UTM East||UTM North||Elevation||Azimuth °||Dip °||Length (m)|
Share Issuance for Drill Services
Newcore has issued an additional 334,153 payment shares in settlement of $211,218 in drilling services pursuant to the agreement with Geodrill Limited that was announced on April 28, 2021. The shares were issued on August 16, 2021 at a deemed price per share of $0.6321, equal to the 15-day VWAP immediately prior to the issuance of the shares, and are subject to a hold period expiring four months following the date of issuance. This is the final tranche of shares issued under this agreement.
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.
Mr. Gregory Smith, P. Geo, Vice President of Exploration of 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.
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