Newcore Gold Files Technical Report for the Updated Mineral Resource Estimate for the Enchi Gold Project, Ghana

Why It Matters

Doubling the indicated resource strengthens Enchi’s economic case and positions Newcore for near‑term development financing, while underscoring Ghana’s appeal for large‑scale gold projects.

Key Takeaways

• Indicated resource: 1.5 M oz Au in 83.6 Mt at 0.56 g/t
• Inferred resource adds 626k oz Au across 40.1 Mt at 0.49 g/t
• Resource based on 28,000 m of 2024‑25 drilling; 12,500 m new drilling pending
• Pre‑feasibility study to be completed by June 2026 using indicated resource
• Enchi sits on 248 km² district with 25+ targets for future growth

Pulse Analysis

Ghana remains Africa’s premier gold‑producing nation, and Newcore Gold’s Enchi project is now positioned at the forefront of that landscape. The newly filed NI 43‑101 technical report validates a substantial upgrade to the mineral resource, with the indicated portion more than doubling to 1.5 million ounces of gold. By applying a pit‑constrained model at a $3,200/oz gold price, the company demonstrates a realistic economic framework that investors can scrutinize ahead of the upcoming pre‑feasibility study.

The resource upgrade stems from 28,000 metres of infill reverse‑circulation drilling completed in 2024‑25, complemented by targeted diamond drilling for metallurgical and geotechnical data. At an average grade of 0.56 g/t Au, the indicated resource translates into a robust cash‑flow foundation, especially given the relatively shallow pit depths (average 85 m) and favorable cut‑off grades of 0.1‑0.2 g/t. Compared with the 2023 estimate, the new figures improve both tonnage and grade, enhancing the project's internal rate of return assumptions and making it more attractive for financing partners.

Looking forward, Newcore’s 60,000‑metre drill program and the broader 248 km² district‑scale land package, which hosts over 25 identified targets, promise additional resource growth. The pending pre‑feasibility study, targeted for June 2026, will leverage the indicated resource to outline mine design, capital requirements, and potential returns. Successful completion could unlock significant equity and debt financing, positioning Enchi as a key contributor to Newcore’s portfolio and reinforcing Ghana’s status as a hub for large‑scale gold development.