Predictive Discovery Ltd (ASX:PDI) has added to the gold inventory on its Kaninko project in Guinea with first results of up to 44 metres at 2.06 g/t from 6 metres from the Bankan Creek prospect.
Within the 44 metres was 18 metres at 2.97 g/t in fresh rock and this hole ended in mineralisation.
The results from Bankan Creek, which is only 3 kilometres from the NE Bankan discovery, continue the strong newsflow from Predictive at its West African projects, with Kaninko being the recent standout.
Shares up again
This has resulted in the share price increasing from 0.6 cents at close on April 9 to a 12-week high of 8.5 cents and today shares have been up more than 17% to 7.8 cents.
Another strong result was 6 metres at 4.52 g/t from 16 metres including 2 metres at 10.3 g/t.
Managing director Paul Roberts said: “We are highly encouraged by these new drill results at Bankan Creek, which add to the inventory of gold mineralisation on the Kaninko Project, and we await with interest the assay results from the northern drill traverse.”
Predictive Discovery project location map of Guinea highlighting the Kaninko Project.
Bankan Creek program
Results have been received from 18 holes out of a 23-hole aircore/reverse circulation drill program for 1,038 metres on Bankan Creek.
This program in late March and early April tested beneath previous power auger drilling and trenching results which included 18 metres at 1.60 g/t and 37 metres at 0.94 g/t.
The drilling was carried out by Target Drilling and there were some difficulties owing mainly to a shallow water table.
While most of holes returned dry samples, 18% of the samples were moist or wet.
Future drilling will, therefore, be carried out with a reverse circulation drill rig with higher air pressure or a diamond drill rig to ensure sample quality.
Bankan Creek Prospect, drill hole location plan with AC/RC drill traverses showing significant gold intercepts.
“Need to drill deeper”
Roberts said: “Our drilling suggests different and apparently more complex geology than at NE Bankan, with a mixture of different rock types cut by a stockwork of quartz veins, and a possibility that grade increases with depth.
“To understand this mineralisation better we need to drill deeper, ideally with a diamond drill rig, to map the orientation of geological units, structures and gold mineralisation. We plan to do this in the next 4-6 weeks.”
Assays are pending from five holes on the northernmost traverse.
While the focus remains on North-East Bankan, Bankan Creek prospect provides a material boost to the Kaninko Project and requires further testing of width and depth extensions to the known mineralisation.
NE Bankan focus
Roberts added: “Our immediate work focus is on the much larger NE Bankan gold prospect where there is huge scope to find more gold mineralisation in all directions – along the existing drill lines to east and west, along strike to the north and south and at depth.
“Follow-up work has already begun with a power auger drilling program which will quadruple the drill coverage.
“Reverse circulation and/or diamond drilling will follow as soon as a drill contract can be finalised.
“We note that there are other as-yet undrilled artisanal mine sites and geochemical anomalies on the Kaninko permit.
“Once power auger drilling is completed on NE Bankan, we will move the rig onto testing those targets.”
Predictive now holds 799 square kilometres of prospective landholdings across nine permits or authorisations in Guinea, all containing artisanal gold workings.
All projects are within the Siguiri Basin which hosts AngloGold Ashanti Limited’s (NYSE:AU) large Siguiri Mine of +10 million ounces.