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 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)|
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|Lincoln Minerals Limited||LML.AX||+125.00%|
|Golden Cross Resources Ltd.||GCR.AX||+33.33%|
|Casa Minerals Inc.||CASA.V||+30.00%|
|Astro Resources NL||ARO.AX||+25.00%|
|Athena Resources Ltd.||AHN.AX||+22.22%|
|Adavale Resources Limited||ADD.AX||+22.22%|
|Azimut Exploration Inc.||AZM.V||+21.98%|
|New Stratus Energy Inc.||NSE.V||+21.05%|
|Dynasty Gold Corp.||DYG.V||+18.42%|
|Azincourt Energy Corp.||AAZ.V||+18.18%|