Predictive Discovery (ASX: PDI) continues to pursue its strategy of expanding tenement holdings in West Africa’s gold rich Birimian Greenstone belts, with the acquisition of a gold project in Cote D’Ivoire.
The Komboro permit is highly prospective, containing part of a Birimian greenstone belt which includes active artisanal workings and extensive gold geochemical anomalies.
Reconnaissance soil and bedrock sampling has returned a series of high grade values, ranging up to 52 grams per tonne (g/t) gold.
Based on field examination and existing data, Predictive Discovery believes the project has potential for one or more large, open pittable gold deposits.
The agreement allows Predictive Discovery to earn up to a 90% interest in the Komboro permit, which covers 169 square kilometres.
Managing director Paul Roberts told Proactive Investors today that the change of government in Cote D’Ivoire in 2011 has opened the door for new operators in a region which hosts a greater area of the Birimian greenstone belts than any other country.
“Cote D’Ivoire is opening up for new projects due to the way the mining laws are changing,” Roberts said.
He told Proactive Investors that having extensive experience in West Africa, with its existing projects well underway in Burkina Faso, will be a boon to the company.
“We have lots of connections with laboratories and with drill contractors, we can move very smoothly onto doing all of the exploration activities that we want,” Roberts said.
“We are a serious operator in West Africa.”
Acquisition terms
The agreement to acquire the Komboro project will only take effect once the exploration permit for the project is granted.
Predictive Discovery can earn in to the project in three stages, spending a total of US$2 million over four years for a minimum 70% or maximum 90% interest.
The company will also grant cash or shares worth up to US$300,000 to the project holder, BIPTFOP, over the course of the acquisition.
Once Predictive Discovery has earned the initial 70% interest, BIPTFOP can elect to contribute at a 30% level, or reduce its holding to a 10% free carried interest.
Burkina Faso focus
While Predictive Discovery does plan to conduct some exploration activities at the Komboro Project following grant of the licence, the company’s primary focus remains with its projects in Burkina Faso.
Ongoing drilling programs at the Bonsiega and Bangaba Projects in eastern Burkina Faso continue to uncover promising new gold discoveries.
Predictive Discovery is targeting a maiden gold JORC Resource in the country by the September quarter of 2012.
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