Mining Stock Daily Newcore Doubles its Indicated Resource with Latest Mineral Estimate
Mar 18, 2026
Luke Alexander, CEO of Newcore Gold, leads exploration and development at the Enchi Gold Project in Ghana. He discusses the updated mineral resource estimate and the rationale behind the gold price and cutoff choices. He also outlines the ongoing drilling program, high-grade targets, and plans feeding into a forthcoming preliminary feasibility study.
AI Snips
Chapters
Transcript
Episode notes
Major Conversion From Inferred To Indicated Ounces
- Newcore converted a large portion of inferred ounces to indicated, reaching 1.5Moz indicated and 626koz inferred for a 2.1Moz global resource.
- Conversion relied on 28,000m of drilling (of a 60,000m program) focused mainly on Boeing, Cium, NIAM, and Quachikroom deposits which together represent >80% of the resource.
Gold Price Choice Was A Strategic Trade Off
- Newcore used a $3,200/oz gold price for the MRE, balancing capture of ounces with realistic economics for the upcoming PFS.
- Management considered scenarios from $3,000–$3,500 (and studies up to $4,000) before selecting $3,200 to maximize ounces usable in the PFS.
Higher Gold Price Reduced Cutoff Grades
- Rising gold prices lowered Enchi's cutoff grades, making lower-grade material economic to include in the MRE.
- Cutoffs dropped roughly from 0.15–0.25 g/t to about 0.1–0.2 g/t depending on deposit, modest but meaningful for added ounces.