Predictive Discovery (ASX:PDI) continues its company strategy of advancing exploration interests through partnerships.
This provides free carry for Predictive, and upside to any discoveries without having a large cash spend.
Predictive has now entered into an agreement with Canadian-based company Progress Minerals International Inc to fund a large exploration program on the Bobosso Project in Cote D’Ivoire.
Paul Roberts, managing director for Predictive, commented:
"This agreement marks another step in the implementation of our strategy – to maximise drilling on our large and highly prospective gold exploration holdings in West Africa while maintaining substantial equities in the best projects and minimising dilutive capital raisings.
"We are particularly pleased to be partnering with Progress, which has significant mine development skills and financing networks to enable an efficient progression from ore discovery to mine development."
Key partner details
Progress will earn a 30% interest in the project by funding a US$1 million work program (Stage 1) including:
- 1,500-2,500 metres of diamond drilling into the large Bobosso gold mineralised system, scheduled to commence in April; and
- Regional scale geological, geochemical and geophysical surveys to enable initial evaluation of the gold discovery potential of the 90 kilometre strike length of prospective greenstone belt within the project area.
Analysis
Results from the Bobosso drilling will add to substantial newsflow from our Cote D’Ivoire ground in 2017.
This includes results of multiple drill programs on the Toro Joint Venture permits of Boundiali, Ferkessedougou North and Kokoumbo/Beriaboukro.