Gold District Doubles Resource, Expands Drill Campaign to 80,000 Meters

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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.

Newcore Gold Ltd (NCAU:TSXV; NCAUF:OTCQX) announced that it has expanded its ongoing drill program at the Enchi gold project in Ghana to 80,000 meters following the completion of a US$15 million equity financing.

The company said the expanded program is being carried out with four active drill rigs on site and will focus on resource conversion, resource growth, and discovery drilling. The 80,000-meter program, which commenced in August 2024, includes reverse circulation drilling targeting near-surface mineralization, including oxide, transition, and shallow fresh mineralization, while diamond drilling is focused on high-grade potential at depth.

According to the company, the first phase of the drill program focused on infill drilling for resource conversion. The first 28,000 meters of drilling were incorporated into an updated mineral resource estimate announced on March 18, 2026. Newcore said the updated estimate more than doubled the indicated mineral resource.

Luke Alexander, president and chief executive officer of Newcore, said in a company news release: "We are excited to be increasing the size of the drill program at our Enchi gold project in Ghana on the back of a successful equity financing that had strong support from both new and existing institutional shareholders, along with management and the board of directors."

Alexander added that the expanded program reflects drilling results that continue to highlight resource growth potential at Enchi, including recent drilling that encountered high-grade gold mineralization within structures at depth.

Greg Smith, vice-president of exploration, said in the news release: "Drilling completed to date at our Enchi gold project in Ghana continues to demonstrate strong continuity and wide zones of gold mineralization both along strike and at depth at all our existing deposits, while also highlighting the high-grade potential along with the broader district-scale potential of the project."

Newcore reported that all deposit areas and pre-resource targets at Enchi remain open along strike and at depth. The company also announced the grant of 1.34 million restricted share units to employees, consultants, and executives under its long-term incentive plan. The awards will vest over three years, with one-third vesting after every 12 months.

 Analysts Highlight Interest Rates, Technical Indicators, and Central Bank Demand

According to a June 6 market update from Coulior Capital, "Precious metals ended the week lower after a stronger-than-expected U.S. May employment report reduced expectations for near-term Federal Reserve rate cuts. The robust jobs data boosted the U.S. dollar and pushed Treasury yields higher, creating headwinds for non-yielding assets such as gold and silver."

The firm also noted that "base metals were broadly lower, with the exception of copper and zinc, as concerns over tighter financial conditions and higher-for-longer interest rates weighed on sentiment, prompting broad-based selling across the sector."

Discussing precious metals, Coulior Capital reported that "gold prices fell 4.6% during the week after a stronger-than-expected U.S. employment report increased expectations that the Federal Reserve may keep interest rates higher for longer." The report stated that "the robust jobs data strengthened the U.S. dollar and pushed Treasury yields higher, weighing on demand for non-yielding assets such as gold."

A June 7 market analysis from Captain Ewave focused on technical developments in the gold market. The publication stated that a "very powerful wave (iii) of iii" had completed at a high of 5,595.40 and that gold had entered a broader corrective phase. According to the analysis, gold was expected to advance in what it described as wave "-b-" during the coming weeks, although the report noted that the overall correction could continue to evolve depending on the technical pattern that develops.

The analysis outlined a number of potential retracement levels, including 4,702.00 and 4,149.40, and suggested that gold had likely completed one stage of its correction before entering another phase. Captain Ewave wrote that "in all cases, we should expect gold to move higher in wave -b- over the next couple of weeks."

Writing on June 8, Matthew Piepenburg of VON GREYERZ discussed precious metals from a longer-term perspective, drawing a distinction between short-term market movements and longer-term trends. Piepenburg wrote that "since 2000, gold has outperformed the S&P," adding that gold had also "demonstrably outperformed fiat 'money'" when compared with major paper currencies over the same period.

The report stated that historical periods of geopolitical and economic uncertainty had often followed a pattern in which gold initially weakened before later recovering. Piepenburg wrote that "gold tends to drop early in every crisis only to then recover at newer all-time-highs as the crisis plays out."

The analysis also examined long-term technical indicators. Piepenburg stated that both gold and silver had recently traded below their 200-day moving averages and described the development as "a powerfully bullish rather than bearish signpost." Referring specifically to gold, he wrote that "equally bullish technical signals are ringing from gold's recent dip beneath its 200-day moving average."

The report additionally discussed official sector demand, noting that central banks had become net purchasers of gold. Piepenburg wrote that "since the USA weaponized the world reserve currency in 2022, central bank gold purchasing has increased by 5X." According to the analysis, central bank buying has created what he described as "a structural bid in the metals."

Across the various reports, analysts identified interest-rate expectations, U.S. economic data, technical market developments, and central bank purchasing activity as factors affecting precious metals markets during the period.

Drilling Continues to Extend Mineralization at Depth

A May 7 report from Jeff Clark and Daniel Flynn highlighted additional drilling results from Newcore Gold Ltd.'s ongoing drill program at the Enchi gold project in Ghana, noting that recent results continued to demonstrate mineralization at depths not previously tested at the Boin deposit.

The report pointed to drill hole KBDD107, which returned 1.23 grams per tonne (g/t) gold over 33 meters from 337 meters, including 2.16 g/t gold over 13 meters from 357 meters. According to the report, the intercept provided further evidence of wide zones of gold mineralization at depth.

Jeff Clark and Daniel Flynn stated that the current drill campaign is focused on both resource conversion and testing extensions beyond the existing pit-constrained resource model. The program is also targeting deeper high-grade structures and additional exploration targets across the project.

The report noted that drilling at Boin had reached approximately 375 meters below surface, representing the deepest drilling completed at the deposit to date. According to the authors, mineralization remains open, with the company indicating that mineralized zones may widen with depth.

The report also referenced previous comments from geologist Sharyn Alexander, who noted similarities between Enchi and the nearby Chirano project. According to the report, Chirano developed from a series of shallow deposits into a larger multi-deposit mining camp through continued drilling along strike and at depth.

Jeff Clark and Daniel Flynn wrote that the latest drill results continued to support the company's ongoing evaluation of resource expansion opportunities at Enchi and its deeper mineralization potential.

Development and Exploration Activities Continue at Enchi

In addition to the expanded drill program, Newcore said a prefeasibility study is underway and targeted for completion by the end of June 2026. The company stated that development work supporting project advancement includes metallurgical testwork, hydrogeological testing, geotechnical work, and environmental work.

According to the company's June 2026 corporate presentation, the 80,000-meter program includes resource growth and infill drilling across the Enchi project. The first phase focused on near-surface oxide and shallow fresh mineralization for resource conversion, while the second phase is focused on testing high-grade structures at depth and drilling earlier-stage exploration targets.

The presentation states that 38,458 meters in 266 holes had been reported from drilling at the Boin, Sewum, Nyam, and Kwakyekrom deposits, as well as the Kojina Hill target. The company reported that drilling is targeting mineralization within 200 to 350 vertical meters and is focused on extending high-grade gold mineralization at depth.

Newcore also reported that diamond drilling is underway at the Nyam, Boin, and Sewum deposits. The company said drilling has intersected wide zones of gold mineralization containing higher-grade core structures and that deeper drilling at Nyam has defined mineralization to a vertical depth of 350 meters.

The presentation further states that development work completed in support of the prefeasibility study includes hydrogeological and geotechnical programs, metallurgical testing, environmental studies, and drilling. Newcore said approximately 28,000 meters of drilling completed since 2024 has been directed toward updating and improving confidence in the mineral resource estimate. 

The company reported an indicated mineral resource of 1.502 million ounces of gold and an inferred mineral resource of 626,000 ounces at Enchi. According to the presentation, the current resource estimate incorporated 28,000 meters of drilling completed in 2024 and 2025 and does not include the most recent drilling from the 80,000-meter program now underway.

Ownership and Share Structure¹

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