Newcore Gold Drilling Intersects 1.79 g/t Gold Over 24.0 Metres and 0.99 g/t Gold Over 29.0 Metres, at the Enchi Gold Project, Ghana

VANCOUVER, Jan. 11, 2022 - Newcore Gold Ltd. ("Newcore" or the "Company") (TSX-V: NCAU, OTCQX: NCAUF) is pleased to announce additional drill results from the 90,000 metre drill program underway at the Company's 100% owned Enchi Gold Project ("Enchi" or the "Project") in Ghana. Reverse Circulation ("RC") drilling at the Nyam Gold Deposit ("Nyam") at Enchi has intersected high-grade oxide gold mineralization near surface grading 1.79 grams per tonne gold ("g/t Au") over 24.0 metres ("m") from 38 m. RC drilling at the Kwakyekrom Gold Deposit ("Kwakyekrom") intersected 0.99 g/t Au over 29.0 m from 81 m, extending the drill-tested gold mineralization at Kwakyekrom by 500 metres to the north.

Highlights from Drilling at Nyam and Kwakyekrom

• RC drilling at Nyam intersected oxidized gold mineralization near surface, including:
  • Hole NBRC092 intersected 1.79 g/t Au over 24.0 m from 38 m, including 4.14 g/t Au over 4.0 m from 51 m.
  • Hole NBRC097 intersected 0.87 g/t Au over 25.0 m from 10 m, including 2.59 g/t Au over 4.0 m from 20 m.
• Additional RC drilling at Nyam extended the gold mineralization to depth, into the upper portion of the sulphide zone, including:
  • Hole NBRC090 intersected 0.77 g/t Au over 31.0 m from 78 m, including 4.92 g/t Au over 1.0 m from 102 m and 5.19 g/t Au over 1.0 m from 107.
  • Hole NBRC093 intersected 0.43 g/t Au over 48 m from 79 m, including 1.79 g/t Au over 4.0 m from 84 m and 1.32 g/t Au over 3.0 m from 99 m.
• RC drilling at Kwakyekrom has extended mineralization 500 m north, increasing drill tested strike length of gold mineralization to 1.5 km, including:
  • Hole KKRC080 intersected a gold mineralized structure grading 0.99 g/t Au over 29.0 m from 81 m, and a second zone of 1.67 g/t Au over 3.0 m from 40 m.
  • Hole KKRC075 intersected 2.31 g/t Au over 7.0 m from 53 m.
  • Hole KKRC076 intersected 1.14 g/t Au over 13.0 m from 119 m, and a second zone of 2.29 g/t Au over 2.0 m from 189 m.

Greg Smith, VP Exploration of Newcore stated, "We continue to encounter strong results at both the Nyam and Kwakyekrom deposit areas at Enchi, highlighting the potential for resource growth across the Project. Nyam continues to encounter high-grade oxide gold mineralization near surface, while also extending the mineralization at depth into the upper portions of the sulphide zone. These drill results also included drilling focused on testing Kwakyekrom to the north of the existing pit-constrained mineral resource area, with drilling successfully expanding the known mineralization by 500 metres to the north and increasing the drill tested strike extent of gold mineralization at Kwakyekrom to 1.5 kms. We look forward to completing the current 90,000 metre drill program over the next several months as we continue our exploration program to define Enchi's district scale potential."

This news release reports results for 37 RC holes totalling 5,447 m, including 18 RC holes totalling 2,319 m (NBRC090 to NBRC107) targeting the Nyam Gold Deposit and 19 RC holes totalling 3,128 m (KKRC066 to KKRC084) targeting the Kwakyekrom Gold Deposit. 33 of the 37 RC holes intersected gold mineralization.

Select assay results from the 37 holes of the drill program reported in this release are below:

Table 1 - Enchi Gold Project Drill Highlights

<sup>Notes:
1. See detailed table for complete results
2. Intervals reported are hole lengths with true width estimated to be 75 - 85%
3. Length-weighted averages from uncut assays</sup>

Plan maps showing the drill hole locations can be viewed at:
https://newcoregold.com/site/assets/files/5749/2022_01-ncau-nr-enchi-plan-maps-l.pdf

Cross sections showing drill results and highlights for holes NBRC092 and KKRC080 can be viewed at:
https://newcoregold.com/site/assets/files/5749/2022_01-ncau-crosssections-nbrc092-kkrc080-l.pdf

A complete list of the 2020 - 2021 drill results released to date, including hole details, can be viewed at:
https://newcoregold.com/site/assets/files/5749/2022_01-ncau-enchi-2020-2021-drill-results-l.pdf

For the total planned 90,000 metre drill program, assay results have now been received and released for 396 holes representing 68,317 metres.

Drilling at Nyam

Drilling at Nyam completed on the north-central portion included new sections within the existing deposit area, testing both up-dip and down-dip. A series of holes tested the up-dip portion of the gold mineralization in the near surface oxidized zone, with NBRC092 drilled on a new section in the central portion of the zone intersecting 1.79 g/t Au over 24.0 m from 38 m, including 4.14 g/t Au over 4.0 m from 51 m and a second zone with 0.61 g/t Au over 4.0 m from 9 m. NBRC097 collared 250 metres to the north intersected 0.87 g/t Au over 25.0 m from 10 m, including 2.59 g/t Au over 4.0 m from 20 m.

RC drilling at Nyam extended the gold mineralization to depth into the upper portion of the sulphide zone intersecting wide zones of gold mineralization with higher-grade core structures. NBRC090 intersected 0.77 g/t Au over 31.0 m from 78 m, including 4.92 g/t Au over 1.0 m from 102 m and 5.19 g/t Au over 1.0 m from 107 m. NBRC093 drilled 50 metres north of NBRC090 intersected 0.43 g/t Au over 48.0 m from 79 m, including 1.79 g/t Au over 4.0 m from 84 m and 1.32 g/t Au over 3.0 m from 99 m.

Additional drilling completed included NBRC095, collared 125 metre north of NBRC090, which intersected an upper zone in the oxides returning 0.72 g/t Au over 14.0 m from 61 m, including 1.42 g/t Au over 4.0 m from 70 m, and a second lower structure in the sulphides with 0.90 g/t Au over 20.0 m from 105 m, including 2.38 g/t Au over 3.0 m from 111 m. NBRC104 drilled 50 metres north of NBRC097 also intersected two gold mineralized zones with 0.84 g/t Au over 20.0 m from 78 m and 0.87 g/t Au over 11.0 m from 108 m.

Drilling at Kwakyekrom

Drilling at Kwakyekrom tested the northern extension, successfully extending the gold mineralization 500 metres to the north of the existing pit-constrained resource area. KKRC080 collared 175 metres north of the existing resource pit intersected 0.99 g/t Au over 29.0 m from 81 m as well as a second gold mineralized structure of 1.67 g/t Au over 3.0 m from 40 m. KKRC079 drilled north of KKRC080 further extended the drill tested portion of the Kwakyekrom zone by an additional 75 metres north, testing the down dip extension, intersected 1.84 g/t Au over 5.0 m from 198 m along with a second structure of 2.61 g/t Au over 2.0 m from 208 m.

KKRC078, collared 400 metres north of the existing resource area, intersected 0.56 g/t Au over 23.0 m from 161 m, along with a second structure of 1.79 g/t Au over 2.0 m from 172 m. KKRC075, collared 75 metres north of KKRC078, intersected 2.31 g/t Au over 7.0 m from 53 m. KKRC076 drilled on the same section as KKRC075 tested the down dip extension and intersected 1.14 g/t Au over 13.0 m from 119 m as well as a second structure of 2.29 g/t Au over 2.0 m from 189 m.

Enchi Gold Project Mineral Resource Estimate

The Enchi Gold Project hosts a pit constrained Inferred Mineral Resource of 70.4 million tonnes grading 0.62 g/t Au containing 1.41 million ounces gold (see Newcore news release dated June 8, 2021). 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. The technical report, titled "Preliminary Economic Assessment for the Enchi Gold Project, Enchi, Ghana" has an effective date of June 8, 2021, and is available under the Company's profile on SEDAR at www.sedar.com.

2020 - 2021 Enchi Drilling Program

A 90,000 metre discovery and resource expansion drilling program is underway at Enchi (anticipated completion in Q2 2022). The program includes both RC and diamond drilling and includes the first deeper drilling on the Project. This drill program includes testing extensions of the existing resource areas while also testing a number of high priority exploration targets outside of the Inferred Mineral Resource. Drilling is focused on step out extensions and exploration drilling at the Sewum, Boin, Nyam and Kwakyekrom Deposits. Additional drilling is planned at previously drilled zones that are outside of the resource area (Kojina Hill and Eradi), along with first pass drilling to test a series of kilometre-scale gold-in-soil anomalous zones with no prior drilling (Nkwanta, Sewum South and other anomalies). All zones represent high priority targets based on geological, geochemical and geophysical surface work and previous trenching and drilling.

Nyam Gold Zone

The Nyam Gold Deposit is one of the four deposits which comprise the pit constrained Inferred Mineral Resource Estimate at Enchi (4.9 million tonnes grading 0.82 g/t Au containing 129,000 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. As part of the current drill program results have been received and released for a total of 101 holes representing 17,140 metres at Nyam.

Kwakyekrom Gold Zone

The Kwakyekrom Gold Deposit is one of the four deposits which comprise the pit constrained Inferred Mineral Resource Estimate at Enchi (2.7 million tonnes grading 0.64 g/t Au containing 55,600 ounces), with an initial resource defined at Kwakyekrom as part of the updated Mineral Resource Estimate announced in June 2021. Kwakyekrom is located 15 kilometres southeast of the town of Enchi, with nearby roads and power and further access provided by a series of drill roads. The Kwakyekrom structure is interpreted to be an extension of the Nyam structure and is located five kilometres south of Nyam. As part of the current drill program results have been received and released for a total of 68 holes representing 10,794 metres at Kwakyekrom.

Drill Hole Locations

Table 2 - Enchi Gold Project Drill Hole Location Details

COVID-19 Protocols

Newcore's first priority is the health and safety of all employees, contractors, and local communities. The Company is following all Ghana guidelines and requirements related to COVID-19. The Company has implemented COVID-19 protocols for its ongoing drill program consisting of the mandatory use of personal protective equipment (including facemasks for all employees), maintaining social distancing, frequent hand washing, and daily temperature checks at the start of each shift.

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.

Qualified Person

Mr. Gregory Smith, P. Geo, Vice President of Exploration of Newcore, is a Qualified Person as defined by NI 43-101, and has reviewed and approved the technical data and information contained in this news release. Mr. Smith has verified the technical and scientific data disclosed herein and has conducted appropriate verification on the underlying data including confirmation of the drillhole data files against the original drillhole logs and assay certificates.

About Newcore Gold Ltd.

Newcore Gold is advancing its Enchi Gold Project located in Ghana, Africa's largest gold producer ⁽¹⁾. The Project currently hosts an Inferred Mineral Resource of 1.41 million ounces of gold at 0.62 g/t ⁽²⁾. Newcore Gold offers investors a unique combination of top-tier leadership, who are aligned with shareholders through their 27% equity ownership, and prime district scale exploration opportunities. Enchi's 216 km² land package covers 40 kilometres of Ghana's prolific Bibiani Shear Zone, a gold belt which hosts several 5 million-ounce gold deposits, including Kinross' Chirano mine 50 kilometers to the north. Newcore's vision is to build a responsive, creative and powerful gold enterprise that maximizes returns for shareholders.

On Behalf of the Board of Directors of Newcore Gold Ltd.

Luke Alexander
President, CEO & Director

For further information, please contact:

Mal Karwowska | Vice President, Corporate Development and Investor Relations
+1 604 484 4399
info@newcoregold.com
www.newcoregold.com

<sup>(1) Source: Production volumes for 2020 as sourced from the World Gold Council
(2) Notes for Inferred Mineral Resource Estimate:
1. CIM definition standards were followed for the resource estimate.
2. The 2021 resource models used ordinary kriging (OK) grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids and constrained by pits shell for Sewum, Boin and Nyam. Kwakyekrom used Inverse Distance squared (ID2).
3. A base cut-off grade of 0.2 g/t Au was used with a capping of gold grades varied by deposit and zone.
4. A US$1,650/ounce gold price, open pit with heap leach operation was used to determine the cut-off grade of 0.2 g/t Au. Mining costs of US$1.40 for oxides, US$2.10 for transition, and US$2.60 for fresh rock per mined tonne and G&A and milling costs of US$6.83/milled tonne. The Inferred Mineral Resource Estimate is pit constrained.
5. Metallurgical recoveries have been applied to four individual deposits and in each case three material types (oxide, transition, and fresh rock) with average recoveries of 77% for Sewum, 79% for Boin, 60% for Nyam and 72% for Kwakyekrom.
6. A density of 2.20 g/cm3 for oxide, 2.45 g/cm3 for transition, and 2.70 g/cm3 for fresh rock was applied.
7. Optimization pit slope angles varied based on the rock types.
8. Mineral Resources that are not mineral reserves do not have economic viability. Numbers may not add due to rounding.
9. These numbers are from the technical report titled "Preliminary Economic Assessment for the Enchi Gold Project, Enchi, Ghana", with an effective date of June 8, 2021, prepared for Newcore Gold by BBA E&C Inc. in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects and is available under Newcore's SEDAR profile at www.sedar.com.</sup>

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release includes statements that contain "forward-looking information" within the meaning of the applicable Canadian securities legislation ("forward-looking statements"). All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: statements about the estimation of mineral resources; results of our ongoing drill campaign, magnitude or quality of mineral deposits; anticipated advancement of mineral properties or programs; and future exploration prospects.

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. The assumptions underlying the forward-looking statements are based on information currently available to Newcore. Although the forward-looking statements contained in this news release are based upon what management of Newcore believes, or believed at the time, to be reasonable assumptions, Newcore cannot assure its shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking information also involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others: risks related to the speculative nature of the Company's business; the Company's formative stage of development; the Company's financial position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold and other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, unusual or unexpected geological formations); the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.