Newcore Gold Ltd. has reached a defining milestone at its 100% owned Enchi Gold Project in Ghana, announcing a massive update to its Mineral Resource Estimate (MRE) that has more than doubled the project’s Indicated resources.
The independent study, conducted by DRA Global Limited, now identifies an Indicated Mineral Resource of 1,502,000 ounces of gold at an average grade of 0.56 g/t Au within 83.6 million tonnes.
This substantial expansion provides a robust foundation for the project’s ongoing Pre-Feasibility Study (PFS), signaling Enchi’s transition from an exploration-stage asset to a high-potential development project in one of the world’s premier mining jurisdictions.
The updated MRE, effective October 6, 2025, also includes an Inferred Mineral Resource of 626,000 ounces of gold at an average grade of 0.49 g/t Au within 40.1 million tonnes.
This resource growth was achieved by incorporating approximately 28,000 metres of infill and diamond drilling completed in 2024 and 2025, which represents only a fraction of Newcore’s ongoing 60,000-metre exploration program.
The estimate was calculated using a gold price of US$3,200 per ounce, reflecting the current strong commodity environment.
Crucially, over 10,600 metres of drilling completed since October 2025 have not yet been included in these figures, suggesting that the “multi-million-ounce potential” of the district-scale land package is far from fully realized.
“We are excited with the progress we are achieving at Enchi. The substantial conversion of resources to the Indicated category, more than doubling the Indicated ounces, de-risks the project development and will form the basis for the Pre-Feasibility Study that is underway for our Enchi Gold Project in Ghana.”
Luke Alexander, President and CEO of Newcore
Strategic Resource Expansion and Technical De-risking
The 2026 MRE highlights the strength of the four primary pit-constrained deposits: Sewum, Boin, Nyam, and Kwakyekrom.
Sewum remains the largest contributor, hosting 573,000 Indicated ounces, while Boin follows closely with 550,000 Indicated ounces. These deposits remain “open along strike and at depth,” offering significant upside in shallow oxide zones and deeper fresh mineralization.
Recent high-grade intercepts at the Boin deposit including a remarkable 173.75 g/t Au over 1.0 metre further underscore the untapped potential at depth, where the company recently encountered its first visible gold.
The technical parameters of the MRE reflect a highly viable pathway to production. The average depth of the resource pits is currently only 85 metres, yet most drilling has only tested mineralization down to 125 metres.
This leaves the deeper “fresh” rock—which shows higher average grades of 0.67 g/t Au in the Indicated category largely underexplored. With metallurgical recoveries estimated at 85% for heap leach (oxide) and 91.7% for carbon-in-leach (fresh mineralization), Newcore is positioning Enchi as a flexible, scalable operation.
Socio-Economic Impact on Enchi and Ghana
Beyond the balance sheets, the advancement of the Enchi Gold Project carries significant weight for the local community and the Republic of Ghana.
Ghana recently reclaimed its title as Africa’s largest gold producer, and projects like Enchi are vital to maintaining this industrial leadership.
The progression toward a Pre-Feasibility Study, targeted for completion by June 2026, moves the project closer to a “construction-ready” status.
For the local Enchi district, this translates into potential job creation, infrastructure development, and increased local procurement as Newcore Gold Limited shifts from exploration to development.
The project covers 40 kilometres of the prolific Bibiani Shear Zone, a belt known for multi-million-ounce deposits like Chirano.
As Newcore continues its 60,000-metre drill program, the “district-scale exploration opportunity” across the 248 km² property remains a beacon for foreign direct investment.
By adhering to “best practice standards” for sampling and community engagement, the company aims to ensure that the wealth generated from these 1.5 million ounces provides a lasting legacy of economic stability for its stakeholders and the Ghanaian people.
Future Outlook and Exploration Potential
With the PFS on the horizon, Newcore’s focus remains split between de-risking the known resource and hunting for new discoveries.
The current drill program is specifically “targeting the high-grade potential at depth” to define the extents of mineralization below the current pit shells. VP of Exploration Greg Smith noted that the team is “excited to continue to prove out the longer-term resource growth potential” across the underexplored land package.
READ ALSO: Lordina Mahama Joins Global Child Digital Safety Summit
