Newcore Gold Ltd. (TSXV: NCAU | OTCQX: NCAUF) has commissioned a Pre‑Feasibility Study for its Enchi Gold Project in Ghana, marking a major de‑risking milestone as the company advances the project toward development. Lycopodium Minerals Canada has been appointed lead consultant, supported by Fuse Advisors (part of SLR Consulting), Knight Piésold, and DRA Global. Newcore is targeting completion of the study by the end of H1 2026.
The PFS will build on the 2024 Preliminary Economic Assessment and incorporate extensive fieldwork completed in 2024 and 2025, including approximately 30,000m of drilling, PFS‑level metallurgical testwork, hydrogeological studies, geotechnical analysis, and environmental work. Due to strong results from metallurgical testwork and a significantly strengthened gold price environment, the PFS will assume open pit mining combined with a standard milling and carbon‑in‑leach (CIL) processing flowsheet. Testwork completed to date has returned CIL recoveries ranging from 89.4% to 97.7%, compared with the 75% to 85% recoveries previously assumed for heap leaching.
Newcore said the shift to a CIL‑based development scenario is expected to maximise recoveries, accelerate gold production, and reduce processing risk, outweighing the higher capital intensity of mill construction. The company noted it is fully funded to complete the PFS.
Luke Alexander, president and CEO of Newcore Gold, commented, “Advancing our Enchi Gold Project to the PFS stage represents an important milestone for the Company as we continue to unlock the value of our district‑scale Project. We are fully funded to complete the PFS, which is supported by extensive technical fieldwork, testwork and drilling completed in 2024 and 2025. Metallurgical testwork and optimisation analysis focused on assessing processing alternatives to maximise gold recovery and value for shareholders, and the additional testwork completed highlighted the potential for higher recoveries with a standard milling and CIL processing flowsheet. This next stage will continue to technically de‑risk the Project and advance the Project along the development path, as we look to unlock and maximise the value of our Enchi Gold Project in Ghana.”
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