Ghana: Newcore CEO says Enchi project can become world-class gold resource

By David Whitehouse
Posted on Thursday, 22 September 2022 06:00

A decline in Ghana's gold production in 2021 is attributed to a tax on small-scale informal producers. REUTERS/Zohra Bensemra

Canada-listed mining junior Newcore Gold expects a significant increase in the estimated gold resource at its Enchi project in Ghana, CEO Luke Alexander tells The Africa Report.

The company is currently working on an updated resource estimate to be published at the end of the fourth quarter. The current estimate of 1.4 million ounces is likely to increase to about 2 million, Alexander says. “There’s a huge opportunity for us to explore,” he says. “It’s a world-class opportunity.”

The Enchi project, 100% owned by Newcore, extends over 216 square kilometres in the southwest of the country near the border with Côte d’Ivoire. 50 kilometres to the north lies the Chirano mine, owned by Asante Gold, which produced about 155,000 ounces of gold in 2021. Enchi is situated on the same regional structure as Chirano and, Newcore says, has comparable geology.