Newcore Gold Secures Funding to Advance Ghanaian Gold Project

Newcore Gold boosts Ghana's Enchi project with new capital and expanded drilling, targeting deeper high-grade gold zones and a 2026 feasibility study.

Newcore Gold is accelerating development at its Enchi gold project in Ghana, backed by a fresh injection of capital and a significantly expanded drilling campaign. The company’s focus is shifting toward defining deeper, high-grade gold zones while concurrently advancing a preliminary feasibility study, aiming to substantially grow the project's existing resource base.

Financial Foundation Strengthened

The exploration and development initiative now rests on more solid financial footing. In February, the company raised approximately $10.3 million through the exercise of share purchase warrants. This capital is earmarked to fund ongoing exploration efforts and technical studies through to the completion of the Preliminary Feasibility Study (PFS).

Despite this operational progress, the company's shares faced downward pressure in recent trading, declining over seven percent to €0.40. This movement places the stock notably closer to its 52-week low of €0.35 than its annual high, underscoring the persistent volatility typical of exploration-stage companies.

Aggressive Drilling Campaign Underway

A central component of Newcore's strategy is an ambitious drilling program, now expanded to a total of 60,000 meters. Three rigs are currently operating across the 248-square-kilometer property situated within Ghana's prolific Bibiani Shear Belt, a region renowned for hosting multi-million-ounce gold deposits.

The geological team is moving beyond near-surface oxide layers. The current campaign involves targeted drilling designed to delineate high-grade sulfide extensions at depth, with the objective of fully unlocking the project's potential.

Study Timeline and Resource Growth Potential

Work on the Preliminary Feasibility Study is proceeding in parallel with the drilling. The PFS, expected by the end of June 2026, will provide a detailed technical and economic assessment of the Enchi project.

The current mineral resource estimate already outlines over 1.5 million ounces of gold in the "Indicated" category. Notably, assay results from 10,000 meters of drilling completed since October 2025 are not yet included in this estimate, leaving clear room for future upward revisions to the resource model.

The coming months will be critical, as data from the deeper drilling sections will be pivotal in shaping the economic robustness of the project ahead of the mid-2026 study deadline.