Predictive Discovery Ltd (ASX:PDI) has been granted an exploration permit over the Saman Gold Project, strengthening its land position in Guinea’s Siguiri Basin.
The new permit is adjacent to Predictive’s Kaninko permit and may contain a possible northern extension to the northern-most mineralised power auger hole in the NE Bankan gold mineralised zone, which returned 16 metres at 6.82 g/t gold.
Shares have been as much as 8% higher in early trade to 8.3 cents and are up from 0.6 cents at the close on April 9, reaching a new 12-month high of 12 cents earlier this month.
Reconnaissance authorisation
The project was previously held through a reconnaissance authorisation.
In Guinea, reconnaissance authorisations are short-term tenements on which reconnaissance exploration activities such as geochemical sampling and geological mapping are permitted.
An exploration permit is a longer-term holding with a three-year initial term and two 2-year renewals for 7 years in total.
Advanced exploration activities, including RC and diamond drilling, are permitted on exploration permits.
Auger drilling completed
Additionally, the company has completed a 65-hole (5-line) power auger drilling program designed to explore for strike extensions of the NE Bankan discovery within the Saman Permit.
Further power auger drilling on Saman is expected in the next week.