Newcore Gold: Undervalued Potential in Ghana’s Oxide-Rich Enchi Project

We're following up our recent African Gold Updated MRE Review with a 2nd Note this July. Here, we take a closer look at Newcore Gold (TSX-V: NCAU) and its flagship Enchi Gold Project in Ghana, following an updated Preliminary Economic Assessment (PEA) and a 35,000-metre drill campaign aimed at upgrading resource confidence. Our latest Analyst’s Notes evaluates the real economic potential behind Newcore’s oxide-rich development plan in West Africa.

With declared mineral resources of 1.72 million ounces and an enterprise value of just US$98 million, Newcore appears inexpensive on a per-ounce basis. But how robust are the assumptions behind its PEA, and what value is truly attributable given the company’s heavy reliance on oxide and transitional material?

The Lowdown‍

In this month’s Analyst’s Notes, we dissect Newcore Gold’s 2024 PEA and compare its assumptions with a more conservative economic model built by us. We scrutinize key inputs - metallurgical recovery, operating cost assumptions, and inclusion of unverified fresh rock - to assess whether the projected returns stand up to technical scrutiny.

We also review the company’s latest exploration results and the impact of recent drilling on resource conversion and life-of-mine extension. With Ghana’s established mining pedigree and the Sefwi Belt’s prospectivity, does Newcore represent a classic undervalued oxide play - or are critical risks still being overlooked?

To access the full Analyst’s Notes report on Newcore Gold, head to analystsnotes.com and subscribe with your email. Our reports are free and designed to provide technically grounded, independent insights for investors tracking emerging mining companies.