Predictive Discovery Ltd (ASX:PDI) closed its Share Purchase Plan (SPP) on June 28, having received $2,894,700.
The SPP was done in conjunction with a Placement set to raise $55 million and cornerstoned by a suite of global institutional investors.
The new shares will be delivered to SPP applicants on July 4, 2022.
PDI looks to significantly increase inferred resource
The money raised by PDI over the last month will be used for a substantial work program to develop Guinea’s Siguiri basin into one of the most exciting new gold addresses in West Africa.
Predictive managing director Andrew Pardey has called the company’s Bankan Project “potentially one of many significant gold deposits” where 3.65 million ounces has already been discovered.
On June 15, PDI released results from Bankan, noting its deepest drill hole to date hit gold 630 metres down-dip from the 3.65-million-ounce resource pit shell at the Bankan gold camp in Guinea. A diamond drill hole returned 24 metres at 5.5 g/t gold from 850 metres, including 11 metres at 10.3 g/t from 852 metres.
The program includes:
- Fully fund the 60,000-metre Diamond (DD) and Reverse Cycle (RC) drilling program currently underway, which is expected to significantly increase and upgrade the inferred 3.65oz (inferred) Bankan Gold Resource – this is in addition to the c.65,000m of drilling completed to date.
- Continue drilling Bankan’s 35 kilometre long north-northwest structural corridor to explore for other multiple “NE Bankan-style” deposits.
- Complete baseline environmental studies, including stakeholder mapping and engagement (communities, government ministries, regulators, local interest groups, NGOs), Protected Area Assessment, Critical Habitat Assessment and Dry & Wet season surveys (cameras, aerial drone scanning, acoustic, eDNA).
- Deliver a comprehensive Scoping Study to the Government of Guinea by the end of 2023 which underpins Bankan’s potential to become Guinea’s largest gold mine.
- Expand the scale and quality of the resource.
- Establish Bankan and its surrounding area as West Africa’s premier gold address.