TICKERS: NCAU; NCAUF

Deepest Drilling Yet Expands High-Grade Gold Zones at Ghana Project

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Source: Streetwise Reports (5/8/26)

Newcore Gold Ltd (NCAU:TSXV; NCAUF:OTCQX) reported new Enchi drill results, including 1.23 g/t gold over 33 meters, as drilling extended mineralization to record depths at the Boin deposit.

Newcore Gold Ltd (NCAU:TSXV; NCAUF:OTCQX) announced additional drill results from the 60,000-meter drill program underway at the Enchi Gold Project in Ghana. The results were from diamond drilling completed at the Boin Gold Deposit, where drilling intersected wide zones of gold mineralization in the fresh mineral horizon below the limits of the pits that constrain the Mineral Resource Estimate.

The company reported that hole KBDD107 intersected 1.23 g/t gold over 33.0 meters from 337.0 meters, including 2.16 g/t gold over 13.0 meters from 357.0 meters. Hole KBDD111 intersected 1.38 g/t gold over 15.0 meters from 193.0 meters, including a higher-grade interval of 5.99 g/t gold over 3.0 meters from 204.0 meters. Hole KBDD109 intersected 1.56 g/t gold over 11.1 meters from 252.9 meters, including 2.84 g/t gold over 4.0 meters from 259.0 meters.

According to the company, Boin is the second largest deposit currently identified at Enchi and remains open along strike and at depth. The drilling reached a maximum vertical depth of 375 meters, which the company said represented the deepest intercepts drilled to date at Boin. The company stated that the average vertical depth of all holes drilled to date at Boin is approximately 100 meters.

Greg Smith, VP Exploration of Newcore, stated in a company news release, "Drilling at our Enchi Gold Project in Ghana continues to highlight the potential for future resource growth, with recent diamond drilling at Boin successfully extending high-grade gold mineralization below the current pit constrained Mineral Resource Estimate."

The release reported results from 10 diamond drill holes totaling 3,654 meters at Boin, identified as KBDD106 through KBDD115A, with all holes intersecting gold mineralization. Newcore stated that 38,458 meters in 266 holes have been reported as part of the ongoing drill program at Enchi, with 98% of holes intersecting gold mineralization.

The company stated that five diamond drill holes totaling 1,689 meters tested the central high-grade shoot at Boin, while three holes totaling 1,154 meters tested the northern high-grade shoot, and two holes totaling 811 meters tested the southern high-grade shoot. The holes reported in the release were distributed across nine separate sections over a 1.7-kilometer strike length.

Newcore also provided updated Mineral Resource Estimate figures for Enchi, which hosts an Indicated Mineral Resource of 83.6 million tonnes grading 0.56 g/t gold containing 1,502,000 ounces gold and an Inferred Mineral Resource of 40.1 million tonnes grading 0.49 g/t gold containing 626,000 ounces.

Gold Prices Hold Firm as Sector Commentary Focuses on Supply Constraints and Market Strength

According to a May 8 report from Adam Hamilton Archives, gold prices had remained elevated despite periods of volatility and sharp drawdowns earlier in the year. The report stated that "high gold prices are enduring," adding that gold had "largely consolidated high since" reaching what it described as "its most extreme overboughtness in nearly a half-century." The publication wrote that this marked the fifth instance in recent years where gold consolidated at elevated levels instead of entering a prolonged decline.

The report noted that gold had experienced an 18.6% selloff over 1.8 months following its late January peak but stated that the move remained near historical averages for post-bull drawdowns. According to the publication, "global fiat-currency supplies are growing way faster than global aboveground gold supplies," while mined gold supply growth had averaged approximately 1.3% over the last decade based on World Gold Council data. The report also stated that investor allocations to gold remained relatively low, noting that the combined value of major gold ETF bullion holdings represented less than 0.5% of the S&P 500's market capitalization at the January peak.

Adam Hamilton Archives also discussed the supply side of the sector, writing that "due to the inherent and increasing limitations in finding gold deposits and building mines to extract them, global gold mined supplies only increase on the order of 1% per year." The report stated that the disparity between expanding fiat currency supplies and comparatively limited gold supply growth supported what it described as "a higher price regime."

Separately, Super Force Signals wrote on May 8 that "This Gold Stock Rally Has Legs." The publication also stated that its service was being rebranded as Super Gold Signals "to reflect the growing global importance of gold." The report referenced continued focus on gold stocks alongside exposure to silver, uranium, oil, and growth equities.

Meanwhile, Yahoo Finance reported on May 8 that gold and silver prices were positioned for weekly gains following the release of U.S. jobs data and geopolitical developments involving Iran and the United States. According to the report, June gold futures opened at US$4,682.50 per troy ounce before rising to US$4,731.80 by 10:45 am. ET. The publication stated that gold prices were up 2.22% over the previous five trading days.

Yahoo Finance also reported that silver prices strengthened during the same period, with July silver futures rising to US$81.30 by 10:45 am. ET after opening at US$78.80 per ounce. The report stated that silver prices had increased 7.29% over the prior five trading days and were up 144.1% year-over-year.

The Yahoo Finance report included commentary from several market participants regarding gold allocation strategies. Blake McLaughlin, executive vice president at Axcap Ventures, stated that "Gold may not offer the outsized return potential of private investments, but the metal holds a set of attributes that are increasingly hard to ignore." Thomas Winmill, portfolio manager at Midas Funds, stated that "most investors will benefit from a long-term gold allocation of 5% to 15%." Vince Stanzione, CEO and founder at First Information, stated that "gold keeps with inflation and gold retains its purchasing power."

Resource Expansion Potential and Deeper Mineralization at Enchi

According to a May 7 report from Jeff Clark and Daniel Flynn, Newcore Gold Ltd continues to demonstrate resource expansion potential at its Enchi gold project in Ghana following the release of additional drill results from the company's ongoing 60,000-meter drill program.

The report stated that the company "was able to provide further confirmation of wide zones of gold mineralization at previously untested depths at the project's Boin deposit." The report highlighted hole KBDD107, which intersected "1.23g/t gold over 33m from 337m, including 2.16g/t gold over 13m from 357m."

Jeff Clark and Daniel Flynn wrote that "the aim of the current campaign is to both upgrade resources and test for extensions beyond the current pit-constrained resource model, including deeper high-grade structures and entirely new targets." The report stated that drilling at Boin had now extended "down to 375m below surface, the deepest holes drilled at Boin to date."

The report also stated that "mineralization remains open," adding that the company believed "the mineralized zones may actually widen at depth."

According to the May 7 report, geologist Sharyn Alexander had previously stated that Enchi was "increasingly showing similarities to nearby Chirano," which the report described as "a project that evolved from a collection of shallow deposits into a much larger multi-deposit camp through continued drilling along structure and at depth."

Jeff Clark and Daniel Flynn wrote that "these latest results speak to the second part, and continue to strengthen the case that Enchi could ultimately grow well beyond its current resource base."

The report disclosed a formal rating, stating, "RECOMMENDATION: BUY." The report also stated, "For that reason, Newcore remains a Buy."

Enchi Development and Exploration Activities

The company stated that the 60,000-meter drill program at Enchi commenced in August 2024 and is targeting near-surface oxide and transition mineralization along with shallow fresh mineralization. According to the release, the drill program is currently in its second phase and is focused on discovery and resource growth, including drilling along strike at existing deposits and diamond drilling targeting higher-grade mineralization at depth.

Streetwise Ownership Overview*

Newcore Gold Ltd (NCAU:TSXV; NCAUF:OTCQX)

Restructures

Date	Old Symbol	Old Shares	New Symbol	New Shares
08/10/20	PCR	1	NCAU	1
12/09/14	PCR	4	PCR	1
09/19/11	PCR	1	PCR	2
07/14/11	PCR.P	1	PCR	1

^*Share Structure as of 5/11/2026

Newcore stated that the first phase of the drill program focused on reverse circulation infill drilling for resource conversion to improve confidence in the existing Mineral Resource Estimate, with most of the first phase allocated to the Boin and Sewum deposits.

The company also stated that all deposit areas and pre-resource targets at Enchi remain open along strike and at depth.

In addition to drilling, the company reported that a Pre-Feasibility Study is underway and targeted for completion by the end of June 2026. The release stated that ongoing development work at Enchi includes metallurgical testwork, hydrogeological testing, geotechnical work, and environmental work.

According to the company's investor presentation, Boin is outlined on surface by a gold-in-soil anomaly extending more than six kilometers in length and up to one kilometer in width. The presentation also stated that approximately 40% of the gold-in-soil anomaly at Boin remains untested by drilling.

Ownership and Share Structure

13.35% of Newcore is held by management and insiders. Institutions own 24%. The rest is retail.

Newcore has a market cap of CA$128.86, 246.29 million free float shares, and a 52-week range of CA$0.51 - CA$0.92.

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Important Disclosures:

James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

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