Predictive Discovery Ltd (ASX:PDI) has taken a key step toward securing a mining permit for the Bankan Gold Project in Guinea with an updated mineral resource estimate (MRE) for the North East Bankan (NEB) deposit increasing open pit indicated resources by 50% to 1.747 million ounces.
The updated NEB MRE of 69.6 million tonnes at 1.72 g/t for 3.85 million ounces, a 63% increase in total tonnage, also includes a high-grade underground resource of 335,000 ounces, a substantial boost on the previous 44,000 ounces.
These increases take the overall global mineral resource for the Bankan Project, which also includes the Bankan Creek (BC) deposit, to 76.8 million tonnes at 1.69 g/t for 4.2 million ounces of gold.
NEB’s indicated resource sits in the top 250 metres of the optimised resource pit shell, where drilling has been infilled to a spacing of 80 by 40 metres.
Path to scoping study
This MRE upgrade is a key part of progressing the scoping study and, therefore, a key step in Predictive’s strategy to secure a mining permit for the Bankan Project.
Managing director Andrew Pardey said: “It is pleasing to achieve such a significant initial upgrade of the NEB mineral resource, with 63% of tonnes and 50% of ounces in the open pit shells now classified as indicated.
"This has been achieved through our ongoing extensive infill drilling program, which has greatly enhanced our understanding of the deposit’s geology and controls on mineralisation.
“PDI’s strategy to target early mineral resource upgrades will facilitate completion of a scoping study and Environmental & Social Impact Assessment in late 2023, allowing commencement of detailed permitting discussions with the Government of Guinea as soon as possible.”
Potential upside
There is also strong potential to further increase NEB resources with ongoing infill drilling of the open pit resource aimed at converting more of the inferred resource to the indicated category and deeper drilling targeting expansions of the underground resource below the open pit shell.
Resource extension drilling is also planned in several areas where detailed resource modelling has identified upside potential.
This includes around the smaller northern resource pit shell where two shears appear to be a continuation of the main NEB mineralisation, and within the main pit shell targeting potential high-grade shoots south of the main high-grade shoot.
Bankan Project deposits and exploration targets.
Ongoing drilling
Six diamond drill rigs are continuing resource definition drilling across the NEB and BC deposits.
Drilling recommenced at BC, which is open at depth and in all directions, in late 2022 and increased activity is planned during 2023.
"Further infill drilling and mineral resource upgrades will therefore remain a priority to support the scoping study mine plan,” Pardey said. “Significant upside potential remains, and we will continue to target mineral resource increases at the NEB and BC deposits, and their surrounds.
"Importantly, both deposits remain open, and our improving geological understanding is generating additional target areas.
“We are also excited by the potential of Bankan’s northern permits and will increase our exploration focus here during 2023, with RC drilling planned to commence following receipt of geophysics results.”
MRE details
The updated MRE for the NEB deposit has been prepared by PDI’s independent resource modelling consultant, CSA Global Mining Industry Consultants.
It includes assays received up to January 16, 2023, and is based on 102 diamond drill, 62 reverse circulation/diamond drill and 197 reverse circulation (RC) holes for a total of 84,697.77 metres of drilling.
Of this, 143 holes for 32,380.97 metres of drilling has been added since the last MRE update released in August 2022.
The updated indicated resource for NEB is the result of a substantial increase in geological understanding of the deposit and the controls on mineralisation from the additional drilling completed.
About Bankan
The Bankan Gold Project comprises 356 square kilometres of highly prospective exploration permits in the Siguiri Basin, Guinea.
PDI is focused on further increasing the size and improving the classification of the current resource and completing a scoping study and ESG workstreams as crucial steps towards securing a mining permit.
The company is also exploring a number of targets near the NEB and BC deposits and regionally to the north along the 35-kilometre gold-rich super structure which runs through the Bankan permits.
Regional push
Regional exploration efforts are ramping up in 2023, targeting discovery of new major deposits across PDI’s highly prospective landholding.
RC drilling of regional targets on the Argo (AG) permit is planned to start immediately following receipt of geophysics results, including gradient array induced polarisation surveys that are planned to begin imminently.
PDI strengthened its exploration team in late 2022, including the appointment of a dedicated regional head geologist, to support an increasing focus on near-resource and regional exploration, where there is potential to discover other major gold deposits.
Predictive is well funded for its ongoing exploration efforts with $32.4 million in cash as of December 31, 2022.