Welcome to our dedicated page for Newcore Gold Ltd. news (Ticker: NCAUF), a resource for investors and traders seeking the latest updates and insights on Newcore Gold Ltd. stock.
Newcore Gold Ltd (NCAUF) is a Canadian mining company focused on the exploration and development of high-quality gold projects in North America. With a portfolio of properties including the Enchi Gold Project located in Ghana, Newcore Gold is committed to sustainable mining practices and community engagement. The company recently completed a 60-Day Pilot Tests on 15-tonne samples from the Sewum and Boin Gold Deposits, showcasing strong metallurgical testing results and recoveries. Moreover, the addition of the Omanpe License has expanded the Enchi Gold Project to 248 km², highlighting the company's growth and potential for the future.
Newcore Gold (TSX-V: NCAU, OTCQX: NCAUF) held its Annual General Meeting (AGM) on July 18, 2024, with shareholders voting in favor of all proposed resolutions. Key outcomes include:
1. Approval to set the number of directors at seven
2. Re-election of all incumbent directors
3. Approval of the company's new long-term incentive plan
4. Reappointment of PricewaterhouseCoopers LLP as auditors
The meeting saw participation from 73,006,572 common shares, representing 39.67% of Newcore's total issued and outstanding shares as of the record date.
Newcore Gold has announced proceeds of approximately $3.3 million from the exercise of 16,666,666 common share purchase warrants, which expired on June 28, 2024. The warrants had an exercise price of $0.20 and were originally issued on June 28, 2023, following a non-brokered private placement financing. The company's President and CEO, Luke Alexander, expressed gratitude to shareholders for their continued support. The funding will advance the Enchi Gold Project in Ghana, supporting additional drilling and exploration activities. The company is now funded for a 10,000-meter drill program with a cash balance of approximately $4.7 million. After the warrant exercise and expiration, Newcore Gold's share capital consists of 189,460,129 common shares issued and outstanding, with 11,270,000 stock options and 1,371,000 RSUs and PSUs, and no additional warrants outstanding.
Newcore Gold has initiated a 10,000-metre drill program at its Enchi Gold Project in Ghana. The program aims to refine and expand current resources through infill and resource expansion drilling, targeting near-surface oxide and shallow sulphide mineralization. Focus areas include Sewum and Boin deposits, with efforts concentrating on increasing resource confidence levels. Funded with approximately $3.3 million from warrant exercises, the project also includes additional exploration activities like metallurgical testwork and trenching. Enchi's district scale exploration potential remains largely untapped, presenting significant opportunities for future resource growth.
Newcore Gold has filed the technical report for the updated Preliminary Economic Assessment (PEA) for its Enchi Gold Project in Ghana. The PEA, prepared by Lycopodium Minerals Canada, suggests a low capital intensity, open pit, heap leach operation processing 8.1 million tonnes annually. At a gold price of $1,850/oz, pre-tax NPV is $586 million with a 77% IRR, while after-tax NPV is $371 million with a 58% IRR. Peak production is expected to reach 155,188 ounces in year 6, with a life-of-mine production of 1.1 million ounces over nine years. Initial capital costs are estimated at $106 million, with operating costs at $801/oz and all-in sustaining costs at $1,018/oz. The project shows significant growth potential given its 248 km2 property with less than 10% explored.
CEO.CA Technologies shares updates with CEOs of junior mining explorers, including Newcore Gold and West Red Lake Gold Mines. Newcore Gold (TSXV: NCAU) and West Red Lake Gold Mines (TSXV: WRLG) discuss exploration and development updates at their gold properties. CEO.CA is a leading investor social network in junior resource and venture stocks, connecting millions of investors globally.
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