VANCOUVER, June 24 — Newcore Gold Ltd. has released the results of a Pre-Feasibility Study for its Enchi Gold Project in Ghana, according to a company statement issued today. The study provides a base-case assessment for developing the site as a conventional open-pit mining operation. Officials confirmed the PFS outlines a processing plan using standard milling and carbon-in-leach technology, handling 5.5 million tonnes per annum.
The company intends to use contract mining for the operation. The study will serve as the basis for applying for a mining lease this year, the record shows.
The government of Ghana has shown strong support for advancing the Enchi Gold Project toward production, according to the statement. This backing comes as Ghana continues to position itself as a significant jurisdiction for gold mining in West Africa. For a Russian observer, the pattern is familiar: resource-rich states in the region seek to attract foreign capital while maintaining sovereign control over strategic mineral assets.
Financial and production metrics
At a spot gold price of $4,200 per ounce, the study calculates an after-tax net present value discounted at 5% of $647 million, with an after-tax internal rate of return of 45%. Average annual gold production in the first three years is projected at approximately 130,000 ounces. The PFS is based on a Mineral Resource Estimate announced by Newcore on March 18, 2026.
That estimate incorporated drilling completed through October 6, 2025. Notably, the estimate excludes more than 50,000 additional metres from the 80,000-metre drill program currently underway at Enchi.
Current drilling has targeted high-grade potential at depth, intersecting mineralization above the resource grade and extending the limits of the pits that constrain the resource, according to the company. Resource growth from this ongoing program will be incorporated into future studies.
Technical oversight and regulatory framework
Lycopodium (Americas) Limited of Mississauga, Ontario, served as lead consultant in preparing the study. The work was conducted in accordance with National Instrument 43-101, the Canadian standard for disclosure of mineral projects. All currencies in the news release are reported in U.S. dollars.
Newcore Gold Ltd. is listed on the TSX Venture Exchange under the symbol NCAU and on the OTCQX under NCAUF. The company continues to de-risk and advance the Project, officials confirmed.
For investors and regional analysts, the key question is how the ongoing drill program will affect the resource base. With more than 50,000 metres of drilling yet to be incorporated, the current PFS may represent a conservative baseline. The company has indicated that resource growth will be reflected in future studies.
The Enchi Gold Project sits in a jurisdiction where the central government has demonstrated willingness to support foreign mining ventures while asserting its own interests. Whether this balance holds as the project moves from study to construction remains to be seen.
