Predictive Discovery Limited (“Predictive” or “Company”) is pleased to announce an updated JORC 2012-compliant Mineral Resource Statement for the Company’s flagship Bankan Project (“Bankan” or “the
• NE Bankan deposit Total Mineral Resource now 72.3 million tonnes at 1.65g/t Au for 3.9 million ounces of gold.
• Global Resource for Bankan – NE Bankan and Bankan Creek Deposits – increases to 79.5 million tonnes at 1.63g/t Au for 4.2 million ounces of gold (Table 1).
KEY POINTS ON GROWING BANKAN
• NE Bankan deposit increased by 569,000 ounces, from 3.3Moz to 3.9Moz an 18% increase in Mineral Resource.
• NE Bankan grade continues to increase with 72.3 million tonnes at 1.65g/t Au (previously 1.57g/t) driven by the high-grade zone returning an average grade of 6.59g/t Au.
• Mineral Resource includes initial High-Grade underground resource directly below the optimised pit shell of 283,938 tonnes at 4.85g/t for 44,000 ounces.
• Initial metallurgical test work for the deeper high-grade zone within the optimised pit shell completed leaching within 24 hours for an average recovery of 92% and results of 30 – 50% gravity recovery.
• Deepest diamond hole (BNERD0113) sits outside the reported Mineral Resource area, currently as unclassified material, providing exciting potential for further resource growth.
• NE Bankan remains open downdip with the deepest hole BNERD0113 returning 24m @ 5.5g/t Au from 850m, including 11m @ 10.3g/t Au from 852m2 with infill and step out drilling expected to convert this result into resource.2
• The Company has completed multi-element and geochemical analysis of the NE Bankan deposit, with NE Bankan signature now understood and to be used regionally to look for similar NE Bankanstyle discoveries.
• Updated Resource comprises 83 Reverse Circulation/Diamond Drill (RCDD) and 134 Reverse Circulation (RC) holes for a total of 52,316.8 meters of drilling.
• Currently nine drill rigs undertaking further resource drilling, grade control and near-deposit exploration across the Bankan Project area.
• Mineral Resource Estimate has been prepared by independent consultants, CSA Global Mining Industry Consultants (‘CSA’) and is reported in accordance with the JORC Code (2012).
• Predictive is well funded with $57 million in cash.
Commenting on the updated Mineral Resource Statement, Managing Director Andrew Pardey: “Today’s results confirm what we have believed since the Discovery Hole in April 2020: Bankan is one of the
most significant gold discoveries ever made in West Africa and may possibly become the region’s next tier-one gold mine.
Since our Maiden Resource on 30 September 2021, we have added an extra 569,000 ounces at NE Bankan to achieve an Inferred Mineral Resource of 4.2Moz grading 1.63g/t gold. Importantly, the most exciting step-out hole completed, BNERD0113, is below the current Resource model therefore we will continue with more infill work to convert these results into Resources.
Over the following months and supported by our healthy A$57 million cash balance, we will continue to drill the current deposit to convert the Resource category from Inferred to Indicated, undertake further resource drilling at Bankan Creek and develop our regional targets with the goal of finding more NE Bankan-style deposits along our 35km-long structural corridor.
Looking further forward, the team is hard at work to ensure this project is built into a mine. In addition to drilling and metallurgical work, we will continue working with the Guinean Government, which fully backs the project, as well as working with our advisors to design a project that embeds environmental and social matters at its core, in alignment with the expectation of our stakeholders. This is central to our ability to bring Bankan into production.”
SOURCE: Predictive Discovery
DATE: August 1, 2022