# Newcore Gold Commissions Pre-Feasibility Study for its Enchi Gold Project, Ghana Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/newcore-gold-commissions-pre-feasibility-study-for-its-enchi-gold-project-ghana--a525477e-8f37-4ea1-916f-cf7e215f7784 Original source: https://money.tmx.com/en/quote/NCAUF/news/8144623595452756/newcore-gold-commissions-pre-feasibility-study-for-its-enchi-gold-project-ghana Publisher: tmx Original announcement: 2026-02-05T11:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Newcore Gold Ltd. - Ticker: NCAUF - Exchange: TSX - Region: Ghana - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Metallurgy, Other - Extracted: 2026-08-21 02:38:39 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Newcore Gold has commissioned a Pre-Feasibility Study \(PFS\) for its Enchi Gold Project in Ghana, targeting completion in H1 2026. Based on recent metallurgical testwork, the company has opted for a standard milling and CIL processing flowsheet instead of heap leach to maximize gold recoveries, which were found to be between 89.4% and 97.7%. Reasoning: The company is pivoting from heap leach to a CIL milling flowsheet due to significantly higher metallurgical recoveries \(up to 97.7% vs 85%\), which materially improves project economics despite higher infrastructure costs. - Positive factor: Significant recovery improvement from heap leach to CIL - Positive factor: Optimization of processing flowsheet to maximize NPV - Positive factor: De-risking milestone via PFS commissioning - Negative factor: Higher CAPEX required for mill/CIL vs heap leach Facts used in scoring: 2 ## Classification and evidence **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The company has determined that a standard milling and CIL flowsheet is the optimal development path. Evidence · text > open pit mining with a standard milling and carbon-in-leach \("CIL"\) processing flowsheet will be assumed **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: CIL recoveries of up to 97.7% are within the exceptional band for gold mill routes. Evidence · text > CIL testwork completed to date has returned recoveries of 89.4% to 97.7% **QA/QC Disclosed** Polarity: positive Story-specific tag Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The release mentions that metallurgical results included confirmation of representative samples and documented laboratory procedures. Evidence · text > Quality assurance and quality control procedures for the metallurgical results include the confirmation that samples are representative ## Extracted facts Stored fact records: 2. Some facts used in scoring do not have a stored record. ## Metallurgical Results (2) ### CIL tests [Link to this fact](https://atlas-staging.minestarters.com/news/newcore-gold-commissions-pre-feasibility-study-for-its-enchi-gold-project-ghana--a525477e-8f37-4ea1-916f-cf7e215f7784#fact-metallurgical-facts-0) gold #### Identity - Commodity: gold - Ticker: NCAUF #### Test Work - Program Status: detailed - Test Type: CIL tests - Processing Route: standard milling and carbon-in-leach \(CIL\) - Sample: CIL testwork on oxide, transition and fresh material #### Recovery - Recovery: 89.4 % - Recovery Basis: actual\_test #### Lab - Laboratory: Intertek Labs and Base Metallurgical Laboratories Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-05T00:00:00.000Z Reasoning: Lower bound of the reported CIL recovery range. - Positive factor: High recovery achieved Evidence · text > CIL testwork completed to date has returned recoveries of 89.4% to 97.7% ### CIL tests [Link to this fact](https://atlas-staging.minestarters.com/news/newcore-gold-commissions-pre-feasibility-study-for-its-enchi-gold-project-ghana--a525477e-8f37-4ea1-916f-cf7e215f7784#fact-metallurgical-facts-1) gold #### Identity - Commodity: gold - Ticker: NCAUF #### Test Work - Program Status: detailed - Test Type: CIL tests - Processing Route: standard milling and carbon-in-leach \(CIL\) - Sample: CIL testwork on oxide, transition and fresh material #### Recovery - Recovery: 97.7 % - Recovery Basis: actual\_test #### Lab - Laboratory: Intertek Labs and Base Metallurgical Laboratories Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-05T00:00:00.000Z Reasoning: Upper bound of the reported CIL recovery range. - Positive factor: Exceptional recovery achieved Evidence · text > CIL testwork completed to date has returned recoveries of 89.4% to 97.7% ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.