Newcore Gold Ltd., a Vancouver-based mining exploration company, recently announced positive results from its two bulk-scale pilot heap tests conducted on its 100%-owned Enchi Gold Project in the prolific Bibiani Shear Zone in Ghana. The two bulk-scale pilot heap tests, as part of a larger, ongoing metallurgical program, were leached for 60 days and completed based on 15-ton composite samples of oxide mineralization from the Sewum Gold Deposit and the Boin Gold Deposit at Enchi. Newcore Gold achieved an average gold discovery of 91.9% from both samples.
The Enchi oxide material metallurgical results show the project’s promising amenability to heap leach processing. Sewum achieved an average gold recovery of 93.5%, while Boin’s average gold recovery came to 90.3%.
The representative samples at both trenches were collected from central portions of the deposits, with metallurgical test work specifically in mind. Both the Sewum and Boin gold deposits at the Enchi Gold Project make up about 76% of the defined Mineral Resource Estimate.
“This test work was completed on samples from the two largest deposits currently identified on the Project, Sewum and Boin, which together compromise approximately 76% of the current Mineral Resource Estimate. We continue to de-risk and advance the development of the Project with further metallurgical test work underway on both oxide and sulphide mineralization at Enchi,” Greg Smith, the VP of Exploration at Newcore, explained.
All of the project’s column test work completed to date has shown over 90% recoveries, so the latest bulk-scale pilot heap tests are in line with previous results. Over the last two years, Newcore has completed over 14 column tests, returning an average 92.2% recovery rate, with the most recent data falling just below this line at 91.9%.
“These bulk-scale pilot heap tests completed on representative oxide material from the Enchi Gold Project returned high recoveries, in line with results from metallurgical testing completed to date, further supporting the amenability of Enchi to heap leach processing. The larger, 15-tonne samples are a significant step in confirming the positive results from the extensive lab testing completed to date,” Smith explained.
Newcore Gold plans to continue its optimization work by completing additional column tests on oxide mineralization from the Boin, Nyam Sewum, and Tokosea gold deposits. The company is already working on completing additional sulfide mineralization testing from the Sewum deposit.
“These results, along with the additional positive test results completed and reported since 2021, will be incorporated into our updated Preliminary Economic Assessment Study, which is targeted for completion in H1 2024,” Smith continued.
Newcore Gold’s Enchi Gold Project is located in Ghana, Africa’s largest gold-producing region. Based on the most recent estimates, the project contains 743,500 ounces of Indicated Mineral Resources at 0.55 gold grams per ton and 972,000 ounces of Inferred Mineral Resources at 0.65 gold grams per ton. The Enchi Gold Project has Indicated Mineral Resources of 41.7 million tons of gold grading at 0.55 grams per ton.
“Newcore Gold offers investors a unique combination of top-tier leadership, who are aligned with shareholders through their 20% equity ownership, and prime district scale exploration opportunities,” the company stated in its press release.
The Enchi Gold Project covers 216 square kilometers, including 40 kilometers of the prolific Bibiani Shear Zone in Ghana. This gold belt contains numerous five-million-ounce gold deposits, including the high-yielding Chirano mine sitting just 50 kilometers north. Newcore Gold plans to use this robust opportunity to create a responsible, powerful, and creative gold enterprise that can maximize returns for every one invested.
As gold prices continue to excel, it makes sense that major organizations in the industry, like Newcore, want to capitalize on returns. Gold prices have increased by over 14% in the last 12 months, hitting an all-time high on December 4 of over $2,100 per ounce. As demand rates continue excelling with geopolitical tensions heightening and interest rates settling, the safe-haven asset enjoys sustained performance rates.
“We believe the main factors buoying gold in 2024 will be interest rate cuts by the U.S. Fed, a weaker U.S. dollar, and high levels of geopolitical tension,” BMI, a Fitch Solutions research unit, explained in a recent note. Most analysts expect gold to continue expanding into 2024, with prices averaging above the $2,000-per-ounce range. With this performance expectation, we can likely expect further developments from major mining corporations like Newcore Gold, expanding their operations to maximize returns.
As always, investors should consult their financial advisors before making any portfolio decisions.