0:00

you It

0:17

doesn't happen very often, but once in

0:19

a while we get to hear straight

0:21

from the project geologists from companies that

0:23

we continue to cover their stories with.

0:26

We're actually going to do that right now

0:28

with new core gold. They do trade on

0:30

the venture exchange with NCAU. and

0:33

on the OTCQX with NCAUF.

0:35

And the last couple episodes,

0:37

we've mainly been featuring conversations

0:39

with CEO Luke Alexander. But

0:42

once a while, we get Vice President of Exploration

0:44

Greg Smith on the line. And that's what we're

0:47

going to do today, because he is

0:49

back on, he's back home after a

0:51

long extended trip to Ghana and spending

0:53

time on the Enchi project, where obviously

0:55

there's been a ton of drilling happening.

0:58

And we've reported a lot of those

1:00

intercepts and assay results. as they've come

1:02

into the market since late February. So

1:05

Greg, it's good to see you back

1:07

home safe and sound and it must

1:09

have been a little bit hard to

1:11

leave the project knowing you're in the

1:14

middle of something pretty big here. Yeah,

1:16

it's really exciting. It's great to be,

1:19

well, first thanks for having me back

1:21

on and yeah, it's great to be

1:23

busy. You know, obviously we've stayed relatively

1:25

busy. right through you

1:27

know but being able to raise a little

1:30

bit of money and expand the drill program

1:32

and you know looking at

1:34

the results that we've released to date that

1:36

it's been very very very successful so it

1:38

was great to be over there with the

1:41

crew and as you mentioned I spent a

1:43

little extra time there so it was good

1:45

to be able to to get up to

1:47

some some sites and and look at

1:49

some things that otherwise I might not have had

1:51

time to do. Yeah, we

1:54

know about that $50 million

1:56

private placement financing.

1:58

We know with that the biggest

2:00

beneficiary is going to be

2:02

you and your work because

2:04

you did extend that drilling

2:06

program to 35 ,000 meters

2:08

at Enchi. Now

2:10

with this extended program here,

2:13

Greg, and obviously we've talked

2:15

about results coming out of

2:17

Enchi, including CUME, BOIN, and

2:20

a couple other, you

2:23

know, less prioritized targets

2:25

that have been have provided

2:27

some good returns as well

2:29

With this, you know, really, what do you

2:32

want to get accomplished with this 35 ,000 meters?

2:34

And what are you starting to see that makes

2:36

you think you're well on your way? Yeah,

2:39

so certainly the priority number one

2:41

was was to convert a significant

2:43

amount of the inferred resources So,

2:46

you know in terms of the

2:48

the 2023 resource we had 972

2:50

,000 ounces in the inferred category

2:53

and 700 and 43 ,000 in

2:55

the in the indicated so we

2:57

really needed to convert a number

2:59

of those so that we could

3:01

recreate the the mine plan that

3:03

was in our 2024 PEA because as

3:06

we move forward to a pre -feasibility

3:08

study you're limited to just you know

3:10

the indicated resources you're not allowed to

3:13

use the inferred so first and foremost

3:15

that was the priority and and that's

3:17

uh you know certainly uh one of

3:19

the reasons why we concentrated on boing

3:22

in particular but boing and because of

3:24

those totals, you know, 90 plus percent

3:26

where we're sitting in those two largest

3:29

deposits. Now, what we've seen as

3:31

we've now completed and put out

3:33

nine news releases, you know, and

3:35

certainly a significant amount of results

3:38

from both of those areas is

3:40

while we're doing this infill drilling

3:42

where we're converting inferred to indicated,

3:45

as we drill a little bit deeper

3:47

down at the bases of the pits

3:49

or sometimes as we drill even a

3:52

little bit shallower, up -dip when we

3:54

where we didn't have holes we're converting

3:56

those blocks to you know we believe

3:58

to the to the uh indicated categories

4:00

but but in the process

4:02

of doing that we're basically extending the

4:04

mineralization as well so while this is

4:07

substantially a an infill program um you

4:09

know we're really seeing that that would

4:11

when we extend these holes even beyond

4:13

the the the limits of those previous

4:16

pits we're seeing you know good

4:18

quality mineralization above well above

4:20

average grade you know beyond

4:22

the limits of those pits which

4:24

in this case in 2023 we

4:26

did at 1650 so obviously we

4:28

expect to see some widening and

4:31

some deepening of those as we

4:33

start getting a little bit closer

4:35

to today's gold price. With

4:38

the conversion where you

4:41

do have resources in

4:43

place On top of

4:45

that, you're starting to hit areas that

4:47

do not have resources. Maybe have just

4:49

been, the surface has been scratched there.

4:51

One of those is the Cajina Hill,

4:54

which is an area that you

4:56

released assays from earlier. There's

4:59

also, I did, I remember I asked

5:01

Luke a little, you know, a little

5:03

bit in their last discussion about looking

5:06

at zones down south that

5:08

the sea and extension also see himself.

5:11

What is the objective with these

5:13

areas? Are you going to be able

5:15

to maybe put some sort of inferred

5:17

resource on this after this drill program?

5:20

Or is it something where you're just

5:22

going to get a better understanding than

5:24

maybe down the road with another campaign?

5:27

Maybe that's where those numbers start accumulating.

5:29

Yeah, the short answer is both. We're

5:32

going to have some areas. And

5:34

I think the parallel structure there

5:36

at Seaman Extension is probably the

5:38

one that's farthest down the path,

5:40

if you will, so we will

5:42

definitely be expanding on the existing

5:44

really small resource there. Cajina Hill

5:47

is the one where, yeah,

5:49

we've had some good results there, but

5:51

these ones that we just released were

5:53

half kilometer stepouts from where the previous

5:56

drilling was done. So, you know, we're

5:58

not going to be creating resources at

6:00

that sort of drill spacing, but,

6:02

you know, it was very encouraging

6:04

to see some, you know, good

6:06

quality intercepts there, 0 .7 grams

6:08

over 37 meters, and even some

6:10

higher grade zones of, you know,

6:12

6 .8 grams over two meters.

6:15

So, and that that's kind of the case

6:17

for most of our zones is they've got

6:20

within them both these nice wide zones at

6:22

average grade and then these nice little sweeteners

6:24

that are you know narrower but at higher

6:26

grade. So we see that at Cugina Hill

6:29

but again some of our drill spacing is

6:31

really wide right now so we actually have

6:33

to get back in there and do some

6:35

more drilling before I could definitively say that

6:37

we're going to be moving that towards a

6:39

resource estimate. Greg,

6:42

you know, Angie, almost like the back of

6:44

your hand anymore, but what's standing out to you

6:46

at this drill program that maybe is most surprising

6:48

to you that maybe caught you off guard?

6:51

Yeah, you know, you do

6:54

these infill programs and obviously there's

6:56

always three possibilities. It stays the

6:58

same, it gets worse, or it

7:01

gets better. And without a

7:03

doubt, we've seen consistently

7:05

here, again, above average

7:07

widths and in

7:09

many, many cases, above average grades,

7:11

maybe more than we expected going

7:14

into this program. So we, again,

7:16

it's very, very encouraging that what

7:18

is essentially an infill program, we

7:21

believe will have some very positive

7:23

effects on actually growing the overall

7:25

resource. Okay, very good.

7:28

All right. So we're

7:30

about, is it safe to say about

7:32

halfway through this campaign? That's correct. A little bit

7:34

more. Okay. What's

7:36

in store? If you look at the next,

7:38

you know, 17 ,000 meters here, Greg, what's

7:40

left in store here? Where are we going

7:42

to see more drilling? Yeah, so

7:44

we've got the final sort of

7:47

goes at at at Boine and

7:49

and see you know, we've thankfully

7:52

been able to to up date

7:54

these models as we go with the

7:56

drilling so of course each time we

7:58

do that we create internally a new

8:01

set of numbers and new areas

8:03

where we've created again in some

8:05

cases new inferred resources that you

8:07

know if they're wider than

8:09

average and better than average grade are

8:11

worth going back and putting a few

8:13

extra holes into convert these new. Inferred

8:16

ounces into indy indicated. So there's

8:18

a little bit of that But

8:20

as we've seen with the last

8:23

news release Where we we looked

8:25

at our third largest deposit at

8:27

niam the adjacent Structure there at

8:29

cojina hill and again towards the

8:31

end of the last one the

8:33

the sum extension We'll start looking

8:35

at some of these true Exploration,

8:37

you know expansion areas and in

8:39

some cases those are adjacent

8:42

to our known deposits and

8:44

their largest deposits, but they're

8:46

looking at again, stepping out

8:48

and creating new resources. So

8:50

that'll become more and more

8:53

important as we transition through

8:55

this program. And

8:57

I know I keep asking you, but are

8:59

you going to be able to get some

9:01

of those real deep drill holes to see

9:04

how deep this gold mineralization goes and replicate

9:06

something on the same trend? well thankfully they're

9:08

not real deep because again we keep it

9:10

keep in mind that our pits only go

9:12

down to an average depth of 80 meters

9:14

so you know we're expanding that obviously with

9:17

the new gold environment and with the drilling

9:19

that we're doing but even say our pits

9:21

you know all eventually go down to at

9:23

their deepest 150 sort of plus meters that

9:25

means that when we're looking for what we

9:28

consider deeper mineralization. We're still really

9:30

looking at, you know, 200, 250,

9:32

maybe a maximum of 350 meters

9:34

vertically below surface. So, you know,

9:36

certainly it doesn't compare to projects

9:38

where they're drilling, you know, three

9:40

kilometer long holes to try to

9:42

hit these zones deep, deep down.

9:44

So for us, deeper drilling is

9:46

still not that deep. And yes,

9:48

is the answer to your question.

9:50

We will definitely be including some

9:52

holes targeting those areas as part

9:54

of this program. No.

9:57

All right, Greg, well, it's nice to have you

9:59

back. It's good to have you back on the

10:01

podcast as well to talk about this.

10:03

The geologists and the CFOs usually give

10:05

us a little bit of the skeletons

10:07

in the closet. It seems like the

10:09

wind to the sails here at NG.

10:12

I mean, what is keeping you up

10:14

at night here with this program or

10:16

anything that's happening on the ground? Oh,

10:18

the only thing that's keeping me up

10:20

is the amount of work I have

10:22

to do. It's great to

10:25

be busy. We're beyond the drilling. We're

10:28

very busy doing additional metallurgical

10:30

work. We had our consultants

10:32

on the ground following up

10:34

on last year's baseline work,

10:37

doing additional baseline studies, environmental

10:39

and social studies. We're getting

10:41

into the nitty -gritty of

10:43

geotechnical drilling, hydrogeological work, all

10:45

of this stuff that beyond

10:48

the resource needs to be done for

10:50

the pre -feasibility study. And we're

10:52

doing all of this essentially ahead

10:54

of time before we even officially

10:56

start the pre -feasibility study. But

10:58

it's great to be able to

11:00

get all of this done with

11:02

some time in front of us.

11:04

But it's definitely keeping us really,

11:06

really busy. All right. All

11:09

right. Greg Smith from New Core

11:11

Gold. Everybody again trading on the venture

11:13

with NCAU. Greg. Nice to

11:15

have you back. You know, safe

11:17

travels to you wherever you're heading to next,

11:19

which I assume is back to Ghana. All

11:23

right, everybody, busy day. We'll be back

11:25

here in just a few seconds. The

11:28

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11:30

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11:32

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11:34

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11:36

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11:39

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11:41

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11:43

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