Newcore Gold has initiated a pre-feasibility study (PFS) for its Enchi Gold Project in Ghana, with plans to finalise it by the end of the first half of 2026.
Lycopodium Minerals Canada of Toronto is leading the study, with contributions from Fuse Advisors, Knight Piesold and DRA Global.
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The PFS will build on the 2024 preliminary economic assessment (PEA) and will incorporate results from fieldwork and testwork completed in 2024 and 2025.
This includes around 30,000m of additional drilling, metallurgical tests, hydrogeological assessments and geotechnical studies.
The Enchi Gold Project features an indicated mineral resource of 743,500oz of gold at a grade of 0.55 grams per tonne (g/t) and an inferred mineral resource of 972,000oz at 0.65g/t.
Situated in a district containing multiple gold deposits of 5moz each, this land package spans 248km² along 40km of the well-known Bibiani Shear Zone in Ghana.
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By GlobalDataAn open-pit mining approach using a milling and carbon-in-leach (CIL) processing flowsheet will be employed to enhance the project’s economic return.
CIL testwork indicates gold recoveries of between 89.4% and 97.7%, surpassing previously assumed heap leach recovery rates of 75–85%.
Lycopodium’s role encompasses process plant design and cost estimation while ensuring continuity with its previous involvement in the project’s PEA.
The consultant team supports various facets of the study: Fuse Advisors will handle mine engineering and planning; Knight Piesold will focus on tailings storage and hydrogeology; and DRA Global will aid in resource and geotechnical modelling.
Newcore president and CEO Luke Alexander said: “Advancing our Enchi Gold Project to the PFS stage represents an important milestone for the company as we continue to unlock the value of our district-scale project.
“We are fully funded to complete the PFS, which is supported by extensive technical fieldwork, testwork and drilling completed in 2024 and 2025.
“A key component of the work completed in advance of commissioning the PFS was optimisation work aimed at identifying the best processing path that maximises project value and economics in a gold price environment that has strengthened significantly since completion of the 2024 PEA. Metallurgical testwork and optimisation analysis focused on assessing processing alternatives to maximise gold recovery and value for shareholders.
“The additional testwork completed highlighted the potential for higher recoveries with a standard milling and CIL processing flowsheet; given the positive impact of improved recoveries to the project value and economics, and the lower processing risk, we have determined that this is the optimal development path.
“This next stage will continue to technically de-risk the project and advance the project along the development path, as we look to unlock and maximise the value of our Enchi Gold Project in Ghana.”
