More gold per square kilometer than Nevada - Newcore Gold advances its Enchi project in Ghana

Ghana is a great mining jurisdiction, according to Newcore Gold CEO Luke Alexander.

Alexander spoke to Kitco in mid-September at the Precious Metal Summit 2023 in Beaver Creek, Colorado.

Newcore Gold (TSX-V:NCAU, OTCQX:NCAUF) is advancing its 100%-owned Enchi gold project in Ghana. The project is located along one of West Africa’s most prolific gold belts, according to the company.

This spring the company released an inaugural indicated mineral resource, showing 743,500 ounces of gold at an average grade of 0.55 grams per tonne ("g/t Au") and totalling 41,736,000 tonnes.

“That's the first time that we ever put out an indicated resource, which is another milestone in terms of de-risking the ounces that are in the ground,” said Alexander. “We also added inferred ounces, about 970,000 ounces… that grew the overall size of the resource.”

The mine would be an open pit with heap leach potential. The capital expenditure would be low, and the project could be built in stages rather than a large upfront investment.

“It's very easy to scale up or down depending upon what size project we want to build,” he said.

Alexander touted the company’s location in the country. Ghana produced about 4.5 million ounces of gold in 2022, surpassing South Africa’s production of about 3.3 million ounces. Ghana produces more gold per square kilometer than Nevada. The country has a strong presence of senior producers in-country including Newmont, Gold Fields and Anglogold Ashanti.

Management also has skin in the game. Collectively, management has a 20% stake in Newcore Gold, aligning the company with investors.

Coverage of Precious Metal Summit 2023 is sponsored by Newcore Gold.

0:26 - What’s Newcore Gold focused on?
1:10 - Mineral resource estimate update
3:12 - Political situation in Ghana
5:10 - District-scale potential at Ghana project
8:00 - Which junior mining companies have good outcomes?
9:25 - Macro environment for precious metal companies
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