Mining Stock Daily Luke Alexander on Newcore Gold's Expanded Drill Program at Enchi
Oct 23, 2025
Luke Alexander, CEO of Newcore Gold, shares exciting developments from the Enchi Gold Project in Ghana. He discusses a significant expansion of the drill program to 45,000 meters, driven by warrant exercises, and focuses on resource conversion ahead of the Preliminary Feasibility Study. Deep drilling aims to uncover high-grade feeder zones, with a target of converting around 550,000 ounces into indicated resources. Luke highlights the strategic prioritization of drilling and the potential for substantial resource growth, showcasing the company's commitment to exploration.
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Fund Drilling By Using In-The-Money Warrants
- Use exercised warrants as implicit financing to expand drilling programs quickly.
- Newcore converted $3.8M from exercised warrants to extend drilling from 35k to 45k meters.
Dual-Track Drilling Strategy
- Split drilling between resource conversion and resource growth to meet study timelines and expand ounces.
- Newcore allocated initial meters to inferred-to-indicated conversion and added meters for exploration growth.
Convert Inferred Ounces For PFS Readiness
- Target converting inferred ounces to indicated to support a PFS and match prior PEA feed.
- Newcore aims to convert ~550k ounces to reach ~1.3M indicated for their PFS baseline.