Newcore Gold Ltd. (TSXV: NCAU) has released an updated, independent, Mineral Resource Estimate (MRE) for the wholly-owned Enchi Gold Project in Ghana.
(i) Successfully outlined an inaugural Indicated Mineral Resource of 743,500 gold ounces with substantial conversion from the Inferred category to the Indicated category, de-risking project development;
(ii) Defined an Inferred Mineral Resource of 972,000 gold ounces;
(iii) Established a high-grade underground resource for the first time of 135,900 gold ounces at an average grade of 2.42g/t gold, proof of concept that outlines the potential for longer-term resource growth from sulphide mineralization;
(iv) Added a fifth deposit at Enchi, with an inaugural Inferred Mineral Resource at Tokosea of 46,900oz, proving out the potential for mine life extension from the district scale exploration opportunity at the Project;
(v) Does not include approximately 38,000m of drilling which focused on greenfield discoveries and high-grade sulphide mineralization at depth, highlighting the multi-million-ounce potential of the 216km2 district scale property; and
(vi) Further supports and de-risks the strong economics outlined in the 2021 Preliminary Economic Assessment (PEA).
The Resource has an effective date of January 25, 2023, is reported using a constraining resource pit at a gold price of US$1,650/oz, and consists of:
- Indicated Mineral Resource of 743,500oz of gold at an average grade of 0.55g/t Au and totalling 41,736,000t; and
- Inferred Mineral Resource of 972,000oz of gold at an average grade of 0.65g/t Au and totalling 46,556,000t.
- Underground Inferred Mineral Resource of 135,900oz gold at 2.42g/t Au.
- Initial Inferred Mineral Resource at Tokosea of 46,900oz gold at 0.75g/t Au.
- A higher-grade subset of the open pit Resource, using a 0.50 cut-off grade, consists of an Indicated Mineral Resource of 493,700oz of gold at an average grade of 0.97g/t Au and an Inferred Mineral Resource of 580,900oz of gold at an average grade of 1.04g/t Au. This does not include the underground Inferred Mineral Resource of 135,900oz at an average grade of 2.42g/t Au.
The Resource builds on the last completed Mineral Resource Estimate released on June 8, 2021 and incorporates approximately 34,000m of infill and resource expansion Reverse Circulation (RC) and diamond drilling completed by Newcore between January 2021 and July 2022.
Of the 92,583m of drilling completed since 2020, approximately 38,000m has yet to be incorporated into a mineral resource estimate; this drilling continues to prove out the future resource growth potential at Enchi as these metres highlighted new greenfield discoveries and the potential for high-grade sulphide mineralization at depth, showcasing the district scale exploration opportunity at Enchi.
For further information please visit: https://newcoregold.com/