This is a very brief summary of what was a lengthy interview. Don’t rely on this summary. Watch the full interview which is linked at the end of this post.
Please note that this company has paid for the creation of this content. The Resource Talks interview rules are simple.
The companies, albeit paying or non-paying, get no questions upfront, no questions off the table, and no editing rights.
Time to Read: 6 minutes
Company Overview
NewCore Gold: NewCore Gold is an exploration and development company with a flagship PEA-level Enchi Gold Project in Ghana, Africa’s largest gold producer. The company focuses on advancing its project through extensive drilling programs and leveraging the strong support from the Ghanaian government to achieve its production goals.
NewCore Gold CEO Q&A Summary
What was the purpose of your recent trip to Ghana?
I visited Ghana to catch up with our team on the ground, meet various stakeholders, and engage with government officials following the release of our Preliminary Economic Assessment (PEA). We discussed our plans to apply for a mining lease, which we expect to complete within about a year.
Who did you meet with in Ghana?
I met with our in-country team, various project stakeholders, and government officials, including the CEO of the Minerals Commission. These meetings were to discuss our project and garner support for our upcoming mining lease application.
What makes Ghana a great jurisdiction for mining?
Ghana is Africa’s largest gold producer, producing about five million ounces annually. Major mining companies like Newmont, AngloGold, Gold Fields, and Shandong operate there, highlighting its stability and favorable mining laws. The government’s support for new projects is a significant advantage.
Can you provide an overview of your upcoming 10,000-meter drill program?
We are starting a fully funded 10,000-meter drill program focusing on resource expansion and infill drilling at our Boing and Sewum deposits. This program is designed to convert resources for our PFS and to discover new mineralization near these key areas.
How is the 10,000-meter drilling program split between infill and exploration drilling?
The program will be roughly 80% infill drilling and 20% exploration drilling. The infill drilling will mainly focus on Boing and Sewum, while the exploration drilling will target new areas to expand our resource base.
What are the main targets for the exploration drilling?
We are prioritizing areas where we have already seen promising initial drilling results. This includes parallel structures at Sewum and further step-outs at Boing. The goal is to continue growing our near-surface, easy-to-mine ounces.
When will the drill program start, and when can we expect results?
We aim to start the drill program by the end of July. Initial drill results should begin coming out approximately three months after drilling starts, likely in October.
How is NewCore funded for this drill program and other activities?
We have around $5 million in cash, fully covering the 10,000-meter drill program and providing 9 to 12 months of general administrative funding. This financial stability allows us to focus on advancing our project without the immediate need for additional capital.
What metallurgical work is ongoing, and what are you aiming for in terms of recoveries?
We are continually conducting metallurgical tests, including column tests that run 60 to 90 days. Our PEA assumes an 81.8% recovery rate, but previous recommendations suggest we could achieve 88-89%. We aim to be conservative with our estimates, knowing our project’s robust economics.
What is the timeline for the pre-feasibility study (PFS)?
We plan to release the PFS within 12 to 18 months. This study will focus on converting inferred resources to indicated and optimizing project economics. We will likely conduct more drilling next summer to support this conversion.
Will the PFS include deeper sulfide mineralization?
We are primarily focusing on the shallow, oxide mineralization for the PFS to keep the project simple and straightforward. Including deeper sulfide mineralization would complicate the study, so we are prioritizing near-surface resources for now.
How is NewCore engaging with the local community and ensuring support for its activities?
We maintain regular communication with local stakeholders and ensure they are informed about our drilling activities. We have strong local support and are fully permitted to drill across our 248 square kilometer land package.
What are your plans for marketing and conferences in the coming months?
We will be attending key conferences like Beaver Creek in September and ramping up our marketing efforts in Q3 and Q4. We remain active on social media platforms to keep our investors and potential investors updated on our progress.
What are the key takeaways for NewCore shareholders?
Shareholders can expect significant news flow over the coming months from our drilling and metallurgical work. Our strong financial position, combined with government support and a clear path to production, positions NewCore for substantial value creation.
Anything else you want to highlight?
The optionality of our project is a key strength. We have near-term production potential with robust economics and significant exploration upside. This dual focus allows us to create value for shareholders both in the short and long term.
Full Newcore Gold CEO Interview
NewCore Gold’s CEO, Luke Alexander, discussed the company’s recent activities, including a visit to Ghana to meet with government officials and stakeholders. The main focus is on advancing the Enchi Gold Project, with plans to apply for a mining lease supported by the Ghanaian government. NewCore is preparing for a 10,000-meter drill program to expand and infill its resources, particularly at the Boing and Sewum deposits. The company is well-funded, with approximately $5 million in cash, ensuring the coverage of both the drilling program and general administrative expenses. NewCore aims to complete a PFS within 12 to 18 months, targeting near-surface oxide gold resources to fast-track the project into production.
