Newcore Gold’s Nyam deposit: deeper hits and PFS economics for mine planners
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
Newcore Gold’s 80,000-metre diamond drill programme at the Nyam deposit, part of the Enchi project in Ghana, has returned above-reserve grades below existing pit shells, including 3.51 g/t gold over 21 metres from 245 metres (with 5.91 g/t over 9 metres) and 1.40 g/t over 21 metres from 317 metres. The project currently carries probable reserves of 51.3 million tonnes at 0.64 g/t (1.05 million oz.) within an indicated resource of 83.6 million tonnes at 0.56 g/t (1.5 million oz.). A new PFS, based on open-pit milling and CIL, outlines nine years at 104,000 oz./year (NPV US$496 million, IRR 37%), with analysts SCP and Haywood seeing scope for 130,000–140,000 oz./year if deeper high-grade ounces are drilled into the mine plan.
Technical Brief
- Four diamond rigs are active at Enchi, targeting both downdip and lateral extensions at Nyam.
- Recent Nyam holes specifically test below existing reserve pit shells and in historically under-drilled areas.
- One Nyam intercept graded 1.61 g/t over 14 m from 278 m, including 2.94 g/t over 7 m.
- Another deeper intercept returned 1.40 g/t over 21 m from 317 m, including 2.08 g/t over 11 m.
- Nyam is currently the third-largest defined deposit at Enchi and remains open along strike and at depth.
- The new PFS replaces the earlier heap-leach concept with an open-pit milling and CIL flowsheet.
- PFS economics (NPV US$496M, IRR 37%) exclude any contribution from the 2026 drilling campaign.
- SCP Research notes years 1–3 production of ~130,000 oz/a at 0.8 g/t from higher-grade Boin material.
- SCP estimates that drilling over the next ~10 months is required to “bulk out” the deeper CIL mine plan.
Our Take
The earlier Enchi pre-feasibility study coverage in June 2026 flagged weaker project economics even at a higher gold price; intercepts at Nyam that materially exceed the 0.64 g/t reserve grade could help rebuild confidence if they can be shown to scale beyond isolated high-grade shoots.
With a C$103.2 million market cap against a PFS after-tax NPV of $496 million, Newcore Gold is trading at a steep implied discount versus many TSXV gold developers in our coverage, suggesting that consistent follow-up results at Nyam in Ghana could be a key catalyst for narrowing that valuation gap.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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