Newcore Gold Hits High-Grade Gold Intervals at Enchi Gold Project in Ghana

Newcore Gold intersected 2.59 grams per tonne gold over 69.0 metres, including 6.41 grams per tonne over 24.0 metres, at the Boin Gold Deposit within its Enchi Gold Project in Ghana, according to reporting released on September 17, 2026. The results from an ongoing 80,000-metre drill program aim to support future mine plan optimizations.

The reverse-circulation drilling program, designed for reserve conversion and mine plan optimization, has advanced alongside a prefeasibility study released earlier in the year.

Boin Deposit Drill Results and Intercept Specifics

Hole KBRC411 cut 2.59 grams per tonne gold over 69.0 metres starting from a depth of 58 metres, an interval that includes a higher-grade section of 6.41 grams per tonne over 24.0 metres from 59 metres. A second reverse-circulation hole, KBRC414, intersected 0.83 grams per tonne gold over 32.0 metres from 70 metres, including 3.37 grams per tonne over 6.0 metres from 84 metres. A third hole, KBRC404, returned 0.68 grams per tonne gold over 22.0 metres from 70 metres, with a seven-metre sub-interval grading 1.64 grams per tonne.

The company completed seven reverse-circulation holes totaling 960 metres across five sections covering a 1.9-kilometre strike length at Boin. All seven holes intersected gold mineralization, targeting shallow mineralization within the central portion of the deposit down to a maximum vertical depth of 125 metres.

“We are excited to continue to delineate Enchi’s higher-grade potential. This drilling includes one of our best intercepts encountered to date on the Project, as well as a wide zone of above reserve grade gold mineralization.”

Luke Alexander, President and CEO of Newcore

Market Response and Valuation Context

Investor response to the drill results pushed Newcore shares up more than 17% to 34¢ in morning trading in Toronto, valuing the junior explorer at approximately C$107 million. Over the preceding 12 months, the company’s shares traded in a range between 27¢ and 92¢.

Newcore Gold Hits High-Grade Gold Intervals at Enchi Gold Project in Ghana

The project’s market valuation and planned throughput of 5.5Mt/y place it among the smaller-cap, buildable African gold developments. According to analysis from Haywood Securities analyst Marcus Giannini cited in broader coverage of the property’s metal endowment, such projects can attract interest from mid-tier producers seeking pipeline ounces in Ghana as a potential takeover or joint-venture target.

Prefeasibility Study Baseline and Resource Estimates

The newly released assays sit outside the resource estimate and prefeasibility study completed in June. That study incorporated the first 28,000 metres of the ongoing campaign, leaving the summer drilling and the current Boin batch available for future updates.

Average annual production was projected at 104,000 ounces, scaling to roughly 129,000 ounces during the initial three years. Assuming a gold price of US$3,800 per ounce, the study calculated an after-tax net present value of US$496 million at a 5% discount rate, alongside a 37% internal rate of return and an initial construction capital estimate of US$351 million with a 1.6-year payback.

Broader Exploration Footprint Across Enchi

Across the entire 80,000-metre drill program, Newcore has reported 47,100 metres in 295 holes, with 99% of those holes intercepting gold mineralization. The campaign employs a dual approach: reverse-circulation drilling targets near-surface conversion and growth at deposits like Boin, while diamond drilling tests deeper, higher-grade targets beneath existing pit shells, such as a 25.3-metre intercept grading 3.67 grams per tonne from 307.7 metres depth at Nyam reported earlier in July.

Newcore Gold (TSXV:NCAU) reports promising drill results at Enchi Gold Project in Ghana

Operations remain expansive across the property. The average vertical depth of drilling at Boin stands at approximately 100 metres, and roughly 40% of the project’s more than six-kilometre-long gold-in-soil anomaly remains untested by drilling.

Next Regulatory and Operational Milestones

Newcore plans to apply for a Ghanaian mining lease before the end of the year while keeping drill rigs active on site. While the company has not provided a specific timeline for when the 2026 drill results will be formally incorporated into an updated resource estimate or economic study, management indicates that the data will feed future mine plan optimizations.

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