The company recently made an agreement with the joint venture project’s now 100%-owners Progress Minerals International Inc and West African Venture Investments to exchange Predictive’s former 30% interest in the project for a $515,000 cash payment.
Predictive will also be exposed to any future mine development on up to three gold mines on the Bobosso properties, with rights to receive payments of US$4.30 per reserve ounce.
This reserve ounce royalty will total at least US$2.15 million and Predictive will have no future liability for joint venture contributions.
Predictive managing director Paul Roberts said partner-funded drilling was underway at the Cote D’Ivoire joint venture.
A reverse circulation drilling program at Bobosso is being advanced by Progress, having completed 7,232 metres of the planned 7,500.
Highlighted results from the 15 assays received so far include:
37 metres at 2.54 g/t gold, including 1 metre at 15.37 g/t and 5 metres at 5.22 g/t;
18 metres at 3.01 g/t from 49 metres, including 5 metres at 8.04 g/t;
22 metres at 1.97 g/t from 12 metres, including 3 metres at 4 g/t; and
15 metres at 2.47 g/t from 39 metres, including 1 metre at 14.43 g/t.
READ: Predictive Discovery identifies large soil anomalies within extended 14-kilometre-long gold zone
Roberts said: “The company is well-positioned near-term to leverage its exposure to numerous highly-prospective projects in West Africa, increasing the odds of making a significant gold discovery and maximising shareholder return.”
Predictive’s strategic interest in the PJV represents 90 kilometres of gold-mineralised strike length and an existing JORC resource mineral estimate of 184,000 ounces at the Bongou deposit.
Predictive’s aim is to advance the project as quickly as possible towards a scoping study on a multi-pit mining operation feeding a central mill.
READ: Predictive Discovery adds to gold portfolio with prospective acquisitions in Guinea and Burkina Faso
Predictive recently acquired more than 900 square kilometres of gold-prospective ground across six exploration tenements in Guinea and Burkina Faso.
The acquisition includes three granted reconnaissance authorisations over 300 square kilometres in Guinea and three new 100%-owned exploration permits in Burkina Faso.
Predictive managing director Paul Roberts said the company was very excited to start exploration on large areas of the newly-acquired ground in West Africa.
The Burkina Faso tenements are all outside of Predictive’s existing joint venture tenements with Progress Minerals and comprise one granted permit and two for which fees have been paid.
In Burkina Faso, receipt of the invitation to pay fees on a permit application is a formal acknowledge that grant of the permits will follow.
The three granted reconnaissance authorisations in Guinea are in the well-mineralised Siguiri basin, close to Anglogold Ashanti's (ASX:AGG) plus-10-million-ounce Siguiri Gold Mine.