The Vancouver-based explorer announced that it has filed a technical report supporting an updated, independent Mineral Resource Estimate for the Enchi Gold Project in Ghana. The study was prepared in accordance with NI 43-101 standards by DRA Americas Inc. and has an effective date of October 6, 2026. The full technical document is available on SEDAR+. This filing formalizes the modelling, assumptions and inputs that underpin the updated resource and documents the datasets used to generate the new statements of tonnage, grade and contained gold.
The updated estimate expanded the Indicated Mineral Resource to 83.6 million tonnes at an average grade of 0.56 g/t Au for a contained 1,502,000 ounces of gold, and reports an Inferred Mineral Resource of 40.1 million tonnes at 0.49 g/t Au totalling 626,000 ounces. The resource is reported on a pit-constrained basis using a gold price of US$3,200 per ounce. Approximately 12,500 metres of follow-up drilling completed after October 6, 2026 are not included in this estimate, and the Indicated resource will be used as the basis for a pre-feasibility study (PFS) targeted for completion by the end of June 2026.
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Resource breakdown by deposit
The updated model aggregates four pit-constrained deposits: Boin, Sewum, Nyam and Kwakyekrom. Within these zones the reported classifications are as follows: Boin Indicated 23,477,000 tonnes at 0.73 g/t (≈550,000 ounces) and Inferred 9,237,000 tonnes at 0.60 g/t (≈178,000 ounces); Sewum Indicated 41,233,000 tonnes at 0.43 g/t (≈573,000 ounces) and Inferred 24,246,000 tonnes at 0.39 g/t (≈308,000 ounces); Nyam Indicated 13,458,000 tonnes at 0.66 g/t (≈287,000 ounces) and Inferred 5,471,000 tonnes at 0.68 g/t (≈120,000 ounces); and Kwakyekrom Indicated 5,447,000 tonnes at 0.52 g/t (≈92,000 ounces) and Inferred 1,156,000 tonnes at 0.52 g/t (≈19,000 ounces). The totals reconcile to the headline Indicated and Inferred figures and confirm the multi-million-ounce nature of the district-scale inventory.
Estimation methods, cut-offs and recoveries
The estimate used a combination of ordinary kriging (OK) and inverse distance weighting (IDW) within a three-dimensional block model with mineralized domains wireframed and constrained by optimized pit shells. Open-pit cut-off grades ranged from 0.1 to 0.2 g/t Au based on variable mining and processing costs and expected recoveries. Metallurgical assumptions applied a heap-leach recovery of 85% for oxide and transition material and 91.7% for fresh rock using carbon-in-leach. The optimization used a gold price of US$3,200/oz and considered mining costs of US$1.97/t (oxide), US$2.62/t (transition) and US$3.15/t (fresh); waste mining costs of US$1.64/t, US$2.34/t and US$2.87/t respectively; and processing plus G&A assumptions of US$8.74/t (oxide), US$8.49/t (transition) and US$19.29/t (fresh). The overall stripping ratio across the pits is documented at 3.35.
Exploration status and potential for growth
Newcore emphasizes that the mineralized systems remain open along strike and at depth and that district-scale upside exists across the 248 km2 land package. The resource incorporates roughly 28,000 metres of infill reverse circulation drilling and 3,450 metres of diamond drilling undertaken for metallurgical, geotechnical and hydrogeological work in 2026 and 2026, while the company continues a larger 60,000 metre drill program. Average optimized pit depths are shallow—around 85 metres—and most drilling to date has tested to an average of 125 metres, with only limited holes extending to 200–350 metres. More than 25 targets have been identified for follow-up across the property.
PFS timeline and governance
The company has indicated that the expanded Indicated resource will underpin the ongoing PFS work, which is on track for completion by the end of June 2026. The technical report and the resource update were prepared by independent qualified persons from DRA Americas Inc.—Ryan Wilson, P. Geo; Matthew Halliday, P. Geo; and Schadrac Ibrango, P. Geo—and reviewed for Newcore by Gregory Smith, P. Geo, Vice President of Exploration, who has approved the technical disclosures. The filing reiterates standard cautionary language that Mineral resources are not mineral reserves and do not have demonstrated economic viability; it also highlights the forward-looking nature of plans described in the release and the technical report referenced in the company news on March 18, 2026 and previous commentary including the February 5, 2026 release.