Newcore Gold Ltd. ("Newcore" or the "Company")
(TSX-V: NCAU, OTCQX: NCAUF) is pleased to announce positive results
from the independent, updated Preliminary Economic Assessment
("PEA") completed for the Company’s 100%-owned Enchi Gold Project
("Enchi" or the "Project") in Ghana. The PEA was led by Lycopodium
Minerals Canada Limited ("Lycopodium") of Toronto, Canada and
provides a base case assessment of developing Enchi as a low
capital intense, open pit, heap leach operation, processing 8.1
million tonnes per annum ("mtpa") utilizing contract mining. The
PEA incorporated updated costing as well as development work
completed on the Project since 2021 including a larger Mineral
Resource Estimate completed in 2023, a significant amount of
bench-scale and bulk sample metallurgical testwork and an updated
environmental and social baseline study. All currencies in this
news release are reported in U.S. dollars.
Highlights from the PEA at
Enchi
- Strong
project economics with low capital intensity.
- At a gold price
of $1,850/oz: $586 million pre-tax net present value discounted at
5% ("NPV5%") and a 77% pre-tax internal rate of return ("IRR"),
$371 million after-tax NPV5% and a 58% after-tax IRR.
- At a gold price
of $2,350/oz: $987 million pre-tax NPV5% and a 127% pre-tax IRR,
$632 million after-tax NPV5% and a 92% after-tax IRR.
- Initial capital
costs estimated at $106 million (including a 20% contingency), with
a short after-tax payback of 1.6 years.
- Robust
production profile with a low-cost structure driven by a
technically straightforward, open pit, heap leach operation and low
strip ratio.
- Average annual gold production of
121,839 ounces; peak gold production in year 6 of 155,188 ounces;
1.1 million ounces gold recovered over a 9-year life of mine
("LOM").
- LOM strip ratio of 2.67 to 1, mined
grade of 0.60 g/t Au and gold recovery of 81.8%.
- LOM operating costs (1) estimated at
$801/oz of gold, cash costs (2) estimated at $934/oz of gold, LOM
all-in sustaining costs (AISC) (3) estimated at $1,018/oz of
gold.
-
Economics incorporate significant development work
completed since 2021.
- The PEA incorporated the Mineral
Resource Estimate completed in 2023 which reflected the addition of
approximately 34,000 metres of Reverse Circulation ("RC") and
diamond drilling completed in 2021 and 2022.
- Significant
metallurgical testwork completed to date, highlighting the
Project’s amenability to heap leach processing. Advanced
metallurgical testwork consists of more than 390 tests including
bottle rolls, column tests and two bulk-scale pilot heap
tests.
-
Significant longer-term growth potential from the
district-scale exploration opportunity at Enchi.
- Enchi’s property covers 248 km2
along a prolific gold belt that hosts multi-million-ounce gold
mines. Newcore has identified more than 20 pre-resource targets
across the property and with less than 10% of the property
explored. The district scale exploration opportunity at Enchi
remains largely underexplored and untested.
- All deposits and targets remain
open along strike and at depth, with potential for resource growth
in both shallow oxides and within the sulphide mineralization.
Note: All currencies in this news release are
reported in U.S. dollars unless otherwise specified. Base case
parameters assume a gold price of $1,850/oz. NPV calculated as of
the commencement of construction and excludes all pre-construction
costs. Cash costs and AISC are non-IFRS financial measures (see
cautionary language).(1) Operating costs consist of
mining costs, processing costs and mine site
G&A.(2) Cash costs consist of operating costs plus
treatment and refining charges and royalties.(3) AISC
consists of cash costs plus sustaining capital (excluding closure
costs).
Luke Alexander, President and CEO of Newcore
stated, "The PEA confirms the opportunity at Enchi to develop an
open pit, heap leach operation with robust economics. This is a
notable milestone and an important step in advancing the
development of our Enchi Gold Project in Ghana towards a
construction decision. The PEA is a culmination of several years of
de-risking work that included an updated Mineral Resource Estimate
completed in 2023 and significant metallurgical testwork on the
Project. Having Lycopodium on-board as the lead consultant also
continues to support the development of Enchi as they are a partner
of choice given their strong operational experience in West Africa.
Our emphasis moving forward is to continue to drive development of
the Project towards production, while not losing focus on the
district scale exploration opportunity that will drive the size and
scale opportunity at Enchi longer-term. The economics within the
PEA support advancing Enchi towards production while also providing
a strong underpinning of value for Newcore as we look to continue
to unlock the Project’s significant potential."
Greg Smith, VP Exploration of Newcore stated,
"We believe that longer-term the Project economics will benefit
from the sizeable upside potential that exists at Enchi, with
future resource expansion probable within not only the near-surface
oxide and transition mineralization but also within the
higher-grade structures defined at depth. The Project has
substantial untapped potential, with a strategic location along a
gold belt that hosts sizable mining operations. Enchi’s geological
footprints align with those neighboring gold mines, with Newcore
only just starting to define the potential of the Project that is
reminiscent of its neighbors that began small and grew
significantly over time. We look forward to continuing to prove out
this potential for size and scale with an exploration focus
alongside driving development of the Project going forward. As we
advance Enchi with additional studies towards production, we will
continue to prioritize working with our local communities to
provide positive impacts, creating value for all stakeholders as we
unlock the significant value potential at our Enchi Gold Project in
Ghana."
The PEA is preliminary in nature, includes
Inferred Mineral Resources that are considered too speculative
geologically to have economic considerations applied to them that
would enable them to be categorized as Mineral Reserves, and there
is no certainty that PEA results will be realized. Mineral
Resources are not Mineral Reserves and do not have demonstrated
economic viability.
The PEA was prepared by Lycopodium as the lead
consultant in accordance with National Instrument 43-101 -
Standards of Disclosure for Mineral Projects ("NI 43-101").
Lycopodium was the lead study manager and led the design parameters
and cost estimates for process operations, process facilities,
major equipment selection, plant site infrastructure, as well as
operating and capital expenditures. The PEA was supported by Micon
International Limited (mine planning and mine operations,
reclamation) and SEMS Exploration (mineral resource estimates). The
NI 43-101 PEA Technical Report will be filed on SEDAR+ within 45
days of this news release. All currencies are reported in U.S.
dollars unless otherwise specified.
Newcore will host an investor webinar to discuss
the results of the PEA on Friday, April 26, 2024 at 10am PT / 1pm
ET. Details are provided at the end of this news release.
PEA Overview and Financial
Analysis
The Enchi Gold Project is located in southwest
Ghana, with the Project’s 248 km2 covering approximately 40 kms of
Ghana’s prolific Bibiani Shear Zone, a gold belt which hosts
several multi-million-ounce gold mines including Newmont’s Ahafo
Mine and Asante Gold’s Bibiani and Chirano mines.
The PEA, with an effective date of April 24,
2024, contemplates an open pit, heap leach operation with a low
strip ratio using contract mining and processing 8.1 mtpa
(approximately 22,500 tonnes per day). The heap leach facility will
be built in three phases, with excess capacity available for future
expansion. Heap leach feed will be trucked from five deposits
(Sewum, Boin, Nyam, Kwakyekrom, Tokosea) to a central crushing and
heap leach facility which will be located between the Boin and
Sewum deposits, which together host approximately 76% of the
Mineral Resources currently defined at Enchi. Secondary crushing
capacity is assumed to only be required once the mine plan shifts
to processing transitional and fresh rock mineralization, in the
second half of the mine life, reducing the upfront capital cost
requirements.
Table 1 - Important Parameters of the
PEA
Key Assumptions |
|
Base Case Gold Price |
$1,850/oz |
Production Profile |
|
Total Tonnes Processed (mt) |
69.8 |
Total Tonnes Waste (mt) |
186.1 |
Strip Ratio |
2.67 |
Heap Leach Feed Grade |
0.60 g/t Au |
Mine Life |
9 years |
Throughput (mtpa) |
8.1 |
Gold Recovery |
81.8% |
LOM Gold Production (ounces) |
1,096,553 |
LOM Average Annual Gold Production (ounces) |
121,839 |
Peak Gold Production in Year 6 (ounces) |
155,188 |
Unit Operating Costs |
|
LOM Average Operating Costs (1) |
$801/oz gold |
LOM Average Cash Costs (2) |
$934/oz gold |
LOM AISC (Cash Costs plus Sustaining Capital) (3) |
$1,018/oz gold |
Capital Costs |
|
Initial Capital Cost |
$106 million |
Sustaining Capital Cost (4) |
$92 million |
Closure Cost |
$18 million |
(1) Operating costs consist of mining
costs, processing costs and mine site G&A.(2) Cash
costs consist of operating costs plus treatment and refining
charges and royalties.(3) AISC consists of cash costs
plus sustaining capital (excluding closure
costs).(4) Sustaining capital cost includes $7.4 million
in each of years three and six for heap leach pad expansion, as
well as ~$58 million for crusher installation completed in years
four and five.
Table 2 - Project Economics
Summary
|
$1,850/oz Gold Price |
$2,350/oz Gold Price |
|
Pre-Tax |
After-Tax |
Pre-Tax |
After-Tax |
NPV5% |
$586 million |
$371 million |
$987 million |
$632 million |
IRR |
77% |
58% |
127% |
92% |
Payback |
1.4 years |
1.6 years |
0.8 years |
1.1 years |
LOM Cash Flow |
$788 million |
$506 million |
$1,298 million |
$837 million |
|
|
|
|
|
Chart 1 - Production and Cost Profile by
Year
Chart available at:
https://newcoregold.com/site/assets/files/5847/2024_04-ncau-pea-chart1.png
The financial model was completed on a 100%
project basis and includes a 5% gross royalty to the Ghanaian
Government and a 2% net smelter return ("NSR") royalty to Triple
Flag Precious Metals Corp. The economic analysis carried out for
the Project uses a cash flow model at a base gold price of $1,850
per ounce and a 5% discount rate. The financial assessment of the
Project was carried out on a 100% equity basis, not accounting for
potential sources of funding which may include debt. No provisions
were made for the effects of inflation, and current Ghana tax
regulations were applied to assess the tax liabilities. The
Government of Ghana has the right to a 10% free carried interest in
the Project.
A summary of the cash flow model can be viewed
at the following
link:https://newcoregold.com/site/assets/files/5847/2024_04-ncau-pea-nr-summary-cash-flow.pdf
Table 3 - Enchi Economic Sensitivity to
Gold Price
Gold Price (US$/oz) |
$1,650 |
$1,750 |
$1,850 |
$1,950 |
$2,050 |
$2,150 |
$2,250 |
$2,350 |
Pre-Tax NPV5% |
$425 M |
$505 M |
$586 M |
$666 M |
$746 M |
$827 M |
$907 M |
$987 M |
Pre-Tax IRR |
58% |
67% |
77% |
87% |
97% |
107% |
117% |
127% |
Pre-Tax Payback |
1.7 years |
1.5 years |
1.4 years |
1.2 years |
1.1 years |
1.0 years |
0.9 years |
0.8 years |
After-Tax NPV5% |
$266 M |
$319 M |
$371 M |
$423 M |
$475 M |
$527 M |
$580 M |
$632 M |
After-Tax IRR |
44% |
51% |
58% |
65% |
72% |
78% |
85% |
92% |
After-Tax Payback |
2.0 years |
1.8 years |
1.6 years |
1.5 years |
1.4 years |
1.3 years |
1.2 years |
1.1 years |
Chart 2 - After-Tax Economic Sensitivity
to Gold Price, Operating and Capital Costs
Chart available at:
https://newcoregold.com/site/assets/files/5847/2024_04-ncau-pea-chart2.png
Metallurgical Testing and Recoveries
A conceptual heap leach facility was designed,
with the facility processing oxide, transition and fresh rock
mineralization. The PEA utilized recoveries estimated for each
material type, with 85% for oxide and transition and 75% for fresh,
for an average gold recovery of 81.8%.
Determination of the appropriate recovery value
was based on the significant amount of test work completed to date
on each of the five existing deposits (Sewum, Boin, Nyam,
Kwakyekrom, Tokosea). This testwork completed by Newcore and its
predecessors dates back to 2012 and was conducted at SGS, Intertek
and the University of Mines and Technology in Tarkwa (UMaT). The
test programs were conducted on diamond drill holes, RC drill
holes, composite samples and on trench samples covering a range of
gold grades, weathering intensities and different portions of each
deposit. Individual tests have consisted of a series of testwork
including cyanide soluble assays, diagnostic leach, bottle rolls,
column tests and two 15-tonne bulk-scale pilot heaps completed on
representative samples. This testwork showed that cyanide leaching
is a viable option for the extraction of gold from the oxide,
transition and fresh domains, and this recovery rate is consistent
with typical heap leach operations that have similar types of
mineralization.
More than 390 tests have been completed to date.
Testwork has included cyanide assays, 24-hour and 48-hour bottle
rolls, gravity gold recovery, size distribution analyses, 24-hour
dissolution bottle roll, diagnostic leach bottle roll, 48-hour
kinetic leach bottle roll, optimized leach bottle roll, 5 to 10-day
bottle roll, 30 to 90-day column tests and bulk-scale pilot heap
tests. Metallurgical testwork completed to date indicates strong
recoveries and the Project’s amenability to heap leach
processing.
Heap leach percolation and recovery values used
data from all representative column leach testwork conducted thus
far for the Enchi Gold Project. Some samples reached ultimate
recovery by 60-days, while others continued to progress even after
90-days.
Newcore completed two bulk-scale pilot heap
tests in 2023 that continued to confirm Enchi’s strong amenability
to heap leach processing. Trench samples, 15-tonnes each, from Boin
and Sewum (the two largest deposits on the Project) were selected
for bulk-scale pilot heap tests over a 60-day period. The samples
consisted of representative oxide material with individual samples
and composites covering a range of gold grades. The two composite
samples underwent an agglomeration process using Portland cement.
Cyanide solution at 1,000 ppm NaCN was added with 2.28 kg/t lime.
The prepared agglomerates were then placed on platforms, and after
a curing period of 72 hours, irrigation began and was completed for
60 days. The heap leach pad was prepared with compacted ground and
impermeable clay layers, with primary berms constructed around each
pad. Dripper tubes were used to distribute cyanide solution evenly.
Solution samples were analyzed for gold content before and after
adsorption. The pilot heap tests were aimed to simulate leaching
response, showing amenability to heap leaching. Gold recovery rates
for Sewum and Boin heaps increased rapidly in the first 20 days,
reaching 78.6% and 73.2% respectively, then continued at a moderate
pace until day 40, achieving 91.7% for Sewum and 85.6% for Boin.
After 60 days, ultimate recoveries were 93.5% for Sewum and 90.3%
for Boin. Two composite tailings samples were collected from each
heap, averaging 0.06 grams per tonne gold ("g/t Au") and 0.12 g/t
for Sewum and Boin, respectively, confirming overall recoveries of
+90%.
Comminution testwork consists of 10 samples
tested with Jet-Rom Engineering Ltd. in May 2023, and another 20
samples tested with Odeleb Ltd. in October 2023. Based on the data
available, the oxide material is soft, and the sulphide material is
competent. Given the soft nature of the oxide and transition
material, this material is planned to be processed through a
mineral sizer rather than a crusher. This has allowed for a delay
in crushing capacity installation to year four, ahead of processing
sulphide material.
Metallurgical testwork was also conducted on
fresh mineralization. Bottle roll results for sulphide material
from the Nyam deposit returned an average gold recovery of 79%
after 48-hours, ranging from 63% to 90%. Recovery curves indicated
increasing trends, with estimated final recoveries of >90% - 95%
under optimized conditions. Five samples underwent diagnostic
leach, yielding consistent results with total recoveries averaging
94.9%. 14 samples underwent optimization testing, incorporating
finer grinding, lead nitrate addition, and oxygen introduction and
total recoveries increased by an average of +10% to reach 92%. Gold
mineralized samples contained no silver and low metal values.
Additional metallurgical test work is underway
as part of the ongoing work program at Enchi, including column
tests to better simulate heap leach conditions and further test for
optimal crushing size, reagent consumption and leach permeability.
The testwork completed to date supports heap leach processing as a
viable option for the extraction of gold, with moderate to high
overall gold recovery expected between mid-80’s to 90%.
Mineral Processing
A process flowsheet for the Project can be
viewed at the following
link:https://newcoregold.com/site/assets/files/5847/2024_04-ncau-pea-nr-process-flow-sheet.pdf
A processing throughput of 8.1 mtpa was
selected. The process design is based on a phased approach
flowsheet aimed at maximizing gold recovery, and on minimizing
initial capital expenditure and operating costs. The main design
criteria for equipment selection included suitability for duty,
reliability and ease of maintenance. The plant layout provides ease
of access to all equipment for operating and maintenance
requirements while facilitating ease of concurrent construction in
multiple areas.
The process design consists of the following
process unit operations: one primary mineral sizer to provide
crushed feed with 80% passing (P80) of 40-50 mm; future
installation of two trains of two-stage crushing plant to provide
crushed feed with a P80 of 19 mm when harder transition and fresh
feed is introduced in later years of the mine plan; agglomeration
of the crushed feed with cement and cyanide solution in a rotating
drum to improve percolation within the leach pad; grasshopper
conveyors and radial stacker to stack crushed feed on the leach pad
in 5 metre lifts; cyanide solution application on the stacked feed
with a typical solution application rate of 10 L/m2/h applied
during the first 40 days, reduced to 7 L/m2/h thereafter;
carbon-in-column process to load activated carbon with gold from
the pregnant solution drained from the leach pad; barren, pregnant
and excess solution ponds to accommodate pregnant solution
drain-down and to accommodate storm water; and refining equipment
to produce a final doré product.
Capital Costs
An initial capital expenditure of $106 million
(including 20% contingency) has been estimated to construct the
Project, with a further $92 million in sustaining capital during
operations and $18 million for closure (including reclamation). The
capital cost estimate is based on an open pit mining and heap leach
operation processing 8.1 mtpa utilizing contract mining.
Capital costs are detailed in the table
below.
Table 4 – Capital Cost Estimate
Details
Description |
Initial($M) |
Sustaining ($M) |
Closure ($M) |
LOM ($M) |
Mining Areas & Road Development |
$4.2 |
$4.5 |
- |
$8.7 |
Heap Leach Facility (1) |
$9.9 |
$14.8 |
- |
$24.7 |
Earthworks & Pads |
$1.6 |
- |
- |
$1.6 |
Mechanical, Equipment & Piping |
$39.5 |
- |
- |
$39.5 |
Power, Electrical, Instrumentation |
$7.9 |
- |
- |
$7.9 |
Crusher Installation (2) |
- |
$57.7 |
- |
$57.7 |
EPMC (Engineering & Procurement) |
$9.3 |
- |
- |
$9.3 |
Construction Indirect Costs |
$7.8 |
- |
- |
$7.8 |
Owner’s Costs |
$7.8 |
- |
- |
$7.8 |
Closure Capital (3) |
- |
- |
$18.2 |
$18.2 |
Contingency (20.0%) |
$17.6 |
$15.4 |
- |
$33.0 |
Total Capital Costs |
$105.8 |
$92.4 |
$18.2 |
$216.4 |
|
|
|
|
|
Note: numbers may not add due to rounding.(1)
The heap leach facility will be built in three phases, with excess
capacity available. The sustaining capital portion
includes $7.4 million in each of years three and six for the
heap leach pad expansion.(2) Crusher installation will be completed
in years four and five, once required for processing fresh
mineralization.(3) Closure Capital includes environmental
monitoring in the four years after production.
This capital cost estimate is based on industry
standard estimates. Capital cost estimates were developed using
budgetary quotes provided by contractors experienced in Ghana, as
well as estimates updated to reflect current pricing since the
prior PEA was completed in 2021.
Construction is estimated to be 15 months. The
Enchi Gold Project benefits from relatively flat terrain (rolling
hills) and standard infrastructure, limiting the amount of
earthworks required. The initial capital costs reflect an estimate
for the design and development of the plant and mine infrastructure
that includes agglomeration, heap leaching, processing ponds and a
gold recovery plant. The heap leach pads will be built in three
phases, with excess capacity available. $7.4 million is estimated
in each of years three and six for the heap leach pad
expansion.
Crusher installation will be completed in years
four and five at a total cost of approximately $58 million. The
additional crushers will facilitate the transition from processing
of oxide material to processing of transitional and fresh rock
mineralization in the second half of the mine life.
Closure costs have been estimated based on the
preliminary infrastructure plans and are inclusive of an allowance
for a robust rehabilitation program and continued monitoring and
care and maintenance for four years post completion of mining.
Site Infrastructure
A proposed site plan for the Project can be
viewed at the following
link:https://newcoregold.com/site/assets/files/5847/2024_04-ncau-pea-nr-site-facility-layout.pdf
The Enchi Gold Project is located in southwest
Ghana, in the Aowin district of Western Region, and is accessed
from Accra on sealed roads via the regional port city of Takoradi
or the mining centre of Tarkwa. From either of these centres,
access to the town of Enchi (population ~15,000), the district
capital, is available by paved and gravel roads. The town of Enchi
is located 10 kilometres west of the Project. Fuel, accommodations,
food and most supplies can be obtained in town. The region has a
long history of mining, and there is a large population base of
skilled and unskilled labour to draw upon for exploration,
development, construction and operations.
The Project area has moderate infrastructure. A
paved road crosses the central portion of the Project leading to
the town of Enchi. The remainder of the Project is serviced by a
series of gravel roads. As such, most infrastructure works are
anticipated to be greenfields. Ghana’s current electrical
generation capacity of 2,125 megawatts is made up of about 50%
hydro and 50% thermal plants. Site operations are estimated to have
a connected load of approximately 12 megawatts with a maximum
running demand of 8 megawatts. There is a 33 kV electrical line
available near the Project, located approximately 10 kilometres
from the proposed plant site, with prospective options for
connection routes dependent on demand and capacity required. For
the PEA, the proposed electrical power supply option for the mining
operations and heap leach facility will be an onsite, natural gas
power station supported by back-up diesel generators.
The anticipated infrastructure for the Project
includes mine dry facilities, equipment maintenance workshop,
refueling facilities, explosive magazine, assay laboratory and
warehouse facilities. As well as, access roads, stockpiling areas,
storm water handling facilities, water supply, power supply
network, diesel generators, sewage treatment plant and waste
management facilities. Given the Project’s proximity to the town of
Enchi, it is assumed that no onsite accommodations will be
required. Accommodations for expatriate and some senior staff may
be provided through rental houses in the town of Enchi.
Modern seaports at Takoradi and Tema are located
207 km and 447 km southeast of the Project, respectively, and have
been used for the implementation and construction of several gold
mines in recent years.
The Enchi Gold Project currently totals 248 km2
with 40 kms covering the Bibiani Shear Zone, a well-known gold belt
in Ghana that hosts multi-million-ounce gold mines including
Newmont’s Ahafo Mine and Asante Gold’s Bibiani and Chirano
mines.
Operating Costs
The Project is modelled as a near surface, open
pit, heap leach mine with heap leach feed material trucked from
five deposits (Sewum, Boin, Nyam, Kwakyekrom, Tokosea) to a central
crushing and heap leach facility located between Boin and
Sewum.
Operating costs for the life of mine are
estimated at $878 million. Cash costs over that time are estimated
at $1,024 million and include operating costs, royalties and
refining charges. A 5% royalty on revenues is due to the Government
of Ghana and a 2% NSR royalty is due to Triple Flag Precious Metals
Corp. Camp costs for the Enchi Gold Project are lower relative to
other projects because of the Project’s proximity to the town of
Enchi where most administrative facilities can be located.
Operating costs are summarized in the table
below.
Table 5 – Operating Cost Estimate
Details
Operating Costs |
LOM ($M) |
$/tonne leached |
$/oz Au |
Mining |
$546 |
$7.83 |
$498 |
Processing |
$285 |
$4.09 |
$260 |
Mine Site G&A |
$47 |
$0.67 |
$43 |
Total Operating Costs |
$878 |
$12.58 |
$801 |
|
|
|
|
Treatment & Refining Charges |
$4 |
$0.06 |
$4 |
Royalties |
$142 |
$2.03 |
$129 |
Total Cash Costs |
$1,024 |
$14.68 |
$934 |
|
|
|
|
Sustaining Capital (1) |
$92 |
$1.32 |
$84 |
All-in Sustaining Costs (AISC)
(2) |
$1,117 |
$16.00 |
$1,018 |
|
|
|
|
Note: numbers may not add due to rounding.(1)
Sustaining capital excludes closure costs. (2) AISC consists of
cash costs plus sustaining capital (excluding closure costs).
Mining CostsThe PEA
contemplates open pit mining undertaken by a contractor. An average
unit mining cost of $2.14 per tonne of material mined was used for
the financial analysis ($1.70/t mined for oxide, $2.43/t mined for
transition, $3.00/t mined for fresh rock) which includes the
transportation of mineralized material from the pits to heap leach
facility. These costs have been determined based on local
contractor budgetary quotations and experience from similar sized
open pit heap leach operations and local conditions. The mining
costs used in financial analysis consider variations in haulage
profiles throughout the life of mine.
Processing CostsAn average
processing cost of $4.09 per tonne of material leached was used in
the economics, based on the designed process flowsheet. This
includes crushing, agglomeration, heap leach operation, recovery
plant, general site maintenance and process labour.
Mine Site G&AMine Site
G&A also includes costs related to on-site company personnel
and mineral tenure fees. An annual total of $180,000 has also been
allocated for corporate and social responsibility.
Mineral Resources
The 2024 PEA incorporates the Mineral Resource
Estimate completed in 2023 (see news release dated March 7, 2023).
The 2023 Resource incorporated approximately 34,000 metres of
additional infill and resource expansion RC and diamond drilling
completed by Newcore between January 2021 and July 2022. The
Mineral Resource has an effective date of January 25, 2023, is
reported using a constraining resource pit at a gold price of
$1,650 per ounce. Indicated Mineral Resource of 743,500 ounces of
gold at an average grade of 0.55 g/t Au and totalling 41,736,000
tonnes; and Inferred Mineral Resource of 972,000 ounces of gold at
an average grade of 0.65 g/t Au and totalling 46,556,000
tonnes.
Table 6 - Mineral Resource Estimate for
the Enchi Gold Project
(1)
Zone |
Classification |
Tonnes |
Au Grade (g/t) |
Contained Au (ounces) |
Sewum |
Indicated |
20,925,000 |
0.48 |
323,300 |
|
Inferred |
21,798,000 |
0.53 |
373,100 |
Boin |
Indicated |
13,020,000 |
0.62 |
258,200 |
|
Inferred |
15,884,000 |
0.68 |
349,600 |
Nyam |
Indicated |
7,791,000 |
0.65 |
162,000 |
|
Inferred |
2,681,000 |
1.21 |
104,700 |
Kwakyekrom |
Inferred |
4,244,000 |
0.72 |
97,700 |
Tokosea |
Inferred |
1,949,000 |
0.75 |
46,900 |
Total Indicated |
|
41,736,000 |
0.55 |
743,500 |
Total Inferred |
|
46,556,000 |
0.65 |
972,000 |
|
|
|
|
|
(1) Notes for Mineral Resource Estimate:1.
Canadian Institute of Mining Metallurgy and Petroleum ("CIM")
definition standards were followed for the resource estimate.2. The
2023 resource models used ordinary kriging (OK) grade estimation
within a three-dimensional block model with mineralized zones
defined by wireframed solids and constrained by pits shell for
Sewum, Boin and Nyam. Kwakyekrom and Tokosea used Inverse Distance
squared (ID2).3. Open pit cut-off grades varied from 0.14 g/t to
0.25 g/t Au based on mining and processing costs as well as the
recoveries in different weathered material.4. Heap leach cut-off
grade varied from 0.14 g/t to 0.19 g/t in the pit shell and 1.50
g/t for underground based on mining costs, metallurgical recovery,
milling costs and G&A costs.5. CIL cut off grade varied from
0.25 g/t to 0.27 g/t in a pit shell and 1.50 g/t for underground
based on mining costs, metallurgical recovery, milling costs and
G&A costs.6. A $1,650/ounce gold price was used to determine
the cut-off grade.7. Metallurgical recoveries have been applied to
five individual deposits and in each case three material types
(oxide, transition and fresh rock).8. A density of 2.19
g/cm3 for oxide, 2.45 g/cm3 for transition and 2.72
g/cm3 for fresh rock was applied.9. Optimization pit slope
angles varied based on the rock types.10.Reasonable mining shapes
constrain the deeper mineral resource in close proximity to the pit
shell.11. Mineral Resources that are not mineral reserves do not
have economic viability. Numbers may not add due to rounding.12.
The Mineral Resource Estimate is from the technical report titled
"Mineral Resource Estimate for the Enchi Gold Project" with an
effective date of January 25, 2023, which was prepared for Newcore
by Todd McCracken, P. Geo, of BBA E&C Inc. and Simon Meadows
Smith, P. Geo, of SEMS Exploration Services Ltd. in accordance with
National Instrument 43-101 Standards of Disclosure for Mineral
Projects and is available under Newcore’s SEDAR+ profile at
www.sedarplus.ca. Todd McCracken and Simon Meadows Smith are
independent qualified persons ("QP") as defined by National
Instrument 43-101. Simon Meadows Smith, P. Geo, of SEMS Exploration
Services Ltd. is responsible for the Mineral Resource Estimate in
the updated NI 43-101 PEA Technical Report to be filed on SEDAR+
within 45 days of this news release.
The 2023 Mineral Resource Estimate was reviewed
by SEMS Exploration as part of the PEA. The database used to
determine the Mineral Resource Estimate consists of 169,857 metres
of diamond drill, RC, rotary-air blast and trenches. The resource
estimate is based on the combination of geological modeling,
geostatistics and conventional block modeling using the Ordinary
Krig methodology of grade interpolation for Sewum, Boin and Nyam.
Kwakyekrom and Tokosea used Inverse Distanced squared. The mineral
resources were estimated using a block model with parent blocks of
10m x 10m x 10m with sub-blocks to 2.5m x 2.5m x 2.5m. A capping
study was made using histograms, probability plots, quantile plots
and deciles plots to define the capping values resulting in
variable capping values by deposit and zone.
The resource includes five deposits Sewum, Boin,
Nyam, Kwakyekrom and Tokosea, each of which is open along strike
and down dip. Several additional exploration targets have also been
identified outside of the existing resource area at Enchi that
present an opportunity for significant resource growth longer-term
across the district scale property.
Mining and Production
Schedule
A summary of the production schedule can be
viewed at the following
link:https://newcoregold.com/site/assets/files/5847/2024_04-ncau-pea-nr-summary-production-profile.pdf
A three-dimensional mining block model was
created from the mineral resource block model for each deposit. Pit
optimizations were conducted using Datamine software, which runs a
pseudoflow algorithm to determine a series of optimum pit shells
for a range of revenue factors.
Mining would occur in a series of nine open pits
across the five deposits with depths ranging from approximately 20
to 200 metres. The open pit parameters utilized for the PEA include
10 metre bench heights, overall slope angles ranging from 28 to 43
degrees for oxide / transition material and 46 to 50 degrees for
fresh rock, haul roads / ramp widths of 30 metres at a 10% maximum
gradient. The table below presents the subset of mineral resources
within the pit shells.
Table 7 – Subset of Mineral Resources
Within the PEA and Strip Ratios (1)
Deposit |
Tonnes (Mt) |
Grade (g/t Au) |
Average Recovery (%) |
Gold Produced (ozs) (2) |
Strip Ratio |
Sewum |
36.6 |
0.52 |
82.1% |
499,768 |
1.80:1 |
Boin |
20.8 |
0.72 |
81.6% |
389,405 |
3.68:1 |
Nyam |
8.3 |
0.65 |
81.5% |
141,141 |
3.21:1 |
Kwakyekrom |
3.1 |
0.56 |
80.0% |
44,119 |
2.72:1 |
Tokosea |
1.1 |
0.79 |
82.5% |
22,119 |
8.49:1 |
Enchi Project |
69.8 |
0.60 |
81.8% |
1,096,553 |
2.67:1 |
|
|
|
|
|
|
Note: numbers may not add due to rounding.(1)
Including mining losses of 3% and no mining dilution. (2) Payable
ounces of gold produced.
The mine plan was prepared using pit tonnages
and grades exported from Hexagon’s Mine Sight 3D (MS3D) mine
planning suite. The mine plan resulted in a nine-year mine life
which delivers approximately 70 Mt of mineralized material with an
average grade of 0.60 g/t Au to the process facility and
approximately 186 Mt of waste rock to the storage facilities
located near each pit. The LOM plan focuses on achieving consistent
feed production rates, mining of the larger deposits (Sewum and
Boin) early in the schedule given their proximity to the heap leach
facility, and balancing grade and strip ratios. Since the
mineralization is close to surface, no pre-production waste
stripping is required.
Mining will be done using contract services,
under the supervision of Newcore, using a conventional truck and
shovel operation. The mine production schedule is based on two
12-hour shifts, seven days a week for a total of 360 days per
year.
Comparison of 2024 PEA to 2021 PEA
Study
The results of the 2024 PEA supersede the 2021
PEA. The 2024 PEA incorporates the following key updates and
advancements:
- Expanded
Production Profile: An increased processing throughput
(8.1 mtpa vs 6.6 mtpa) led to a higher LOM average annual gold
production profile. The 2024 PEA outlines average annual gold
production of 121,839 ounces, a 36% increase relative to the 89,391
ounces per year in the 2021
PEA.
- Updated
Mineral Resource: The PEA incorporated the 2023 Mineral
Resource Estimate which incorporated approximately 34,000 metres of
additional infill and resource expansion drilling completed by
Newcore between January 2021 and July 2022. The 2023 Mineral
Resource included an inaugural Indicated Resource, supporting the
de-risking of the project economics and Project development.
-
Metallurgical Testwork: Additional metallurgical
testwork completed since 2021 has confirmed the strong recoveries
using heap leach processing. Assumed recoveries for the PEA have
increased to an average of 81.8% (versus 79% in 2021).
-
Engineering Studies: Detailed engineering has been
completed on the heap leach facility including advanced work on pad
location, stacking methods, as well as further engineering of the
infrastructure requirements such as roads, process ponds and waste
dumps.
- Cost
Updates: Capital and operating costs have been updated
since 2021.
- Updated
Environmental and Social Baseline Study: An important
milestone in continuing to de-risk and advance the Project towards
production. The study concluded that there are no existing issues
related to water, soil, noise, or air quality for the proposed
development of the Project. The Enchi Gold Project is looked upon
favorably by the local communities and stakeholders and is in an
area with a long history of gold exploration, development and
mining.
Enchi Gold Project
Opportunities
A number of opportunities that may potentially
improve the economics of the Enchi Gold Project have been
identified, including:
- Expansion of the current open pits
through further drilling to define the potential for resource
expansion both below and on strike from the current Mineral
Resource Estimate.
- Additional metallurgical testwork
to confirm and optimize gold recoveries, reagent consumption and
flowsheet design.
- Potential to define additional
resource areas across the property at targets that do not currently
have defined mineral resources but have prior drilling (Sewum
South, Kojina Hill, Eradi).
- Follow-up on high priority
geochemical and airborne geophysical structural targets on the 248
km2 Project where surface gold mineralization has been identified,
to further advance early-stage targets across the property
(Nkwanta, Agyeikrom).
- Deeper drill holes have begun to
identify the potential to define higher grade gold mineralization
at depth, as highlighted by several intercepts at the Nyam deposit
including 4.51 g/t Au over 13 metres ("m") from 236 m (NBDD048) and
3.21 g/t Au over 15 m from 321 m (NBDD052). This may lead to the
optimal processing methodology being a milling scenario designed
for higher recoveries for the deeper sulphide mineralization.
Enchi Gold Project District Scale
Exploration Opportunity
The district scale exploration opportunity at
Enchi is still largely underexplored, providing for significant
future growth potential in regard to the Project’s longer-term size
and scale potential. All existing deposits and targets remain open
along strike and at depth, with potential for resource growth in
both shallow oxide and transition material as well as within the
deeper sulphide mineralization. Limited drilling has been completed
beyond a vertical depth of 200 metres, with most drilling testing
mineralization to an average depth of only 75 metres. Significant
potential remains on the Project to continue to define near-surface
mineralization that is amenable to heap leach processing, and which
may increase the mine life with over 20 early-stage targets
identified across the 248 km2 property. Newcore has also identified
higher-grade mineralization at depth with deeper drilling targeting
the upper portions of the sulphide mineralization highlighting the
potential for longer-term resource growth through the delineation
of high-grade underground resources. Drilling completed at the Nyam
deposit has identified multiple plunging high-grade zones that have
only been tested to a maximum vertical depth of 350 metres and
remain open for expansion at depth. Optimal processing for this
higher-grade mineralization will likely be via milling that is
designed for higher recoveries, with higher-grade sulphide
mineralization longer-term also providing a path towards a longer
mine life and potential larger size and scale mining opportunity at
Enchi.
Other Targets with No Defined Mineral
Resource
- Kojina Hill is an
advanced target at Enchi that is outlined on surface by a
two-kilometre-long by one-kilometre-wide gold-in-soil anomaly. It
is related to a structure sub-parallel to the Nyam Shear Zone and
located 1.5 kilometres west of the Nyam Deposit. Prior drill
results include 1.09 g/t Au over 20 m (KJRC017) and 0.79 g/t Au
over 59 m (KJRC022). Step out trenches testing the strike extend of
the zone intersected 4.59 g/t Au over 6 m (KJTR08B) and 0.58 g/t Au
over 30 m (KJTR001).
- Eradi is one of
the previously drilled target areas at Enchi where previous
trenching returned 1.67 g/t Au over 36.9 m and 10 wide spaced
shallow drill holes intersected gold mineralized intervals of 0.60
g/t Au over 27.0 m (ERDD002), including 1.30 g/t Au over 10.0 m,
1.15 g/t Au over 10.0 m (ERDD003), 0.60 g/t Au over 17.0 m
(ERDD006) and 1.02 g/t Au over 10.0 m (ERDD009). Drilling completed
in 2021 intersected a series of mineralized structures including
0.89 g/t Au over 47.8 m (ERDD020). The zone has been tested at wide
spacings over a strike length of 1.5 kilometres and remains open
along strike and to depth.
- Sewum South is the
largest gold-in-soil anomaly on the Project with a dimension of 3
km by 2 km and is located two kilometres south of the current Sewum
Deposit. Mineralization is interpreted to be related to several
sub-parallel and interesting structural trends defined by the
geophysical signatures with similarities to the Sewum Deposit.
First drilling of this anomaly was completed in 2021 with
intercepts including 0.95 g/t Au over 15 m (SWRC130).
- Agyeikrom is a
newly identified prospect, located in the north-central portion of
the Project where exploration has defined a gold anomalous target
spanning 4.5 km by 2.0 km. The area is associated with the same
phyllite / volcaniclastic contact as that located near Kojina Hill.
Mineralization is hosted by a zone of deeply weathered
quartz-veined phyllite and fuchsite-altered greywacke in a series
of zones dipping moderately to the west. The exploration work
completed from 2021 to 2023 included first pass trenching which
tested 1.2 km of strike length. Trench results included 0.65 g/t Au
over 24 m (AGTR002B) and 0.20 g/t Au over 4.3 m, 0.36 g/t Au over
28 m (AGTR005) with a second interval of 0.57 g/t Au over 4 m, 0.51
g/t Au over 10 m (AGTR004) and 0.48 g/t Au over 4 m (AGTR002A).
Agyeikrom North is an associated gold-in-soil anomaly extending 2.5
km by 1.5 km, located one kilometre to the north, where first pass
trenching returned 0.33 g/t Au over 40 m including 0.62 g/t Au over
12 m (AGNTR004). Drilling has not yet been completed on this
prospect.
Presentation and Investor
Webinar
Newcore will host an investor webinar to discuss
the PEA on Friday, April 26, 2024 at 10am PT / 1pm ET.
Shareholders, analysts, investors and media are invited to join the
live webcast by registering using the following link:
https://events.6ix.com/preview/updated-pea-highlights-robust-economics-at-the-enchi-gold-project.
After registering, you will receive a
confirmation email containing details to access the webinar. The
replay will also be available on Newcore’s website.
A presentation to accompany the webinar and PEA
will be available on the Company’s website.
Qualified Persons and NI 43-101
Technical Report
The PEA for the Enchi Gold Project was prepared
for Newcore by personnel from Lycopodium and other industry
consultants, each of whom is a "qualified person" within the
meaning of NI 43-101 and considered to be "independent" of the
Company under section 1.5 of NI 43-101. Each Qualified Person has
reviewed and confirmed that the scientific and technical
information in this news release accurately reflects the summaries
or extracts of the NI 43-101 Technical Report for which they are
responsible.
- Lycopodium
Mineral Canada Ltd.: Preetham Nayak, P.Eng. (Infrastructure and
Project Economics), Ryda Peung, P.Eng. (Metallurgy and Mineral
Processing)
- Micon
International Limited: Kerrine Azougarh, P.Eng. (Mining)
- SEMS
Exploration: Simon Meadows Smith, P.Eng/P.Geo (Geology and Mineral
Resources)
Mr. Gregory Smith, P. Geo, Vice President of
Exploration at Newcore, is a Qualified Person as defined by NI
43-101. He has reviewed and approved other scientific and technical
information contained in this news release for which the
independent Qualified Persons who prepared the NI 43-101 Technical
Report are not responsible. For prior exploration and drilling
results, Mr. Smith has verified the technical and scientific data
disclosed herein and has conducted appropriate verification on the
underlying data including confirmation of the drillhole data files
against the original drillhole logs and assay certificates.
The NI 43-101 Technical Report supporting the
PEA will be filed under the Company’s SEDAR+ profile at
www.sedarplus.ca, and on Newcore’s website, within 45 days of this
news release.
Newcore Gold Best Practice
Newcore is committed to best practice standards
for all exploration, sampling and drilling activities. Drilling was
completed by an independent drilling firm using industry standard
RC and Diamond Drill equipment. Analytical quality assurance and
quality control procedures include the systematic insertion of
blanks, standards and duplicates into the sample strings. Samples
are placed in sealed bags and shipped directly to Intertek Labs
located in Tarkwa, Ghana for 50 gram gold fire assay.
Non-IFRS Financial Measures
The Company has included certain non-IFRS
financial measures in this news release, such as initial capital
cost, sustaining capital cost, total capital cost, cash costs and
AISC, which are not measures recognized under IFRS and do not have
a standardized meaning prescribed by IFRS. As a result, these
measures may not be comparable to similar measures reported by
other companies. Each of these measures used are intended to
provide additional information to the reader and should not be
considered in isolation or as a substitute for measures prepared in
accordance with IFRS. Non-IFRS financial measures used in this news
release and common to the gold mining industry are defined
below.
Cash Costs and Cash Costs per Ounce
Cash costs are reflective of the cost of
production. Cash costs reported in the PEA consist of mining costs,
processing costs, mine site G&A, treatment and refining charges
and royalties. Cash costs per ounce is calculated as cash costs
divided by payable gold ounces.
AISC and AISC per Ounce
AISC is reflective of all of the expenditures
that are required to produce an ounce of gold from operations. AISC
reported in the PEA includes cash costs plus sustaining capital,
but excludes closure costs, corporate general and administrative
costs and taxes. AISC per ounce is calculated as AISC divided by
payable gold ounces.
About Newcore Gold Ltd.
Newcore Gold is advancing its Enchi Gold Project
located in Ghana, Africa’s largest gold producer (1). The Project
currently hosts an Indicated Mineral Resource of 743,500 ounces of
gold at 0.55 g/t and an Inferred Mineral Resource of 972,000 ounces
of gold at 0.65 g/t. Newcore Gold offers investors a unique
combination of top-tier leadership, who are aligned with
shareholders through their 22% equity ownership, and prime district
scale exploration opportunities. Enchi’s 248 km2 land package
covers 40 kilometres of Ghana’s prolific Bibiani Shear Zone, a gold
belt which hosts several 5 million-ounce gold deposits, including
the Chirano mine 50 kilometers to the north. Newcore’s vision is to
build a responsive, creative and powerful gold enterprise that
maximizes returns for shareholders.(1) Source: Production volumes
for 2022 as sourced from the World Gold Council.
About Lycopodium
Lycopodium brings extensive studies and project
delivery experience in gold mineral processing plants in West
Africa, including Ghana. Over the past 25+ years they have
participated or delivered over 30 greenfield projects in West
Africa, and 13 within Ghana. Lycopodium have an established office
in Accra and are currently participating in a similar greenfield
gold project, located approximately 200 kilometres north of
Newcore’s Enchi Gold Project. Through their long-term and current
project experience Lycopodium have developed extensive knowledge of
Ghanian and West African suppliers and contractors, as well as
local capital and operating costs. Lycopodium has a demonstrated
track record for the development and delivery of value-optimised,
fit-for-purpose, fast to ramp up and easy to operate mineral
processing plant projects, delivered in a timely manner.
About Micon International
Limited
Micon International Limited is an independent
firm of senior geologists, mining engineers, and metallurgists
headquartered in Toronto, Ontario, Canada. Micon also maintains a
fully integrated office in Norwich, United Kingdom, as well as
retaining full-time consultants based in other locations within the
UK and France. Micon’s professional staff have extensive experience
in the mining industry with both mining companies and leading
consultancy firms. Since 1988, Micon has offered a broad range of
consulting services to clients involved in the mineral industry.
The firm maintains a substantial practice in the geological
assessment of prospective properties, the independent estimation of
mineral resources and mineral reserves, the compilation and review
of feasibility studies, the economic evaluation of mineral
properties, due diligence reviews, and the monitoring of mineral
developments on behalf of financing institutions. Micon’s practice
is worldwide and includes precious and base metals, energy
minerals, and a wide variety of industrial and specialty
minerals.
About SEMS Exploration
SEMS Exploration is the leading full-services
mineral exploration and mining consultancy company in West Africa.
Since 2002, SEMS Exploration has provided independent geological
consultancy and in-country support services to the mineral
exploration and mining industry of West Africa. During this time,
SEMS Exploration has established a reputation for dedicated, high
quality work for a wide range of clients from major mining
companies to junior exploration companies and private investors.
SEMS Exploration provides a full range of geological, mining
engineering and environmental services; from grassroots
reconnaissance through mineral resource estimations, project
management and mine design.
On Behalf of the Board of Directors of
Newcore Gold Ltd.
Luke AlexanderPresident, CEO & Director
For further information, please
contact:
Mal Karwowska | Vice President, Corporate
Development and Investor Relations+1 604 484
4399info@newcoregold.com www.newcoregold.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Cautionary Note Regarding
Forward-Looking Statements
This news release includes statements that
contain "forward-looking information" within the meaning of the
applicable Canadian securities legislation ("forward-looking
statements"). All statements, other than statements of historical
fact, are forward-looking statements and are based on expectations,
estimates and projections as at the date of this news release. Any
statement that involves discussion with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions,
future events or performance (often, but not always using phrases
such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or "believes"
or variations (including negative variations) of such words and
phrases, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved)
are not statements of historical fact and may be forward-looking
statements. In this news release, forward-looking statements
relate, among other things, to: timing of completion of a technical
report summarizing the results of the PEA; the development,
operational and economic results of the PEA, including cash flows,
capital expenditures, development costs, extraction rates, recovery
rates, mining cost estimates; estimation of mineral resources;
statements about the estimate of mineral resources; magnitude or
quality of mineral deposits; anticipated advancement of the Enchi
Gold Project mine plan; future operations; future exploration
prospects; the completion and timing of future development studies;
anticipated advancement of mineral properties or programs; future
exploration prospects; and the future growth potential of
Enchi.
These forward-looking statements, and any
assumptions upon which they are based, are made in good faith and
reflect our current judgment regarding the direction of our
business. The assumptions underlying the forward-looking statements
are based on information currently available to Newcore. Although
the forward-looking statements contained in this news release are
based upon what management of Newcore believes, or believed at the
time, to be reasonable assumptions, Newcore cannot assure its
shareholders that actual results will be consistent with such
forward-looking statements, as there may be other factors that
cause results not to be as anticipated, estimated or intended.
Forward-looking information also involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking information. Such
factors include, among others: risks related to interpretation of
metallurgical characteristics of the mineralization, changes in
project parameters as plans continue to be refined, future metal
prices, availability of capital and financing on acceptable terms,
uninsured risks, regulatory changes, delays or inability to receive
required approvals, taxes, mining title, the speculative nature of
the Company’s business; the Company’s formative stage of
development; the Company’s financial position; possible variations
in mineralization, grade or recovery rates; actual results of
current exploration activities; fluctuations in general
macroeconomic conditions; fluctuations in securities markets;
fluctuations in spot and forward prices of gold and other
commodities; fluctuations in currency markets (such as the Canadian
dollar to United States dollar exchange rate); change in national
and local government, legislation, taxation, controls, regulations
and political or economic developments; risks and hazards
associated with the business of mineral exploration, development
and mining (including environmental hazards, unusual or unexpected
geological formations); the presence of laws and regulations that
may impose restrictions on mining; employee relations;
relationships with and claims by local communities; the speculative
nature of mineral exploration and development (including the risks
of obtaining necessary licenses, permits and approvals from
government authorities); and title to properties.
Forward-looking statements contained herein are
made as of the date of this news release and the Company disclaims
any obligation to update any forward-looking statements, whether as
a result of new information, future events or results, except as
may be required by applicable securities laws. There can be no
assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
information.
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