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Newcore Gold Announces Significant Increase to On-Going Drill Program at The Enchi Gold Project, Ghana
VANCOUVER, British Columbia, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Newcore Gold Ltd. ("Newcore" or the "Company") (TSX-V: NCAU) is pleased to announce a significant
About this update from Newcore Gold Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Newcore Gold Ltd. (\"Newcore\" or the \"Company\") (TSX-V: NCAU) is pleased to announce a significant expansion of its ongoing drill program at its 100% owned Enchi Gold Project (\"Enchi\" or the \"Project\") in southwest Ghana. An additional 50,000 metres of discovery and resource expansion drilling is planned, in addition to the on-going 8,000 metre program announced on August 12, 2020. The expanded program will include both Reverse Circulation (\"RC\") and diamond drilling and will include the first deep drilling planned on the Project. Newcore anticipates gradually ramping up the scale of drilling on the property, with a second drill rig mobilized to site in November and additional rigs to be added in the next several months. Highlights Newcore is fully funded to complete an expanded drill program at Enchi post closing of a $15 million brokered equity financing on November 4, 2020. Addition of 50,000 metres to the on-going drill program, including RC drilling focused on near-surface oxide gold targets and diamond drilling focused on targets at depth. First ever deep drilling at Enchi planned, testing the potential of the gold system at depth. District scale potential. 25 high priority targets identified across the 216 km2 property, with only 6 drill tested to date. Resource expansion potential. Newcore’s planned drilling of 58,000 metres in 2020 and 2021 will guide further potential resource expansion at Enchi. The additional drilling is significant when compared to the approximate 50,000 metres of diamond and RC drilling completed prior to 2020 that defines the current Inferred Mineral Resource of 1.22 million ounces2 of gold at the Project. First pass and extension drilling. Drilling will include testing extensions of defined deposits, further drilling of previously drilled zones where no resources are currently defined, and first pass drill testing of kilometre-scale anomalous zones on the property. Luke Alexander, President & CEO of Newcore stated, \"We are excited to be kicking-off a much larger discovery and resource expansion drill program at Enchi. Proceeds from our recent equity funding have allowed us to accelerate development of Enchi by expanding and accelerating the drill program on the property, with a substantial addition of 50,000 metres to t...