Newcore Gold Ltd. Discusses PEA Results and Progress of 66,000 Meter Drill Program with The Stock Day Podcast (NCAUF)

Phoenix, Arizona–(Newsfile Corp. – June 17, 2021) – The Stock Day Podcast welcomed Newcore Gold Ltd. (OTCQX: NCAUF) (TSXV: NCAU) (“the Company”), a gold exploration company advancing its Enchi Gold project located in Ghana, Africa’s largest gold producer (1). President, CEO and Director of the Company, Luke Alexander, joined Stock Day host Everett Jolly.

Jolly began the interview by asking about the Company’s background and current projects. “Our project is located in Ghana. It is a district scale exploration project,” said Alexander. “We put out some updated numbers last week, which included an updated resource.” he shared. “We’ve identified 25 targets across the overall project, of which 6 of them we have drilled on and four of them make up that current resource,” said Alexander. “We also put out an updated PEA, which really underpins the value of the company and highlights what a robust project we have at Newcore Gold.”

“What are the key value drivers that you see moving forward?”, asked Jolly. “Our project is a heap leach project, and that is important because it is a much less capital intensive way of producing gold,” explained Alexander. “We have an upfront capital of $97 million, which includes a 30% contingency,” he said, before elaborating on the robust economic potential of the project. “We put our study out last Tuesday, and on the back of that we have traded 3.8 million shares,” said Alexander. “Where we will go from here is ultimately building off of that, continuing to explore.”

“Can you comment on the exploration upside and what you think will have a meaningful impact on the PEA?,” asked Jolly. “PEA is a ‘Preliminary Economic Assessment,” said Alexander. “So, we use an independent engineering company to look at our project,” he explained. “They analyze that and come up with a financial model. We have released the results from that financial model last week, and within the next 45 days we will produce a full technical report.”

“In terms of the 66,000 meter program, it is the largest ever drill program on our project,” continued Alexander. “We have been putting out a lot of drill results over the last 6-8 months,” he added. “In terms of the PEA, we were only able to include about 20,000 meters of that total 66,000 meters of drilling,” said Alexander. “We have an additional 46,000 meters that we will include down the road.”

“We’re looking to expand on our four existing resource areas, as well as starting to target some new areas that have never been drilled before,” said Alexander. “That will be the focus for us over the next months. We will continue to aggressively drill and that is how we think we create the most value for our shareholders.”

“What is your strategy from here?”, asked Jolly. “Where we think we will create the most value is growing the overall size of the resource,” said Alexander.

To close the interview, Alexander encouraged listeners and shareholders to keep up-to-date on the Company’s current projects and announcements, and expressed his confidence in the Company’s growth as they continue to move forward.

To hear entire interview, follow the link to the podcast here:

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The PEA is preliminary in nature, includes Inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that PEA results will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

A technical report for the PEA will be filed by Newcore on SEDAR on or before July 23, 2021.

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 32% 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.

(1) Source: Production volumes for 2019 as sourced from the World Gold Council.

On Behalf of the Board of Directors of Newcore Gold Ltd.

Luke Alexander
President, CEO & Director

For further information, please contact:

Mal Karwowska | Vice President, Corporate Development and Investor Relations
+1 604 484 4399

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release includes statements that contain “forward-looking information” within the meaning of the applicable Canadian securities legislation (“forward-looking statements”). All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: timing of completion of a technical report summarizing the results of the PEA; the development, operational and economic results of the PEA, including cash flows, capital expenditures, development costs, extraction rates, recovery rates, mining cost estimates; estimation of mineral resources; statements about the estimate of mineral resources; magnitude or quality of mineral deposits; anticipated advancement of the Enchi Gold Project mine plan; future operations; future exploration prospects; the completion and timing of future development studies; results of our ongoing drill campaign; anticipated advancement of mineral properties or programs; future exploration prospects; and the future growth potential of Enchi.

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. The assumptions underlying the forward-looking statements are based on information currently available to Newcore. Although the forward-looking statements contained in this news release are based upon what management of Newcore believes, or believed at the time, to be reasonable assumptions, Newcore cannot assure its shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking information also involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others: risks related to interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, uninsured risks, regulatory changes, delays or inability to receive required approvals, taxes, mining title, the speculative nature of the Company’s business; the Company’s formative stage of development; the Company’s financial position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold and other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, unusual or unexpected geological formations); the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

Non-GAAP Measures

This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards (“IFRS”), including cash costs and AISC per ounce of gold. Non-GAAP measures do not have any standardized meaning prescribed under IFRS and, therefore, they may not be comparable to similar measures employed by other companies. We believe that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate our performance. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

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