on the project. We have a good understanding of the geology of the target area.” Of the 25 targets identified along over 100-kilometres of shears that run through the project, only nine have been drilled. “We have a multi-pronged approach to our drilling programme - aside from the several Greenfield targets lined up for further investigation, there are historical discoveries and current deposits, which remain open along strike and at depth, awaiting closer examination. The average vertical depth of the pits that constrain our resource today is roughly 80 metres, which is extremely shallow. We also have the opportunity to target high grade structures at depth to unlock additional value for shareholders.” The Greenstone deposits along the Sefwi-Bibiani Belt host more than 30 moz of gold with Newcore’s neighbours - Bibiani Mine and the Chirano Mine, which have historical endowments in excess of five-million-ounces and growing, and Newmont’s Ahafo operation further north along the belt hosting a gold endowment in excess of 20 million ounces, being examples where drilling at depth has identified high grade feeder zones that have grown the size of the resource. “At Enchi, we have started the process of identifying those high-grade feeder zones. Further to this, we are investigating previously drilled targets that could longer-term be included in future resource updates.” It is currently anticipated that the Enchi PFS will be followed by a feasibility study, which will allow the company to establish project construction timelines. Gold price influence Underpinned by geopolitical tensions, gold continues to trade at new heights – trading at over US$3500 /oz in September, offering Newcore Gold significant upside on the development of its flagship asset. While Enchi’s Preliminary Economic Assessment (PEA) in 2024 outlined robust economics, the recent gold price amplifies the project’s attractiveness. Using the 2024 PEA when gold traded at US$3 000 /oz, Newcore calculated an after tax NPV of US$970 million and an after-tax IRR of 136%. “Today’s gold price environment favourably impacts the economics of our project. In fact, over the last year there has been an increased interest in Enchi from the investment community. For an exploration project seeking access to capital as we target project construction, this is good news.” Newcore Gold’s core management and board together hold a 15% stake in the company – ‘money invested by management alongside shareholders’. The company also has strong institutional support from “deep pocketed, long term focused mining and precious metals investors”. “We have 55% institutional ownership and strong support from the investment banking community, with three investment banks providing research coverage and recognising the opportunity to take the Enchi project up the value curve.” Ghana as a gold mining destination Ghana is a premier gold-producing destination, historically known as the ’Gold Coast’. The country has a long history of mining, which accounts for about 90% of its mineral exports.
At Enchi, the company has started the process of identifying high-grade feeder zones.
The company expanded its drill programme from 10 000 metres to 35 000 metres.
CEO Luke Alexander at the Core Shack inspecting the core samples.
Gold majors such as Newmont, Gold Fields and AngloGold Ashanti enjoy success in the country. The company’s growth is driven by increased production from mines such as Bibiani, Edikan, Chirano, and Obuasi, with Ghana’s gold output reaching around 130 mt in 2024. Its long history of gold mining sees the country with well- established key infrastructure and paved roads that “cut through the middle of the Enchi project” providing good access to Newcore Gold’s drill targets. “Ghana is a mature mining jurisdiction and Africa’s largest gold producer. In fact, it is the sixth largest gold producer globally. The country has a highly skilled labour force with numerous service companies operating within the mining sector. The government is extremely supportive, recognising the economic benefit that mining creates for the country and the local communities,” concludes Alexander. n
February 2026 | www.modernminingmagazine.co.za MODERN MINING 27
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