Newcore Gold Increases Drill Program to 35,000 Metres and Intersects 1.28 g/t Gold over 63.0 Metres at the Enchi Gold Project, Ghana

Drilling Intersects Multiple Zones of Shallow Gold Mineralization at the Boin Gold Deposit

2024 – 2025 Drill Program Increased to 35,000 Metres

VANCOUVER, British Columbia, Feb. 28, 2025 (GLOBE NEWSWIRE) — Newcore Gold Ltd. (“Newcore” or the “Company”) (TSX-V: NCAU, OTCQX: NCAUF) is pleased to announce that on the back of the success achieved to date with drilling at the Company’s 100% owned Enchi Gold Project (“Enchi” or the “Project”) in Ghana, and the completion of a $15 million equity financing, the Company has increased its 2024 – 2025 drill program to 35,000 metres. Newcore is also pleased to announce additional drill results from the drill program underway at Enchi. Shallow Reverse Circulation (“RC”) drilling at the Boin Gold Deposit (“Boin”) intersected multiple zones of gold mineralization, with hole KBRC328 intersecting 1.28 grams per tonne gold (“g/t Au”) over 63.0 metres (“m”) from 9 m, and hole KBRC335 intersecting 2.18 g/t Au over 23.0 m from 6 m including a higher-grade interval of 5.58 g/t over 8.0 m from 16 m.

The expanded drill program will allow Newcore to accelerate completion of the drilling required for resource conversion in advance of commissioning a Pre-Feasibility Study (“PFS”) later this year. This expanded drill program will also include a subset of drilling focused on discovery and resource growth with drilling to be completed on earlier-stage exploration targets along with drilling focused on defining the resource growth potential at depth. Thus far, the drill program underway at Enchi has primarily focused on resource growth and infill drilling designed to convert Inferred Resources to Indicated. Drilling completed to date as part of the 2024 – 2025 drill program continues to prove out the continuity of gold mineralization and potential for future resource growth across the Project.

Highlights from Drilling at the Boin Gold Deposit at Enchi

• Drilling continues to encounter wide zones of gold mineralization near-surface, within the oxidized mineralization.
  • KBRC328 intersected 1.28 g/t Au over 63.0 m from 9 m in the oxide/transition zones, with a second intercept of 0.76 g/t Au over 18.0 m from 78 m in the upper sulphide zone.
  • KBRC335 intersected 2.18 g/t Au over 23.0 m from 6 m, including a higher-grade interval of 5.58 g/t Au over 8.0 m from 16 m in the oxide/transition zones.
• In the south-central portion of Boin, drilling encountered wide zones of gold mineralization within the upper sulphide horizon.
  • KBRC337 intersected 1.06 g/t Au over 47.0 m from 79 m.
  • KBRC341 intersected 0.64 g/t Au over 69.0 m from 51 m.

Luke Alexander, President and CEO of Newcore stated, “We are thrilled to be increasing the size of our drill program at Enchi to 35,000 metres on the back of a very successful equity financing which was led by strong support from both new and existing institutional shareholders. We are in a very strong financial position to continue to drill and advance the development of Enchi for the next 18 – 24 months, with a focus of unlocking the district scale opportunity at Enchi while concurrently advancing the development of the Project towards commissioning of a PFS in the second half of 2025.”

Greg Smith, Vice President of Exploration of Newcore stated, “These latest results from the drill program, focused on Boin which is our second largest deposit at Enchi, continue to highlight the resource growth potential from near surface mineralization that is amenable to open pit mining and heap leach processing. Drilling targeted the north-central and south-central portions of the deposit, with most of the drilling focused on testing a gap area in the prior Mineral Resource Estimate. Results from this closer spaced drilling were positive in intersecting gold mineralization and continue to prove out the continuity of mineralization at Boin. With the expanded size of our 2024 – 2025 drill program, and all our deposits at Enchi remaining open along strike and at depth, I am excited to keep the drill rig turning as we look to continue to define the resource growth potential across the district scale property.”

This release reports results for 23 RC holes totalling 2,252 m (KBRC319 to KBRC341) targeting the Boin Gold Deposit. 21 of the 23 holes intersected gold mineralization. A total of 10,632 metres in 87 holes have been reported as part of the ongoing 2024 – 2025 drill program at Enchi.

Select assay results from the 23 holes of the drill program reported in this release are below:

Table 1 – Enchi Gold Project Drill Highlights

^{Notes:
  1. See detailed table for complete results;
  2. Intervals reported are hole lengths with true width estimated to be 75 – 85%; and
  3. Length-weighted averages from uncut assays.}

A plan map showing the drill hole locations can be viewed at:
https://newcoregold.com/site/assets/files/5897/2025_02-ncau-nr-enchi-plan-map-boin.pdf

A cross section showing drill results and highlights for holes KBRC328 and KBRC327 can be viewed at:
https://newcoregold.com/site/assets/files/5897/2025_02-ncau-crosssection-kbrc328.pdf

A complete list of the drill results in this release, including hole details, can be viewed at:
https://newcoregold.com/site/assets/files/5897/2025_02_28-ncau-enchi-2024-2025-drill-results.pdf

Drilling at the Boin Gold Deposit

KBRC319 to KBRC341 (23 RC holes totalling 2,252 m) were completed at Boin, targeting the north-central and south-central portions of the deposit. Drilling targeted near-surface oxidized, transition as well as shallow sulphide mineralization with a goal of infill drilling for resource conversion to improve the confidence level as well as grow the existing Mineral Resource Estimate. RC drilling at Boin consisted of 50-metre spaced sections with drill holes spaced every 25 metres along the sections. The holes reported in this news release are distributed across 13 separate sections that are spread along a strike length of 2.5 kilometres.

11 RC holes totalling 1,030 m (KBRC325 to KBRC335) tested a gap area in the prior Mineral Resource Estimate located in the north-central portion of the deposit. Drilling from this area encountered positive results including KBRC328 which intersected 1.28 g/t Au over 63.0 m from 9 m, with a second intercept of 0.76 g/t Au over 18.0 m from 78 m. KBRC335 intersected 2.18 g/t Au over 23.0 m from 6 m, including a higher-grade interval of 5.58 g/t Au over 8.0 m from 16 m in the oxide/transition mineralization. Additional drill results from this area included KBRC325 which intersected three zones: 0.43 g/t Au over 48.0 m from 132 m, 0.54 g/t Au over 19.0 m from 60 m and 0.84 g/t Au over 8.0 m from 37 m.

Drilling also included 4 RC holes totalling 438 m (KBRC319, KBRC320 and KBRC323, KBRC324) completed on two sections located 500 metres south of the gap area, spaced 50 metres apart. Results from this area included KBRC324 with 0.50 g/t Au over 56.0 m from 64 m, KBRC320 with 0.70 g/t Au over 38.0 m from 108 m and 0.67 g/t Au over 13.0 m from 85 m, and KBRC319 with 0.94 g/t Au over 19.0 m from 33 m.

Drilling completed on the far southern end of the central portion of the Boin Gold Deposit included 6 RC holes totalling 558 m (KBRC336 to KBRC341) drilled across three sections spaced 100 metres apart. Results included KBRC337 which intersected 1.06 g/t Au over 47.0 m from 79 m, KBRC341 with 0.64 g/t Au over 69.0 m from 51 m, KBRC339 with 1.06 g/t Au over 16.0 m from 90 m, and KBRC340 with 0.61 g/t Au over 20.0 m from 14 m.

One additional section was drilled to the north of the far southern end of the central portion of Boin (2 RC holes totalling 226 m, KBRC321 and KBRC322), with drill results including two intercepts within the oxidized material: KBRC322 with 0.86 g/t Au over 13.0 m from 23 m and KBRC321 with 0.86 g/t Au over 13.0 m from 4 m.

This set of drill results continues to confirm continuity along strike and down dip for the principal structures which comprise the Boin Gold Deposit. The width and gold grades within these drill results are also consistent with prior wider-spaced drilling completed at Boin.

The drill results released to date from the 2024 – 2025 drill program are from the Boin and Sewum deposits where drilling was designed to improve the confidence level of the existing Mineral Resource Estimate. This recent drilling was drilled in areas where the previous pit constrained Mineral Resource Estimate was classified as Inferred. The Company anticipates that the results of this recent drilling should allow for the conversion of a substantial portion of mineralization within these areas to the Indicated category.

2024 – 2025 Enchi Work Program

A 35,000-metre drill program is underway at Enchi, targeting near-surface oxide and shallow sulphide mineralization with a primary goal of infill drilling for resource conversion to improve the confidence level of the existing Mineral Resource Estimate. Most of the infill drilling is allocated to the two largest deposits at Enchi, Boin and Sewum. Improving the confidence level of the Mineral Resource Estimate at Enchi is a key component of the development work required to be completed in advance of commissioning a Pre-Feasibility Study for the Project. A subset of the drill program will also focus on outlining resource growth, with all deposit areas and pre-resource targets at Enchi remaining open along strike and at depth, providing for future resource growth across the district-scale property.

Additional exploration and development work is on-going at Enchi, including metallurgical testwork, trenching, hydrogeological testing, geotechnical work, environmental work and soil sampling. Drone topographic surveys have been completed, expanding on previously completed work, at the Kwakyekrom and Tokosea deposit areas to provide detailed topographic information required to improve the confidence level of each deposit’s Mineral Resource Estimate. Additionally, the drone survey was completed across the proposed heap leach facility area to contribute additional data for future detailed engineering studies. An airborne magnetic survey tested grass roots targets related to a series of gold-in-soil anomalies and gold mineralization identified in trenching. Soil sampling is also currently being completed on the Omanpe and Abotia licenses with a goal of further defining early-stage targets across Enchi for future trenching and drilling.

Boin Gold Zone

Boin is one of the five deposits which comprise the Mineral Resource Estimate at Enchi (Boin has an Indicated Mineral Resource of 13.0 million tonnes grading 0.62 g/t Au containing 258,200 ounces and Inferred Mineral Resource of 15.9 million tonnes grading 0.68 g/t Au containing 349,600 ounces). Boin is located 10 kilometres south of the town of Enchi, with nearby roads and power and further access provided by a series of drill roads. Boin is outlined on surface by a greater than six-kilometre-long by up to one-kilometre-wide gold in soil anomaly. An airborne geophysical anomaly coincident with the Boin structure extends for a further kilometre north and three kilometres south beyond the limits of current drilling. To date, approximately 40% of the gold-in-soil anomaly at Boin is untested by drilling, with the average vertical depth of all holes drilled to date at Boin only down to 90 metres.

Drill Hole Locations

Table 2 – Enchi Gold Project Drill Hole Location Details

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 Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines (November 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 (“NI 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 January 25, 2023, which was prepared for Newcore by Todd McCracken, P. Geo, of BBA E&C Inc. and Simon Meadows Smith, P. Geo, 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+ at www.sedarplus.ca. Todd McCracken and Simon Meadows Smith are independent qualified persons (“QP”) as defined by NI 43-101.

Grant of Equity Incentive Awards

Newcore has granted 1,700,000 restricted share units (“RSUs”) to employees, directors and executives of the Company. The RSUs are granted under the Company’s long-term incentive plan and will vest over a three-year period with one-third vesting after each 12-month period.

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 and Diamond Drill equipment. Analytical quality assurance and quality control 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. Gregory Smith, P. Geo, 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 drillhole data files against the original drillhole logs and assay certificates.

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 15% equity ownership, and prime district scale exploration opportunities. Enchi’s 248 km² land package covers 40 kilometres of Ghana’s prolific Bibiani Shear Zone, a gold belt which hosts several multi-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.
^{(1) Source: Production volumes for 2023 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
info@newcoregold.com
www.newcoregold.com

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: statements about the estimation of mineral resources; results of preliminary economic assessments; completion of a pre-feasibility study; results of metallurgical testwork; results of our ongoing drill campaign; results of drilling, magnitude or quality of mineral deposits; anticipated advancement of mineral properties or programs; and future exploration prospects.

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 the speculative nature of Newcore’s business; Newcore’s formative stage of development; Newcore’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 Newcore 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.