AMN - COTE D’IVOIRE: Predictive plans 10,000 metres of drilling

Predictive Discovery informed the Investing in African Mining Indaba in Cape Town last week that it and joint venture partner Toro Gold would begin a 10,000-metre drilling program this quarter on its Cote d’Ivoire gold projects.

The JV has focused its Cote D’Ivoire exploration activity on its Boundiali and Ferkessedougou North Projects.

Since Indaba, the company has received outstanding trench results from Ferkessedougou North, prompting it to add additional diamond drilling.

This drilling will be separate to the 10,000-metre campaign but will run concurrently.

Boundiali has been assessed as the most likely to advance rapidly towards resource definition and drilling will commence there before moving to Ferkessedougo North. Boundiali has a 14-kilometre-long gold soil anomaly.

Reverse circulation (RC) and diamond drilling is planned at both.

Predictive’s managing director Paul Roberts said: “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-metre drill program is planned to target both the 6-kilometre-long Nyangboue gold-in-soil anomaly (on Boundiali) and the 14-kilometre-long Boundiali North soil anomaly.

“With excellent results so far including 30 metres at 8.3 g/t gold and 20 metres at 10.5 g/t gold and only 2 kilometres of the 20 kilometres 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 being tested by trenching and likely to be followed up by drilling later in the field season.”

Predictive has also decided to reduce its equity in the JV to 30% from 35% via non-contribution of expenditure for the December half.

This decision resulted in the company holding $1.5 million in cash at December 31, which is more than it had at the end of the September quarter.

Paul Roberts added: “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%.”

www.predictivediscovery.com