Ghana gold project hits 1.5 million ounces after major resource upgrade

A Canada-based mining firm, Newcore Gold Ltd., has more than doubled the most reliable gold resource at its project in Ghana, marking a key step toward possible mine development at a time of strong global prices.

• Canada-based Newcore Gold Ltd. more than doubled the indicated resource at its Ghana project to 1.5 million ounces.
• Total gold resource at the Enchi Gold Project now exceeds 2.1 million ounces.
• The upgrade strengthens the project’s investment case as gold prices remain near record highs.
• A pre-feasibility study due in 2026 will determine whether the project can move into production.

The company said an updated estimate for its Enchi Gold Project shows an Indicated Mineral Resource of 1.5 million ounces, up sharply from its previous estimate in 2023.

Indicated resources are considered high-confidence and are typically used for detailed mine planning, making the upgrade a major de-risking milestone for the project.

The latest estimate also includes 626,000 ounces in inferred resources, bringing the total gold inventory at Enchi to more than 2.1 million ounces.

Riding a global gold boom

The upgrade comes as gold prices hover near historic highs, supported by central bank buying, global uncertainty, and investor demand for safe assets.

This has renewed interest in large, undeveloped gold deposits, especially in Africa, where countries like Ghana remain among the world’s top producers.

For investors, scale matters. Projects with more than one million ounces in higher-confidence categories are often seen as more viable candidates for development.

Moving closer to a mine

Newcore said the upgraded resource will support a Pre-Feasibility Study (PFS), expected by mid-2026, which will assess the project’s economic viability.

The company is also continuing drilling across the project, targeting deeper, higher-grade zones that could further increase the resource base.

Notably, some recent drilling results have not yet been included in the current estimate—leaving room for further growth.

Still early, but growing

The Enchi project covers a large land area with multiple deposits, many of which remain open for expansion.

So far, most drilling has focused on shallow depths, meaning the full size of the deposit may not yet be known.

This gives the project additional upside, particularly if deeper exploration confirms higher-grade gold zones.

Why it matters for Africa

The development of projects like Enchi highlights a broader shift: junior mining firms are advancing large-scale gold assets across Africa to take advantage of favourable market conditions.

If successful, Enchi could eventually become part of Ghana’s long list of producing gold mines, strengthening the country’s position as a global gold powerhouse and attracting further investment into the sector.