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Els: MBN360 Extractives/Energy
Newcore Gold Ltd. has initiated a Pre-Feasibility Study (PFS) for its 100%-owned Enchi Gold Project in Ghana, marking a critical transition from exploration to advanced development.
The study, which is slated for completion by the end of the first half of 2026, aims to refine the technical and economic parameters of the district-scale asset located along the prolific Bibiani Shear Zone.
By transitioning the project toward a formal development decision, the Vancouver-based miner is positioning the Enchi asset to become a significant contributor to Ghana’s gold output within the next few years.
“Advancing our Enchi Gold Project to the PFS stage represents an important milestone for the company as we continue to unlock the value of our district-scale project. We are fully funded to complete the PFS, which is supported by extensive technical fieldwork, testwork and drilling completed in 2024 and 2025. This next stage will continue to technically de-risk the project and advance it along the development path.”Newcore president and CEO, Luke Alexander.
Building on the robust foundation of the 2024 Preliminary Economic Assessment (PEA), the PFS will integrate a massive data set derived from fieldwork conducted throughout 2024 and 2025.
This comprehensive technical program includes 30,000 meters of additional drilling, detailed metallurgical testwork, and specialized geotechnical and hydrogeological assessments.
Central to the study is a strategic shift in processing, the company has opted for a standard milling and Carbon-In-Leach (CIL) flowsheet over the previously considered heap leach method. This decision follows metallurgical tests that yielded impressive gold recoveries of 89.4% to 97.7%, a substantial uplift from the 75–85% range initially projected.
Strategic Partnerships and Resource Potential
The execution of the PFS is being spearheaded by a consortium of world-class engineering firms, ensuring the study meets the highest industry standards. Lycopodium Minerals Canada is leading the charge on process plant design and cost estimation, maintaining continuity from their lead role in the 2024 PEA.
They are supported by a specialized team where Fuse Advisors is managing mine engineering and planning, Knight Piésold is focused on tailings storage and hydrogeology, and DRA Global is providing expertise in resource and geotechnical modeling.
This high-caliber technical oversight is essential given the scale of the Enchi land package. The project currently hosts an indicated mineral resource of 743,500 ounces at a grade of 0.55 g/t and an inferred resource of 972,000 ounces at 0.65 g/t.
Spanning 248 km² and covering 40 kilometers of the Bibiani Shear Zone, a structure known for hosting multi-million-ounce deposits—the project sits in a “neighborhood of giants” near the 5-million-ounce Chirano and Bibiani mines.
Economic Transformation and Local Impact
The commencement of the PFS at Enchi signals a major economic catalyst for the Western North Region of Ghana. The project is designed as an open–pit operation, which typically offers lower technical risk and steady employment opportunities for the local workforce.
Beyond direct jobs, the development of a milling and CIL facility represents a sophisticated industrial footprint, requiring a robust local supply chain for reagents, energy, and maintenance services.
The fiscal implications for the Ghanaian state are equally significant under the current “pro–development” framework.
A project of this scale contributes through corporate income tax and mineral royalties, providing direct payments to the government that often range from 3% to 5% of gross revenue depending on prevailing gold prices.
Furthermore, ongoing environmental and social baseline studies indicate that the mine will integrate community-focused initiatives in healthcare, education, and water infrastructure, creating a lasting legacy beyond the life of the mine.
De-risking the Path to Production
The shift to a CIL flowsheet is a “value-maximization move” that leverages the current high gold price environment. By opting for a process that yields higher recoveries, Newcore Gold is effectively increasing the project’s Net Present Value (NPV) and Internal Rate of Return (IRR), making it more resilient to market fluctuations.
With the PFS fully funded and a target completion date in mid-2026, the Enchi Gold Project is rapidly moving toward a final investment decision.
