Newcore Gold Announces Addition of Omanpe Prospecting License and Completion of an Updated Environmental and Social Baseline Study at the Enchi Gold Project, Ghana

Addition of Omanpe License Increases Size of the Enchi Gold Project to 248 km²

VANCOUVER, British Columbia, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Newcore Gold Ltd. ("Newcore" or the "Company") (TSX-V: NCAU, OTCQX: NCAUF) is pleased to announce several positive developments at the Company’s 100%-owned Enchi Gold Project ("Enchi" or the "Project") in Ghana. Newcore has increased the size of its district scale Project with the addition of the Omanpe license. Omanpe covers 32.12 km² and grows the size of the Enchi Gold Project to 248 km². In addition, Newcore has completed an updated Environmental and Social Baseline Study for the Project (the "2023 Baseline Study" or the "Study"), an important milestone in continuing to de-risk and advance the Project towards production. As previously reported, an updated Preliminary Economic Assessment ("PEA") study for the Project is underway, with completion on-track for H1 2024.

Highlights from Recent Developments at Enchi

• Addition of Omanpe license increases size of Enchi Gold Project to 248 km².
  • License covers 32.12 km², located on the eastern edge of the Project approximately five kilometres east of the Sewum Gold Deposit.
  • Previously completed exploration work at the Omanpe Gold Target ("Omanpe"), including geophysical and geochemical surveys, generated gold-in-soil anomalies, adding several early-stage gold targets to the district-scale potential at Enchi.
• Completion of an updated environmental and social baseline study continues to de-risk and advance development of the Project.
  • Completed in late 2023 by Abbakus Geosocial Consult Limited based in Accra, Ghana, an independent group with extensive experience focused on mining projects in Ghana.
  • The Study concluded that there are no existing issues related to water, soil, noise, or air quality for the proposed development of the Project.
  • The Project is looked upon favourably by the local communities and stakeholders and is in an area with a long history of gold exploration, development, and mining.
• Updated PEA on target for completion in H1 2024.
  • The PEA is being completed by independent engineering consultants Lycopodium, Micon International Limited and SEMS Exploration and will incorporate the 2023 Mineral Resource Estimate, updated cost estimates, and recent metallurgical testwork.

Luke Alexander, President and CEO of Newcore stated, "We are excited to meaningfully increase the size of our Enchi Gold Project. Omanpe adds several early-stage gold targets to the Project, building on the district scale exploration opportunity at Enchi which is located along a belt that hosts several multi-million-ounce gold mines. We also continue to complete important work to advance the development of our Enchi Gold Project in Ghana towards a construction decision. The recently completed updated environmental and social baseline study highlights the attractive location of the Project for development, an area with a long history of both gold exploration and mining, along with local stakeholder support for the Project. We look forward to continuing to de-risk and advance Enchi in 2024 with completion of the updated PEA study in the first half of the year providing an underpinning of value for Newcore while continuing to highlight the Project’s potential to become one of West Africa’s next gold mines."