Newcore Gold Diamond Drilling Intersects High-Grade Gold Mineralization with 174 g/t Gold over 1.0 Metre and 3.54 g/t Gold over 23.0 Metres, at the Enchi Gold Project, Ghana
High-Grade Intercepts at Depth Pivot Enchi Narrative from Low-Grade Oxide to Sulphide Growth Potential
The news release dated January 7, 2026, reports results from an ongoing 45,000-metre drill program at the Enchi Gold Project in Ghana. The highlight is diamond drill hole KBDD098, which intersected 173.75 g/t gold over 1.0 metre at a vertical depth of approximately 264 metres. Another significant intercept in hole KBDD097 returned 3.54 g/t gold over 23.0 metres. These results are part of the second phase of the 2025-2026 program, specifically targeting "fresh" (sulphide) mineralization at depth (200 to 300 metres vertical), whereas previous drilling primarily targeted shallow oxide zones (average 100 metres depth).
This news is materially positive as it validates the company’s geological model regarding high-grade "shoots" at depth. - Narrative Shift: Historically, Enchi has been viewed as a high-tonnage, low-grade (0.5–0.6 g/t) heap leach project. Intersecting 174 g/t Au, even over a narrow 1-metre width, suggests the presence of high-grade structures that could significantly improve the average grade or support a potential underground mining component, as hinted by the existing 135,900 oz underground inferred resource at 2.42 g/t. - Resource Continuity: Hole KBDD097 (3.54 g/t over 23m) is more significant for volume than the 174 g/t "bonanza" hit, as it shows width and grade continuity well above the current Mineral Resource Estimate (MRE) grade of 0.55 g/t Indicated. - De-risking the PFS: As the company advances toward a Pre-Feasibility Study (PFS) in H1 2026, demonstrating that the deposit remains open and improves in grade at depth adds significant "blue sky" value to the project’s Net Present Value (NPV).
Newcore Gold owns 100% of the Enchi Gold Project in Ghana, located on the Sefwi-Bibiani Gold Belt. The project currently hosts 743,500 oz gold Indicated (41.7M t @ 0.55 g/t) and 972,000 oz gold Inferred (46.6M t @ 0.65 g/t). The 2024 PEA outlined a low-capex (US$106M initial), open-pit, heap-leach operation with a 9-year life producing ~122k oz/year. The current strategy is to expand this resource and convert it to a higher confidence level for a 2026 PFS.