Predictive Discovery (ASX: PDI) has announced “outstanding” drill results at its 100%-owned Kaninko property in the West African country of Guinea.
The discovery is notable for two reasons. Firstly, all of the holes were drilled down only 50m with several intersecting mineralisation at surface, including 50m at 1.53 grams per tonne gold, with the intercept continuing to end of hole. Other holes hit gold as shallow as 4m and 8m below surface.
Moreover, 23 of the 24 holes contained reportable gold intercepts.
Secondly, the company is focusing on greenfields exploration at a time when increasing numbers of juniors are working over historic fields and mines.
It said the 24-hole drilling program has demonstrated the presence of a very broad, north-trending zone at least 450m long and open in all directions and at depth.
Significant intersections at the North-East Bankan prospect included 46m at 6.58g/t gold, with the mineralisation beginning at 4m and continuing to end of hole, and 42m at 2.92g/t gold, also to end of hole.
Assays from nearby prospect due soon
Assays from 23 holes at the Bankan Creek prospect are pending. The prospect is just 3km from the present discovery and has a separate, broad mineralised system.
When the hole assays are received, the company will announce the next steps for its Guinea exploration program.
Predictive is also awaiting assays from its joint venture partner Resolute Mining (ASX: RSG) after drilling at the Ferkessedougou North project in Cote d’Ivoire.
Recently granted property
Predictive’s Kaninko project lies in the Siguiri basin of Guinea, which also hosts the 10-million-ounce Siguiri mine operated by AngloGold Ashanti (ASX: AGG).
Predictive managing director Paul Roberts said today’s announced results are an excellent first step in defining what appears to be a significant new gold discovery.
Kaninko was granted to Predictive just nine months ago.
“Since then, through the strenuous efforts of our Guinea team, we have transformed a greenfields property with no known prior exploration into an exciting new gold discovery,” Mr Roberts said.
Rapid exploration is key
Predictive holds about 800sq km over nine exploration permits, all containing artisanal gold workings.
The company said rapid, targeted low-cost exploration was the key to the short period between acquisition and discovery at Kaninko.
Earlier this month, Predictive secured acquisition rights to the Koundian property, 75km south-east of the Siguiri mine.
Historical drilling at Koundian produced assays of 4m at 19.8g/t gold and 2m at 7g/t gold.
Predictive’s shares, which had last traded at $0.006, rose as high as $0.036 in morning trade.