Newcore Gold Ltd has announced a significant breakthrough in its flagship Enchi Gold Project, signaling a robust outlook for its upcoming Pre-Feasibility Study (PFS) expected by the end of the first half of 2026.
The company’s latest exploration and metallurgical updates indicate a strategic shift that promises to optimize gold recovery and enhance the overall project value.
By integrating high-grade drilling results and transitioning toward more efficient processing technologies, the Canadian miner is positioning the Enchi Project as a premier asset within Ghana’s prolific Bibiani-Sefwi gold belt.
“Also within that same press release, 3.2 grammes over 17 metres. So these are really nice high-grade results, and they continue to support our geological thesis and understanding is that as we identify where these high-grade feeder zones exist on our project, there’ll be an opportunity to continue to step out and grow that mineralised footprint and ultimately look to add that to our global resource over time.”
Luke Alexander, President and CEO of Newcore Gold Ltd
The momentum behind this update stems from a series of high-grade intercepts recorded earlier this year, including remarkable results such as $174$ grams per tonne over a meter and $147$ grams per tonne over a meter.
These findings, which included the project’s first-ever sighting of visible gold, have significantly bolstered the geological thesis that the mineralized footprint continues to widen and deepen at depth.
Furthermore, the company has confirmed a pivotal move from the previously considered heap leach method to a Carbon-in-Leach (CIL) process, a decision underpinned by extensive metallurgical de-risking work conducted throughout 2025.
High-Grade Intercepts and Geological Growth
The recent drilling campaign has provided a “clearer window into the underground potential” of the Enchi Project.
President and CEO, Luke Alexander noted that the results from the second and third weeks of January have been particularly encouraging, with shallow intercepts targeting roughly 200 to 300 meters below the surface offering the possibility of being captured in future open-pit scenarios.
However, the true excitement lies in the deeper high-grade material. Alexander highlighted that hole number 102, which yielded $3.2$ grams over $17$ meters, demonstrates the potential for the mineralized area to widen at depth, mirroring the success of neighboring projects like Toronto, which is currently mining at 800 meters below the surface.
This resource expansion strategy is backed by a fully funded $45,000$-meter drilling program that will continue through the remainder of 2026.
By focusing on “resource conversion,” Newcore Gold aims to move significant ounces from the inferred to the indicated category, providing the high level of confidence required for the PFS.
This transition is vital for investors, as it shifts the narrative from speculative exploration to a defined, bankable mining plan.
The company’s ability to identify these high-grade feeder zones suggests that the Enchi Project is not just a surface-level deposit but a multi-generational asset with long-term underground viability.
Strategic Shift to CIL Processing
The decision to adopt a CIL process represents a fundamental upgrade to the project’s economics.
During 2025, the company performed rigorous metallurgical testing, comparing heap leach columns against CIL circuits. The results favored CIL, which typically offers higher recovery rates for complex or higher-grade ores.
This change is expected to maximize the “ounces in the box,” ensuring that the high-grade intercepts discovered this year are processed with maximum efficiency.
“We ran a number of different columns and additional cement and lime tests, but the CIL test work on various material equipment proved superior,” the company noted during the technical briefing.
For the company, this shift minimizes the technical risks often associated with heap leaching, such as percolation issues or lower recovery percentages.
By opting for CIL, Newcore Gold aligns itself with the standard operating procedures of major producers in the region, ensuring that the Enchi Project is “built for scale and reliability.”
This metallurgical pivot, combined with the goal of reaching $1.3$ million ounces in the indicated category, sets a high bar for the PFS due in approximately three months.
Economic Implications for Ghana and Stakeholders
The advancement of the Enchi Gold Project carries substantial benefits for Ghana’s extractive sector and the local economy. As the project nears a formal investment decision following the PFS, it signals the potential for significant capital inflow and job creation in the Enchi district.
A move to a CIL plant typically requires a larger initial capital expenditure compared to heap leaching, which translates into increased infrastructure development, procurement of local services, and long-term employment opportunities for the host community.
Moreover, the transition to a higher-recovery processing method ensures that the Government of Ghana receives optimized royalty payments and corporate taxes.
By maximizing the resource recovery, Newcore Gold ensures that the state’s “mineral endowment is not wasted,” a sentiment that echoes the national call for mining firms to deliver maximum benefit to the citizenry.
As the project scales toward an underground mine in the future, it will continue to contribute to Ghana’s status as a leading gold producer in Africa, fostering a sustainable mining ecosystem that benefits both international investors and local stakeholders.
