Newcore Gold Ltd. (TSXV: NCAU | OTCQX: NCAUF) 10,000m drill programme at the company’s 100%-owned Enchi Gold Project in Ghana. The drill programme will focus on infill and resource expansion drilling.
Luke Alexander, President and CEO of Newcore stated, “We are excited to continue to advance the development of the Enchi Gold Project while defining the multi-million-ounce potential of the project through the drill bit. This next phase of drilling will focus on advancing the confidence level of the existing resources at Enchi, an important next step of development work in advance of commissioning a pre-feasibility study for the project.”
Approximately 10,000m of reverse circulation drilling is planned, targeting near-surface oxide and shallow sulphide mineralization with a main goal of infill drilling for resource conversion to improve the confidence level of the existing MRE. A subset of the drill programme will also focus on outlining resource growth on select zones, with all deposit areas and pre-resource targets remaining open along strike and at depth. Additional exploration and development work also continues at Enchi, including metallurgical testwork, trenching of high-priority surface anomalies, and greenfields work on the recently acquired Omanpe Licence.
Funding of approximately C$3.3M anticipated as a result of the exercise of in-the-money warrants expiring June 28, 2024 (as of 31 March 2024 there were 16.6M warrants with an exercise price of C$0.20 outstanding).
As of 25 June 2024, approximately 16.2M of these warrants have been exercised, for proceeds of approximately C$3.2M.
The company’s cash balance as of the most recently disclosed quarter (31 March 2024) was approximately C$2.6M.
“At the same time, we will continue to focus on a multi-pronged exploration approach to continue to define the broader potential for Enchi to host a long-life gold camp, with drilling targeting resource expansion at existing deposits. Future drill programs will also focus on earlier stage targets to define additional discoveries across the district scale property as well as additional drilling of deeper sulphide mineralization to continue to define the higher-grade potential at depth.” Added Luke.
We would also like to thank our shareholders, management, and board of directors for their continued support through the exercise of warrants. The warrant proceeds of approximately C$3.3M will fully fund this next phase of development work at Enchi, an important next step in de-risking the Project with the completion of important infill drilling alongside additional metallurgical testwork. The team is hard at work prioritizing the first drill targets, with a drill rig anticipated to be on-site within the next month. We are very excited to continue to advance Enchi towards a construction decision while proving up the significant potential that exists across the district scale project.”
This next phase drill programme will follow-up on the accomplishments achieved over the past several years including over 93,000m drilled that resulted in new discoveries across the Project, a significant amount of metallurgical testwork to de-risk project development, and most recently the completion of a Preliminary Economic Assessment Study defining the robust economics of the Project.
