Predictive Discovery Ltd (ASX:PDI) has made substantial progress on four of its Cote D'Ivoire exploration permits with results imminent.
At Kokoumbo, a 15 hole diamond drill program has finished with the first batch of results expected in early May.
A minimum 3,000 metre reverse circulation drill program will soon commence at Boundiali to test the southern 2 kilometres of a 6 kilometre long gold-in-soil anomaly.
Infill soil geochemistry results at Ferkessedougou are also to be released imminently.
A work program at the Bobosso project has commenced which will involve an initial pitting program testing the prior 7 square kilometre soil anomaly, which averaged 0.4 g/t gold.
Paul Roberts, managing director, commented: “We are very pleased at the large scale and pace of work on Predictive’s exploration permits in Cote D’Ivoire while our own exploration costs remain modest and controlled.
"We have four highly interesting projects, any one of which could generate a major gold discovery, and all of which will be generating new results to report to the ASX from now through to July this year.”
Cote D'Ivoire projects
Predictive is in joint venture with Toro Gold Limited (Toro), a UK-based company, on eight permits in Cote D’Ivoire and with XMI SARL, an Ivoirian company, on two additional permits.
This gives Predictive interests in exploration ground covering nearly 4,000 square kilometres.
Toro has earned 51% equity in the joint venture (Predictive: 49%) through exploration payments.
Predictive plans to decrease its equity further to 35% through the expenditure of an additional US$2.5 million by Toro.
Predictive is currently in the process of earning 35% equity under the XMI SARL agreement by funding a series of relatively low cost work programs.
Kokoumbo permit (Toro joint venture)
The Kokoumbo permit is located some 40-50 kilometres from Newcrest Mining’s (ASX:NCM) Bonikro gold mine and Endeavour’s Agbaou gold mine within the Oume-Fetekro greenstone belt.
15 diamond drill holes totalling 1,610 metres have been drilled in the last two months.
The diamond drilling program tested three prospects: Kokoumbo Hill, a new zone of mineralisation identified in chip-channel sampling in late 2015, Sereme and Blonzwe.
Kokoumbo Hill recorded chip-channel sampling of 44 metres at 3.8 g/t gold and 26 metres at 2.86 g/t gold.
Analysis
Predictive's strategy to operate in joint ventures keeps its cash expenditure low while still giving it exposure to sizeable discoveries.
The company has strong land holdings in countries with secure mining codes and histories of major gold discoveries.
Strong news flow is expected in the near-term, with the company leveraged to exploration success.
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