Newcore Gold is developing the Enchi Gold Project in Ghana. An expanded resource, a 60,000-meter drilling program, and the PFS targeted for late June 2026 are bringing the project into focus.
Third-party recommendation (Art. 8 DelVO 2016/958): Unmodified reproduction of a promotional article created by a third party · Original author: SRC swiss resource capital AG · Initial publication (original): April 27, 2026, 5:35 a.m. Berlin/Zurich · Link to the original publication ·
- Advertisement - This article is published on behalf of Newcore Gold Ltd.! Paid relationship: SRC swiss resource capital AG has a paid IR advisory agreement with Newcore Gold · Author: SRC swiss resource capital AG · First published: April 27, 2026; 5:35 a.m. Berlin/Zurich ·
Dear Readers,
Newcore Gold Ltd. (WKN: A2QATA) is developing the Enchi Gold Project in Ghana, an advanced gold project in an established African gold-producing region.
The current focus is on the transition from the Preliminary Economic Assessment (“PEA”), issued in early 2024, to the Pre-Feasibility Study (“PFS”), which is targeted for completion by the end of June 2026. This will transform an early-stage economic framework model into a significantly more robust technical and economic project foundation.
Enchi: 248 km² project area on the Bibiani Shear Zone!
The Enchi Gold Project is located in southwestern Ghana and covers 248 km². The project area extends approximately 40 kilometers along the Bibiani Shear Zone, a regionally significant structure within the Sefwi-Bibiani Gold Belt. Newcore (WKN: A2QATA) notes that the project is located in a district that hosts several large, multi-million-ounce gold mines.
Source: Newcore Gold Ltd.
This geological classification provides an important framework but does not replace Enchi’s own resource or reserve.
Current Resource: 1.5 million ounces indicated and 626,000 ounces inferred!
On March 18, 2026, Newcore Gold (WKN: A2QATA) released an updated, independent NI 43-101-compliant Mineral Ressource Estimate for Enchi. The estimate was prepared by DRA Global Limited and has an effective date of October 6, 2025. The resource is reported within a limiting resource pit model at a gold price of $3,200 per ounce.
• Indicated Mineral Resource: 83.6 million tons averaging 0.56 g/t gold; containing 1,502,000 ounces of gold.
• Inferred Mineral Resource: 40.1 million tons averaging 0.49 g/t gold; containing 626,000 ounces of gold.
• Total reported resource: approximately 2.13 million ounces of gold, the majority of which is now classified as indicated.
Important: Mineral Resources are not Mineral Reserves. They do not yet demonstrate economic viability. Inferred Mineral Resources, in particular, have a lower level of confidence and must not be treated as proven reserves. According to the company, the resource published in March 2026 includes only drill holes up to the cutoff date of October 6, 2025. Drill meters completed since then are not included.
Why the new resource is important for the PFS!
The significant growth in the indicated category is particularly relevant for further project development. Newcore (WKN: A2QATA) notes that these indicated resources are intended to form the basis for the ongoing PFS. At the same time, the deposits remain open along strike and at depth. According to the company, the average depth of the resource zones is only about 85 meters. Most previous drill holes tested the mineralization only to relatively shallow depths.
60,000 m Drilling Program: Verification and Additional Targets!
Newcore Gold (WKN: A2QATA) expanded its ongoing drilling program to 60,000 m in March 2026. The first major phase of the program was primarily aimed at achieving tighter drilling coverage and upgrading resources to higher confidence categories. According to the company, further drilling will focus more on exploration targets, including the testing of deeper and potentially higher-grade structures as well as the expansion of existing deposit areas.
Results reported in 2026 include, among others, diamond drilling at Boin and Sewum. On January 21, 2026, Newcore reported visible gold in drill holes at Enchi for the first time, including 147.5 g/t Gold over 1.0 m and 3.22 g/t gold over 17.0 m. On April 8, 2026, the company reported, among other things, 1.59 g/t gold over 15.5 m at Sewum, including 3.22 g/t Gold over 6.4 m. These results are exploration data and do not replace a Mineral Resource or Mineral Reserve Estimate.
From Heap Leach to CIL: Improved Yield as the Basis for the PFS!
A key technical difference between the previous PEA and the ongoing PFS concerns the processing concept. While the 2024 PEA still depicted a heap leach scenario, the PFS is expected to be based on open-pit mining and conventional mill processing or Carbon-In-Leach (“CIL“) processing.
The reason lies in the metallurgical test work. Newcore Gold (WKN: A2QATA) reported gold recovery rates of 89.4% to 97.7% for previous CIL tests. In contrast, the earlier heap leach assumption used rates of 75% to 85%. Higher recovery rates should improve the project’s economics. At the same time, a CIL plant is generally more capital-intensive than a simpler heap leach concept. The PFS is intended to clarify whether and to what extent this has an economic impact.
PEA as a starting point – PFS as the next test!
The 2024 PEA remains a preliminary economic assessment. In mining, a PEA is an early-stage technical and economic model and may include Inferred Mineral Resources that are still too speculative geologically to derive reserves from. The PFS is now intended to define the assumptions regarding mine planning, capital costs, operating costs, processing, and project schedule much more precisely.
For investors, therefore, what matters is not whether the PFS “sounds good,” but rather what verifiable metrics it provides: initial investments, operating costs, production profile, metal yield, net present value, internal rate of return, sensitivities, and implementation risks. Until the PFS is published, specific PFS figures should not be anticipated.
Financing of ongoing work!
The company’s finances have also recently been strengthened. On March 2, 2026, Newcore Gold (WKN: A2QATA) reported gross proceeds of CAD 10.3 million from the exercise of warrants. These funds will support ongoing work at the Enchi Project, including the expansion of the drilling program and PFS work.
Further information can be found in the Commodity TV interview with Newcore Gold. This video should also be classified as paid corporate communications and should be labeled accordingly.
Conclusion: Advanced gold project approaching a key milestone!
Newcore Gold (WKN: A2QATA) is poised to take an important next step with Enchi. The updated Mineral Resource from March 2026 has significantly expanded the indicated category, thereby creating a stronger foundation for the ongoing PFS. At the same time, the expanded 60,000-meter drilling program and the latest drill results provide further opportunities for potential resource growth. The transition to a CIL concept is supported by metallurgical test work showing higher recovery rates, but must be confirmed as economically viable in the PFS.
From today’s perspective, Newcore Gold (WKN: A2QATA) remains an attractive resource stock with project-, financing-, permitting-, gold price-, and country-specific risks. At the same time, the combination of an advanced resource, an ongoing PFS, and further exploration provides a clear and transparent roadmap for the company. The next key verifiable data points are the pending drill results and, above all, the PFS targeted for the end of June 2026.
Good luck and warm regards from Switzerland.
Yours, Marc Ollinger
Swiss Resource Capital AG
Note: The following market assessments are expressions of opinion. Statements regarding third parties are based—where indicated—on publicly available sources; where no source is cited, these are subjective assessments, not verified factual claims.
Swiss Resource Capital AG at a glance:
- Our website: https://www.resource-capital.ch/de/
- Interesting and exclusive videos and interviews: https://www.rohstoff-tv.com/,https://www.commodity-tv.com/, andhttps://www.youtube.com/@SwissResourceCapitalAG
- All free commodity reports: https://www.rohstoff-reports.com/
- Registration for our roadshows: https://www.european-roadshows.com/de/
- SRC Mining Special Situations Certificate: http://www.wikifolio.com/de/ch/w/wf0srcplus
Sources:
• Newcore Gold Ltd.: Updated Mineral Resource Estimate for the Enchi Gold Project, Ghana, March 18, 2026.
• Newcore Gold Ltd.: Commissioning of Pre-Feasibility Study for Enchi, February 5, 2026.
• Newcore Gold Ltd.: Increase of Drill Program to 60,000 Metres at Enchi, March 12, 2026.
• Newcore Gold Ltd.: Proceeds of C$10.3 Million from Warrant Exercises, March 2, 2026.
• Newcore Gold Ltd.: Drill results at Boin and Sewum, January 7, 2026, January 21, 2026, and April 8, 2026.
• Newcore Gold Ltd.: Corporate Presentation / Fact Sheet, April 2026.
• Commodity-TV: Newcore Gold – PFS for a very robust gold project in Ghana coming in June 2026.
Source of intro image: Newcore Gold
Legal Notices, Disclosure, and Risk Warning
Nature of the Publication: This publication is a marketing communication / promotional text. It does not constitute financial analysis within the meaning of capital markets regulations, investment advice, an individual recommendation, or a solicitation to buy or sell financial instruments.
Engagement and Compensation: Swiss Resource Capital AG (“SRC”) maintains a paid, non-performance-based IR/marketing relationship with Newcore Gold Ltd. This publication is made on behalf of or in the economic interest of the issuer discussed . Readers should take this conflict of interest into account when evaluating the content.
Conflicts of Interest: SRC and/or persons associated with SRC may receive compensation for the creation, distribution, or other promotional support of content regarding Newcore Gold Ltd. According to information provided for this publication, SRC/the author holds no reportable net positions of 0.5% or more in the issuer. Should interests change, SRC’s current disclosures shall apply.
Sources and Due Diligence: The information used in this article is derived from publicly available company announcements, company presentations, technical reports, interview/video content, and our own editorial analysis. Despite careful review, no warranty is provided regarding accuracy, completeness, or timeliness. The issuer’s original English-language announcements and technical reports are always authoritative.
Forward-Looking Statements: This publication may contain forward-looking statements, such as those regarding planned studies, drilling programs, resource potential, project development, permits, financing, production plans, or financial metrics. Such statements are based on assumptions and expectations as of the date of publication and are subject to known and unknown risks. Actual results may differ materially. There is no obligation to update this information unless required by law.
Commodity and Exploration Risks: Investments in commodity, exploration, and development companies are speculative. Risks include, in particular, commodity price and currency fluctuations, financing risks, dilution, permitting and environmental requirements, technical and metallurgical risks, resource and reserve risks, political and country-specific risks, liquidity risks, and the risk of a total loss of capital.
Resource Note: Mineral resources are not mineral reserves and do not indicate economic viability. Inferred resources have a lower level of confidence than indicated resources. Statements regarding exploration potential, possible expansions, or target figures should not be construed as existing resources or reserves.
No Guarantee of Success: Historical price trends, project progress, drill results, resource estimates, studies, or management achievements are not reliable indicators of future results. No guarantee is given that expected events, price trends, study results, resource expansions, or economic targets will occur.
Intended Audience: This publication is intended exclusively for recipients in Germany, Austria, and Switzerland. Distribution in jurisdictions where this would be prohibited, particularly in the United States, Canada, Australia, or Japan, as well as to U.S. persons as defined by Regulation S, is not permitted.
External Links: The operators of external websites are solely responsible for their content. If specific legal violations are identified, the corresponding links will be removed.
Copyright: © Swiss Resource Capital AG. Any commercial reuse, reproduction, or inclusion in commercial databases requires prior written consent. Further information: https://www.resource-capital.ch/de/disclaimer-agb/
Responsible within the meaning of Section 18(2) MStV: Marc Ollinger, Swiss Resource Capital AG.
Third-party recommendation (Art. 8 DelVO 2016/958): Unmodified reproduction of a promotional article created by a third party · Original author: SRC swiss resource capital AG · Initial publication (original): April 27, 2026, 5:35 a.m. Berlin/Zurich · Link to the original publication ·
- Advertisement - This article is published on behalf of Newcore Gold Ltd.! Paid relationship: SRC swiss resource capital AG has a paid IR advisory agreement with Newcore Gold · Author: SRC swiss resource capital AG · First published: April 27, 2026; 5:35 a.m. Berlin/Zurich ·
Dear Readers,
Newcore Gold Ltd. (WKN: A2QATA) is developing the Enchi Gold Project in Ghana, an advanced gold project in an established African gold-producing region.
The current focus is on the transition from the Preliminary Economic Assessment (“PEA”), issued in early 2024, to the Pre-Feasibility Study (“PFS”), which is targeted for completion by the end of June 2026. This will transform an early-stage economic framework model into a significantly more robust technical and economic project foundation.
Enchi: 248 km² project area on the Bibiani Shear Zone!
The Enchi Gold Project is located in southwestern Ghana and covers 248 km². The project area extends approximately 40 kilometers along the Bibiani Shear Zone, a regionally significant structure within the Sefwi-Bibiani Gold Belt. Newcore (WKN: A2QATA) notes that the project is located in a district that hosts several large, multi-million-ounce gold mines.
Source: Newcore Gold Ltd.
This geological classification provides an important framework but does not replace Enchi’s own resource or reserve.
Current Resource: 1.5 million ounces indicated and 626,000 ounces inferred!
On March 18, 2026, Newcore Gold (WKN: A2QATA) released an updated, independent NI 43-101-compliant Mineral Ressource Estimate for Enchi. The estimate was prepared by DRA Global Limited and has an effective date of October 6, 2025. The resource is reported within a limiting resource pit model at a gold price of $3,200 per ounce.
• Indicated Mineral Resource: 83.6 million tons averaging 0.56 g/t gold; containing 1,502,000 ounces of gold.
• Inferred Mineral Resource: 40.1 million tons averaging 0.49 g/t gold; containing 626,000 ounces of gold.
• Total reported resource: approximately 2.13 million ounces of gold, the majority of which is now classified as indicated.
Important: Mineral Resources are not Mineral Reserves. They do not yet demonstrate economic viability. Inferred Mineral Resources, in particular, have a lower level of confidence and must not be treated as proven reserves. According to the company, the resource published in March 2026 includes only drill holes up to the cutoff date of October 6, 2025. Drill meters completed since then are not included.
Why the new resource is important for the PFS!
The significant growth in the indicated category is particularly relevant for further project development. Newcore (WKN: A2QATA) notes that these indicated resources are intended to form the basis for the ongoing PFS. At the same time, the deposits remain open along strike and at depth. According to the company, the average depth of the resource zones is only about 85 meters. Most previous drill holes tested the mineralization only to relatively shallow depths.
60,000 m Drilling Program: Verification and Additional Targets!
Newcore Gold (WKN: A2QATA) expanded its ongoing drilling program to 60,000 m in March 2026. The first major phase of the program was primarily aimed at achieving tighter drilling coverage and upgrading resources to higher confidence categories. According to the company, further drilling will focus more on exploration targets, including the testing of deeper and potentially higher-grade structures as well as the expansion of existing deposit areas.
Results reported in 2026 include, among others, diamond drilling at Boin and Sewum. On January 21, 2026, Newcore reported visible gold in drill holes at Enchi for the first time, including 147.5 g/t Gold over 1.0 m and 3.22 g/t gold over 17.0 m. On April 8, 2026, the company reported, among other things, 1.59 g/t gold over 15.5 m at Sewum, including 3.22 g/t Gold over 6.4 m. These results are exploration data and do not replace a Mineral Resource or Mineral Reserve Estimate.
From Heap Leach to CIL: Improved Yield as the Basis for the PFS!
A key technical difference between the previous PEA and the ongoing PFS concerns the processing concept. While the 2024 PEA still depicted a heap leach scenario, the PFS is expected to be based on open-pit mining and conventional mill processing or Carbon-In-Leach (“CIL“) processing.
The reason lies in the metallurgical test work. Newcore Gold (WKN: A2QATA) reported gold recovery rates of 89.4% to 97.7% for previous CIL tests. In contrast, the earlier heap leach assumption used rates of 75% to 85%. Higher recovery rates should improve the project’s economics. At the same time, a CIL plant is generally more capital-intensive than a simpler heap leach concept. The PFS is intended to clarify whether and to what extent this has an economic impact.
PEA as a starting point – PFS as the next test!
The 2024 PEA remains a preliminary economic assessment. In mining, a PEA is an early-stage technical and economic model and may include Inferred Mineral Resources that are still too speculative geologically to derive reserves from. The PFS is now intended to define the assumptions regarding mine planning, capital costs, operating costs, processing, and project schedule much more precisely.
For investors, therefore, what matters is not whether the PFS “sounds good,” but rather what verifiable metrics it provides: initial investments, operating costs, production profile, metal yield, net present value, internal rate of return, sensitivities, and implementation risks. Until the PFS is published, specific PFS figures should not be anticipated.
Financing of ongoing work!
The company’s finances have also recently been strengthened. On March 2, 2026, Newcore Gold (WKN: A2QATA) reported gross proceeds of CAD 10.3 million from the exercise of warrants. These funds will support ongoing work at the Enchi Project, including the expansion of the drilling program and PFS work.
Further information can be found in the Commodity TV interview with Newcore Gold. This video should also be classified as paid corporate communications and should be labeled accordingly.
Conclusion: Advanced gold project approaching a key milestone!
Newcore Gold (WKN: A2QATA) is poised to take an important next step with Enchi. The updated Mineral Resource from March 2026 has significantly expanded the indicated category, thereby creating a stronger foundation for the ongoing PFS. At the same time, the expanded 60,000-meter drilling program and the latest drill results provide further opportunities for potential resource growth. The transition to a CIL concept is supported by metallurgical test work showing higher recovery rates, but must be confirmed as economically viable in the PFS.
From today’s perspective, Newcore Gold (WKN: A2QATA) remains an attractive resource stock with project-, financing-, permitting-, gold price-, and country-specific risks. At the same time, the combination of an advanced resource, an ongoing PFS, and further exploration provides a clear and transparent roadmap for the company. The next key verifiable data points are the pending drill results and, above all, the PFS targeted for the end of June 2026.
Good luck and warm regards from Switzerland.
Yours, Marc Ollinger
Swiss Resource Capital AG
Note: The following market assessments are expressions of opinion. Statements regarding third parties are based—where indicated—on publicly available sources; where no source is cited, these are subjective assessments, not verified factual claims.
Swiss Resource Capital AG at a glance:
- Our website: https://www.resource-capital.ch/de/
- Interesting and exclusive videos and interviews: https://www.rohstoff-tv.com/,https://www.commodity-tv.com/, andhttps://www.youtube.com/@SwissResourceCapitalAG
- All free commodity reports: https://www.rohstoff-reports.com/
- Registration for our roadshows: https://www.european-roadshows.com/de/
- SRC Mining Special Situations Certificate: http://www.wikifolio.com/de/ch/w/wf0srcplus
Sources:
• Newcore Gold Ltd.: Updated Mineral Resource Estimate for the Enchi Gold Project, Ghana, March 18, 2026.
• Newcore Gold Ltd.: Commissioning of Pre-Feasibility Study for Enchi, February 5, 2026.
• Newcore Gold Ltd.: Increase of Drill Program to 60,000 Metres at Enchi, March 12, 2026.
• Newcore Gold Ltd.: Proceeds of C$10.3 Million from Warrant Exercises, March 2, 2026.
• Newcore Gold Ltd.: Drill results at Boin and Sewum, January 7, 2026, January 21, 2026, and April 8, 2026.
• Newcore Gold Ltd.: Corporate Presentation / Fact Sheet, April 2026.
• Commodity-TV: Newcore Gold – PFS for a very robust gold project in Ghana coming in June 2026.
Source of intro image: Newcore Gold
Legal Notices, Disclosure, and Risk Warning
Nature of the Publication: This publication is a marketing communication / promotional text. It does not constitute financial analysis within the meaning of capital markets regulations, investment advice, an individual recommendation, or a solicitation to buy or sell financial instruments.
Engagement and Compensation: Swiss Resource Capital AG (“SRC”) maintains a paid, non-performance-based IR/marketing relationship with Newcore Gold Ltd. This publication is made on behalf of or in the economic interest of the issuer discussed . Readers should take this conflict of interest into account when evaluating the content.
Conflicts of Interest: SRC and/or persons associated with SRC may receive compensation for the creation, distribution, or other promotional support of content regarding Newcore Gold Ltd. According to information provided for this publication, SRC/the author holds no reportable net positions of 0.5% or more in the issuer. Should interests change, SRC’s current disclosures shall apply.
Sources and Due Diligence: The information used in this article is derived from publicly available company announcements, company presentations, technical reports, interview/video content, and our own editorial analysis. Despite careful review, no warranty is provided regarding accuracy, completeness, or timeliness. The issuer’s original English-language announcements and technical reports are always authoritative.
Forward-Looking Statements: This publication may contain forward-looking statements, such as those regarding planned studies, drilling programs, resource potential, project development, permits, financing, production plans, or financial metrics. Such statements are based on assumptions and expectations as of the date of publication and are subject to known and unknown risks. Actual results may differ materially. There is no obligation to update this information unless required by law.
Commodity and Exploration Risks: Investments in commodity, exploration, and development companies are speculative. Risks include, in particular, commodity price and currency fluctuations, financing risks, dilution, permitting and environmental requirements, technical and metallurgical risks, resource and reserve risks, political and country-specific risks, liquidity risks, and the risk of a total loss of capital.
Resource Note: Mineral resources are not mineral reserves and do not indicate economic viability. Inferred resources have a lower level of confidence than indicated resources. Statements regarding exploration potential, possible expansions, or target figures should not be construed as existing resources or reserves.
No Guarantee of Success: Historical price trends, project progress, drill results, resource estimates, studies, or management achievements are not reliable indicators of future results. No guarantee is given that expected events, price trends, study results, resource expansions, or economic targets will occur.
Intended Audience: This publication is intended exclusively for recipients in Germany, Austria, and Switzerland. Distribution in jurisdictions where this would be prohibited, particularly in the United States, Canada, Australia, or Japan, as well as to U.S. persons as defined by Regulation S, is not permitted.
External Links: The operators of external websites are solely responsible for their content. If specific legal violations are identified, the corresponding links will be removed.
Copyright: © Swiss Resource Capital AG. Any commercial reuse, reproduction, or inclusion in commercial databases requires prior written consent. Further information: https://www.resource-capital.ch/de/disclaimer-agb/
Responsible within the meaning of Section 18(2) MStV: Marc Ollinger, Swiss Resource Capital AG.
|
Herr Jörg Schulte Geschäftsführer info@js-research.de |
|
|
|
Kommentare
Kontakt
|
|
Herr Jörg Schulte Geschäftsführer info@js-research.de |
|
|
|
Das könnte Sie auch interessieren:
Silbermarkt vor Preisschub? Chinas Rekordimporte treffen auf knappe Bestände
Von GOLDINVEST Consulting...
Der Silbermarkt profitiert derzeit von einem massiven, mehrdimensionalen Rückenwind – eine Kombination, die das Setup für Investoren extrem spannend macht. Ein Paradebeispiel für diese Dynamik ... | mehr
Newcore Gold: Enchi steuert auf die nächste Projektstufe zu!
Von JS Research...
Drittempfehlung (Art. 8 DelVO 2016/958): Unveränderte Weitergabe eines von Dritten erstellten Werbeartikels · Original-Ersteller: SRC swiss resource capital AG · Erstveröffentlichung (Original): 27.04.2026, 5:35 Uhr Berlin/Zürich · Link zur Originalveröffentlichung · - Anzeige/Werbung - Dieser ... | mehr
Newcore Gold: Enchi steuert auf die nächste Projektstufe zu!
Von JS Research...
Drittempfehlung (Art. 8 DelVO 2016/958): Unveränderte Weitergabe eines von Dritten erstellten Werbeartikels · Original-Ersteller: SRC swiss resource capital AG · Erstveröffentlichung (Original): 27.04.2026, 5:35 Uhr Berlin/Zürich · Link zur Originalveröffentlichung · - Anzeige/Werbung - Dieser ... | mehr