Proactive Investors - Run By Investors For Investors

Predictive Discovery to commence 10,000-metre drill program

Reverse circulation (RC) and diamond drilling will target the Boundiali and Ferkessedougou North project.
Map of project locations in Africa
Boundiali has a 14-kilometre-long goild soil anomaly and will be the initial target

Predictive Discovery Ltd (ASX:PDI) and joint venture partner Toro Gold will commence a 10,000-metre drilling program this quarter on its west African gold projects.

The joint venture has focused its Cote D’Ivoire exploration activity on its Boundiali and Ferkessedougou North Projects.

Boundiali has been assessed as the most likely to advance rapidly towards resource definition and drilling will commence there before moving to Ferkessedougo North.

READ: Predictive Discovery’s partner hits high-grade gold in Kokoumbo drilling

Predictive’s managing director Paul Roberts said: “At our most recent JV meeting, it was agreed that Boundiali and Ferkessedougou North represent the best opportunities for making a multi-million-ounce discovery.

“An initial 10,000-metre drill program is planned to target both the 6-kilometre-long Nyangboue gold-in-soil anomaly (on Boundiali) and the 14-kilometre-long Boundiali North soil anomaly.

“With excellent results so far including 30m at 8.3 g/t gold and 20 metres at 10.5 g/t gold and only 2 kilometres of the 20 kilometres of gold-in-soil anomalies drill tested, Boundiali remains underexplored and offers a strong opportunity to expand the known gold mineralised zones in 2019.

“Another key target is the recent gold discovery at Ferkessedougou North, which is currently being tested by trenching and likely to be followed up by drilling later in the field season.”

Predictive moves to 30% ownership in JV

Predictive has decided to reduce its equity in the JV to 30% from 35% via non-contribution of expenditure for the December half.

The decision resulted in the company holding $1.5 million in cash, which is more than it had at the end of the September quarter.

Roberts added: “Our decision to reduce equity in the Toro JV balanced retention of cash reserves in the light of the current unfavourable equity market against maximising our JV share.

“We believe that this decision is in the best interest of shareholders by minimising the need for a dilutive capital raising while holding our JV equity at our target level of 30%.”

View full PDI profile View Profile

Predictive Discovery Ltd Timeline

Related Articles

A Ghana map showing its capital Accra
January 16 2019
A PFS found that the project in Ghana could generate US$1.4 billion free cash flow before tax.
Finnish landscape
May 01 2019
A milestone was reached in December last year, when the company announced a maiden inferred gold-cobalt estimate
1550828159_African-Battery-Metals---exploration-team.jpg
February 22 2019
A reinvigorated African Battery Metals is about to embark on the next phase of its story

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use