The study was based on an updated, pit-constrained inferred resource comprising 70.4 million tonnes at 0.62g/t gold for 1.4 million ounces, including about 20,000m of drilling from an ongoing 66,000m programme. 

"The PEA results indicate that Enchi is an economically robust, low capital intensity, heap leach project with an after-tax NPV5 of US$212 million and after-tax IRR of 42% at a gold price of $1,650 per ounce," president and CEO Luke Alexander said.

"Importantly, the economics also highlight the quick payback of capital, approximately two years after first gold pour."

It put initial capex at $97 million for the 11-year mine, set to produce an average annual 89,391oz from four deposits feeding a central heap leach facility.

A 2015 PEA had estimated an 8.7-year mine costing an initial $123 million, with a post-tax NPV5 of $62.3 million and IRR of 25%, using a $1,300/oz gold price.

Alexander also pointed to deeper and district-scale potential at Enchi, which is 50km from Kinross Gold's Chirano gold mine.

Newcore had about C$9 million in cash at March 31.

Its shares (TSXV: NCAU) have ranged from 39c-92c over the past year and rose 8% to 67c yesterday, capitalising it at $66.3 million (US$54.8 million).