Predictive Discovery Ltd (ASX:PDI) and partner Toro Gold Limited have identified three new gold in-soil anomalies on the Beriaboukro permit in Cote D’Ivoire.
The three new targets are the result of a soil and rock chip sampling program that produced values of up to 726 g/t gold which came from an artisanal mine site.
The Beriaboukro permit joins the Kokoumbo permit where recent diamond drilling has intersected 7.5 metres at 16.1 g/t gold from surface.
The company plans to do follow-up more detailed sampling on the Beriaboukro permit.
Paul Roberts, managing director, commented: “Beriaboukro is one of six granted permits in our Cote D’Ivoire joint venture with Toro.
“We regard Kokoumbo and Beriaboukro, covering 800 square kilometres as a single project area with potential for one or more large gold discoveries.”
Beriaboukro sampling
The addition of the Beriaboukro permit to the Kokoumbo permit in March this year has resulted
in a contiguous 800 square kilometre land package.
Toro carried out soil sampling on the permit in 800 metre x 200 metre grid spacing. It also collected nine rock chip samples.
1,787 soil samples found anomalous gold value in numerous locations highlighting three clusters.
Soil values assayed up to 0.9 g/t gold and four significant rock chip samples assayed 726 g/t gold, 13.15 g/t gold, 6.4 g/t gold and 3.45 g/t gold.
Next steps
Given the grid spacing was so wide on the original soil sampling program, 100 metre infill samples will now be submitted for analysis.
Once those results are received, further infill soil sampling will be planned.
Toro joint venture
PDI is in joint venture with the UK-based Toro Gold Limited on six granted permits and two permit applications in Cote D’Ivoire.
The Toro joint venture operates through PDI’s subsidiary, Predictive Cote D’Ivoire SARL (Predictive CI) of which Predictive now holds 49%.
Toro can earn a further 14% of Predictive CI by spending US$2.5 million, which would then lift its equity to 65%.
At this stage, Predictive said that it plans to contribute 35% of the ongoing expenditure once Toro achieves this stake.
Analysis
The Kokoumbo and Beriaboukro contiguous permits are located in one of the most gold-mineralised belts in Cote D’Ivoire.
Two gold mines are already operating nearby in this belt being Bonikro operated by Newcrest Mining Ltd (ASX:NCM) and Agbaou operated by Endeavour Mining Corp (TSE:EDV).
The exploration results to date are proving that these permits have potential to host gold resources capable of being economically mined.
Predictive recently completed a capital raising which included the company signing a non-binding term sheet to raise A$1-2 million from the Sprott Group of companies.
Sprott is a large and well known North-American based asset management firm with a strong record in identifying and funding successful early stage resource companies.
Funds from the $4 million capital raising will be used to support the Toro Gold joint venture in Cote D’Ivoire, Bobossa joint venture in Cote D’Ivoire and Burkina Faso permits.
Shares in Predictive have more than tripled year to date.
The company is expecting assays from 15 drill holes at the Nyangboue gold prospect within the Boundiali Project located in Cote D’Ivoire.
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