NewCore Gold submits Ghana 'Enchi' Gold Mine project resource expansion... Basis for advancing PFS

Canadian gold exploration company Newcore Gold has submitted a technical report to support the latest mineral resource estimate for its Enchi Gold Project in Ghana. The report is considered a key basis for advancing the pre-feasibility study (PFS) and is believed to once again confirm the Enchi project’s “multi-million ounce” potential.

Newcore Gold disclosed on May 1, local time, that it has published a NI 43-101 compliant technical report prepared by DRA Americas of Toronto, Canada. The report shows that, for the proven and controlled resource quantities at the Enchi Gold Project, the controlled resource quantity is 83.6 million tonnes, with an average grade of 0.56 grams per tonne, containing 1.502 million ounces of gold. Inferred resources total 40.1 million tonnes, with an average grade of 0.49 grams per tonne, for a gold size of 626,000 ounces.

The resource estimate is calculated based on a constrained pit shell using a gold price of US$3,200 per ounce. Converted to Korean won, it is approximately 4.7264 million KRW. The baseline date is October 6, 2025, and reflects drill results completed as of that date. The company said that since then it has additionally carried out approximately 12,500 meters of drilling, but it has not yet been included in this resource estimate.

Controlled resources more than double

The most notable part is the substantial increase in controlled resources. Through this update, Newcore Gold said that the controlled resource quantity for the Enchi project is more than double that of the previous figure. This number only partially reflects results from approximately 28,000 meters of drilling out of the total planned 60,000 meters drilling program in 2024–2025.

It is also these controlled resources that form the basis for the pre-feasibility study. The company is currently carrying out the PFS, targeting completion by the end of June 2026. Luke Alexander, CEO of Newcore Gold, said submitting the technical report is an important step toward advancing development of the Enchi Gold Project, and noted that there is still significant room for additional value creation through exploration and development activities.

Potential for further expansion highlighted

Newcore Gold explained that this resource estimate is based on constraint of four open-pit mining pits/deposits, including Seum, Boin, Nyam and Kwakyekrom. The analysis suggests that these deposits remain open both along strike extensions and in the down-dip/depth direction, indicating potential for an increase in future resource estimates. In particular, it was emphasized that expansion is possible not only in oxidized and transitional zones, but also in deeper fresh-rock sections.

At present, the average depth of the resource pits is only 85 meters. Most of the drilling conducted to date has focused on shallow sections with an average depth of 125 meters, while drilling between 200 and 350 meters has been limited. This indicates that the Enchi Gold Project has not yet formally entered a deep exploration stage.

The company said it has identified more than 25 exploration targets across a site area of 248 square kilometers. The Enchi project is located within the Bibiani shear zone, one of Ghana’s representative gold mineralization belts, and the large Chirano deposit, a major gold mine, lies 50 kilometers to the north. According to data from the World Gold Council, Ghana is Africa’s largest gold producer in 2024.

Report significance and notes

This technical report is based on a 2023 resource estimate and incorporates results from 28,000 meters of in-fill reverse circulation drilling and 3,450 meters of core drilling conducted between 2024 and 2025 for metallurgical, geotechnical and hydrogeological purposes. The resource estimate used geological modeling, geostatistics, and general block modeling techniques.

However, the company clarified that this data is only an estimate of “mineral resources” and is not a “mineral reserve” that has been verified for economic feasibility. This means that the project’s actual viability could change based on the results of future pre-feasibility studies, as well as factors such as gold price, recovery rates, permit approvals, community relations, and the macroeconomic environment.

The expansion of the resource estimate for the Enchi Gold Project is interpreted as an important milestone for Newcore Gold moving into the development stage. However, the ultimate value is expected to become clearer in the PFS anticipated for the end of June and additional drilling results.

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