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Predictive Discovery raises up to $531,000 in placement for Guinea exploration

Predictive has also acquired two additional properties at Yomadou and Boroto with exciting mineral potential on which exploration has already begun.
Predictive Discovery raises up to $531,000 in placement for Guinea exploration
Capital Drilling is listed on the London stock exchange and has a focus on drilling in Africa

Predictive Discovery Ltd (ASX:PDI) has received binding subscription agreements for a placement of shares to raise up to $531,000 to fund exploration at new properties in Guinea, West Africa.

The placement to sophisticated and other exempt investors was heavily oversubscribed.

It was backed by a $350,000 cornerstone commitment from Capital Drilling Limited and supported by several Australian stockbroking firms and some current shareholders.

It will result in the issue of up to 59 million ordinary fully paid shares at a price of 0.9 cents per share, the same price at which Predictive shares closed before the trading halt on Friday, April 12, 2019.

READ: Predictive Discovery encouraged by early gold results from Guinea

Predictive managing director Paul Roberts said: “We are very happy with the strong support shown by Capital Drilling to Predictive’s West African exploration through this placement.

“At present, we are developing new drill targets in Guinea, especially on the Nonta and Kankan properties and we plan to be ready to test them in late 2019.

“The new strategic relationship with Capital Drilling initiated by this placement will ensure that we are well positioned to fund and execute drilling programs in Guinea or elsewhere in our West African portfolio once we are ready to drill.”

The placement will be issued without shareholder approval as it falls within the company’s ASX placement capacity.

Exploration on the Nonta and Kankan permits has identified strong stream sediment gold geochemical anomalies, a new 6-kilometre-long gold-in-soil-anomaly peaking at 570ppb gold at Kankan and evidence of high-grade gold mineralisation at Nonta.

Earlier this month Bulk Leach Extractable Gold (BLEG) sampling over large catchment areas identified the gold stream sediment anomalies.

Nonta rock chip sampling also returned up to 29 g/t gold and identified a new prospect extending at least 300 metres in strike upstream of a major BLEG anomaly.

READ: Predictive Discovery spins diamond drill bit at Ferkessedougou North

Roberts said the early results from Kankan and Nonta supported the highly prospective nature of Predictive’s Siguiri Basin targets.

“The stream sediment values reported for Nonta and Kankan are the best results Predictive has received compared with previous BLEG stream sediment surveys we have completed in West Africa in the past five years.

“The peak BLEG gold values at Nonta and Kankan are 23ppb and 87ppb gold respectively.”

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