Newcore Gold Hits Milestone with Deep Drilling, Nears Key Feasibility Study

VANCOUVER, BC – June 16, 2026 – Newcore Gold Ltd. is solidifying the potential of its flagship Enchi Gold Project in Ghana, announcing significant new drill results that extend mineralization to new depths. The findings come as the company approaches a critical milestone: the completion of a Pre-Feasibility Study (PFS) by the end of this month, a move that signals a transition from pure exploration toward a defined development path in one of West Africa’s most prolific gold belts.

Newcore today reported that drilling at the Sewum Gold Deposit, the largest of five known deposits at Enchi, continues to intersect wide zones of gold mineralization well below the boundaries of the current resource model. These results not only confirm the continuity of the system but also suggest a much larger and more robust project than previously defined, providing a strong tailwind as the company finalizes its economic and technical assessments.

De-Risking Development with a Pivotal Study

The most significant near-term catalyst for Newcore is the anticipated delivery of its PFS. This study, led by the respected engineering firm Lycopodium, will provide the first detailed economic and technical roadmap for building a mine at Enchi, moving well beyond the scope of the project's 2024 Preliminary Economic Assessment (PEA).

A key innovation being incorporated into the PFS is a strategic shift in the proposed processing method. While the earlier PEA considered a heap leach operation, the company has pivoted to a standard Carbon-in-Leach (CIL) milling circuit. This decision was driven by extensive metallurgical testwork showing that a CIL plant could achieve substantially higher gold recoveries, ranging from 89.4% to 97.7%. This far surpasses the 75-85% recovery rates estimated for heap leaching.

While a CIL plant typically involves higher upfront capital investment, the potential to recover significantly more gold from the processed ore can dramatically improve a project's overall profitability and net present value. According to industry experts, this move demonstrates a commitment to maximizing long-term value and is a common strategy for de-risking projects as they advance toward production. By optimizing recovery, Newcore is building a more resilient and potentially more valuable project, a factor that will be closely watched by investors when the PFS is released.

Unlocking Potential at Depth: The Story in the Drill Core

The latest drill results provide compelling evidence of Enchi's untapped potential. Highlights from the Sewum deposit include drill hole SWDD121, which intersected a broad zone of 1.37 grams per tonne (g/t) gold over 24.0 metres, including a richer core of 1.93 g/t gold over 12.0 metres. Perhaps more impressively, hole SWDD115 uncovered a high-grade structure deeper in the system, returning 9.24 g/t gold over 1.9 metres, which included a very high-grade intercept of 17.36 g/t gold over 1.0 metre.

What makes these results particularly significant is their location. The intercepts were made below the limits of the pit shells that constrain the current Mineral Resource Estimate, and at depths that have seen little historical exploration. The average vertical depth of drilling at Sewum to date has only been about 100 metres; this new round of drilling successfully tested mineralization down to 200 metres vertical depth.

"Results from our latest drilling at Sewum continue to demonstrate the continuity and scale of gold mineralization beyond the pit-constrained limits of the current Mineral Resource Estimate, reinforcing the strong potential for future resource growth at Enchi," said Greg Smith, VP Exploration of Newcore. "These holes successfully intersected gold mineralization above the mineral resource grade and below areas that have historically seen limited drilling, extending mineralization to depth."

Crucially, these new results, along with a significant portion of the company's ongoing 80,000-metre drill program, are not yet included in Enchi's current resource statement of 1.5 million ounces of Indicated gold. This strongly suggests that a future resource update could see a substantial increase in the project's overall gold inventory, further bolstering the economic case to be presented in the PFS and future studies.

Backing Success: Market Confidence and Strategic Location

Newcore's systematic approach and exploration success have not gone unnoticed by the market. In late May 2026, the company closed an oversubscribed C$15 million financing, which was upsized from an initial C$10 million due to strong investor demand. This injection of capital fully funds the company to complete the PFS and continue its aggressive drill program, which is focused on converting existing resources to higher confidence categories and making new discoveries across the expansive property.

The project's location is another key pillar of its value proposition. Enchi is situated on a 40-kilometre stretch of Ghana’s prolific Bibiani Shear Zone, a geological structure that hosts several multi-million-ounce gold deposits. Operating in Ghana, Africa’s largest gold producer, provides a stable political and regulatory environment with a long history of mining and a skilled local workforce.

With management and directors holding approximately 12% of the company's equity, there is strong alignment with shareholder interests. The combination of a prime geological address, a supportive jurisdiction, and a well-funded treasury places Newcore in an enviable position among its junior mining peers. As the company continues to drill and define the outer limits of its district-scale project, all eyes will be on the upcoming Pre-Feasibility Study to quantify the full potential of the Enchi Gold Project.