One hole at Enchi hit 147.50 grams of gold per tonne over a single metre, starting at 310 m. Newcore Gold Ltd. says it was the first visible gold ever seen in drilling at the Ghana project.
That hole, KBDD100, sits 200 metres south of KBDD098, which cut 173.75 g/t over 1.0 metre from 264 m. The true widths of both intercepts are unknown. The results came out of the Boin deposit, and the company released them alongside its Pre-Feasibility Study on June 24.
More from Boin and Sewum
Other Boin holes returned wider zones. KBDD097 intersected 3.54 g/t over 23.0 m from 253 m, including 6.92 g/t over 8.0 m. KBDD102 returned 3.22 g/t over 17.0 m from 327 m and, higher up the hole, 1.70 g/t over 25.5 m from 285 m.
At Sewum, SWDD121 found 1.37 g/t over 24.0 m from 94 m, with 1.93 g/t over 12.0 m inside it. SWDD107 cut 1.59 g/t over 15.5 m from 147.5 m and 3.22 g/t over 6.4 m from 152.9 m.
None of these 2026 results are in the Mineral Resource Estimate the study relies on. That estimate was announced March 18, 2026 and covers drilling through October 6, 2025. It leaves out more than 50,000 metres of the 80,000-metre program now turning. The pits that constrain the resource average only 85 vertical metres deep, and the new holes extend mineralization beyond their limits.
Going deeper
“Most drilling to date has focused on shallow mineralization within the first 150 vertical metres,” said Greg Smith, vice president of exploration. Recent holes, including the deepest so far, hit gold at vertical depths of 200 to 350 metres. Four rigs are working at surface and at depth.
The property is large and barely touched. Enchi covers 248 km2 along a belt that hosts Newmont’s Ahafo mine and Asante Gold’s Bibiani and Chirano mines. Newcore has flagged more than 20 pre-resource targets, and less than 10% of the ground has been explored. The company’s website lists an Indicated resource of 1,502,000 ounces at 0.56 g/t and an Inferred resource of 626,000 ounces at 0.49 g/t.
Chairman Doug Forster called the study “only the first step in unlocking significant value for our shareholders.” He pointed to a recently completed $15 million equity financing as the means to chase mine life extension by converting Inferred resources, more discoveries at depth and follow-up drilling on targets that already have holes but no defined resource.
What the study says today
The PFS describes a conventional open pit with milling and carbon-in-leach processing at 5.5 million tonnes a year. Over a 9.3-year life it averages about 104,000 ounces annually. At a spot price of $4,200 per ounce, it shows an after-tax NPV of $647 million at a 5% discount rate and a 45% after-tax IRR. Newcore plans to use it for a mining lease application this year, and says Ghana’s government has shown strong support.
Sources
- Newcore Gold Announces Robust Pre-Feasibility Study for the Enchi Gold Project, Ghana
- In the Business of Gold
