Predictive Discovery (ASX:PDI) has expanded the company footprint in Cote D’Ivoire with six new permit applications.
The applications lift Predictive's total holdings in the country to over 6,000 square kilometres.
Paul Roberts, managing director, commented:
"Our strategy is to (1) acquire highly gold-prospective ground selected by our proprietary methods, (2) undertake low cost greenfields gold exploration on it, and (3) bring in joint venture partners to carry the majority of expenditure on advanced prospects as they emerge.
"Acquisition of this new ground helps build our pipeline of greenfields ground from which we believe new gold discoveries will emerge."
Application details
- Three applications, covering 1160 square kilometres, made by a wholly owned local subsidiary of PDI.
- An option agreement with a local company on three additional permit applications, also covering 1160 square kilometres.
- Ground was selected by using the same methods which identified the Toro Gold Joint Venture permits in Cote D’Ivoire, which have been yielding drilling and geochemical results.
Analysis
Predictive has been successful in using the company strategy of acquiring ground and then bringing in partners, as evidenced with the Toro Gold Limited joint venture which has continued to yield gold results.
These results have driven the Predictive share price six times higher than its valuation 12-months ago.
In regards to the new applications, as soon as possible after any permit is granted (rainy season permitting), Predictive will then commence the minimum exploration program on the granted permits.
The company said that it is hopeful that these programs will start yielding results which can be reported to the ASX and shareholders in the second half of 2017.