Newcore Gold Ltd. announced an update on exploration and development activities underway at the Company?s 100% owned Enchi Gold Project in Ghana. Metallurgical Testwork on Sulphide Mineralization from Nyam: The 27 samples contain essentially no silver with only two samples reporting above the detection limit of 0.5 g/t Ag with 0.6 and 1.0 g/t Ag and showing no correlation with the gold grades. All samples reported low values for lead, zinc, and copper averaging 35, 66, 30 ppm respectively and mildly elevated arsenic averaging 233 ppm with no relationship with gold grade.

Five samples were subjected to diagnostic leach and showed consistent results with total additive recoveries averaging 94.9%. The total gold that was leached by direct cyanidation with and without carbon averaged 71.0% and 69.8% respectively for the samples corresponding to a very low preg rob index of 1.2% with one outlier. Treatment via mild oxidative pre-leach averaged an additional 4.6%, with sulphuric acid treatment adding an average of a further 2.7%, and an additional 7.1% of the gold became soluble after pre-treatment with HNO3, and an average of a further 3.5% of the gold was extracted via complete oxidation by roasting.

Another five representative samples (different samples than were tested by diagnostic leach) 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% passing 3.35 mm and from this a 700 cm3 volume was measured and weighed to be used as feed for the bond mill.

The grindability of the samples ranged from 1.78 g/rev to 2.04 g/rev with bond work indices between 9.54 KWh/t and 10.50 KWh/t indicative of low-medium hardness. Additional Metallurgical Testwork Underway: Newcore continues to de-risk the Project with additional metallurgical testwork designed to optimize and improve the understanding of processing options available for Enchi. This additional metallurgical testwork for oxide and transition mineralization includes larger sized samples for column testing and a bulk-sized, bench-scale test with a pilot heap testing 15 tonne samples from the two largest deposits at Enchi, Boin and Sewum (Pilot Tests).

Material for this testwork was sourced from trenches recently completed at Boin and Sewum, both of which encountered wide mineralized intervals. Five 60 kg composite samples were collected and delivered to the independent commercial Intertek Laboratory in Tarkwa, Ghana ? four hours by road from the Project.

The metallurgical work underway is comprised of bottle rolls as well as column tests following-up on recent positive recoveries from a series of column tests on oxide and transitional material from the Sewum and Boin Gold Deposits. The recent tests continued to have excellent recoveries with an average gold recovery of 92.4% and showed low reagent consumptions. The additional tests will focus on further defining the optimal reagent level with a goal of lowering potential processing costs while maintaining high recoveries.

The five 60 kg composites have been created from representative material sourced to reflect a range of gold grades with individual composites averaging 0.57 to 1.79 g/t Au. The Pilot Tests are being designed and overseen by the technical personnel from the University of Mines and Technology (UMaT) located in Tarkwa, Ghana. The bulk-scale testing will be completed on 15 tonne composite samples from oxide material identified and sampled in the trenches completed for the 60 kg composites.

The Pilot Tests will be completed on site at UMaT. The tests will use the optimized reagent levels as determined by the results of the additional, on-going column testwork at UMaT and Intertek. 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.

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 was prepared by independent qualified person Todd McCracken, P. Geo. of BBA E&C Inc. Nyam Gold Zone: Nyam is one of the five deposits which comprise the Mineral Resource Estimate at Enchi (Indicated Mineral Resource of 7.8 million tonnes grading 0.65 g/t Au containing 162,000 ounces and Inferred Mineral Resource of 2.7 million tonnes grading 1.21 g/t Au containing 104,700 ounces).

Nyam is located 15 kilometres east of the town of Enchi, with nearby roads and power and further access provided by a series of drill roads. An airborne geophysical anomaly coincident with the Nyam Gold Deposit shows a complex series of linear high conductivity trends, reflective of the multiple sub-parallel gold-bearing structures. To date, approximately 30% of the gold-in-soil anomaly is untested by drilling.

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.