Total
0
Shares
Predictive Discovery (ASX:PDI) - Managing Director, Paul Roberts - The Market Herald
Managing Director, Paul Roberts
Source: The Market Herald
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Predictive Discovery (PDI) has released initial results from reverse circulation (RC) drilling at its Kaninko Permit in Guinea
  • It shows wider gold mineralisation has been found at the North East (NE) Bankan section, with best results of 15 metres at 3.42 grams per tonne of gold from surface, including 4 metres at 9.33 grams per tonne of gold
  • The results also reveal several of the drill holes ended in the transition from weathered to fresh rock, which means further gold grades are possible
  • Drilling at the NE Bankan site continues and more samples are being analysed in the lab, with results to be released in the next few weeks
  • Despite the news, shares in Predictive Discovery are trading slightly lower, down 9.3 per cent at 7.8 cents per share

Predictive Discovery (PDI) has released initial results from reverse circulation (RC) drilling at its Kaninko Permit, showing wider gold mineralisation at the North East (NE) Bankan section.

The project, located in Guinea, is 100 per cent owned by Predictive Discovery and sits on an underexplored part of the West African Birimian gold belt.

The first batch of assay results from 12 holes, part of a wider RC drill program at the site which began in May, showed best results of 15 metres at 3.42 grams per tonne of gold from surface, including 4 metres at 9.33 grams per tonne of gold.

It also showed a strong result of 33 metres at 1.72 grames per tonne of gold from 67 metres, including 1 metre at 22.1 grames per tonne of gold.

Predictive Discovery Managing Director, Paul Roberts, labelled the initial results as encouraging.

"These initial RC drill results have provided further evidence of shallow and very broad zones of oxide gold mineralisation within the 1.3 kilometre long, broad power auger gold anomaly defined in May and June," he said.

The results also revealed several of the drill holes ended in the transition from weathered to fresh rock, which means further gold grades are possible.

"The Company is further encouraged by continuation of the mineralisation to at least 76m vertical depth in the transition from weathered to fresh rock and remaining open at depth," Paul said.

An additional 36 samples, from RC drilling and diamond drilling, are currently being analysed in the lab with results to be released in the next few weeks.

While drilling at the NE Bankan site continues, with a pause planned in late August or September to assess the results from the program.

Importantly, the drilling program is well funded, as Predictive Discovery recently raised more than $9 million in capital.

The company also said today that a maiden resource estimate for the project will be completed by mid next year.

Shares in Predictive Discovery are trading slightly down despite today's news, as shareholders appear divided by the results.

Shares in the company are trading for 7.7 cents each, down 10.5 per cent, at 12.15 pm AEST.

PDI by the numbers
More From The Market Herald
Ookami (ASX:OOK) to purchase stakes in two African exploration projects

" Ookami (ASX:OOK) to purchase stakes in two African exploration projects

Ookami (OOK) has agreed to purchase interests in two African mineral exploration projects, Boulbi and Messok East.
Conico (ASX:CNJ) - Chairman, Greg Solomon - The Market Herald

" Conico (ASX:CNJ) subsidiary signs Greenland drilling contract

Conico’s (CNJ) subsidiary, Longland Resources, has signed a contract with Cartwright Drilling for work at the Ryberg Project in Greenland.
PolarX (ASX:PXX) - Managing Director Frazer Tabeart - The Market Herald

" PolarX (ASX:PXX) augments Humboldt Range lode claims

PolarX (PXX) has significantly increased its landholding at its Humboldt Range gold and silver project in Nevada.
Victory Mines (ASX:VIC) begins RC drilling at Coogee

" Torrens Mining (ASX:TRN) begins seismic survey at Mt Piper

Gold and copper exploration company Torrens Mining (TRN) has begun a passive seismic survey at its Mt Piper Gold Project.