Cote D’Ivoire – The Predictive/Toro Gold joint venture (JV) will focus its Cote D’Ivoire exploration activity on its Boundiali and Ferkessedougou North projects with Boundiali assessed as the most likely to advance rapidly towards resource definition.
As a result, 10 000m of reverse circulation (RC) and diamond drilling will commence at Boundiali in the March quarter with further drilling expected later in the field season.
“At our most recent JV meeting, it was agreed that Boundiali and Ferkessedougou North represent the best opportunities for making a multi-million-ounce discovery. An initial 10 000 m drill programme is planned to target both the 6 km-long Nyangboue gold-in-soil anomaly (on Boundiali) and the 14 km-long Boundiali North soil anomaly,” says Predictive Discovery MD Paul Roberts.
“With excellent results so far including 30 m at 8.3 g/t gold and 20 m at 10.5 g/t gold and only 2 km of the 20 km of gold-in-soil anomalies drill tested, Boundiali remains underexplored and offers a strong opportunity to expand the known gold mineralised zones in 2019.
“Another key target is the recent gold discovery at Ferkessedougou North, which is currently being tested by trenching and likely to be followed up by drilling later in the field season, adds Roberts.
At Boundiali North, drilling will focus on the recently discovered 14 km-long gold anomalous zone with results from the recent soil sampling programmes increasing the prospects for a large-scale gold discovery with several large and coherent high-grade anomalies.
At Boundialli, infill drilling on the Nyangboue prospect will build on the previous RC and diamond drilling programmes which identified a 1.2 km-long gold mineralised zone with broad widths, visible gold and high-grade results.
Of the 6 km-long Nyangboue gold-in-soil anomalous zone, 4 km remains untested by drilling.
Predictive Discovery obtained the Boundiali permit in January 2014 and the Boundiali North permit was granted in April 2018. The Boundiali and Boundiali North permits are located within a very well mineralised greenstone belt which contains the large operating Tongon and Syama gold mines and consists of granite, metasediments (including conglomerates), mafic volcanics and intrusives.
In 2016, soil sampling at Ferkessedougou North revealed a 17 km-long zone of gold-in-soil anomalies, with only a small portion receiving drill testing. The widespread gold mineralisation is located in altered sheared granite bodies, with one zone in the southern part of the zone in which gold mineralisation has been drilled over more than 1 km of strike.
A recently completed gradient array Induced Polarisation (IP) survey over the southern gold mineralised zone has demonstrated a clear spatial correlation between mineralisation identified in previous drilling and a 1.5 km-long IP (chargeability) anomaly. The survey also identified other chargeability anomalies indicating potential for more gold mineralisation to the east and west of the drilled zone.
Trenching is in progress on the new IP anomalies with results to be assessed in combination with previous drill results to identify key targets for a future drilling programme.
Recent drill results at Kokoumbo have emphasised the complexity of the geology there. While drill assays have demonstrated significant gold on both the Kokoumbo and Beriaboukro permits, further work is needed to achieve the targeted one-milllion-ounce discovery that the JV partners require.
The JVwill consider its options at Kokoumbo over the coming months, allowing work at Boundiali and Ferkessedougou North to be accelerated.
Toro JV update
Predictive Discovery has decided to reduce its equity in the Toro JV to 30% (from 35%) via non-contribution of expenditure for the past six months. Through this decision, receipt of cash from the Bobosso transaction along with careful control of exploration expenditure in Guinea and Mali, the company now holds more cash (A$1.5 million) than it had at the end of the September quarter.
“Our decision to reduce equity in the Toro JV balanced retention of cash reserves in the light of the current unfavourable equity market against maximising our JV share. We believe that this decision is in the best interest of shareholders by minimising the need for a dilutive capital raising while holding our JV equity at our target level of 30%,” says Roberts.