06:46 AM EDT, 06/10/2024 (MT Newswires) -- Newcore Gold ( NCAUF ) said on Friday that it filed the technical report for the independent, updated preliminary economic assessment for the company's 100%-owned Enchi Gold Project in Ghana.

The company reported an average annual gold production of 121,839 ounces and peak gold production in year six of 155,188 ounces. Also, the company reported the recovery of 1.1 million ounces of gold over a nine-year life of mine.

The company also reported life of mine strip ratio of 2.67 to 1, a mined grade of 0.60 g/t of gold, and a gold recovery of 81.8%. Additionally, the life of mine operating costs were estimated at $801/oz of gold, cash costs were estimated at $934/oz of gold, and the life of mine all-in sustaining costs have been estimated at $1,018/oz of gold.

At a gold price of $1,850 per ounce, the company reported a $586 million pre-tax net present value discounted at 5% and a 77% pre-tax internal rate of return, $371 million after-tax NPV5%, and a 58% after-tax IRR.

At a gold price of $2,350 per ounce, the company reported a $987 million pre-tax NPV of 5% and a 127% pre-tax IRR, $632 million after-tax NPV of 5%, and a 92% after-tax IRR.

The initial capital costs are estimated at $106 million, with an after-tax payback of 1.6 years, the company said.