Predictive Discovery Ltd takes off on first 3.65 million ounce gold resource for Bankan project

The precious metals explorer rose 26% as a result of the news, which establishes a gold resource of 3.65 million ounces for the Siguiri Basin assets.

() is trading at a five-year high after delivering its first Mineral Resource Estimate (MRE) for the Bankan gold project in the Siguiri basin in Guinea.

The precious metals explorer deposited a gold resource of 3.65 million ounces in the NE Bankan and Bankan Creek deposits,

PDI’s pioneer MRE comes just 17 months after the company reported its gold discovery drill holes at Bankan, which means it has seen rapid growth

There is still strong potential for mineral resource asset growth, with a series of drilling programs continuing during the tenure since the MRE deadline.

Higher shares

Predictive stocks rose 26% in morning trading, with stocks reaching A $ 0.22 in a market cap of $ 277 million.

The company saw its stock price rise 45% last week and is up more than 300% from the 12-month low of A $ 0.054.

“Just the beginning of the story”

Addressing the first resource, PDI Managing Director Paul Roberts said: “We are delighted with the magnitude of this initial mineral resource estimate, which reflects excellent continuity of mineralization and has been generated from it. of 32,700 meters of drilling.

“After just 17 months after announcing the first results from NE Bankan drilling, this is just the beginning of Bankan’s gold discovery story.

“We are very well funded to accelerate a drilling program to increase resources in NE Bankan and Bankan Creek, increase drilling density to increase confidence and rapidly advance regional prospects from an early stage through to the discovery and definition of resources. “

3.65 million ounces of gold

The mineral resources of the Bankan gold project total 72.8 million tonnes of resources, grading 1.56 g / t gold for 3.65 million ounces.

The independent group CSA Global Mining Industry Consultants prepared the MRE in accordance with the JORC 2012 code.

While the cut-off grade for MRE is lifted, the contained ounces of gold remain strong at 2.82 million ounces with an average gold grade of 2.29 g / t.

Bankan’s resource discovery cost is currently A $ 4 (US $ 2.90) per ounce, which is considered very low by industry standards.

And this is far from the end of the road for the Siguiri Basin gold zone: with $ 24 million in the bank, PDI aims for a substantial increase in its resource base in Bankan as it ramps up exploration. .

The precious metals explorer is undertaking expansion and deeper drilling through the NE Bankan and Bankan Creek deposits and regional targets with the goal of further strengthening gold resources in the future.

At the same time, metallurgical test work on the Predictive scoping study continues, with free grinding gold and gold recoveries of 94% to 98% demonstrated on a large representative sample.

Some of the main MRE metrics.

Drilling continues

PDI believes it is possible to further advance Bankan’s mineral resources through a series of drilling expeditions.

These programs have transformed the ground of gold assets since the ERM deadline of September 11 and include:

  • Drilling in the high grade zone: Shows significant potential for further growth at NE Bankan, now tested to a vertical depth of 350 meters to 400 meters. Extension drilling at depth and longitudinally is in progress;
  • Regional exploration: Air core drilling 1.5 kilometers from NE Bankan intersected 28 meters at 12.1 g / t gold – over nine targets along the 35 kilometer long Bankan structural trend to be tested; and
  • Bankan Creek Drilling: Deep drilling coverage is limited with the deposit remaining open in all directions.

Predictive tenure in the Siguiri basin in Guinea.

A project with potential Fekola

Bankan’s first gold resource – and the speed at which it was delivered – indicates that the project could hold potential similar to that of a West African gold zone.

Roberts continued: “The success of our gold discoveries in such a short period of time invites comparisons with the best gold deposit discovered in West Africa in the last decade: Fekola in Mali.

“Also announced 17 months after the first discovery, the Fekola MRE contained 3.9 million ounces, averaging 1.7 g / t gold at a cut-off grade of 0.5 g / t and 3 , 1 million ounces, an average of 2.4 g / t at a 1 g / t cut-off grade.

“Today, Fekola production in 2021 is expected to be 530,000-560,000 ounces at an all-inclusive sustaining cost (AISC) of US $ 745 to US $ 785 per ounce, with current listed resources (excluding depletion mine since 2017) in Fekola itself and in nearby deposits. totaling 7.6 million ounces.

With room for further MRE updates going forward, PDI is determined to continue advancing its cornerstone gold project in the months to come.

About Catriona

Catriona

Check Also

No TDS obligation for online auctioneers if certain facts are met: CBDT

The Central Commission for Direct Taxes (CBDT) clarified that the withholding tax (TDS) provided for …

Leave a Reply

Your email address will not be published. Required fields are marked *