By: OrePulse

Newcore Gold Ltd. said a new hole drilled at its Boin Gold Deposit, part of the Enchi Gold Project in southwestern Ghana, delivered one of the best grade-and-width combinations returned from the site to date, according to a release dated September 17.

Hole KBRC411 cut 2.59 grams per tonne gold over 69 meters starting at a depth of 58 meters, including a higher-grade section of 6.41 grams per tonne over 24 meters beginning at 59 meters. The intercept spans both the lower oxidized zone and the upper fresh-rock zone at Boin and ranks among the strongest results reported to date at the deposit.

The result sits outside the boundaries of Newcore's existing mineral resource estimate and the pre-feasibility study the company completed in June 2026, meaning neither document currently accounts for it. Company officials said the hole points to room for mineralization to expand near pits already outlined in that study.

Newcore is roughly a third of the way through an 80,000-meter drilling campaign at Enchi aimed at converting existing mineralization into reserves, extending known deposits and testing new targets across the wider land package. Reverse-circulation rigs are working the shallower oxide and transition material near surface, while diamond rigs are probing deeper, higher-grade mineralization.

Every hole in the most recent batch of seven returned gold, pushing the cumulative program total to 47,100 meters across 295 holes—a 99 percent hit rate. The June pre-feasibility study incorporated only the initial 28,000 meters of drilling from the 80,000-meter campaign, so later results, including KBRC411, remain available to inform future mine-plan updates. About 40 percent of the six-kilometer gold-in-soil anomaly at Boin has yet to be drill-tested.

Canaccord Genuity analyst Peter Bell raised his price target on Newcore to 2.25 Canadian dollars while maintaining a Buy rating following the release.

Newcore reported 312.7 million shares outstanding as of September 18, valuing the company at roughly 115.7 million Canadian dollars. Institutional investors hold about 24.55 percent of the stock, while insiders control roughly 11.91 percent. Shares have traded between 0.27 and 0.92 Canadian dollars over the past 52 weeks. The stock trades on the TSX Venture Exchange under the symbol NCAU and on the OTCQX under NCAUF.

Broader gold prices have remained firm this year, with Goldman Sachs maintaining a forecast of 5,400 U.S. dollars per ounce by the end of 2027, a level analysts have said would support continued exploration spending across the sector.

Metallurgical, hydrogeological and environmental studies at Enchi are continuing alongside the drilling program, the company said.