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Predictive Discovery Ltd has announced new results from resource drilling at its 4.2 million oz (inferred) Bankan Gold Project, located in Guinea.

Australian exploration and mining company Predictive Discovery anticipates that the gold resource at its Bankan project in Guinea will increase as further tests are carried out, managing director Andrew Pardey tells The Africa Report.

The Bankan project, which is planned to start production in 2025, holds potential to become the largest gold mine in the country.

Predictive Discovery (ASX:PDI) announced today that the company has received firm commitments for the placement to raise A$55 million (before costs) from institutional, sophisticated and professional investors for its 3.65Moz Bankan gold project in Guinea, West Africa.

Australian exploration firm Predictive Discovery has agreed $55 million in funding from institutional investors through a share placement to develop its Bankan gold project in Guinea, it said on Monday.

Predictive Discovery is entering a new chapter as the company looks to expand its Bankan once in a decade gold discovery in Guinea and build West Africa’s next tier one gold mine.

Predictive Discovery Ltd has provided an update on assay results from 51 holes for 10 122 m of infill and grade control drilling at the Bankan Gold Project.

Highlights:

• New diamond drill (DD) results produced significant wide and/or high-grade intercepts within NE Bankan’s US$1800/oz optimised resource pit shell. Best results include 38 m @ 7.18 g/t from 541 m, 22 m @ 5.34 g/t from 286 m and 49 m @ 2.04 g/t from 288 m. Assays for additional drill holes below the optimised pit shell are pending.
• Reverse circulation (RC) drill hole results as part of the dedicated 10 m x 10 m grade control program and to infill the existing Mineral Resource at NE Bankan. Best intercepts include 57 m @ 1.97 g/t from 9 m and 26 m @ 2.82 g/t from 47 m.
• RC grade control program at NE Bankan now completed. CSA Global recommending that an 80 m x 40 m drill spacing will be sufficient to upgrade the mineral resource to ‘indicated’.
• Extensive DD and RC drilling continuing at the Bankan Project, focused on the company’s strategy to increase the size and quality of the mineral resource. Updated estimate targeted for 1Q23.
• Update on near-mine regional drilling and geophysical targeting to be provided shortly.
• Kaninko Permit, which hosts NE Bankan and Bankan Creek, has been renewed.

Andrew Pardey, Managing Director, comments:

“These excellent results from our infill and grade control drilling program at NE Bankan further underpin the consistency and extent of this extraordinary orebody. These results are from within the optimised resource pit shell and are aimed at providing further certainty of the tonnes and grade ahead of ultimately building and mining the NE Bankan deposit. Encouragingly, we continue to see strong continuity in the high-grade plunging shoot in the middle to lower parts of the optimised pit shell.

“Completion of the RC grade control program has generated valuable information for future drilling and resource modelling purposes, including a target spacing of 80 m x 40 m to achieve the indicated category.

“Drilling is continuing to target resource extension and infill drilling, including in the area down-plunge of the initial underground resource where a number of deeper holes returned high-grade intercepts. With eight drill rigs currently operating on site, we are well placed to update the mineral resource estimate during the first quarter of 2023, including a partial upgrade to Indicated and an extension of the initial high-grade underground mineral resource.”