Newcore Gold accelerates Enchi Project with 60,000-metre drilling push
Newcore Gold is pushing forward with its Enchi Gold Project in Ghana. The company aims to expand the site's resources through an extensive drilling programme. Despite recent market fluctuations, the project remains a key focus for the firm's growth plans. The Enchi Gold Project currently holds an indicated resource of around 1.5 million ounces of gold. This estimate is based on 83.6 million tonnes of ore, with an average grade of 0.56 grams per tonne. An additional inferred resource of 626,000 ounces has also been identified.
A 60,000-metre drilling programme is now underway to verify and potentially increase these figures. The company's resource calculations assume a gold price of $3,200 per ounce, reflecting cautious optimism in the metal's long-term value. Newcore Gold's next major step is the completion of a pre-feasibility study (PFS), scheduled for late June 2026. This assessment will determine the project's economic viability and guide future development decisions. The company's shares have faced recent pressure, dropping roughly 7.2% on Thursday. Trading at €0.36, the stock hovers just above its 52-week low of €0.35. This decline comes amid broader volatility in gold prices, which surged 68% in 2025 but have since retreated from January's record high of $5,595 per ounce to around $4,100–$4,500 in March 2026.
The Enchi Gold Project continues to progress, with drilling and studies aimed at solidifying its potential. Newcore Gold's timeline includes a pre-feasibility study by mid-2026, which will shape the project's next phase. Meanwhile, the company's share price remains under pressure amid shifting market conditions.
