• Canadian miner Newcore Gold plans to expand its drilling program at the Enchi project.

• The exploration campaign will increase from 45,000 to 60,000 meters after new funding.

• A prefeasibility study expected by June could outline the economics of a future mine.

In Ghana, Canadian mining company Newcore Gold plans to accelerate investment in its Enchi gold project in the coming months. In a March 12 note, the company said it will expand its ongoing exploration program to 60,000 meters of drilling, up from the 45,000 meters initially planned.

Newcore said the decision follows encouraging results from earlier exploration work carried out as part of the current campaign. The move also comes after the company strengthened its cash position through a recent fundraising of 10 million Canadian dollars (about $7.3 million).

With this additional funding, the company plans to launch a new phase of exploration focused on discovering new deposits and increasing the project’s existing resources. At present, the Enchi project hosts 743,500 ounces of indicated mineral resources and 972,000 ounces of inferred resources.

“We are excited to be in a strong cash position to continue to advance the development of our Enchi Gold Project while unlocking the district scale potential through the drill bit,” said Luke Alexander, president of Newcore. “We have a busy year ahead as we focus on project development alongside exploration to further realize the potential of our Enchi Gold Project in Ghana.”

Beyond exploration activities, Newcore Gold is also advancing plans for a future gold mine at the site. A prefeasibility study expected by the end of June should present the project’s first economic indicators.

For Ghana, Africa’s leading gold producer, progress at the Enchi project aligns with national ambitions to expand the sector at a time when global gold prices have risen in recent months.

Aurel Sèdjro Houenou