Mr. Luke Alexander reports

NEWCORE GOLD ANNOUNCES 91.7% GOLD RECOVERIES IN COLUMN TESTWORK FOR THE SEWUM AND BOIN DEPOSITS AT THE ENCHI GOLD PROJECT, GHANA

Newcore Gold Ltd. has released positive results from five additional column tests completed as part of the continuing metallurgical program at the company's 100-per-cent-owned Enchi gold project in Ghana. An average gold recovery of 91.7 per cent was achieved from column test work completed on three composite samples from the Sewum gold deposit and two composite sample from the Boin gold deposit.

Highlights from column test results:

• Five column tests completed, average gold recovery of 91.7 per cent achieved:
  • A total of five column tests (three from Sewum and two from Boin) returned an average gold recovery of 91.7 per cent, with a recovery range of 88.4 per cent to 95.6 per cent.
• Test work further advances the understanding of processing options for Enchi:
  • Testing completed on representative samples of oxide mineralization from trenches;
  • Crush size in testing in line with modelled crush size for heap-leach processing;
  • Larger-sized samples used in the columns with each sample weighing 30 kilograms (kg).
• Low reagent consumption:
  • All samples showed modest cyanide consumption with an average of 1.2 kilograms per tonne (kg/t), with a 1.3 kg/t lime (hydrated) addition to maintain a pH above 10.5.
• Additional metallurgical test work under way:
  • Optimization work continues on results from additional column tests to be completed on oxide mineralization from the Sewum, Boin and Nyam gold deposits;
  • A pilot heap bench-scale test is under way, to be completed in Q4 2023;
  • Additional testing of sulphide mineralization from Sewum is in progress.

Greg Smith, vice-president of exploration for Newcore, stated: "This additional set of column tests completed on representative oxide material from the Enchi gold project returned results that are consistent with prior results, returning high recoveries for all five composite samples. Metallurgical test work completed on oxide mineralization confirms the generally modest lime and cement consumptions. This work continues to highlight the amenability of Enchi to heap-leach gold recovery and the favourable results will be incorporated into our PEA [prelimiinary economic assessment] update scheduled for H1 2024. This test work was completed on samples from the two largest deposits currently identified on the project, Sewum and Boin, which together compromise approximately 73 per cent of the mineral resource estimate. We continue to derisk and advance the development of the project, with further metallurgical test work under way on both oxide and sulphide mineralization at Enchi."

Metallurgical testing summary

A total of five composite samples, three from Sewum and two from Boin, were submitted for column test work to the Intertek Lab located in Tarkwa, Ghana, approximately four hours by paved road from the Enchi gold project. Material for the metallurgical samples consisted of trench material collected for metallurgical sampling. The samples were selected to represent the two largest deposits on the project, Sewum and Boin, and consisted of blended oxide material with individual samples and composites covering a range of gold grades.

Composites BnMetTr1 and BnMetTr2 were prepared using 20 samples each from trench KBTR_MET_001 at Boin, with a total weight of 60 kg per composite sample. Composite SwMetTr1, SwMetTr2 and SwMetTr3 were prepared using 20 samples each from trench SWTR_MET_001 at Sewum, with a total weight of 60 kg per composite sample.

Recovery for the five samples averaged 91.7 per cent, with a range of 88.4 per cent to 95.6 per cent.

Composite samples were homogenized by mixing all material from the individual samples and crushed to 70 per cent passing 12.5 millimetres (mm). Each composite sample was then split to provide subsamples weighing four kg each. Two samples were removed and again split into a further four fractions of two kg for use in screening and grading analysis, head sample analysis, and 10-day coarse bottle roll leach tests.

Screening and grading analysis of head samples

A size analysis was done on each of the five composite samples. The samples were tested at eight screen sizes and included analyses for per cent mass.

The samples were assayed for gold, which showed that gold was present in all size fractions analyzed. The distribution shows relatively consistent gold grades for all size fractions within a range of 0.28 gram per tonne (g/t) gold (Au) to 6.55 g/t Au, with two outliers grading 0.10 g/t Au. Results include 10 per cent to 43 per cent passing 300 microns, indicating that agglomeration is warranted.

Head sample analysis

Using the results of the sizing and grading analysis, a head grade was calculated for each of the composite samples. The results were then compared with the head grade assays, which were completed on the 50-gram subsamples. The results compared well for the five composites.

Ten-day coarse bottle roll leach

Simulated heap leach testing was conducted on the composite samples using two-kilogram subsamples which underwent leaching for 10 days. Batch dissolution tests (10 days, intermittent rolling bottle) was completed under excess leach conditions (grind size -- as received, 50 per cent solids; leach time: 10 days; pH: 10.5; NaCN (sodium cyanide) addition: one gram/litre (g/L)). The final residue was dried, weighed and assayed for gold. After each 24 hours of leaching, solution assays were taken and analyzed, and reagent consumption (cyanide and lime) was calculated.

For composite BnMetTr1, 66.4 per cent of the gold was recovered on the first day, with recoveries increasing consistently to 83.6 per cent on the 10th day. For composite BnMetTr2, 66 per cent of the gold was recovered on the first day, with recoveries increasing consistently to 81.6 per cent on the 10th day. For composite SwMetTr1, 74.6 per cent of the gold was recovered on the first day, with recoveries increasing consistently to 87.6 per cent on the 10th day. For composite SwMetTr2, 77.8 per cent of the gold was recovered on the first day, completed testing at 89.5 per cent on the 10th day. For composite SwMetTr3, 66.4 per cent of the gold was recovered on the first day, with a final recovery of 90.3 per cent on the 10th day. In all cases, leaching continued after the first 10 days with ultimate recoveries expected to continue to increase with additional leaching time.

A graph showing the gold recovery by sample can be viewed at the company's website.

Metallurgical testing -- column tests

Five 30 kg closed-cycle column leach tests were conducted on the samples as received. The test charge was loaded into 150 mm in diameter by 1.5 m tall PVC columns. Thirty kg of the individual samples were agglomerated in a rolling drum using Portland cement at a 10 kg/t addition rate and then allowed to air dry for three days. After the samples had been air dried, they were loaded into the columns with the columns tilted at an angle to avoid stacking before being set upright. The column was then allowed to sit for a day before the initial level was taken to determine the slump.

The leaching parameters used in these column leach tests included the addition of approximately 1.4 kg/t of lime, which was blended into each feed solution, and a cyanide concentration of 1,000 parts per million (ppm). The initial feed solution was prepared by adding lime to tap water to obtain a solution pH above 10.5, followed by the addition of one gram of sodium cyanide per litre of solution, with a solution application rate of 10 litres per hour per square metre for all samples. The column test work was conducted under a closed cycle for 60 to 90 days. All solution samples were assayed for gold and pH, and free sodium cyanide was analyzed and recorded. Leach residue was thoroughly washed, dried, screened and analyzed for gold by fire assay.

A graph showing the leach curve can be viewed at the company's website.

The column tests are aimed at simulating the response to leaching of the sample, with the emphasis on establishing the gold dissolution characteristics (rate and extent), reagent consumption and the degree of slumping within the ore bed. All samples showed amenability to heap leaching, with recoveries averaging 91.7 per cent after 60 to 90 days.

The samples showed low cyanide consumption, averaging 1.1 kg/t with a 1.3 kg/t lime (hydrated) addition to maintain a pH above 10.5. The slumps were moderately above acceptable industry standards, with an overall average of 15.4 per cent. The sample response to a percolation rate of 10 litres per square m per hour resulted in some flooding. The ideal percolation rate will be studied and optimized.

The column leach test program has shown that the gold in the ore samples tested is readily leachable and amenable to heap leaching. The recoveries achieved are considered high, and are interpreted to indicate strong amenability to heap leaching. The particle size distribution and size-by-size analysis performed on both the head and residue after leach showed that the maximum gold recovery occurred in the finer fractions as compared with the coarser size fractions.

Screening and grading analysis of tails samples

A size analysis was done on all the tails from the composite sample column tests. The samples were tested at eight screen sizes, including analyses for per cent mass and assayed for gold. The distribution shows consistently low grades of gold for all size fractions, in line with the high gold recoveries in the column tests, within a range of nil Au to 0.37 g/t Au, with only five samples reporting greater than 0.2 g/t Au. Four of the five samples with elevated results are related to the higher-grade sample which assayed 1.79 g/t Au.

Multielement analyses

The five composites were tested for 33 elements using multiacid digestion and analyzed by inductively coupled plasma optical emission spectrometry (ICP-OES). The five samples show very similar profiles for all elements analyzed. All samples contain no silver, with every result below the detection limit of 0.5 g/t silver. All samples reported low values for lead, zinc and copper, averaging 11, 21 and 10 ppm, respectively, and mildly elevated arsenic, averaging 313 ppm, with no relationship to the gold grade. Relative to previously analyzed sulphide material, the concentrations are much lower for the more mobile elements, including calcium, magnesium, sodium and sulphur, and consistently moderately lower for cobalt, manganese, nickel and strontium.

Bond work index

The five composite samples were selected for bond index determination. Samples were sent from Intertek to Jet-Com Engineering in Tarkwa, Ghana, and included a range of recoveries and gold grades. The five as-received samples were crushed to 100 per cent passing 3.35 mm and, from this, a 700-cubic-centimetre volume was measured and weighed to be used as feed for the bond mill. The grindability, defined as the ease at which a mineral particle is reduced to a predetermined size, of the samples ranged from 1.29 g/rev to 1.73 g/rev, averaging 1.51 g/rev, which shows that the ore requires relatively little energy to crush. The bond work indices range between 8.89 kWh/t (kilowatt-hours per tonne) and 10.60 kWh/t, averaging 9.58 kWh/t, indicative of material defined as soft to low-medium hardness.

Boin and Sewum oxide sample details

Two trenches were dug for metallurgical test work on the Enchi gold project. The locations of the trenches were selected in order to allow for wide gold mineralized intercepts in each of the two largest deposits, Sewum and Boin, currently identified on the Enchi gold project. Material exposed in the trenches is considered representative of the oxide portion for both deposits. A total of 61 m and 107 m was completed on KBTR_MET_001 from Boin and SWTR_MET_001 from Sewum, respectively. Trench KBTR_MET_001 at Boin was dug out manually, while SWTR_MET_001 was dug out mechanically. Samples were assigned a new unique number and submitted to the Intertek Lab located in Tarkwa, Ghana.

Select assay results from the five holes of the drill program reported in this release are shown in the table entitled "Enchi gold project trenching results highlights."

Enchi gold project mineral resource estimate

The Enchi gold project hosts an indicated mineral resource of 41.7 million tonnes grading 0.55 g/t Au containing 743,500 ounces gold and an inferred mineral resource of 46.6 million tonnes grading 0.65 g/t Au containing 972,000 ounces (see Newcore news release dated March 7, 2023). Mineral resource estimation practices are in accordance with CIM (Canadian Institute of Mining, Metallurgy and Petroleum) Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines (Nov. 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. The mineral resource estimate is from the technical report titled "Mineral Resource Estimate for the Enchi Gold Project," with an effective date of Jan. 25, 2023, which was prepared for Newcore by Todd McCracken, PGeo, of BBA E&C Inc., and Simon Meadows Smith, PGeo, of SEMS Exploration Services Ltd., in accordance with NI 43-101 -- Standards of Disclosure for Mineral Projects, and is available under the company's profile on SEDAR. Mr. McCracken and Mr. Meadows Smith are independent qualified persons (QPs) as defined by NI 43-101.

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 (reverse circulation) and diamond drill equipment. Analytical quality assurance/quality control (QA/QC) 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. Smith, PGeo, 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 drill hole data files against the original drill hole logs and assay certificates.

About Newcore Gold Ltd.

Newcore Gold is advancing its Enchi gold project located in Ghana, Africa's largest gold producer. The project currently hosts an indicated mineral resource of 743,500 ounces of gold at 0.55 gram per tonne and an inferred mineral resource of 972,000 ounces of gold at 0.65 g/t. Newcore Gold offers investors a unique combination of top-tier leadership, which is aligned with shareholders through its 20-per-cent equity ownership, and prime district-scale exploration opportunities. Enchi's 216-square-kilometre land package covers 40 kilometres of Ghana's prolific Bibiani shear zone, a gold belt which hosts several five-million-ounce gold deposits, including the Chirano mine 50 kilometres 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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