Newcore Gold (TSXV:NCAU) has announced additional drill results from its ongoing 10,000-meter drill program at the Enchi Gold Project in Ghana. The results include gold intercepts from the Boin Gold Deposit, part of the company’s 100%-owned project.

Highlights from Recent Drilling

The Reverse Circulation (RC) drilling at Boin has revealed substantial gold mineralization, reinforcing the deposit’s potential. Highlights include:

•Hole KBRC316 intersected 0.97 grams per tonne (g/t) gold over 96.0 meters (m) from 100 m, with a higher-grade interval of 2.05 g/t over 10.0 m from 163 m.

•Hole KBRC313 intersected 1.06 g/t gold over 81.0 m from 127 m, including 2.50 g/t over 17.0 m from 132 m.

•Additional intercepts include 0.86 g/t over 62.0 m from hole KBRC314 and 0.70 g/t over 73.0 m from hole KBRC317.

The drilling program aims to convert Inferred Resources to Indicated status, improving the confidence level of the Mineral Resource Estimate. All drill holes reported have intersected gold mineralization, supporting the continuity of mineralization across the Boin deposit.

Drilling Objectives and Scope

Drilling at Boin focused on near-surface oxide and shallow sulphide mineralization. The program utilized 50-meter spaced sections, with drill holes spaced 25 meters apart. The drill results cover a one-kilometer strike length and confirm the continuity of the gold-bearing structure, consistent with previous, wider-spaced drilling.

Several holes penetrated mineralization beyond the current pit shell defined in the Mineral Resource Estimate. This suggests potential for resource expansion and future upgrades to the resource classification.

2024–2025 Work Program

The 10,000-meter RC drill program is part of a broader effort to enhance resource confidence and growth at Enchi. Most of the drilling targets the Boin and Sewum deposits, which hold the largest resources within the project.

The company is also conducting additional exploration and development work, including:

•Metallurgical testing

•Drone topographic surveys

•Airborne magnetic surveys

•Trenching and soil sampling

•Hydrogeological, environmental, and geotechnical studies

These efforts aim to provide comprehensive data for future engineering and feasibility studies.

Boin Gold Deposit Overview

Boin is one of five deposits at Enchi, located 10 kilometers south of the town of Enchi. It has an Indicated Mineral Resource of 13.0 million tonnes grading 0.62 g/t gold for 258,200 ounces and an Inferred Resource of 15.9 million tonnes grading 0.68 g/t gold for 349,600 ounces.

The deposit is outlined by a six-kilometer-long gold-in-soil anomaly, with only about 60% of the anomaly tested by drilling. The average vertical depth of drilling at Boin remains shallow at 90 meters, leaving significant room for expansion.

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.

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. 

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

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