Newcore Gold Drilling Intersects 3.51 g/t Gold over 21.0 Metres, Including 5.91 g/t Gold over 9.0 Metres, at the Enchi Gold Project, Ghana
Newcore’s high-grade Nyam drill results failed to halt the Enchi selloff following a PFS revealing a $351m capex requirement.
Newcore Gold Ltd. (NCAU) released assay results from 11 diamond drill holes totaling 4,123 metres at the Nyam deposit, which is part of the ongoing 80,000-metre Enchi program.
Key intercepts included: - NBDD086: 3.51 g/t Au over 21.0 m (including 5.91 g/t Au over 9.0 m) - NBDD085: 1.61 g/t Au over 14.0 m (including 2.94 g/t Au over 7.0 m) - NBDD080: 1.40 g/t Au over 21.0 m (including 2.08 g/t Au over 11.0 m)
Other holes returned broad lower-grade zones.
Mineralization was intercepted below the current pit limits, reaching a maximum vertical depth of 300 metres, well below the average 100-metre depth of prior drilling. These results are not included in the June 2026 Preliminary Feasibility Study (PFS) or the March 2026 resource estimate. Management states the intercepts demonstrate continuity to depth and potential for resource growth.
Newcore Gold Ltd. (NCAU) released its Preliminary Feasibility Study (PFS) on June 24, 2026, outlining robust economics at a $3,800/oz gold price. The study projects an after-tax NPV₅% of $496M and a 37% IRR. The project requires an initial capital expenditure of $351M and includes a 2% net smelter return (NSR) payable to Triple Flag, Ghana’s sliding-scale royalty of 10% at $3,800/oz, and a 10% government free-carried interest.
Following the PFS, the company’s stock fell from $0.52 to $0.31 over six trading days, erasing approximately 40% of its market value. The decline reflects concerns regarding financing risk, as the $351M construction cost exceeds the company’s current market capitalization of ~$97M and its cash balance of C$18.8M.
Newcore Gold also announced drill results from the Nyam project today. The results returned grades above the current resource grade, confirming potential resource upside. However, these findings are incremental and do not alter the mine plan, capital expenditure requirements, or financing needs. Similar high-grade intercepts have been reported previously, including 173.75 g/t Au over 1 m in January 2026 and 1.23 g/t Au over 33 m in May 2026.
Newcore Gold Ltd. is a Canadian junior explorer focused on the 100%-owned Enchi Gold Project in Ghana. The 248 km² property covers 40 km of the Bibiani Shear Zone, a prolific gold belt. The project hosts four pit-constrained deposits (Sewum, Boin, Nyam, Kwakyekrom) with a total Indicated resource of 1,502,000 oz Au @ 0.56 g/t and Inferred 626,000 oz @ 0.49 g/t (effective March 18, 2026). A PFS completed in June 2026 outlines a 9.3-year mine life averaging 104,000 oz/year, with after-tax NPV₅% $496M at $3,800/oz gold. The property remains largely underexplored at depth and on strike, with an 80,000-m drill program ongoing.