お知らせ • Jun 24
Newcore Gold Announces Pre-Feasibility Study for the Enchi Gold Project
Newcore Gold Ltd. completed a Pre-Feasibility Study for the Enchi Gold Project in Ghana. The Pre-Feasibility Study provides a base case assessment of developing Enchi as a conventional open pit mining operation with standard milling and carbon-in-leach processing 5.5 million tonnes per annum utilizing contract mining. The Pre-Feasibility Study is based on a Mineral Resource Estimate announced by Newcore on March 18, 2026 which incorporated drilling completed through October 6, 2025, and excludes more than 50,000 of additional metres from the 80,000 metre drill program underway at Enchi. The Pre-Feasibility Study was prepared by Lycopodium (Americas) Limited as the lead consultant in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. The Pre-Feasibility Study outlines robust project economics with strong leverage to the gold price. The after-tax net present value at a 5% discount rate is USD 647 million and a 45% after-tax internal rate of return at a spot gold price of USD 4,200/oz. The pre-tax net present value at a 5% discount rate is USD 794 million and a 51% pre-tax internal rate of return at a gold price of USD 3,800/oz. The after-tax net present value at a 5% discount rate is USD 496 million and a 37% after-tax internal rate of return at a gold price of USD 3,800/oz. The initial capital cost is USD 351 million, with a short after-tax payback of 1.6 years at a gold price of USD 3,800/oz, and 1.4 years at a spot gold price of USD 4,200/oz. Approximate annual gold production is 130,000 ounces in years 1 through 3, at an average operating cost of USD 1,399/oz of gold, cash costs estimated at USD 1,859/oz of gold, and all-in sustaining cost estimated at USD 1,967/oz of gold. Increased production in the first three years is a result of a higher average mined grade of 0.80 grams per tonne gold. The Pre-Feasibility Study contemplates average annual gold production of approximately 104,000 ounces, with 953,350 ounces of payable gold produced over a 9.3 year life of mine. The life of mine strip ratio is 4.3 to 1, mined grade is 0.64 g/t Au and gold recovery is 90.5%. The life of mine average operating cost is USD 1,689/oz of gold, cash costs estimated at USD 2,149/oz of gold, and all-in sustaining cost estimated at USD 2,290/oz of gold. The Pre-Feasibility Study is based on a standard milling and carbon-in-leach processing flowsheet, with a processing throughput of 5.5 million tonnes per annum. The process design is based on a flowsheet aimed at maximizing gold recovery. The main design criteria for equipment selection included suitability for duty and reliability and ease of maintenance. The plant layout provides ease of access to all equipment for operating and maintenance requirements while facilitating ease of concurrent construction in multiple areas. The process design consists of the following process unit operations: one mineral sizer for oxide ore to provide crushed feed with 80% passing of 40-50 mm; one jaw crusher for fresh ore to provide crushed feed with a P80 of 152 mm. One 8.5 MW SAG mill coupled with one 15 MW ball mill to grind ore to a P80 of 53 µm. A gravity circuit is included to recover gravity recoverable gold, with gravity tails leached in a standard carbon-in-leach circuit to load activated carbon with gold. Gold is then stripped from the loaded carbon via the elution circuit, electrowon and refined to produce a final gold doré product. The initial capital expenditure of USD 351 million has been estimated to construct the Project, with a further USD 135 million in sustaining capital costs during operations and USD 21 million for closure. The estimate is based on an open pit mining with milling and carbon-in-leach operation processing 5.5 million tonnes per annum utilizing contract mining. The Enchi Gold Project is located in southwest Ghana, in the Aowin Municipality of the Western North Region, and is accessed from Accra on sealed roads via the regional port city of Takoradi or the mining centre of Tarkwa. The Project area has moderate infrastructure. The anticipated infrastructure for the Project includes mine dry facilities, equipment maintenance workshop, refueling facilities, explosive magazines and manufacturing plant, assay laboratory and warehouse facilities. In addition, supporting infrastructure will comprise access roads, stockpiling areas, storm water handling facilities, water supply, power supply network, diesel generators, sewage treatment system and waste management facilities. The Project is envisioned as an open pit mining operation with ore trucked from four deposits (Boin, Sewum, Nyam, Kwakyekrom) to a central processing facility located between Boin and Sewum, which represent 80% of the mined material. Operating costs for the life of mine include mining, processing and mine site general and administrative costs, along with royalties and refining charges. The Pre-Feasibility Study incorporates the Mineral Resource Estimate announced on March 18, 2026. The resource incorporated approximately 28,000 metres of infill Reverse Circulation drilling along with 3,450 metres of diamond drilling completed for metallurgical, geotechnical and hydrogeological purposes in 2024 and 2025. The Mineral Resource has an effective date of October 6, 2025 and is reported using a constraining resource pit at a gold price of USD 3,200/oz. The Mineral Resource expanded the Indicated Mineral Resource at Enchi to 83,615,000 tonnes at an average grade of 0.56 g/t Au containing 1,502,000 ounces gold, along with an Inferred Mineral Resource of 40,111,000 tonnes at an average grade of 0.49 g/t Au containing 626,000 ounces gold. The Indicated Mineral Resources are inclusive of the Mineral Reserves. The Mineral Reserves for the Enchi Gold Project are based on the conversion of Indicated Mineral Resources within the current pit design. The Enchi Mineral Reserves are shown as 51,290,000 tonnes at 0.64 g/t Au containing 1,055,000 ounces gold. The Pre-Feasibility Study contemplates an open pit mining operation utilizing contract mining with ore trucked from four deposits (Boin, Sewum, Nyam, Kwakyekrom) to a central processing facility located between Boin and Sewum. Pre-stripping activities will include mining of 5 million tonnes of waste material to prepare the primary mining areas at Boin and Sewum for full-scale production. Boin and Sewum are the two largest deposits and contribute approximately 82% of the total ore feed to the processing plant over the life of the mine. Two satellite deposits, Nyam and Kwakyekrom, contribute approximately 18% of the total ore feed and are scheduled for mining during years two to five. Over the 9.3 year mine life, the Enchi Gold Project is anticipated to deliver approximately 51.3 million tonnes of mill feed at an average grade of 0.64 g/t Au, containing approximately 1.05 million ounces of gold.