Newcore Gold Ltd

Newcore Gold is a TSX Venture listed Canadian gold exploration and development company focused on the Enchi Gold Project in Ghana. An updated mineral resource estimate in 2023 outlined 743,500 Indicated and 972,000 Inferred ounces of gold. The project benefits from good infrastructure within a prolific gold district. A PEA study highlights potential for a simple, low capital intensity open pit heap leach operation.

The PEA uses an updated subset of drilling and outlines strong project economics including a $212 million after-tax NPV at a 5% discount rate and 42% IRR at $1650/oz gold. Initial capital is estimated at $97 million with a 2.3 year payback period. The study envisions an 11 year mine life producing nearly 1 million ounces with average annual output of 104,000 ounces in years 2 through 5. Significant exploration potential remains across the 216 sq km land package beyond the defined resource areas.

Recent drilling has discovered additional near surface oxide mineralization and also extended gold zones to depth, including high-grade underground potential. Over 40,000 meters of drilling completed since the resource cut-off are not accounted for in the current resource estimate. Ongoing drilling aims to expand existing deposits and test new greenfield targets.