Predictive Discovery Ltd (ASX:PDI) is up more than 12-fold after broad, high-grade results of up to 46 metres at 6.58 g/t gold from 4 metres confirmed a new discovery with strong growth potential at Kaninko project in Guinea, West Africa.
From a close of 0.5 cents yesterday, shares are in strong demand with more than 358 million traded by early afternoon and have been up to 6.3 cents today, easily surpassing the previous 12-month high.
Broad, high-grade results
Results from a 24-hole aircore and reverse circulation program on North-East Bankan prospect, demonstrate broad north-trending zones of at least 450 metres long and open in all directions.
Within the 46-metre intersection was 10 metres at 26.52 g/t from 34 metres while another strong result was 42 metres at 2.92 g/t from 8 metres.
“Impressively high" grades
Managing director Paul Roberts said: “We are very pleased by these results, which are an excellent first step in defining what appears to be a significant new gold discovery.
“With this initial shallow program, we have confirmed the presence of broad mineralised widths suggested by the earlier power auger drilling along with some impressively high gold grades.
“Many of the holes either started or stopped in gold mineralisation, which is therefore open both at depth and to the east and west on most drill lines.
“The mineralisation is also open to the north and south so there is plenty of scope to grow this further with more drilling."
Further results pending
Results from a further 23 holes from Bankan Creek prospect are pending and upon the receipt of final assays, Predictive will complete a review and announce the next steps for its Guinea exploration programs, which will include plans for the recently announced Koundian property package.
Roberts said: “We are also waiting for assays from our recently completed Bankan Creek drilling only 3-kilometres southwest of this discovery, which is a separate broad, gold mineralised system that has already demonstrated promising trenching and power auger drill results.”
Predictive’s Guinea projects highlighting drilling activities underway at the Kaninko and Kankan projects
He added: “This new discovery highlights the opportunity presented by our greenfields exploration strategy on 100%-owned ground in the prolific Siguiri Basin of Guinea, as well as the speed with which we can advance these projects.
“Kaninko was granted to us just over nine months ago. Since then, through the strenuous efforts of our Guinea team, we have transformed a greenfields property with no known prior exploration to an exciting new gold discovery.
“With further drill results still pending and the recently announced acquisition of the Koundian Property Package, the company now has multiple opportunities for discovering a more than 1-million-ounce deposit in Guinea.”
The planned drilling at Kankan is on hold pending resolution of an issue with the drill rig.
Once that is resolved, the Kankan drilling is expected to be completed in the coming weeks and results reported thereafter.