Newcore Gold Ltd. (TSXV: NCAU | OTCQX: NCAUF) has announced several positive developments at the company’s 100%-owned Enchi Gold Project in Ghana. Newcore has increased the size of its district scale Project with the addition of the Omanpe licence. Omanpe covers 32.12km2 and grows the size of the Enchi Gold Project to 248 km2.
Luke Alexander, president and CEO of Newcore stated, “We are excited to meaningfully increase the size of our Enchi Gold Project. Omanpe adds several early-stage gold targets to the project, building on the district scale exploration opportunity at Enchi which is located along a belt that hosts several multi-million-ounce gold mines. We also continue to complete important work to advance the development of our Enchi Gold Project in Ghana towards a construction decision. The recently completed updated environmental and social baseline study highlights the attractive location of the Project for development, an area with a long history of both gold exploration and mining, along with local stakeholder support for the project.”
In addition, Newcore has completed an updated environmental and social baseline study for the project, an important milestone in continuing to de-risk and advance the project towards production. As previously reported, an updated Preliminary Economic Assessment study for the Project is underway, with completion on-track for H1 2024.
The Omanpe licence covers 32.12km2, located on the eastern edge of the Project approximately 5km east of the Sewum Gold Deposit. Previously completed exploration work at the Omanpe Gold Target, including geophysical and geochemical surveys, generated gold-in-soil anomalies, adding several early-stage gold targets to the district-scale potential at Enchi.
Additionally, the completion of an updated environmental and social baseline study continues to de-risk and advance development of the Project. The study was completed in late 2023 by Abbakus Geosocial Consult Limited based in Accra, Ghana, an independent group with extensive experience focused on mining projects in Ghana.
Results concluded that there are no existing issues related to water, soil, noise, or air quality for the proposed development of the project. The results also show that the project is looked upon favourably by the local communities and stakeholders and is in an area with a long history of gold exploration, development, and mining.
Finally, the company’s PEA is being completed by independent engineering consultants Lycopodium, Micon International Limited, and SEMS Exploration and will incorporate the 2023 MRE, updated cost estimates, and recent metallurgical testwork.
“We look forward to continuing to de-risk and advance Enchi in 2024 with completion of the updated PEA study in the first half of the year providing an underpinning of value for Newcore while continuing to highlight the project’s potential to become one of West Africa’s next gold mines.” Added Luke.
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