Business
Newcore Gold Announces Updated Mineral Resource Estimate for Enchi Gold Project, Ghana
743,500 Indicated and 972,000 Inferred Gold Ounces Inaugural Indicated Resource De-Risks Project Development; Future Resource Growth from District-Scale Explora
About this update from Newcore Gold Ltd.
[{"type":"text","content":" 743,500 Indicated and 972,000 Inferred Gold Ounces Inaugural Indicated Resource De-Risks Project Development; Future Resource Growth from District-Scale Exploration Potential of Both Oxide and Sulphide Mineralisation VANCOUVER, British Columbia, March 07, 2023 (GLOBE NEWSWIRE) -- Newcore Gold Ltd. (\"Newcore\" or the \"Company\") (TSX-V: NCAU, OTCQX: NCAUF) is pleased to announce the results of an updated, independent, Mineral Resource Estimate (the \"Resource\") prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (\"NI 43-101\") for the Company’s 100% owned Enchi Gold Project (\"Enchi\" or the \"Project\") in Ghana. The Resource was completed by BBA E&C Inc. (\"BBA\") of Sudbury, Ontario, Canada. The Resource:(i) Successfully outlined an inaugural Indicated Mineral Resource of 743,500 gold ounces with substantial conversion from the Inferred category to the Indicated category, de-risking project development;(ii) Defined an Inferred Mineral Resource of 972,000 gold ounces; (iii) Established a high-grade underground resource for the first time of 135,900 gold ounces at an average grade of 2.42 g/t gold, proof of concept that outlines the potential for longer-term resource growth from sulphide mineralisation;(iv) Added a fifth deposit at Enchi, with an inaugural Inferred Mineral Resource at Tokosea of 46,900 ounces, proving out the potential for mine life extension from the district scale exploration opportunity at the Project; (v) Does not include approximately 38,000 metres of drilling which focused on greenfield discoveries and high-grade sulphide mineralisation at depth, highlighting the multi-million-ounce potential of the 216 km2 district scale property; and(vi) Further supports and de-risks the strong economics outlined in the 2021 Preliminary Economic Assessment (\"PEA\"). The Resource has an effective date of January 25, 2023, is reported using a constraining resource pit at a gold price of US$1,650 per ounce, and consists of: Indicated Mineral Resource of 743,500 ounces of gold at an average grade of 0.55 g/t Au and totalling 41,736,000 tonnes; and Inferred Mineral Resource of 972,000 ounces of gold at an average grade of 0.65 g/t Au...