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Newcore Gold Ltd. reports exploration and development updates for its 100% owned Enchi Gold Project in Ghana. Company news centers on diamond drilling at deposits including Boin and Sewum, gold mineralization in oxide-transition and fresh rock horizons, and the potential for resource growth at depth. Updates also cover NI 43-101 mineral resource estimates, technical reports, pre-feasibility study work, metallurgical testing, hydrogeology, geotechnical and environmental programs, and capital actions such as warrant exercises that fund project advancement.
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.
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