Newcore’s wide gold hit boosts Enchi plan in Ghana

AI desk brief

Newcore Gold reported one of its strongest intersections yet at the Boin deposit in Ghana, with hole KBRC411 cutting 69m at 2.59 g/t Au from 58m, including 24m at 6.41 g/t, while KBRC414 returned 32m at 0.83 g/t and KBRC404 hit 22m at 0.68 g/t. The shares jumped more than 17% to C$0.34, and management said the new drilling could support mine-plan optimisation and add higher-grade mineralisation to future studies.

The results extend a run of higher-grade drilling at Enchi after the June PFS, which outlined a 5.5Mtpa open pit and mill producing about 953koz over 9.3 years. At a gold price of US$3,800/oz, the study estimated an after-tax NPV of US$496m, 37% IRR and a 1.6-year payback, with initial capex of US$351m.