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PREDICTIVE DISCOVERY LIMITED — Capital/Financing Update 2011
Jun 8, 2011
65537_rns_2011-06-08_e7962cbc-c9dd-48c3-81db-4122bbbc8254.pdf
Capital/Financing Update
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9 June 2011
ASX Announcement
Level 7 Exchange Tower 530 Little Collins Street Melbourne VIC 3000 ABN 11 127 171 877 p (03) 9909 7990 f (03) 9621 1460 w www.predictivediscovery.com e [email protected] ASX Code: PDI
Encouraging Gold Drill Intersections from Bangaba Project, Burkina Faso
Highlights
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RC drilling at Bangaba on the Tambiri prospect has returned gold mineralisation over a 320m strike length and is open to the south‐west and north‐east and at depth
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10 reverse circulation (RC) holes completed with best results of:
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5m at 17.1g/t Au including 1m at 71g/t Au
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9m at 2.6g/t Au including 1m at 13.4g/t Au
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12m at 2.4g/t Au including 1m at 12.1g/t Au
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7m at 2.1g/t Au
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Previous historic drilling obtained gold intercepts including 16m at 10.6 g/t Au and 5m at 16.4 g/t Au.
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All holes intersected the Tambiri vein system which is gold anomalous over an average true width of 14m and persists to at least 130m below the surface.
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- Follow up oriented diamond core drilling, geophysics and application of the Predictore™ technology is planned to better understand the vein system and to assess the possibilities of:
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- repeat ore shoots along the 2km vein system strike length and at depth; and
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- additional vein sets not encountered in the initial RC drilling.
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Predictive Discovery Limited ( ASX: PDI ) is pleased to announce that recent drilling at its Bangaba permit in Eastern Burkina Faso (Figure 1) returned encouraging gold assay results from a 10 hole RC drill program, including 5m at 17.1 g/t Au.
Mr Paul Roberts, PDI’s Managing Director stated that “ These initial drill results indicate that the gold anomalous section of the Tambiri quartz vein complex is both wide and persists to depth. The mineralised system is known to extend over a strike length of at least 2km of which only 320m has been drill tested by
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PDI so far. Very high grade shoots of the type that we see at Tambiri could occur anywhere along this strike extent and may repeat at depth. An aeromagnetic survey planned to commence shortly, oriented diamond core drilling planned for the next field season and application of the Predictore ™ technology will assist PDI to assess the structural controls on the Tambiri quartz vein system and enable the Company to better understand the geometry and distribution of gold mineralisation.”
Introduction
The Tambiri Prospect is one of three major areas of artisanal workings on the Bangaba Project in Eastern Burkina Faso (Figures 1 and 2). It covers a 2km long zone of artisanal workings over a north‐east trending quartz vein system. Background information on the Bangaba Project and Tambiri is provided at the end of this release.
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Figure 1: Location of Bangaba Project in Eastern Burkina Faso superimposed on a geological map of the country. Granite areas are shown in pink and prospective greenstone areas in green. PDI’s permits are coloured blue. Known major gold ore deposits are the labelled white dots.
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Figure 2: Location of three major artisanal working sites on Bangaba superimposed on a Government geology map.
Tambiri RC Drilling Program
The drilling program was targeted at the northern end of the Tambiri vein system (Figure 3) to test beneath artisanal workings and historical diamond drill holes where results previously indicated the presence of a significant high grade gold mineralised zone. Ten RC drill holes totalling 1,565 metres were completed in April and early May. They were drilled at inclinations of between 48 and 50 degrees on five sections 80m apart and designed to test the Tambiri vein zone at depths of 80 metres and 120 metres vertically on each line. Active artisanal workings extend to a vertical depth of 60 to 70 metres through most of the target area so holes were drilled deeper to avoid intersecting them for both safety and practical drilling reasons.
Gyroscopic surveying of the holes indicated that they all steepened with depth so later holes were set at shallower angles than originally planned to ensure that they hit their target at the correct depth. Samples within quartz‐rich zones were assayed at 1 m intervals with the remainder being sampled in two metre composites. All samples were analysed for gold by fire assay. Standards and blanks were also analysed in accordance with best working practice. Like most other West African gold explorers, PDI has been experiencing quite slow assay returns for its drill samples, which is why the release of these results is later than expected.
A plan view of the drill holes along with approximate positions of the nearby HRG drill holes is shown in Figure 3.
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Figure 3: Plan view of PDI’s RC drill collars and drill traces at the northern end of the Tambiri vein system. Approximate positions of the HRG drill holes are also shown (note: the collars of SEBT96‐11 and SEBT96‐17 have been found but no down hole surveys are recorded for any of the HRG holes). Based on PDI’s estimate of the HRG hole positions, it is possible that neither of the holes to the north and south of the drilled area penetrated through the Tambiri vein system.
RC Drill Results
A summary of all gold assay results exceeding 1g/t Au is provided in Table 2.
Table 2 – Gold intercepts exceeding 1g/t Au, Tambiri RC drilling program
| Hole Number | Collar coordinates | Collar coordinates | Down hole depth from (m) |
Interval (m) |
Au (g/t) |
Comments |
|---|---|---|---|---|---|---|
| UTM East | UTM North |
|||||
| TMBRC001 | 227,663 | 1,487,612 | 94 | 1 | 6.3 | |
| TMBRC002 | 227,692 | 1,487,586 | 144 | 1 | 2.2 | |
| TMBRC002 | 227,692 | 1,487,586 | 150 | 3 | 1.1 | |
| TMBRC003 | 227,621 | 1,487,540 | 90 | 1 | 1.7 | |
| TMBRC003 | 227,621 | 1,487,540 | 96 | 9 | 2.6 | **incl. 1m at 13.4g/t ** |
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| Au | ||||||
|---|---|---|---|---|---|---|
| TMBRC004 | 227,649 | 1,487,514 | 137 | 1 | 1.4 | |
| TMBRC004 | 227,649 | 1,487,514 | 140 | 1 | 1.0 | |
| TMBRC004 | 227,649 | 1,487,514 | 162 | 1 | 2.2 | |
| TMBRC005 | 227,580 | 1,487,469 | 94 | 5 | 2.1 | |
| TMBRC006 | 227,613 | 1,487,438 | 32 | 2 | 2.1 | |
| TMBRC006 | 227,613 | 1,487,438 | 155 | 12 | 2.4 | incl. 1m at 12.1 g/t Au |
| TMBRC006 | 227,613 | 1,487,438 | 171 | 1 | 2.3 | |
| TMBRC006 | 227,613 | 1,487,438 | 177 | 1 | 1.4 | |
| TMBRC007 | 227,521 | 1,487,415 | 89 | 1 | 2.8 | |
| TMBRC007 | 227,521 | 1,487,415 | 96 | 5 | 17.1 | incl. 1m at 71.7g/t Au |
| TMBRC007 | 227,521 | 1,487,415 | 109 | 1 | 1.5 | |
| TMBRC009 | 227,466 | 1,487,358 | 69 | 1 | 3.9 | |
| TMBRC009 | 227,466 | 1,487,358 | 90 | 7 | 2.1 | |
| TMBRC010 | 227,497 | 1,487,329 | 154 | 4 | 2.1 |
All ten holes penetrated the Tambiri vein system which consists of multiple quartz veins hosted by altered mafic volcanics and extending over widths of tens of metres. The average dip of the vein system is inferred to be about 80 degrees to the south‐east. Higher gold values are not always associated with high percentages of quartz while some quartz is un‐mineralised. In zones of higher gold grades, strong biotite‐ bearing alteration and traces of base metal sulphides are observed. Stronger foliation in the gold bearing zone suggests coincidence with a shear zone. Weathering is very shallow at Tambiri and none was observed in drill intersections of the vein system.
The distribution of gold values in both the PDI RC and the earlier HRG diamond drill holes is shown on a longitudinal projection of the vein system (Figure 4). Most of the PDI holes were drilled at greater depths than the HRG drill holes. However, PDI’s TMBRC007 was drilled adjacent to the deepest of the HRG holes and generated a gold intercept which was both wider and higher in grade than its predecessor (5m at 17.1g/t Au vs. 2m at 9.9g/t Au). This provides some confidence in the accuracy of the earlier drill results and suggests that the artisanal miners have removed part of a very high grade ore shoot in this vein system. Given that the gold appears to be associated with multiple veins and the artisanal miners tend to follow single mineralised veins down until the gold values peter out, it is unlikely that most of the shallow gold has been removed.
PDI’s drilling indicates that a large part of the vein system is gold anomalous (i.e. gold values exceeding 0.1g/t Au) with all ten holes intersecting broad anomalous zones of gold. Table 3 illustrates that, across the ten holes, the zone has an average down hole width of 20m (14m true width) and an arithmetic average grade of 1.1 g/t Au. Grades and widths seem to be higher at shallower depths suggesting that the mineralised zone in the top 100m of the vein system has a higher bulk grade than this, even after taking into account gold removal by artisanal miners.
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Figure 3: Longitudinal projection of the Tambiri vein system. Mineralised intersection positions are projected on to a vertical plane oriented parallel to the vein system.
Table 3 – Anomalous gold intercepts in the Tambiri vein system
| From (m) |
To (m) | Interval (m) |
Average Au (g/t) |
|
|---|---|---|---|---|
| TMBRC001 | 94 | 112 | 18 | 0.6 |
| TMBRC002 | 139 | 157 | 18 | 0.5 |
| TMBRC003 | 85 | 111 | 26 | 1.2 |
| TMBRC004 | 149 | 164 | 15 | 0.4 |
| TMBRC005 | 90 | 114 | 24 | 0.6 |
| TMBRC006 | 154 | 179 | 25 | 1.4 |
| TMBRC007 | 89 | 110 | 21 | 4.4 |
| TMBRC008 | 148 | 166 | 18 | 0.2 |
| TMBRC009 | 86 | 111 | 25 | 0.7 |
| TMBRC010 | 144 | 158 | 14 | 0.7 |
| Average: | 20.4 | 1.1 |
Gold Mineralisation Potential
PDI’s first drilling program at Tambiri has shown that:
-
the recorded HRG high grade gold drill intercepts were probably accurate; and
-
a thick gold‐bearing quartz vein complex persists to at least 130m depth.
Based on this initial program, grades and widths appear to decline with depth within the drilled section, however it is quite likely that other high grade ore shoots are present within the 2 km extent of the vein system, both along strike and at greater depths. In addition, some of the individual gold bearing veins may well strike or dip in different directions. At this stage further RC drilling is not the best option and a
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program of oriented diamond core drilling is required to gain the necessary understanding of Tambiri’s gold mineralisation potential.
Gold values may be quite variable at Tambiri. The HRG logs recorded the presence of coarse gold, so some repeat assays using a screen fire assay method may modify the reported results slightly.
A ten hole RC drilling program at the Solna Prospect (Figure 2) was completed in late May. Assay results from Solna, which are expected by the end of June, will provide additional understanding of Bangaba’s mineralisation potential.
Planned Exploration Activities
Artisanal miners have produced significant quantities of gold at Bangaba for some 27 years with cumulative gold production estimated to be several tonnes or more. PDI’s initial drilling program at Tambiri has indicated that there are some geological complexities, at least at Tambiri. PDI’s skill base, including the Predictore™ technology is well suited to understand this and careful programs of oriented core drilling and permit‐wide geophysical and geochemical surveys will be carried out to further assess the Project’s gold mineralisation potential.
An aeromagnetic survey is scheduled to commence at Bangaba in early July and the results will be interpreted in detail over the wet season. Follow up diamond core drilling is planned after the wet season and will be prioritised with drilling at PDI’s Bonsiega Project.
Bangaba Project ‐ Background
The Bangaba Project is located in Eastern Burkina Faso. Predictive Discovery is targetting multi million ounce orogenic gold deposits in West Africa using its unique Predictore™ approach. PDI is earning a 95% interest in this 128 km[2] exploration permit through a series of cash payments and share allocations with a total value of $540,000 to SOMIKA, a Burkina‐Faso based company. The Company’s current equity in the Project is 51%.
Gold mineralisation was discovered at Bangaba in 1984 and artisanal miners have been active there ever since. PDI’s partner at Bangaba, SOMIKA is a large buyer of artisanal gold in Burkina Faso and has been purchasing gold from this area for the past seven years. SOMIKA reports that its current purchases of gold from the tenement area are between 10 and 15kg per month (equivalent to 4,000 – 6,000oz per annum). Approximately 4,000 people live at Solna (Figure 2), the largest artisanal mining community in the district.
In 1996, a Canadian company, High River Gold Mines ( HRG ), undertook a program of exploration in joint venture with Salah Salim Trading Enterprises (source: 1996 annual report to the Mines Department). This program consisted of diamond drilling, soil sampling and electrical geophysics over the Tambiri and Solna sites. The focus of drilling was Tambiri and 17 diamond drill holes were completed totalling approximately 1,600m. Higher grade intercept results obtained aree summarised in Table 1. Drill holes SEBT96‐01, SEBT 96‐02, SEBT 96‐11 and SEBT96‐17 (yellow highlight) were obtained from the northern end of the Tambiri vein system. PDI’s recent RC drilling program was designed to confirm and follow up these results.
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Table 1 – High River Gold Mines’ 1996 diamond drill results, Tambiri Prospect
| HoleID | PDI estimated collar coordinates |
PDI estimated collar coordinates |
Depth from (m) |
Depth to (m) |
Interval (m) |
“Metallic”1 assay Au (g/t) |
|---|---|---|---|---|---|---|
| UTM east |
UTM north |
|||||
| SEBT 96‐01 | 227640 | 1487590 | 61 | 66 | 5 | 16.4 |
| SEBT 96‐02 | 227500 | 1487440 | 54 | 56 | 2 | 56.1 |
| SEBT 96‐09 | 226540 | 1485960 | 25 | 28 | 3 | 4.7 |
| SEBT 96‐11 | 227529 | 1487409 | 106 | 108 | 2 | 9.9 |
| SEBT 96‐14 | 226660 | 1486120 | 90 | 93 | 3 | 10.1 |
| SEBT 96‐17 | 227570 | 1487510 | 56 | 72 | 16 | 10.6 |
About Predictive Discovery:
Predictive Discovery Limited (PDI) was established in late 2007 to explore for gold and uranium. The Company is focused principally on exploration for gold in West Africa with two additional projects for uranium and gold in Australia. PDI has a distinctive technological capability, known as Predictore [TM] , which is designed to increase drill targeting efficiency thereby reducing ore discovery cost. The Company’s major focus is in Burkina Faso, West Africa where it is exploring for large open‐pittable gold ore deposits.
Competent Persons Statement
The exploration results reported herein, insofar as they relate to mineralisation, are based on information compiled by Mr Paul Roberts (Fellow of the Australian Institute of Geoscientists). Mr Roberts is a full time employee of the company and has sufficient experience relevant to the style of mineralisation and type of deposits being considered to qualify as a Competent Person as defined by the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2004 Edition). Mr Roberts consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
For further details please contact:
Paul Roberts Managing Director Tel: +61 8 9216 1020 Email: [email protected]
1 While the analytical method used is not completely clear, it appears to have been a screen fire assay method.
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