Predictive Discovery is to commence exploration on large areas of newly acquired 100% controlled ground in Guinea and Burkina Faso.
“Picking up new ground is further evidence of the Predictive Discovery’s Prospect Generator Model being used to great effect and bolstered through our highly effective Predictore methodology which identifies highly-prospective gold targets,” says MD Paul Roberts.
“We are especially focused on picking up ground in our own right so that cash can be allocated to exploration rather than making the large payments commonly demanded by local partners.
“With partner funded drilling underway at our Joint Ventures in Burkina Faso and Cote
D’Ivoire, we are well positioned near-term to leverage its exposure to numerous
highly-prospective projects in West Africa, increasing the odds of making a significant
gold discovery and maximising shareholder return.”
The newly acquired ground in Burkina Faso and Guinea covering some of West Africa’s most prolific greenstone belts.
The new projects comprise three Reconnaissance Authorisations in Guinea (300 km2) and three Exploration Permits in Burkina Faso (623 km2), the latter all outside of the Progress Joint Venture Area of Influence (AOI).
The Company has acquired three 100% owned Reconnaissance Authorisations in Guinea covering 300 km2.
These were identified through Predictive Discovery’s Predictore methodology which helps
identify large and deep structures which are thought to have channelled large quantities of gold-bearing fluid from deeper in the earth’s crust, generating well mineralised gold belts including large gold deposits at surface.
The Predictore methodology and a strategic analysis of the country has identified the Siguiri Basin as being both highly-prospective for gold mineralisation and underexplored.
The Siguiri Basin is part of the richly mineralised West African Birimian gold belt and consists largely of metasediments with minor granitic rocks, metavolcanics and mafic to ultramafic intrusives.
The Nonta Authorisation is a high-priority for Predictive Discovery.
Field visits have identified widespread artisanal workings on Nonta with government officials advising Predictive Discovery staff that a number of small workings have each yielded many kilograms of gold, indicating the potential for high-grade gold.
Predictive has recently submitted an Exploration Permit application over Nonta in
order to replace the Reconnaissance Authorisation with the tenure required for more advanced exploration work to be carried out.
Predictive Discovery has begun low-cost field work with BLEG stream sediment geochemistry, rock chip sampling and geological mapping to focus in on high-grade zones of mineralisation and geochemical targets for follow-up drill testing.
Guinea, officially the ‘République de Guinée’, is a mineral-rich country bordering the North Atlantic Ocean, with a coastline of 320 km.
Guinea possesses major mineral, hydro-power and agricultural resources with significant bauxite, iron ore, gold and diamond reserves.
In 2017 the momentum for economic recovery continued with 8.2% growth and increased mining production, particularly bauxite, good agricultural performance and the improved provision of electricity.
Guinea has been a relatively neglected gold exploration destination in the past 20 years, but international perceptions of the country’s investment attractiveness have gradually improved both through revisions to the country’s mining laws and most recently with a revamp of the mining title administration which is now a model of transparency and efficiency.
These changes led Predictive Discovery to start investigating ground acquisition opportunities in the second half of 2018 and resulted in the application for the three Reconnaissance Authorisations in late October.
Reconnaissance Authorisations provide short term tenure to enable companies to undertake low cost reconnaissance exploration prior to deciding whether they wish to apply for long term tenure in the form of Exploration Permits.
Predictive Discovery has been granted three Permits covering 623 km2, one Exploration Permit (Kourakou) and fees have been paid on two further Permits (Bolle and Laro).
In Burkina Faso, receipt of the invitation to pay fees on a permit application is a formal acknowledgement that grant of the permits will follow. The three Permits are all held 100% by Predictive and lie outside of the Progress Minerals Area of Interest (AOI). Predictive Discovery also holds a formidable landholding within the AOI.
The geology of the new permit areas consists of volcano-sedimentary rocks, basalt and granite. The target deposit type is “orogenic gold”.
Work is expected to start on the permits in the March Quarter of 2019. As in Guinea, the initial programs will consist of a low-cost combination of BLEG stream sediment geochemistry, rock chip sampling and geological mapping.
The Progress Joint Venture has also acquired two small permits within the AOI covering 138 km2.
Planned work on these two permits will be announced at a future date.
Predictive retains its interest in the Progress Joint Venture, which represents 90km of gold
mineralised strike length and an existing JORC resource at Bongou.
The Project covers 949 km2 in the Samira Hill greenstone belt in eastern Burkina Faso.
In September 2017 Predictive Discovery entered into a joint venture with Progress Minerals International (Progress) to allow Progress to earn a 70% interest in all permits within the Area of Influence (AOI) by spending $US5 million on exploration and project evaluation.
Predictive Discovery’s objective is for the project to advance as quickly as possible towards a scoping study on a multi-pit mining operation feeding a central mill.
Predictive Discovery completed low cost field assessments of seven properties including five Exploration Authorisations and two potential acquisitions from local partners.
Several issues including inadequate results, permit application fees and partner expectations in Mali were identified. Accordingly the decision was made to withdraw from the areas after only limited expenditure.
This process demonstrates the efficacy of the company’s Prospect Generator Model by minimising expenditure and maximising future opportunity.
CURRENT EXPLORATION WORK
There is a plethora of Joint Venture Partner funded exploration activity underway across West Africa including 20,000 m of RC drilling and a large power auger program on the Progress JV in Burkina Faso.
New drilling are results expected in the next month from both Burkina Faso and Cote D’Ivoire. The Toro Joint Venture (Cote D’Ivoire) is currently undertaking infill soil sampling (to 200 x 50 m) on the 14 km-long Boundiali North gold anomalous zone and an IP survey over Ferkessedougou North.