22 Hidden Gold Targets Found Beneath the Sea Off Ghana

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1. Disclosure for the quote from the Stewart Thomson article published on October 6, 2026

1. GoldCoast Resource Corp. has paid Street Smart (an affiliate of Streetwise Reports) a fee of US$4,000 for the preparation of an independent technical research report, published on October 6, 2026.
2. Author Certification and Compensation: Stewart Thomson was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Thomson is a retired Canadian financial advisor who has passed the Canadian Securities Course as well as additional technical analysis courses that were mandated by his former employer and approved by Ontario regulatory bodies. Mr. Thomson is not an investment advisor. He does not know the financial situation or risk tolerance of any reader. For the past 15 years, he has been editing and writing numerous financial newsletters that have a strong focus on charts. The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed. Mr. Thomson owns no securities in GoldCoast Resource Corp., and he has no direct financial relationship with the company.

2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

• GoldCoast Resource Corp. identified 22 high-priority gold exploration targets after interpreting an airborne magnetic survey over its entire 10,000-square-kilometer license on Ghana's shallow continental shelf.
• The survey mapped magnetic heavy minerals that typically accompany placer gold. It did not detect gold directly.
• The company defined three river-fed placer systems (Tano, Ankobra Systems in Block 1, and Pra and eastern Rivers in Block 2) and says each shows all four elements a placer deposit needs: a source, a pathway, traps, and a sediment reservoir.
• Results from a denser follow-up survey over Target A at the Ankobra River mouth will come in a separate release. A roughly 3,000-square-kilometer infill survey over the Pra River area is under evaluation.
• Phase II will test the targets at sea with seafloor mapping, sonar, seismic profiling, and vibrocore sampling.

GoldCoast Resource Corp. (GCR:CSE; GCRFF:OTC; EKW:FSE) has identified 22 high-priority gold exploration targets based on the interpretation of an airborne magnetic survey over its entire 10,000-square-kilometer offshore license area on Ghana's shallow continental shelf, according to an October 27 release.

The company is searching for placer gold, which rivers carried from Ghana's onshore gold belts, situated close to the coastal region, and deposited on the shelf over millions of years. The survey does not directly identify gold. It maps concentrations of magnetic heavy minerals such as magnetite, rutile, and ilmenite, which typically travel and settle along low points with placer gold.

Crews flew the survey from May 4 to August 22, 2026, covering about 60,000 line kilometers on north-south lines spaced 400 meters apart. AI GeoIntelligence Corp. (AiGeo) of Denver interpreted the data. The 22 targets are associated with former river channels, drowned beach sands, and structural traps such as basement ridges, scarps, and basement lows, where heavy minerals tend to accumulate.

"We are extremely pleased with the results of our airborne magnetic survey, as it has achieved our objective of delivering and substantiating a clear regional picture of priority gold exploration targets across our licence area," founder and CEO Michael Nikiforuk said.

The interpretation divides the license area into two placer systems. Block 1, in the western part of the license area, is fed by sediment from the Tano and Ankobra rivers. Block 2 extends from Akwidaa past Cape Coast to Winneba and is fed mainly by the Pra River, along with several smaller rivers to the east.

According to GoldCoast, the data indicate that both blocks contain all four components a placer deposit needs: a source of gold, a pathway to transport it, traps where it can concentrate, and a reservoir of sediment where it can accumulate.

Sediment in both blocks moves generally west to east along the shelf, carried by longshore currents. In Block 2, it is interpreted to be trapped against three fault-bounded basement highs and associated scarps.

GoldCoast also identified a target at the mouth of the Pra River, a series of stepped bedrock terraces running parallel to the coastline. The company interprets them as former shorelines submerged as sea levels rose, a recognized setting where waves can concentrate gold and other heavy minerals in beach sands. The target remains conceptual. At the regional survey's 400-meter line spacing, heavy-mineral sands can't yet be distinguished from the underlying bedrock.

The regional survey's north-south lines were well suited to features that run parallel to the coastline but less effective for ancient river channels, which run toward the sea. GoldCoast therefore flew a second survey over Target A, about 500 square kilometers at the mouth of the Ankobra River, using east-west lines 50 meters apart, eight times denser than the regional grid. That data is being interpreted and will be reported in a separate release.

Ghana, once known as the Gold Coast, is Africa's largest gold producer. Much of its gold is found in Birimian greenstone belts that run down to the coast. Over millions of years of tropical weathering, an estimated 400 to 600 vertical meters of gold-bearing rock eroded from those belts and was carried by the Tano, Ankobra, and Pra rivers onto the shelf, according to the company.

Technical analyst Stewart Thomson of Thomson Research gave GoldCoast a technical Speculative Buy rating.¹

About 20,000 years ago, at the peak of the last ice age, sea levels were much lower than today, and rivers spread gold-bearing sediment across the exposed shelf.

When the ice melted and the seas rose more than 100 meters, Ghana's coastline moved 30 to 50 kilometers inland, submerging those deposits.

GoldCoast was founded to test that theory. Co-founder Robert Griffis, senior author of The Gold Deposits of Ghana (2002), estimates that the gold eroded from southwestern Ghana's gold districts and carried to the ocean is likely on the order of 200 million ounces. That figure is his theory, not a resource estimate.

The company's reconnaissance licenses cover about 53% of Ghana's offshore coastline and take in the receiving ground of all three river systems. GoldCoast points to long-running offshore mining of unconsolidated sediments elsewhere, including Debmarine Namibia's marine diamond operations and PT Timah's offshore tin operations in Indonesia.

GoldCoast is evaluating a roughly 3,000-square-kilometer infill survey over the nearshore Pra River area, which would use east-west lines spaced 50 meters apart. The survey is designed to cross the interpreted river corridors at right angles and detect thin heavy-mineral sands that the north-south, regional survey on flight lines spaced 400 meters apart couldn't resolve. A prominent magnetic low at the mouth of the Pra River, interpreted as a major build-up of sediment, supports the choice of area, the company said. Similar infill surveys are planned over the Pra and Tano river mouths.

After the infill surveys, Phase II will move to the water. GoldCoast plans to use multibeam bathymetry to map the seafloor, side-scan sonar to image the seabed, sub-bottom seismic profiling to measure sediment thickness and locate buried channels, and vibrocore and grab sampling to test sediments for heavy minerals and gold. The company plans to combine the airborne and seismic data into a 3D model of the seabed geology to identify drill-ready targets, re-ranking them as new data arrives.

"With our airborne survey complete, we look forward to the next phase, seaborne surveys and vibrocore sampling, to test these targets directly," Nikiforuk said. 

¹Technical analyst Stewart Thomson of Thomson Research gave GoldCoast a technical Speculative Buy rating in an October 6 review of the stock. With gold appearing technically ready to rise substantially, he said, now is a good time to be a first mover in offshore placer gold exploration.

Thomson said gold has been finding good support in the US$4,000-per-ounce range and that an inverse head-and-shoulders pattern on the Stochastics oscillator "supports the bulls." He also wrote that a drifting bull flag on the weekly chart "suggests a surge to US$9,000 is a realistic scenario."

He was also optimistic about junior miners as a group. The CDNX, the TSX Venture Exchange index of junior resource stocks, has formed a large inverse head-and-shoulders pattern over the past 13 years, which he wrote "suggests a resource stocks super cycle is set to commence." Because GoldCoast is a resource stock, it should benefit from a rising CDNX, Thomson said.

On GoldCoast's daily chart, Thomson wrote that despite limited trading, there are signs of a possible bullish wedge, and the stock's Stochastics indicator is on a Buy signal. He set resistance levels for profit-taking at CA$0.87 in the short term, CA$1.00 in the medium term, and CA$1.20 in the long term.

Gold has held above US$4,000 an ounce this fall. Spot gold was bid at US$4,123.60 on October 20, according to Kitco data cited by Depor.

Big banks still see room to run. In September, Goldman Sachs kept its end-2027 target at US$5,400 an ounce, an increase of about 23% from the price at the time, InvestingLive reported. The bank attributed nearly all of that projected gain to central banks, which are buying about 90 metric tons of gold a month, compared with an average of 17 metric tons before 2022.

That demand gives explorers a favorable backdrop. Higher prices make it worthwhile to search for new sources of gold, including frontier areas such as the offshore placer deposits GoldCoast is targeting.

About 51.2% of the company is owned by insiders and management. The rest is retail and institutional investors. 

Insiders have been buying, too. Founder and Executive Director Tom Griffis and CEO Michael Nikiforuk both bought shares in the open market between October 20 and October 22, according to SEDI filings.

Its market cap is approximately CA$38.39 million with 69.81 million shares outstanding. It has traded in a range of CA$0.42 and CA$1.20 since the stock went live on August 10.

What did the latest survey show?

Interpretation of the airborne magnetic survey over GoldCoast's entire 10,000-square-kilometer license identified 22 priority gold exploration targets. They are tied to former river channels, drowned beach sands, and structural traps where heavy minerals tend to accumulate.

How does a magnetic survey help find gold?

It doesn't detect gold directly. It maps magnetic heavy minerals such as magnetite and ilmenite, which typically travel and settle alongside placer gold.

Where is the project located?

The license covers about 53% of Ghana's offshore coastline, on its shallow continental shelf, and takes in the offshore receiving ground of the Tano, Ankobra, and Pra river systems.

Why does GoldCoast think there is gold offshore?

Rivers carried sediment from Ghana's gold belts onto the shelf over millions of years, and rising seas after the last ice age drowned those deposits. Co-founder Robert Griffis estimates the eroded gold is on the order of 200 million ounces. That figure is his theory, not a resource estimate.

What comes next?

GoldCoast is interpreting a denser survey over Target A and evaluating a larger infill survey over the Pra River area. Phase II will then test the targets at sea with multibeam bathymetry, side-scan sonar, sub-bottom seismic, and vibracore and grab sampling.