Newcore Gold Ltd. Announces Updated Mineral Resource Estimate for the Enchi Gold Project, Ghana

Newcore Gold Ltd. (TSX‑V: NCAU, OTCQX: NCAUF) released a statement on 18 March 2026 reporting the results of an updated Mineral Resource Estimate (MRE) for its Enchi Gold Project in southwest Ghana. The estimate was prepared in accordance with National Instrument 43‑101 Standards of Disclosure for Mineral Projects (NI 43‑101) by DRA Global Limited of Toronto, Ontario.

Updated Resource Summary

  • Indicated Mineral Resource – 83.6 million tonnes at an average grade of 0.56 g t⁻¹ Au, containing 1,502,000 ounces of gold.
  • Inferred Mineral Resource – 40.1 million tonnes at an average grade of 0.49 g t⁻¹ Au, containing 626,000 ounces of gold.

The resource was constrained by a pit at a gold price of US$3,200 per ounce and carries an effective date of 6 October 2025, incorporating drilling results up to that date. Since October 2025, an additional 10,619 metres of drilling have been completed but are not yet reflected in the current estimate.

Context and Implications

The new MRE more than doubles the previously reported Indicated Resource, which stood at 1,502,000 ounces of gold in 2023. The expansion supports the company’s ongoing Pre‑Feasibility Study (PFS), targeted for completion by the end of June 2026. The MRE covers four pit‑constrained deposits (Sewum, Boin, Nyam, Kwakyekrom) and indicates that all deposits remain open along strike and at depth, suggesting potential for further resource growth in shallow oxide and transition mineralization as well as deeper fresh mineralization.

The company’s 60,000‑metre drill program, which is still under way, aims to further define high‑grade potential at depth. Recent drilling in January 2026 extended gold mineralization to depth and intersected high‑grade zones, exemplified by 3.54 g t⁻¹ Au over 23.0 m at 253 m in the Boin Gold Deposit.

Market Reaction

As of 16 March 2026, Newcore Gold’s share price closed at CAD 0.63, with a 52‑week high of CAD 0.92 (21 September 2025) and a low of CAD 0.50 (8 April 2025). The company’s market capitalization stands at approximately CAD 192 million. The updated resource estimate is expected to reinforce investor confidence in the project’s feasibility and potential value.

Company Profile

Newcore Gold Ltd. is an advanced‑stage gold exploration and development company operating primarily through its Enchi Gold Project in southwest Ghana. The company is listed on the TSX Venture Exchange and reports in Canadian dollars. Its price‑to‑earnings ratio is currently negative, reflecting its exploration status and lack of revenue generation.

This article summarizes the latest public information released by Newcore Gold Ltd. regarding the Enchi Gold Project and its updated mineral resource estimate.