Predictive Discovery Limited (ASX: PDI) has announced a highly encouraging update on its Kaninko Project in Guinea.
The company reported that the assay results received from a 24-hole air-core/reverse circulation drilling program on the North-East Bankan Prospect have confirmed a significant gold discovery on Kaninko Gold Project.
PDI said that reportable gold intercepts were obtained in 23 of 24 holes, with many results from surface. Significant intersections include 46m (to EOH) at 6.58 g/t gold from 4m including 10m at 26.52 g/t gold from 34m; 42m (to EOH) at 2.92 g/t gold from 8m; 50m (to EOH) at 1.53 g/t gold from surface including 20m at 2.51 g/t gold from 30m; 42m at 1.56g/t gold from surface including 30m at 2.07 g/t gold from 12m; 20m at 1.35g/t gold from surface; 50m (to EOH) at 1.27 g/t gold from surface; 34m at 1.06 g/t gold from surface; and 48m at 1.15 g/t gold from surface.
The company noted that all holes were drilled to a maximum downhole depth of 50m. PDI said that a further 23 holes are pending from the Bankan Creek Prospect.
PDI said that the drilling has demonstrated the presence of a very broad, north-trending zone containing some high-grade gold intercepts, which is at least 450m long, and open in all directions and at depth.
Predictive Discovery announced that upon receipt of final assays, it will complete a review of all results and announce the next steps for its Guinea exploration programs, including plans for the recently announced Koundian Property Package.
The Company said that it is also awaiting assays from its Ferkessedougou North Project (45.3m at 3.16 g/t gold from 45.9m including 9m at 10.31 g/t gold2), with diamond drill results from joint venture partner Resolute Mining expected shortly.
The 100%-owned Kaninko Project in Guinea was granted to Predictive in July 2019. Through rapid, targeted low-cost exploration, the Company has progressed it from a greenfields tenement with no known history of past exploration, to a property on which significant gold mineralisation has now been identified.
Significant prospects include Bankan Creek and North-East Bankan Prospect.
Drilling at Kaninko
In January-February 2020, the Company had completed 3,178m of shallow power auger drilling and 490m of trenching at Kaninko. Significant hits included 11.90 g/t gold from bottom-of-hole Power Auger sampling at North-East Bankan Prospect and 18m at 1.60 g/t gold from trenching at the Bankan Creek Prospect.
24-hole drill program at North-East Bankan
During March 2020, the Company completed 24 holes (totalling 1,193m) of angled air core/reverse circulation drilling along seven traverses, testing beneath the better intercepts from the previously announced power auger results. Holes were drilled at -50 degrees to a maximum downhole depth of 50m. The drilling was carried out by Target Drilling.
The company has now announced high-grade assay results from this drill program.
High-grade assays from North-East Bankan
The company reported that the drilling program at North-East Bankan has returned numerous shallow, thick, and high-grade gold intercepts.
PDI said that 18 of the 24 holes (KKOAC001-KKOAC024) intersected reportable gold intercepts (> 0.25g/t Au) from less than 5m (vertically) below surface, and 10 of the holes stopped in gold mineralisation.
Predicative said that the gold mineralisation is therefore open to the west and east along most drill lines and at depth. Cross sections show that known mineralised widths extend up to 150m without the full width having been completely tested on any drill line.
Significant intercepts from hole KKOAC001 include 46m at 6.58 g/t gold from 4m, including a higher-grade zone of 10m at 26.52 g/t gold from 34m. The company said that the result is seen as highly encouraging and highlights the potential for further discoveries along trend and elsewhere at the Bankan Creek prospect.
Other high-grade hits include 42m (to EOH) at 2.92 g/t gold from 8m (hole KKOAC008); 50m (to EOH) at 1.53 g/t gold from surface including 20m at 2.51 g/t gold from 30m (hole KKOAC010); 42m at 1.56g/t gold from surface including 30m at 2.07 g/t gold from 12m (hole KKOAC017); 20m at 1.35g/t gold from surface (hole KKOAC002); 50m (to EOH) at 1.27 g/t gold from surface (hole KKOAC004); 34m at 1.06 g/t gold from surface (hole KKOAC009); and 48m at 1.15 g/t gold from surface (hole KKOAC012).
The company said that the results from the 24-hole aircore and reverse circulation program on North-East Bankan prospect demonstrate broad north-trending zones of at least 450 metres long and open in all directions.
Results pending at Bankan Creek
The company reported that further assay results are expected in the coming weeks from the 23 RC-AC holes now completed at the Bankan Creek Prospect.
Drilling at Kankan project
The company announced that the planned drilling at Kankan project is on hold pending resolution of an issue with the drill rig. Subject to that being resolved, PDI said that the Kankan drilling is expected to be completed in the coming weeks and results reported thereafter.
The company announced that once all results have been received from the Kaninko drilling program, new programs involving power auger drilling and either air core or RC drilling or both will be carried out.
Managing Director Paul Roberts said: “We are very pleased by these results, which are an excellent first step in defining what appears to be a significant new gold discovery in West Africa.
With this initial shallow program, we have confirmed the presence of the broad mineralised widths suggested by the earlier power auger drilling along with some impressively high gold grades.
Many of the holes either started or stopped in gold mineralisation, which is therefore open both at depth and to the east and west on most drill lines. The mineralisation is also open to the north and south so there is plenty of scope to grow this further with more drilling.
We are also waiting for assays from our recently completed Bankan Creek drilling only 3km south-west of this discovery, which is a separate broad, gold mineralised system that has already demonstrated promising trenching and power auger drill results.
This new discovery highlights the opportunity presented by our greenfields exploration strategy on 100% owned ground in the prolific Siguiri Basin of Guinea, as well as the speed with which we can advance these projects.
Kaninko was granted to us just over nine months ago. Since then, through the strenuous efforts of our Guinea team, we have transformed a greenfields property with no known prior exploration to an exciting new gold discovery.
With further drill results still pending and the recently announced acquisition of the Koundian Property Package, the Company now has multiple opportunities for discovering a 100%-owned +1Moz deposit in Guinea.”