NEOCOR GOLD LIMITED (NCAU-TSXV, NCAUF(OTCQX) announced details of the $15 million large buyout deal financing, saying it plans to use the proceeds to explore and develop the Enchi Gold project in Ghana.
Nucor originally planned to raise $10 million. But the company now says that the underwriters have pledged to increase the size of the offering to 28.3 million common shares at a price of 53 cents per share. The offering is expected to close by May 28, 2025.
Newcore shares were active after the news, falling 8.6%, or $0.05, to 53 cents. Shares are trading in a 52-week range of 92 cents to 54 cents.
The 248-square-kilometre Enshi land package covers 40 kilometers of Ghana’s prolific Bibiani Shire region, a gold belt that hosts several gold deposits worth 5.0 million ounces, including Ashanti Gold Company (Amman Stock Exchange-TSV, bishop-US OTC, ASG-GSE, 1A9-Frankfurt) Shirano mine, located 50 kilometers to the north.
Enshi lies on the same regional structure as Shirano with similar geology, alterations and mineralization. The areas of Shirano are similar to those in Enshi, including the well-known areas of Seyoum, Buin, Niam, and Kwakikrom. Like Shirano, the areas at Enshi contain low-grade gold at the surface with a higher-grade substructure extending to depth.
Newcore recently announced an updated resource estimate for the Enchi project, which is estimated to host 83.6 million tonnes averaging 0.56 g/t gold, containing 1.5 million ounces of gold in the indicated grade. Furthermore, there is an inferred resource of 40.1 million tonnes with an average grade of 0.49 g/t gold containing 626,000 ounces of gold. The updated resource is reported using a constrained resource hole with a gold price of US$3,200 per ounce and has an effective date of 6 October 2025. Since that date, approximately 12,500 meters of additional drilling has been completed at the project, which was not included in the latest resource estimate. The referenced mineral resource will form the basis of the pre-feasibility study currently being implemented and scheduled to be completed by the end of June 2026.
The latest estimate includes just 28,000 meters of drilling completed in 2024 and 2025 as part of an ongoing drilling programme.
The average resource drilling depth is just 85 metres, with most drilling to date conducted only to test shallow mineralization down to an average depth of 125 metres, and limited drilling has been completed at depths of 200 to 350 metres.
The company said the potential for future growth exists across the district-wide land package in Enshi, with more than 25 targets identified across the 248 square kilometer land package. Drilling is focused on demonstrating and quantifying the resource expansion opportunity in high-grade shoots within fresh mineralization to depth.
