Work Program Commences At Enchi Gold Project

VANCOUVER - Newcore Gold Ltd. reported on the work program underway at the Company’s 100% owned Enchi Gold Project in Ghana, including additional results from the on-going 58,000 meter drill program. Drilling has intersected 2.35 grams per tonne gold (g/t Au) over 11.0 meters (m) from 99 m, as well as 4.71 g/t Au over 6.0 m from 34 m, at the Kwakyekrom Gold Target ("Kwakyekrom") at Enchi. Drilling intersected both shallow oxide and deeper sulphide mineralization in target areas that have been previously drilled but where there currently is no defined mineral resource.

Drill results from holes drilled at Kwakyekrom and Kojina Hill include: Hole KKRC018 intersected 2.35 g/t Au over 11.0 m from 99 m to 110 m (sulphide zone), Hole KKRC023 intersected 4.71 g/t Au over 6.0 m from 34 m to 40 m (oxide zone), Hole KJRC017 intersected 1.09 g/t Au over 20.0 m from 125 m to 145 m, including 2.52 g/t Au over 4.0 m from 125 m to 129 m (sulphide zone); A third drill rig is now on site. This diamond drill rig will complete the first planned deep drilling on the Project; Updated PEA commissioned. Completion targeted for the end of Q1 2021; and Drilling on the Project continues with the current on-going 58,000 meter discovery and resource expansion drilling focused on drilling extensions to the existing resource zones, drilling previously drilled zones that are outside of current resources, and first pass discovery drilling to test a series of kilometer-scale gold-in-soil and geophysical anomalous zones with no prior drilling.

Luke Alexander, President & CEO, said, "We are very happy with the progress we are making at Enchi, with a record number of metres drilled in November as we ramp-up the pace of drilling by adding a third drill rig to our on-going 58,000 meter program. We are also encouraged by the results received to date from drilling on zones that are outside of current resource areas, as we look to confirm the potential to grow the resources at Enchi by defining further deposit areas across the district scale property."

The nine holes (1,080 m) drilled at Kwakyekrom extended the zone along strike and down dip intersecting both wide gold mineralized zones and multiple sub-parallel structures. The nine holes (1,918 m) completed at Kojina Hill encountered widespread gold mineralization within this structurally complex zone, with the 2020 drill holes largely targeting extensions within the unoxidized material below the deep oxide zone. One drill hole (100 m) was completed at Nkwanta, a 1.5 km by 2.0 km anomaly, with the hole intersecting a sequence of variably altered intermediate volcanics but no anomalous gold values. Additional surface work will be completed at Nkwanta prior to completion of additional drilling in early 2021.

Phase 2 (50,000 m) of the expanded drill program at Enchi is underway. A total of 9,772 meters in 63 holes has been completed as part of Phase 1 (originally targeted at 8,000 m), with a further 4,454 meters in 27 holes completed to date as part of Phase 2 (50,000 m). For the total planned 58,000 meter drill program, assay results have now been received and released for 63 holes representing 9,772 meters (19 holes totaling 3,098 meters. Enchi hosts a pit constrained NI 43-101 Inferred Mineral Resource of 52.9 million tonnes grading 0.72 g/t Au containing 1.22 million ounces gold.