Newcore Gold Drills 37 Meters of 2.16 g/t Gold at Nyam

0:18Trevor Hall: Welcome back into Mining Stock Daily, everybody. We're actually going to get an update here from Nucor Gold, who is in attendance here at the New Orleans Investment Conference. However, CEO Luke Alexander joining us remotely from the home office. So Luke, good to see you. You're Miss down here in the South, but I'm pretty sure Mal, she's got everything covered for you at the booth. But you are Miss, so there's a lot of activity here. Yeah, Trevor, it sounds like it's a great conference so far, and obviously Mal does a wonderful job at those events. So I've got other things that I'm working on at the moment, but yeah, glad to hear the conference is off to a good start.

0:59Yeah.

0:59Trevor Hall: Well, it's also great to have some news in your back pocket for those, you know, while you're attending the conference and that's comes out today. You've had new drill results coming out of the NIAM gold deposit. So kind of switching things up, you and I have been talking about Boeing the last few times, but these new results coming from NIAM where you are hitting some higher grade. That highlight was 37 meters of 2.16 grams per ton gold. That included 9 meters of 5.1 grams per ton. So you just continue to see some continuity, some higher grade hits here at NIAM, much similar to what you're doing at Boeing.

1:38Trevor Hall: Yeah, so NIAM is our third largest deposit on the project, but we've identified a couple of very exciting high-grade shoots that continue to deliver for us as we drill them out. So that's the focus of this news release. As you highlighted, we intercepted 2.16 grams over 37 meters. But I'd also highlight that within that, it included over 5 grams, 5.1 grams over 9 meters. So as we start to chase this high-grade structure to depth, one of the things we're looking to highlight is showing that mid-to-longer-term potential that our NSHE project has. We've talked about it before, but when you look at similar deposits along the Cefwi-Bibiani belt from us, including Chirano at 5.5 million ounces and growing, Bibiani at 6.5 and growing, Newmont's a half-o mine at 20 million ounces, these greenstone deposits, as you start to identify and continue to chase these high-grade structures, there's an opportunity to meaningfully add ounces.

2:47So these results continue to prove that out. Within these results, we also intercepted 1.5 grams over 21 meters. But again, within that, we hit 5.4 grams over 5 meters. So more of that high grade coming through within these results. And I would highlight that this is a limited number of drill holes. We've only put out four holes here, and obviously a couple of them have had very high grade, as well as some nice wider intercepts of 0.82 grams over 40 meters, within that over 2 grams over 9 meters. So we've identified these plunging structures at NIAM, and as we continue to step out and drill them, we ultimately are hitting these high grades.

3:40Yeah.

3:41Trevor Hall: Well, one of the things I noticed on the cross-section here for NIAM here, Luke, is obviously this mineralized chute, it's still open to depth, but it looks pretty, you know, it looks like it goes deep. And so you keep not only your conversion drilling is working, but it's also, it looks like a lot more of expansion drilling outside of that resource boundary. So how does NIAM kind of shape up here as you continue to move towards development and more technical reports? Are you needing to expand that resource pit and expand the geotechnical aspect of that pit? Yeah, so it's a combination of both.

4:21If you look at the cross sections, and I'd encourage you to go to our website or look at the press release that we put out, you'll see that there's reserve pits sitting on there and then there's the MRE pits. So some of

4:33Trevor Hall: these results are converting ounces between the MRE pits and the reserve pits. What that'll do, and we've spoken about it before, is it will bring additional higher grade ounces into our mine plan, which for future studies that can have a very positive impact from a production perspective, NPV perspective, payback, IRR, all the economics for the project. So when you look at the results we've been putting out at NIAM, it's a combination of both converting ounces between the reserve pit, so moving ounces into that indicated category, which then with future studies will move into reserves, as well as also stepping out and continuing to chase these higher grade section, or higher grade structures.

5:23So it's a combination of both of those things that we're targeting at our NIAM deposit, but also across the project. If you look at a lot of those results that we put out at NIAM, you'll see we've hit some very high grade up dip holes within our pits, which again, will have that immediate impact from a mine plan perspective, but we've also been stepping out and looking to grow the overall size of the pits, both along strike as well as at depth. Yeah.

5:56Trevor Hall: It's also, you're getting a lot of good material in that fresh rock underneath the oxide zone here, Luke. How important is that here for NIAM, knowing it is your third largest deposit? And obviously with the processing flow sheet that you've proposed with the CIL, you're going to need material to feed that. How important is expanding that zone and the fresh material? Yeah, I mean, when you look at our oxide zone across our project, it ranges anywhere from 20 to 100 meters in depth. When you then go and look at some of the deposits along the Cefwi Bibiani belt from us, and if you look at these greenstone deposits around the world, you know, our closest neighbor, Toronto, is currently mining 800 meters below surface.

6:43They've drilled down to 1.1 to 1.2 kilometers. So needless to say, you know, there's a lot more fresh opportunity on our project and the ability for us to meaningfully grow the overall size of our fresh resource relative to the oxides. So having that CIL flow sheet and that CIL plant that we outlined within our PFS, that was one of the critical reasons for the pivot from a heap leach to a CIL is we recognize that we are going to continue to meaningfully grow the overall fresh resource. And these results that we've put out today, as well as a lot of the results that we've put out in 2026 that are not included in our MRE today and did not make it into our PFS, you'll see that a lot of them are coming from the fresh material, which again, lends itself a lot better to a CIL plant than to a heat bleach operation.

7:45Yeah, yeah.

7:46Trevor Hall: You've completed 51 ,500 meters of this massive 80 ,000 meter drill program. Over 300 holes have been reported to date here, Luke. But we've still got a long leadway for new results to come in. And so what would be, if we look forward, obviously we're going to be chatting again in the next couple of weeks while we're doing the European circuit here. But what is maybe come down the pipeline for the next couple of months as we wrap up 2026 of drill results? Are we going to see more coming from the likes of NIAM or Boyne or anything else that maybe is a wild card? Absolutely. I mean, lots of additional drill results to come.

8:31As you highlighted, we are in the midst of an 80 ,000 meter drill program. After the results that we've just put out, we sit around 51 ,000, 52 ,000 meters. So that leaves an additional, call it 28 ,000 meters of drill results to come. So we are actively drilling on the project. And as we get batches of results out, we'll typically release those to the market. We are focused on drilling at Boeing. We've had really strong results this year, and we've seen lots of opportunity to follow up there to continue to convert ounces, but then also grow the overall resource. NIAM obviously continues to deliver.

9:15We keep hitting these nice high-grade zones at NIAM, and we see that as very impactful from a conversion as well as a resource growth perspective. And then Sioum. Sioum's our largest deposit and we're actively drilling there. We've got an area where we're looking to convert some ounces, but also grow the overall size of the resource. So that's another area that we're focused on. So, you know, if you look at a 28 ,000 meter drill program in isolation, that would be considered a very large drill program for a company of our size. And that's what we've got left. So if you look at the kind of news flow that we've been putting out in drill results, we typically put drill results out every, call it roughly month or every four weeks.

10:01So I think you can expect drill results to continue to come at that pace right into, you know, mid-2027. So not lots of news flow from that perspective. And then in the background, you know, less call it market newsworthy, but we're doing a lot of the other de-risking work that's required to move the project forward. You know, additional metallurgical work, geotech work, hydrological work, environmental work. All of that continues to de-risk the project and march it towards a full feasibility and ultimate construction decision. So that's what we're actively working on at the moment.

10:39Trevor Hall: Okay, Luke, thanks so much. We'll talk to you again here in the next couple of weeks overseas while we're both attending the Zurich Precious Metals Summit. So thanks so much for your time and we'll talk to you again here again. Great. Thanks a lot for having me, Trevor. Yep. All right, everybody. That's your update from New Core Gold Trading on the Venture Exchange with NCAU and on the OTCQX with NCAUF. The information presented should not be considered investment advice. Mining stock daily and its affiliates are not responsible for any loss, arising from any investment decision in connection with the material presented herein.

11:14Trevor Hall: Please do your own research or speak with a licensed financial representative before making any investment decisions.