Omanghana
Newcore Gold Ltd. has significantly expanded the high-confidence gold resource at its Enchi Gold Project in southwestern Ghana, more than doubling earlier estimates and strengthening the project’s prospects for future mine development.
According to the company, the indicated gold resources at the project have now reached approximately 1.5 million ounces, a major increase compared with previous estimates published in 2023. When combined with inferred resources of about 626,000 ounces, the total gold inventory at the site now exceeds 2.1 million ounces.
The expansion follows an extensive drilling campaign that covered roughly 60,000 metres across the project area. Exploration results have expanded the deposit’s footprint by about 24 percent, revealing a larger mineralized zone than previously identified.
Market analysts say the upgraded resource estimate represents a significant milestone for the project. Experts from Haywood Securities noted that the latest findings help reduce development risks and move the project closer to potential mine construction.
The next key step in the project’s development will be the completion of a Pre-Feasibility Study expected by mid-2026. The study will evaluate the economic viability of developing the deposit into a full-scale mining operation, including capital costs, production potential, and long-term profitability.
Exploration work is continuing at the site, with recent drilling targeting deeper and potentially higher-grade zones of the deposit. These results have not yet been fully incorporated into the updated resource figures, suggesting there may still be room for further growth in the project’s estimated gold reserves.
The resource expansion comes at a time of strong global demand for gold, with prices reaching elevated levels in early 2026. Analysts say the favorable price environment is encouraging renewed investment in exploration and mine development projects worldwide.
In Ghana, the government has also introduced changes to its mining fiscal framework to capture greater value from the sector. Authorities recently replaced the previous flat five percent royalty on gold production with a sliding scale that can reach up to 12 percent depending on market conditions.
Ghana remains the leading gold producer in Africa, and the country recorded a record output of around six million ounces in 2025. Industry observers say discoveries and expanding projects such as the Enchi development could further strengthen Ghana’s position in the global gold market.
Source: Omanghana
