Newcore Gold Ltd. announced the start of a 10,000-metre drill program at the Company's 100%-owned Enchi Gold Project in Ghana. The drill program will focus on infill and resource expansion drilling. Approximately 10,000 metres of Reverse Circulation ("RC") drilling is planned, targeting near-surface oxide and shallow sulphide mineralization with a main goal of infill drilling for resource conversion to improve the confidence level of the existing Mineral Resource Estimate.

A subset of the drill program will also focus on outlining resource growth on select zones, with all deposit areas and pre-resource targets remaining open along strike and at depth. Additional exploration and development work also continues at Enchi, including metallurgical testwork, trenching of high-priority surface anomalies, and greenfields work on the recently acquired Omanpe Licence. Highlights: Newcore is funded to complete the 10,000-metre drill program at Enchi.

Funding of approximately $3.3 million anticipated as a result of the exercise of in-the-money warrants expiring June 28, 2024. As of June 25, 2024 approximately 16.2 million of these warrants have been exercised, for proceeds of approximately $3.2 million. The Company?s cash balance as of the most recently disclosed quarter (March 31, 2024) was approximately $2.6 million.

Infill drilling focused on resource conversion to improve the confidence level of the existing Mineral Resource Estimate. Majority of the drill program to be allocated towards infill drilling at the two largest deposits at Enchi, currently identified as Sewum and Boin. Focus of infill drilling is to increase the confidence level of the existing resources at Enchi, a key component of the development work needed to be completed in advance of commissioning a Pre-Feasibility Study for the Project.

Drilling to target resource growth, with expansion potential existing at all deposits. Drilling will also target further resource expansion at select targets with all existing deposits remaining open along strike and at depth, with potential for resource growth in both shallow oxides and within the sulphide mineralization. Drilling to be completed on areas where good grade and wide widths of gold mineralization remains open for expansion.

District scale potential at Enchi still largely underexplored. The Enchi Gold Project spans 248 km2 along a prolific gold belt in Ghana that hosts several large scale multi-million-ounce gold mines. Newcore has identified more than 20 pre-resource targets across the property, with less than 10% of the property explored to date.

The district scale exploration opportunity at Enchi remains largely underexplored and untested, a key area of opportunity for longer-term future resource growth across the property. Future drilling will also target early-stage pre-resource targets with a focus on identifying new discoveries across the Project, to continue to prove out the longer-term size and scale potential that exists at Enchi. Further potential for future resource growth from the high-grade potential at depth.

Limited deeper drilling has now defined high-grade sulphide mineralization to a vertical depth of 300 metres, with first underground resources defined on the Project in 2023. Future drilling will also target the opportunity to define the potential for additional high-grade underground mineralization in the sulphide mineralization at Enchi. This next phase drill program will follow-up on the accomplishments achieved over the past several years including over 93,000 metres drilled that resulted in new discoveries across the Project, a significant amount of metallurgical testwork to de-risk project development, and most recently the completion of a Preliminary Economic Assessment Study defining the robust economics of the Project.