Positive drill results at Ghana project boost newcore gold share price

TSXV-listed explorer Newcore Gold has seen its share price rise after yesterday announcing results from a 66,000 metre drill programme at its 100%-owned Enchi Gold Project in Ghana, West Africa.

The programme targeting the Boin Gold deposit intersected the highest grade interval recorded to date on the property, with RC hole KBRC250 returning 95.16 g/t gold over two metres from 109 metres.

“These results complement other higher-grade gold mineralisation discovered on the project, with wide zones of gold mineralisation encountered that also include a series of higher-grade gold structures,” said Newcore president and CEO Luke Alexander.

“Drilling at Boin continues to highlight the open-ended nature of the deposit, as well as the potential for higher grade sulphide mineralisation at depth, which is consistent with our geological model.”

90% of the holes drilled as part of the current programme have encountered gold mineralisation, with approximately 46,000 metres yet to be incorporated into the inferred resource estimate.

Newcore’s shares rose by 6.9% to 62 cents on volume of 886,000. The shares were trading in a 52-week range of 92 cents and 56 cents on close of play yesterday.

The Enchi land package covers 40 km of Ghana’s prolific Bibiani Shear Zone, a gold belt which hosts several 5 million ounce gold deposits, including Kinross Gold Corp.’s Chirano mine, located 50 km to the North.

Source: African Business Network