Drilling by Newcore Gold (TSXV: NCAU) at its Enchi project in southwestern Ghana has returned results as high as 15 metres grading 3.83 grams gold per tonne. Shares rose.That result, from 122 metres depth in hole KBRC352 in the north-central part of the Boin deposit, also cut 56 metres at 2.25 grams gold, the company reported Wednesday. Another highlight hole, KBRC353, cut 24 metres from surface grading 2.15 grams gold, while hole KBRC355 returned 29 metres at 2.13 grams gold from 26 metres depth.“We are thrilled with the continued strong results from the 35,000-metre drill program underway at Enchi, with this set of results from Boin encountering some of the best intercepts to date at Boin, on a gram by metre basis,” Newcore president and CEO Luke Alexander said in a release.“Drilling is not only encountering wide zones of mineralization and proving out the strong continuity of mineralization, but drilling also continues to encounter higher-grade intervals that are above the currently defined resource grade.”The 248-sq.-km Enchi land package sits on Ghana’s Bibiani shear zone, which hosts several multi-million-oz. gold deposits. They include Kinross Gold’s (TSX: K; NYSE: KGC) Chirano Mine 50 km north and Asante Gold’s (CSE: ASE) Bibiani mine to the northeast.PFS this yearThe infill drill program focuses on converting inferred resources to indicated before a pre-feasibility is commissioned later this year, Newcore said.Newcore shares gained 5% to C$0.62 apiece in early afternoon trading Wednesday in Toronto, for a market capitalization of C$150.5 million. The stock has traded in a 12-month range of C$0.27 to C$0.66.Noteworthy results from drilling in Boin’s south-central area returned 72 metres at 1.16 grams gold from 104 metres in hole KBRC344, including 10 metres grading 3.06 grams gold from 114 metres depth; and 38 metres at 1.74 grams gold from 190 metres, which included 7 metres grading 3.67 grams gold from 218 metres depth.The assay results were from 17,592 metres across 142 holes reported so far from the Enchi drill program ongoing since last year.41M indicated tonnesBoin is among the five deposits that make up Enchi, which hosts 41.7 million indicated tonnes grading 0.55 gram gold for 743,500 contained ounces. Its inferred resource totals 46.6 million tonnes at 0.65 gram gold for 972,000 ounces.Enchi, located near the namesake town, is about 400 km west of the capital Accra, and just east of the border with Côte d’Ivoire.An updated preliminary economic assessment (PEA) last April gave Enchi a net present value of $371 million and an internal rate of return of 58% at a gold price of $1,850 per ounce. Initital capital costs were pegged at $106 million. The PEA outlined a nine-year, 8.1 million-tonne-per-year open-pit, heap-leach mine. The all-in sustaining costs are forecast at $1,018 per ounce.
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