Newcore Gold Commissions Pre-Feasibility Study for its Enchi Gold Project, Ghana
Newcore Gold pivots to high-recovery milling strategy as high-grade drilling success triggers shift from heap leach to CIL for upcoming PFS.
On February 5, 2026, Newcore Gold announced the commissioning of a Pre-Feasibility Study (PFS) for its Enchi Gold Project in Ghana, with a target completion date in H1 2026. Crucially, the company is shifting its development strategy from the heap leach processing model outlined in the 2024 Preliminary Economic Assessment (PEA) to a standard milling and Carbon-in-Leach (CIL) flowsheet. This decision follows metallurgical testwork showing gold recoveries between 89.4% and 97.7%. The company states it is "fully funded" to complete the PFS, supported by 30,000 metres of drilling completed in 2024-2025 and an ongoing 45,000-metre program.
The shift from heap leach to CIL is a significant strategic pivot. - Improved Economics vs. Increased Capex: While CIL offers substantially higher gold recoveries (nearly 20-25% higher than typical heap leach operations), it carries significantly higher initial capital expenditure (Capex) and higher operating costs (Opex) per tonne. The 2024 PEA focused on a low-capital heap leach model; the PFS will likely show a much larger capital requirement, which could lead to greater future share dilution. - De-risking through Recovery: The high metallurgical recovery rates (up to 97.7%) reduce the technical risk associated with gold extraction and suggest the project is more resilient to lower-grade feed if gold prices remain high. - Resource Depth: Recent drilling (Jan 2026) confirming visible gold and high-grade intercepts (147.5 g/t Au over 1.0m) at depths of 200-300 metres supports the move toward a CIL mill, as deeper "fresh" (sulphide) mineralization is typically better suited for milling than heap leaching. - Validation of Funding: The company’s claim of being "fully funded" for the PFS is supported by the C$10.8M cash position reported in late 2025 and the potential exercise of 20.4 million warrants expiring in Feb 2026 at $0.50 (currently in-the-money).
Newcore Gold owns 100% of the Enchi Gold Project in Ghana, located on the Sefwi-Bibiani Gold Belt (the same belt hosting Newmont's Ahafo and Asante's Bibiani/Chirano mines). The project has a district-scale land package of 248 sq. km. - Current Resource: 743,500 oz Indicated (0.55 g/t) and 972,000 oz Inferred (0.65 g/t) near-surface. - Flagship Strategy: Moving from an open-pit heap leach concept to an open-pit CIL milling operation to target higher-grade structures at depth and improve overall gold recovery.