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Predictive Discovery well-funded to accelerate exploration at Bankan Gold Project

Snapshot

The company completed a share placement in October, raising $10.6 million to drive exploration on the project during the December quarter.

Predictive Discovery Ltd - Predictive Discovery well-funded to accelerate exploration at Bankan Gold Project

Quick facts: Predictive Discovery Ltd

Price: 0.058 AUD

ASX:PDI
Market: ASX
Market Cap: $58.99 m
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Predictive Discovery Ltd (ASX:PDI) continued its drill program on its highly prospective Bankan Gold Project, in Guinea during the September quarter and plans to begin stage two drilling in the near term.

Last month, Predictive completed a share placement to raise A$10.6 million which will be used to drive exploration on the Bankan Gold Project during the December quarter.

Diamond drilling results

During the September quarter, Predictive intersected wide zones of good to high-grade gold at NE Bankan in fresh rock to a vertical depth of over 150 metres, giving the company a better understanding of true widths of the gold mineralisation in fresh rock.

Important holes which were drilled from west to east and intersected gold mineralisation at close to right angles including:

  • KKODD009: 30 metres at 2.65 g/t from 101 metres, including 6 metres at 9.4 g/t, 17 metres at 0.97 g/t from 81 metres and, 19 metres at 1.36 g/t from 149 metres;
  • KKODD011: 55 metres at 2.94 g/t from 97 metres, including 1 metre at 46.5 g/t;
  • KKODD013: 44 metres at 1.4 g/t from 33 metres, including 2 metres at 8.5 g/t from 70 metres;
  • KKODD014: 19 metres at 1.6 g/t from 88 metres, including 5 metres at 3.7 g/t from 96 metres; and
  • KKODD015: 29 metres at 1.4 g/t from 8 metres, including 2 metres at 8.5 g/t from 10 square metres.

Reverse circulation drilling

During the quarter, the company revealed reverse circulation (RC) assays from a 74-hole infill drilling program where results demonstrated the wide extent of gold mineralisation at NE Bankan in the near surface and confirmed that gold mineralisation continues at depth into the underlying fresh rock.

Notable intersections included:

  • KKORC002: 33 metres at 1.72 g/t (to EOH) from 67 metres, including 1 metre at 22.1 g/t;
  • KKORC006: 99 metres (to EOH) at 1.17 g/t from 1 metre;
  • KKORC007: 15 metres at 3.42 g/t from surface, including 4 metres at 9.33 g/t; and
  • KKORC013: 35 metres at 2.4 g/t from 1 metre, including 4 metres at 13.6 g/t, and 36 metre at 2.2 g/t from 64 metres.

Bankan Project, highlighting the NE Bankan (east) and Bankan Creek (west) gold mineralised zones

Bankan Creek drilling

The company has completed several early-stage air-core, reverse circulation and diamond drilling programs at Bankan Creek, which sits just 3 kilometres west of the main NE Bankan discovery.

Results received during the quarter included:

  • KKODD006: 21 metres at 1 g/t from 41 metres, and 23 metres at 2 g/t from 86 metres and, 23 metres at 2.4 g/t from 116 metres; and
  • KKORC052: 42 metres at 2.8 g/t from 12 metres (to end-of-hole).

Bankan land acquisition

In mid-September, the company strengthened its Bankan Project land position with the acquisition of the Argo (58 square kilometres) and Bokoro (100 square kilometre) permits, both strategically located directly along strike from the Kaninko and Saman permits, which contain the NE Bankan and Bankan Creek gold discoveries.

Earn-in and JV agreement

The company also signed an earn-in and joint venture agreement with Glomin Services Limited, to explore Predictive’s Bocanda Permit and Issia and Tieningboue applications within Cote d’Ivoire.

Glomin was subsequently acquired by Tanga Resources Ltd (ASX:TRL) during the quarter.

Predictive will be free carried by Tanga at 20% until a mining lease is granted.

Glenfine Gold Project

During the quarter, Predictive confirmed its participation in a joint venture with Petratherm Ltd (ASX:PTR) and Cape Clear Minerals Pty Ltd (CCM) on the Glenfine Gold Project in Victoria, Australia, where Predictive currently holds a 25% equity stake over two of the three exploration licences.

The new agreement will provide the company the right to earn an 80% equity position in the entire Glenfine Gold Project by spending A$3 million, which, if achieved, will leave PDI and CCM jointly holding a 20% equity in the project.

Location of the Kaninko, Saman, Argo and Bokoro Permits – which constitute the Bankan Project

December quarter outlook

Final RC and DD drill results from the Bankan-1 drilling program for both NE Bankan and Bankan Creek were received in October with best intercepts of:

  • KKODD018 (NE Bankan): 60 metres at 1.4 g/t from 57 metres; and
  • KKODD020 (Bankan Creek): 91.6 metres at 1.9 g/t from 56 metres.

The Bankan-2 drill program has now commenced with power auger drilling underway on the western extension of the NE Bankan auger grid which will aim to test for a possible new north-south zone of gold mineralisation.

Further analysis of the Bankan-1 results will seek to identify areas for deeper drilling for the Bankan-2 program utilising powerful multipurpose RC/DD rig, enabling deeper RC drilling than used to date.

In addition, an aeromagnetic survey over most of the company’s ground position (Kaninko-Saman-BokoroArgo) is planned for December 2020 or early 2021.

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Predictive Discovery extends Bankan Creek to the north following new...

Predictive Discovery Ltd's (ASX:PDI) Paul Roberts tells Proactive's Andrew Scott that assay results from three additional diamond drill holes at the Bankan gold project in Guinea have demonstrated that mineralisation extends at least 160 metres north along strike. High-grade gold intersections...

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