logo-loader
viewPredictive Discovery Ltd

Predictive Discovery to commence 10,000-metre drill program

Reverse circulation (RC) and diamond drilling will target the Boundiali and Ferkessedougou North project.

Map of project locations in Africa
Boundiali has a 14-kilometre-long goild soil anomaly and will be the initial target

Predictive Discovery Ltd (ASX:PDI) and joint venture partner Toro Gold will commence a 10,000-metre drilling program this quarter on its west African gold projects.

The joint venture has focused its Cote D’Ivoire exploration activity on its Boundiali and Ferkessedougou North Projects.

Boundiali has been assessed as the most likely to advance rapidly towards resource definition and drilling will commence there before moving to Ferkessedougo North.

READ: Predictive Discovery’s partner hits high-grade gold in Kokoumbo drilling

Predictive’s managing director Paul Roberts said: “At our most recent JV meeting, it was agreed that Boundiali and Ferkessedougou North represent the best opportunities for making a multi-million-ounce discovery.

“An initial 10,000-metre drill program is planned to target both the 6-kilometre-long Nyangboue gold-in-soil anomaly (on Boundiali) and the 14-kilometre-long Boundiali North soil anomaly.

“With excellent results so far including 30m at 8.3 g/t gold and 20 metres at 10.5 g/t gold and only 2 kilometres of the 20 kilometres of gold-in-soil anomalies drill tested, Boundiali remains underexplored and offers a strong opportunity to expand the known gold mineralised zones in 2019.

“Another key target is the recent gold discovery at Ferkessedougou North, which is currently being tested by trenching and likely to be followed up by drilling later in the field season.”

Predictive moves to 30% ownership in JV

Predictive has decided to reduce its equity in the JV to 30% from 35% via non-contribution of expenditure for the December half.

The decision resulted in the company holding $1.5 million in cash, which is more than it had at the end of the September quarter.

Roberts added: “Our decision to reduce equity in the Toro JV balanced retention of cash reserves in the light of the current unfavourable equity market against maximising our JV share.

“We believe that this decision is in the best interest of shareholders by minimising the need for a dilutive capital raising while holding our JV equity at our target level of 30%.”

Quick facts: Predictive Discovery Ltd

Price: 0.009 AUD

ASX:PDI
Market: ASX
Market Cap: $4.41 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Predictive Discovery Ltd named herein, including the promotion by the Company of Predictive Discovery Ltd in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Predictive Discovery on gold exploration in West Africa and...

Predictive Discovery Ltd (ASX:PDI) managing director Paul Roberts talks with Proactive's Benjamin Starr about the company's strategic direction for 2020. With gold projects in West Africa, including a number of joint ventures, Roberts talks about the science of geology and how companies go...

1 week, 3 days ago

2 min read