Newcore Gold (TSXV:NCAU) Provides an Update on Exploration Program at the Enchi Gold Project

Newcore Gold (TSXV:NCAU) has continued to advance and de-risk the Enchi Gold Project in Ghana, with recent exploration activities building on past preparation work. The company expects a Mineral Resource Estimate to be released sometime in January 2023. 

Source: Newcore Gold

Under the current program, metallurgical test work, including testing of sulphide mineralization, continues, and in the first half of 2023, Newcore expects to complete an environmental and social baseline study. Diamond drilling is currently underway at the important Nyam Gold Deposit at Enchi. This drilling is focused on following up on high-grade results from the upper sulphide mineralization in the past. Newcore Gold is currently funded and ready to complete the current work program at Enchi with a balance in cash and short-term investments of $5 million recorded at the end of Q3 2022.

Luke Alexander, President and CEO of Newcore, commented in a press release: “We continue to be active on numerous fronts advancing and de-risking the Enchi Gold Project. An updated Mineral Resource Estimate, incorporating the significant amount of drilling completed in 2021 and 2022, is targeted for completion in January 2023. We are also thrilled to be back drilling at Enchi with the first phase of this drill program targeting the higher-grade potential of the sulphide mineralization that we first encountered in 2021. Testing the high-grade and depth potential of the sulphide mineralization is a priority as part of defining the potential for gold mineralization at Enchi on the same scale and magnitude as the significant gold deposits along the Sefwi-Bibiani gold belt.”

Highlights from Work Programs and Exploration Underway at Enchi are as follows:

  • Mineral Resource Update Underway with Completion in January 2023, incorporating results from a portion of the 90,000 metre drill program completed in mid-2022. From this drilling approximately 20,000 metres was included in the 2021 Mineral Resource Estimate; approximately 40,000 metres was focused on resource expansion and is anticipated to be included in the update; the remaining metres focused on earlier stage targets that highlight the future resource growth potential at Enchi and will be incorporated into future mineral resource updates. Completion of an updated Mineral Resource Estimate is scheduled for January 2023 as the Company’s resource consultant completes incorporation of all new drilling data and recently completed drone topographic surveys. It is anticipated that incorporating the recently completed drone survey will upgrade a portion of the Mineral Resource Estimate into the Indicated category, further de-risking the Project.
  • Newcore is funded to complete the current work program at Enchi (commenced October 2022) with $5 million in cash and short-term investments at the end of Q3 2022.
  • Drilling Underway Targeting High-Grade Potential at Enchi. Diamond drilling underway at the Nyam Gold Deposit is following-up on high-grade mineralization identified in the upper portions of the sulphide mineralization, continuing to define the potential for high-grade underground mineralization at Enchi. Results anticipated Q1 2023.
  • Trenching Intersected Mineralization at Early-Stage Targets, providing additional drill targets for discovery. First pass trenching of kilometre-scale gold-in-soil anomalies encountered strong results in oxidized mineralization with 0.73 grams per tonne gold (“g/t Au”) over 22.0 metres (“m”) at the Nkwanta Target and 0.65 g/t Au over 24.0 m at the Agyeikrom Target.
  • Metallurgical Testwork and Updated Baseline Environmental and Social Study underway as part of broader activities at Enchi designed to continue to advance and de-risk the Project.

Mineral Resource Update to be Completed January 2023

An updated Mineral Resource Estimate is underway, incorporating results from the 90,000 metre drill program completed in mid-2022. Of the 92,583 metres of drilling completed in 2021 and 2022, the current Mineral Resource Estimate (completed June 2021) incorporated only 20,195 metres of drilling. Of the remaining 72,388 metres the Company anticipates that approximately 40,000 metres will be additive to the resource at Enchi given those metres focused on testing existing deposit areas along strike and at depth. The remaining metres targeted earlier stage targets highlighting the potential for future resource growth at Enchi as Newcore continues to prove out the multi-million-ounce potential of the 216 km2 district scale property. Completion of the updated Mineral Resource Estimate is scheduled for January 2023 as the Company’s consultant completes incorporation of all new drilling data and recently completed drone topographic surveys. It is anticipated that incorporating the recently completed drone survey will upgrade a portion of the Mineral Resource Estimate into the Indicated category, further de-risking the Project.

Table 1 – Enchi Gold Project High Grade Drill Highlights

Hole ID Zone/Deposit From (m) To (m) Length (m) Au (g/t)
NBRC045 Nyam 179.0 219.0 40.0 1.57
including   185.0 194.0 9.0 5.40
NBDD048 Nyam 236.0 249.0 13.0 4.51
including   237.5 245.2 7.7 7.40
NBRC047 Nyam 222.0 247.0 25.0 1.94
including   227.0 234.0 7.0 5.78
NBDD052 Nyam 321.0 336.0 15.0 3.21
including   322.0 330.0 8.0 5.57
NBRC073 Nyam 74.0 131.0 57.0 0.78
including   94.0 103.0 9.0 1.34
NBRC092 Nyam 38.0 62.0 24.0 1.79
including   51.0 55.0 4.0 4.14

Notes:

  1. See detailed table for complete results
  2. Intervals reported are hole lengths with true width estimated to be 75 – 85%
  3. Length-weighted averages from uncut assays
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

By Matthew Evanoff

I cover the mining industry and the best mining stocks around the world. I write about industry news, individual companies, projects, management, and profiles on industry leaders.

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