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PREDICTIVE DISCOVERY LIMITED — Interim / Quarterly Report 2019
Apr 23, 2019
65537_rns_2019-04-23_3cb2c8d6-a7e4-4596-90ee-307fb4814760.pdf
Interim / Quarterly Report
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24 APRIL 2019
QUARTERLY ACTIVITIES REPORT FOR PERIOD ENDING 31 MARCH 2019
Predictive Discovery Limited ( “Predictive” or “Company” ) is pleased to provide an update on its activities for the March 2019 Quarter. The Company’s focus during the reporting period continued to be on advancement of its West African gold projects in Cote d’Ivoire, Guinea and Burkina Faso.
HIGHLIGHTS FOR THE MARCH 2019 QUARTER INCLUDED:
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10,000m of RC drilling commenced at the Boundiali Project[1] (Cote d’Ivoire).
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A soil sampling program defined three strong gold anomalous zones (BN1, 2, 3) at Boundiali North (Cote d’Ivoire) with a combined length of 7.7km within the previously defined 14km-long zone of soil anomalies[2] .
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1,960m of trenching was completed at the Ferkessedougou North Project[3] (Cote d’Ivoire), with the discovery of a significant elliptical shaped gold mineralised granitic intrusive body approximately 160m long and 90m wide and best results including:
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FNTR035: 68m at 3.29g/t Au including 2m at 75.70g/t Au
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FNTR029: 92m at 1.76g/t Au including 2m at 20.60g/t Au and 2m at 8.04g/t Au
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FNTR037: 44m at 1.26g/t Au
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FNTR028: 38m at 1.27g/t Au including 2m at 7.03g/t Au
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FNTR028: 78m at 1.30g/t Au including 2m at 7.47g/t Au
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A Diamond Drilling (DD) program of up to 1,000m commenced at Ferkessedougou North , designed to explore the shape of the identified gold mineralised granitic body.
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Highly encouraging initial geochemical results on the Kankan and Nonta Permits in Guinea, including (ASX release post-reporting period[4] ):
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Two very strong BLEG stream sediment gold geochemical anomalies (both permits),
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One new 6km long gold geochemical anomaly peaking at 570ppb Au (Kankan)
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New prospect with peak gold value in rock chip sampling of 29g/t Au
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Grant of two new Reconnaissance Authorisations – Boroto and Yomadou, in Guinea
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$531,000 raised via a placement including a $350,000 cornerstone investment by Capital Drilling Limited , a London-listed international drilling company (ASX release post-reporting period[5] ).
1ASX Announcement - PDI-TORO JV SHARPENS FOCUS WITH MAJOR DRILLING PROGRAM - https://www.investi.com.au/api/announcements/pdi/f94b3df7 79b.pdf 2ASX Announcement – THREE STRONG GOLD-IN-SOIL ANOMALIES AT BOUNDIALI NORTH - https://www.investi.com.au/api/announcements/pdi/ebb8d750 c2d.pdf 3 ASX Announcement - BROAD WIDTHS AND HIGH-GRADE GOLD FROM TRENCHING AT FERKESSEDOUGOU NORTH - https://www.investi.com.au/api/announcements/pdi/eed8f770 dcd.pdf
4 ASX Announcement - EARLY RESULTS IMPRESS IN GUINEA https://www.investi.com.au/api/announcements/pdi/866985c4-568.pdf
5ASX Announcement – PREDICTIVE SECURES SUPPORT OF CAPITAL DRILLING IN $531,000 PLACEMENT
JUNE QUARTER 2019 – PLANNED ACTIVITY
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Cote D’Ivoire (Toro JV – Predictive 30%):
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Ongoing trenching and release of assay results from Boundiali North.
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Ongoing drilling and release of assay results from 10,000m Boundiali (South and North) RC drill program.
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Release of assay results from up to 1,000m of diamond drilling at Ferkessedougou North.
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Guinea (100% Predictive):
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Infill and extension soil sampling on 400 x 50m[2] and 800 x 100m[2] sample spacings on Predictive’s 100% owned Kankan Project (Guinea), following up highly encouraging Bulk Leach Extractable Gold (BLEG) stream sediment sampling (results of up to 87ppb Au) and soil sampling (a 6km long zone of gold-in-soil anomalies peaking at 570ppb Au)[6] .
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A soil sampling program on an 800 x 100m[2] grid and further geological mapping of Predictive’s
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100% owned Nonta Project (Guinea) following highly encouraging rock-chip sampling (results of up to 29g/t Au ) in a new prospect upstream of a major BLEG stream sediment gold anomaly) [7] .
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BLEG stream sediment sampling results pending from Predictive’s 100% owned Yomadou and Boroto Projects (Guinea).
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New Exploration Authorisation and/or Exploration Permit applications in Guinea.
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Burkina Faso (100% Predictive):
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Low cost, initial reconnaissance exploration on newly granted Laro permit in Boromo Belt 30km south of Poura Mine
CORPORATE
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Post reporting period, the Company undertook a heavily oversubscribed placement[8] with binding subscription agreements to raise $531,000. The Placement was backed by a $350,000 cornerstone commitment by Capital Drilling Limited and supported by several Australian stockbroking firms and some current shareholders.
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Predictive remains well-funded with cash of $1.1million at 31 March 2019.
MARKETING ACTIVITIES
- The Company released a new Corporate Presentation[9] for Mining INDABA (Cape Town), where Managing Director Paul Roberts and Principal Geologist Aimé Nganare met with international investors and stakeholders.
https://www.investi.com.au/api/announcements/pdi/2be739f4-236.pdf
6ASX Announcement - EARLY RESULTS IMPRESS IN GUINEA
https://www.investi.com.au/api/announcements/pdi/866985c4-568.pdf 7ASX Announcement - EARLY RESULTS IMPRESS IN GUINEA https://www.investi.com.au/api/announcements/pdi/866985c4-568.pdf 8ASX Announcement - PREDICTIVE SECURES SUPPORT OF CAPITAL DRILLING IN $531,000 PLACEMENT - https://www.investi.com.au/api/announcements/pdi/2be739f4 236.pdf
9ASX Announcement - Investor Presentation - Indaba Mining Conference, Capetown - https://www.investi.com.au/api/announcements/pdi/a0b12f25 f0e.pdf
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- In late March, Managing Director Paul Roberts conducted an East Coast Roadshow in Sydney and Melbourne, with two full days of meetings with respected broking firms and financial institutions to update them on Predictive’s activities and work programs in West Africa.
1. PREDICTIVE DISCOVERY WEST AFRICAN PROJECTS, APPLICATIONS & INTERESTS
With exposure to over 6,000km[2] of highly-prospective ground on the West African Birimian greenstone belts of Guinea, Cote d’Ivoire and Burkina Faso, Predictive is focused on its 100% owned and Joint Venture gold projects.
PDI’s business model has provided a pipeline of continuous and early stage exploration opportunities, partnering with experienced and respected companies to fund ongoing exploration and leveraging their expertise to realise shareholder value.
On some projects, where early results are highly promising, Predictive will undertake more advanced exploration, including drilling, in order to maximise value for our shareholders. The Company’s present intention is to advance to the drilling stage on one or more of its Guinea properties.
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Figure 1 – Predictive Discovery projects, applications and interests in Guinea, Cote d’Ivoire and Burkina Faso
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2. GUINEA – NONTA, SOULOUKO, KANKAN, BOROTO AND YOMADOU PROJECTS
The Company now has three 100% owned Reconnaissance Authorisations and two 100% owned Exploration Permits (Kankan and Nonta) in Guinea covering 500km[2 ] (Figure 2).
==> picture [441 x 343] intentionally omitted <==
Figure 2 - Locality Map of three new Reconnaissance Authorisations in Guinea, across the Siguiri Basin
EARLY RESULTS IMPRESS IN GUINEA
Post reporting period, Predictive announced results from early field work at Nonta and Kankan Projects (Figure 2).
The Company sampled and assayed 50 rock chip and dump samples from artisanal mine sites and rock outcrop at Nonta with a peak value of 29g/t Au. A gold Bulk Leach Extractable Gold (BLEG) stream sediment sampling program (Figure 3) was completed, totalling 39 samples with results peaking at 223ppb Au , and exceeding 20ppb over two stream catchment areas covering a total area of 20km .
Details of the sampling methods are provided in Tables 1 and 2. BLEG stream sediment geochemical results are shown on Figures 3 and 4.
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Figure 3 - Nonta Project BLEG stream sediment sample results showing stream locations (blue), rock chip/dump sample locations and stream catchment areas with BLEG results exceeding 20ppb Au (red-dashed line).
The Company completed a gold Bulk Leach Extractable Gold ( BLEG ) stream sediment sampling program (peaking at 87ppb Au) on Kankan, totalling 42 samples. A soil sampling program over part of the permit, totalling 269 samples, collected on an 800 x 100m[2] grid, was also completed with the best individual gold value being 570ppb Au.
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Figure 4 - Kankan Project BLEG stream sediment sample results with stream locations (blue), soil sample locations (brown points) and stream catchment areas with BLEG results exceeding 18ppb Au (red-dashed lines).
2019 JUNE QUARTER PLANNED ACTIVITES
The Company’s recent placement of shares was undertaken to raise capital for further exploration in Guinea, with a full 2019 field season of activity planned, aimed at identifying high quality drill targets in the December Quarter. In the June Quarter, this work will include:
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infill and extension soil sampling on 400 x 50m[2] and 800 x 100m[2] grids at Kankan,
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a soil sampling program on an 800 x 100m[2] grid and geological mapping at Nonta.
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follow-up soil sampling on BLEG anomalies identified on the Yomadou and Boroto Reconnaissance Authorisations
3. COTE D’IVOIRE – BOUNDIALI, BOUNDIALI NORTH, FERKESSEDOUGOU NORTH KOUNAHIRI, FERKESSEDOUGOU, BOBOSSO AND KOKOUMBO PROJECTS & INTERESTS
Predictive has a ground position in Cote D’Ivoire of over 5000km[2] with the country covering about one third of the world-class Birimian gold belt, more than any other country in West Africa. Core D’Ivoire remains largely underexplored for gold due to political instability which resulted in the exploration investment boom bypassing the country in the decade to 2012.
Predictive has a joint venture agreement with Toro Gold Limited. It also has three permit applications in the name of its 100% subsidiary, Ivorian Resources SARL.
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During the period, the Company announced significant activity on its Boundiali, Boundiali North and Ferkessedougou North Projects (Figure 5).
==> picture [501 x 367] intentionally omitted <==
Figure 5 – Cote D’Ivoire Projects, Applications and Interests.
PDI-TORO JV SHARPENS FOCUS WITH MAJOR DRILLING PROGRAM
During the period the Company announced a significant increase in focus within the Toro joint venture with exploration activities directed to its Boundiali and Ferkessedougou North Projects. As part of this renewed focus, the Joint Venture commenced 10,000m of RC at its Boundiali Project and up to 1,000m of diamond drilling on Ferkessedougou North.
BROAD WIDTHS AND HIGH-GRADE GOLD FROM TRENCHING AT FERKESSEDOUGOU NORTH
During the period 1,960m of trenching was completed at the Ferkessedougou North Project, with the Company highly encouraged by the discovery of a significant elliptical shaped gold mineralised granitic intrusive body approximately 160m long and 90m wide (Figure 6).
5,147m of trenching has been completed on the Ferkessedougou North permit since November 2017. The results highlighted in this release were generated from 1,960m of trenching. 2m channel samples were taken in the trench walls and submitted for bottle roll (cyanide leach) analysis at the Elam laboratory in
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Yamoussoukro, Cote D’Ivoire. The results reported here include some additional assays received after the results reported on 13 February 2019. Results for all the completed trenching to date along with details of the sampling methods are provided in Table 3.
Better intercepts (see Figure 6) included:
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FNTR35: 68m at 3.29g/t Au including 2m at 75.70g/t Au ( note: including additional results reported here which extend the trench interval from 34m long to 68m long)
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FNTR029: 92m at 1.76g/t Au including 2m at 20.60g/t Au and 2m at 8.04g/t Au
-
FNTR028: 38m at 1.27g/t Au including 2m at 7.03g/t Au
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FNTR037: 44m at 1.26g/t Au ( note: new results reported here from a trench for which assays had not been received in February 2019)
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FNTR028: 78m at 1.30g/t Au including 2m at 7.47g/t Au
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FNTR028: 22m at 1.60g/t Au including 2m at 9.65g/t Au
==> picture [482 x 388] intentionally omitted <==
Figure 6 - Large mineralised body with broad widths and high-grade gold at Ferkessedougou North. Red overlay defines the apparent shape of the mineralised granite based on trench mapping.
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2019 JUNE QUARTER PLANNED ACTIVITES
A diamond drilling program of up to 1,000m is currently in progress, aimed at obtaining a better idea of the sub-surface shape of the mineralised granite. Results will be announced as they become available. The Joint Venture’s drilling and trenching have only tested a small proportion of the 17km-long zone of gold in-soil anomalies, highlighting substantial potential for further discoveries on the soil grid.
NEW RESULTS FROM BOUNDIALI NORTH REVEAL THREE ZONES OF STRONG GOLD-IN-SOIL ANOMALIES
During the period a soil sampling program identified three strong gold anomalous zones (BN1, 2, 3) with a combined length of 7.7km within the previously defined broad 14km-long zone of soil anomalies, significantly enhancing the Boundiali Project’s potential. Details of the sampling methods are provided in Table 4.
New results were reported from 4,386 infill soil samples collected over high priority areas with a 200m x 50m sample density. This work has identified three clear zones (Figure 7) of strong, coherent gold-in-soil anomalies, with numerous gold values above 500ppb.
Results included:
Anomaly BN1
• 1.6 km long and up to 1km wide, peak values of 878ppb Au, 755ppb Au and 707ppb Au. Anomaly BN2
• 3.0km long and up to 400m wide, peak values of 873ppb Au, 747ppb Au and 635ppb Au. Anomaly BN3
- 3.1km long and up to 200m wide, peak values of 648ppb Au and 595ppb Au.
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Figure 7 – Gold-in-soil geochemical anomalies – Boundiali North Project
2019 JUNE QUARTER PLANNED ACTIVITIES
The Joint Venture is currently undertaking a 10,000m Reverse Circulation (RC) drilling program on the Boundiali Project with infill drilling of the 1.2-long Nyangboue gold mineralised zone ( including 20m at 10.5g/t Au and 30m at 8.3g/t Au ) on the Boundiali South permit, to be followed by reconnaissance RC drilling to follow up trench results on the Boundiali North permit once received.
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4. BURKINA FASO – BONGOU, BIRA, TAMBIRI, LARO, BOLLE AND KOURAKOU PROJECTS
ADVICE ON BURKINA FASO INCIDENT
During the March quarter the Company announced details of a security incident at its Progress Minerals Joint Venture in Burkina Faso[10] , which has resulted in the death of a senior employee of its Canadian joint venture partner Progress Minerals Inc.
The Company extended its deepest sympathies to the family and colleagues of Kirk Woodman – a respected geologist with 20 years of experience in working on the ground in West Africa.
On 15 January, Mr Woodman was kidnapped from an exploration camp at Tiabongou, Burkina Faso, near the town of Mansila. His body was found on 17 January.
The ongoing safety and security of every individual involved in the joint venture managed by Progress Minerals is of paramount importance to both companies.
All local employees of the joint venture company Predictive Discovery SARL were safe and secure after the incident. Predictive is monitoring the ongoing security situation in various regions of Burkina Faso and will work with Progress Minerals Inc to assess the implications for its local project activities. The incident does not affect any other Predictive operations or interests.
2019 JUNE QUARTER PLANNED ACTIVITIES
All work on the Predictive/Progress joint venture in Burkina Faso has temporarily ceased while a plan for the security of workers and contractors is finalised. Both companies expect work on this highly prospective project to recommence in 2019.
A low cost, reconnaissance exploration program involving ground geochemical sampling and geological mapping is planned on the granted Laro permit (Predictive 100%).
5. CORPORATE
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Predictive remains well-funded with cash of $1.1 million and no debt at 31 March 2019.
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Post reporting period, the Company announced it had received binding subscription agreements for a placement of shares to raise up to $531,000 (before costs).
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The Placement, which was heavily oversubscribed, was backed by a $350,000 cornerstone commitment by Capital Drilling Limited and supported by several Australian stockbroking firms and some current shareholders.
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The placement will result in the issue of up to 59,000,000 ordinary fully paid shares in the Company at a price of 0.9c/share.
10 ASX Announcements - ADVICE ON BURKINA FASO INCIDENT https://www.investi.com.au/api/announcements/pdi/cc7bca0d-b3d.pdf
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- Funds raised through this placement will be applied exclusively to exploration of Predictive’s new 100% owned exploration properties in Guinea, West Africa.
2019 MARCH QUARTER - ASX ANNOUNCEMENTS
This Quarterly Activities Report contains information extracted from ASX market announcements reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (“2012 JORC Code”). Further details (including 2012 JORC Code reporting tables where applicable) of exploration results referred to in this Quarterly Activities Report can be found in the following announcements lodged on the ASX:
| 22/03/2019 | Diamond DrillingUnderwayat Ferkessedougou North |
|---|---|
| 11/03/2019 | Three StrongGold-in-Soil Anomalies at Boundiali North |
| 13/02/2019 | Broad Widths & High-Grade Gold from Trenching (Amended) |
| 13/02/2019 | Broad Widths & High-Grade Gold from Trenching,Cote D'Ivoire |
| 4/02/2019 | Investor Presentation - Indaba MiningConference,Capetown |
| 18/01/2019 | Advice on Burkina Faso Incident |
| 16/01/2019 | PDI-Toro JV Sharpens Focus with Major DrillingProgram |
These announcements are available for viewing on the Company’s website www.predictivediscovery.com under the Investors tab. Predictive confirms that it is not aware of any new information or data that materially affects the information included in any original ASX announcement apart from the additional Ferkessedougou North trenching results which are reported here.
TABLE 1 – ROCK AND SOIL SAMPLE RESULTS – NONTA AND KANKAN PERMITS
| Sample | Northing | Easting | RL | Hole | Azimuth | Hole Depth | From | Interval | Au (ppb) |
|---|---|---|---|---|---|---|---|---|---|
| numbers | (WGS84- | (WGS84 – | dips | ||||||
| 29N) | 29N) | ||||||||
| Nonta rocks: PDG1-32, PML206-303. Kankan soils: PDG101-369 |
Refer to Figures 3-4 for map locations of all samples |
Refer to Figures 3-4 for map locations of all samples |
See notes |
Not relevant to the samples described in this report |
Not relevant to the samples described in this report |
Nonta rock samples were collected from surface dumps. Kankan soil samples were collected from 10-50cm depth |
Not relevant to the samples described in this report |
Not relevant to the samples described in this report |
See notes and Figures 3-4 |
| Notes: Soil sampling is a reconnaissance exploration technique. Soil samples were collected from shallow holes and coarse material was sieved out using a 2mm mesh. The prepared soil samples were sent to the SGS laboratory in Bamako, Mali for grinding and aqua regia (low detection limit) gold analysis. Rock chip samples were prepared and analysed by fire assay by Bureau Veritas in Mali and Cote D’Ivoire. RL ranges for rock chip samples in the Nonta permit were 399-451m and for the soil grid on the Kankan permit 385-443m. Individual RLs are not reported in this announcement because they are not relevant to interpreting geochemical data of this type. The rock chipsamples were collected fromgold artisanal mine sites. |
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| SECTION 1: SAMPLING TECHNIQUES AND DATA | SECTION 1: SAMPLING TECHNIQUES AND DATA | |
|---|---|---|
| JORC Code | ||
| Criteria | Explanation | Commentary |
| Sampling Technique | Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. |
The sampling described in this report refers to samples obtained from the Nonta and Kankan exploration permits in Guinea-Conakry. The Nonta rock samples were obtained from artisanal mine dumps/outcrops and the soil samples were collected from shallow holes with depths between 10 and 50cm. |
| Drilling | Drill type (eg core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc). |
This is not relevant to rock or soil sampling programs. |
| Drill Sample Recovery | Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. |
This is not relevant to rock or soil sampling programs. |
| Logging | Whether core and chip samples have been geologically and geotechnical logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean/Trench, channel, etc) photography. The total length and percentage of the relevant intersections logged. |
Rock samples are described in terms of interpreted lithology, mineralogy, degree of weathering and structure where observable. Soil samples are described in terms of soil type, regolith and landscape classification and colour. Descriptions are largely qualitative. |
| Sub-Sampling Technique and Sample Preparation |
If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of theinsitumaterialcollected, |
The sample preparation methods are appropriate and standard for rock and soil samples. |
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| including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. |
||
|---|---|---|
| Quality of Assay Data and Laboratory Tests |
The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. |
The use of fire assays with rock samples is appropriate and standard. The soil sample aqua regia digest analytical method used has a low (2ppb Au) detection limit which is appropriate for samples of this type. |
| Verification of Sampling and Assaying |
The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. The verification of significant intersections by either independent or alternative company personnel. Discuss any adjustment to assay data |
This is not relevant to rock or soil sampling programs. |
| Location of Data points | Accuracy and quality of surveysused tolocate drill holes (collar and down- hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used Quality and adequacyof topographic control |
Coordinates shown on the locality maps (Figures 1-4) are for Universal Transverse Mercator (UTM), Datum WGS 84, Zone 29 - Northern Hemisphere. |
| Data Spacing and Distribution |
Data spacing for reporting of Exploration Results Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositinghas been applied |
Data spacing for artisanal mine samples is not relevant. The soil sampling grid was 800 x 100m and is considered appropriate for a reconnaissance exploration grid of this type. No Mineral Resource can be estimated from these data. |
| Orientation of Data in Relation to Geological Structure |
Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed andreportedif material. |
The Kankan soil samples were collected along lines which were designed to cross cut the interpreted strike of an interpreted sheared mafic unit in the Kankan permit. Orientation of rock samples is not relevant to artisanal mine dumps. |
| Sample Security | The measures taken to ensure sample security | Samples are stored securely at Predictive’s field office in Kankan. |
| SECTION 2 REPORTING OF EXPLORATION RESULTS | ||
| Mineral Tenement and Land Tenure Status |
Type, reference name/number, location and ownership including agreements or material issues with third partiessuch asjoint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining alicenceto operatein the area. |
The Kankan and Nonta permits were granted to Predictive subsidiaries in Guinea in April 2019. They are both 100% owned by Predictive. |
| Exploration Done by Other Parties |
Acknowledgment and appraisal of exploration by other parties. |
Predictive is not aware of any significant gold exploration over either of these permits. There is a record of two gold occurrences recorded on the Kankanpermit in a nation-wide database(see Mamedov,V I |
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| et al (2010): Banque de Donnees sur les Gisements et Indices des Minéraux Utiles,Volume II) |
||
|---|---|---|
| Geology | Deposit type, geological setting and style of mineralisation. |
The geology of the Nonta and Kankan permits consists of metasediments, mafic volcanics and intrusives, and granitic rocks. Felsic volcanics and high-grade metamorphic rocks (gneisses) are also recorded on the Kankanpermit. |
| Drill Hole Information | A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. |
This is not relevant to rock and soil sampling programs. |
| Data Aggregation Methods |
In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearlystated. |
This is not relevant to rock and soil sampling programs. |
| Relationship Between Mineralisation Widths and Intercept Lengths |
These relationships are particularly important in the reporting of Exploration Results If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). |
This is not relevant to rock and soil sampling programs. |
| Diagrams | Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. |
Appropriate plans showing the locations of the rock and soil samples, colour coded by values, are shown in this release. |
| Balanced Reporting | Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. |
Results from all assayed rock and soil samples within the Nonta and Kankan Permits have been reported. |
| Other Substantive Exploration Data |
Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. |
All relevant, new exploration data is reported in this release. |
| Further Work | The nature and scale of planned further work (eg tests for lateral extensions or large scale step out drilling. Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information isnotcommercially sensitive. |
Follow-up soil sampling is planned on the Nonta and Kankan Permits as outlined in this release. |
TABLE 2 – BLEG STREAM SEDIMENT SAMPLE RESULTS – NONTA AND KANKAN PERMITS
BLEG Stream Sediment Results
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| Sample | Northing | Easting | RL | Hole | Azimuth | Hole Depth | From | Interval | Au (ppb) |
|---|---|---|---|---|---|---|---|---|---|
| numbers | (WGS84- | (WGS84 – | dips | ||||||
| 29N) | 29N) | ||||||||
| Kankan: PML308-349 Nonta: PDG350-388 |
Refer to Figures 3-4 for map location of stream sediment samples |
Refer to Figures 3-4 for map location of stream sediment samples |
See notes |
Not relevant to stream sediment samples |
Not relevant to stream sediment samples |
Samples were collected from very shallow excavations (generally less than 10cm) on stream banks and islands within streams on which active sediment has accumulated. |
Not relevant to BLEG stream sediment samples |
Not relevant to BLEG stream sediment samples |
See notes and Figures 3- 4 |
| Notes: BLEG (“bulk leach extractable gold”) stream sediment sampling is a reconnaissance exploration technique. With the method used by PDI, samples composed of the finest grained “active sediment” (i.e. sediment that has been deposited very recently in stream flooding events) are collected from banks and islands within streams in which fine sediment has collected. This particular technique, when combined with accurate, very low detection limit analysis (0.1ppb Au for PDI’s samples) provides a low cost and highly effective method for identifying prospective areas in stream catchment areas as large as 10 km2. The RL ranges for the Nonta and Kankan areas are, respectively is 338-442m and 271-316m. Individual RLs are not reported in this announcement because they are not relevant to interpreting geochemical data of this type; stream locations are important,however,and these are shown on Figures 1 and 3. |
SECTION 1: SAMPLING TECHNIQUES AND DATA
| SECTION 1: SAMPLING TECHNIQUES AND DATA | SECTION 1: SAMPLING TECHNIQUES AND DATA | SECTION 1: SAMPLING TECHNIQUES AND DATA |
|---|---|---|
| Criteria | JORC Code Explanation |
Commentary |
| Sampling Technique |
Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. |
The sampling described in this report refers bulk leach extractable gold (BLEG) stream sediment samples obtained from the Nonta and Kankan exploration permits in Guinea. The BLEG samples consisted of silt and clay material obtained from active stream sediment within and on the banks of streams which flow during the rainy season. |
| Drilling | Drill type (eg core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented andifso, bywhat method, etc). |
This is not relevant to a BLEG stream sediment program. |
Page 16 of 31
| Drill Sample Recovery |
Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. |
This is not relevant to a BLEG stream sediment program. |
|---|---|---|
| Logging | Whether core and chip samples have been geologically and geotechnical logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean/Trench, channel, etc) photography. The total length and percentage of the relevant intersections logged. |
BLEG stream sediment location descriptions are all recorded along with any outcrop or float geology at the sample site. |
| Sub-Sampling Technique and Sample Preparation |
If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. |
BLEG stream sediment samples consist of fine silt and clay material which is extracted from the other stream sediment material by decanting the fine-grained material in suspension and then settling it out of suspension using a flocculant. |
| Quality of Assay Data and Laboratory Tests |
The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. |
BLEG stream sediment samples were assayed at the former Ultra Trace (now Bureau Veritas) laboratory in Perth. The samples were assayed using a very low detection limit method (detection limit 0.1ppb Au) which is considered highly appropriate for a stream sediment survey of this type. |
Page 17 of 31
| Verification of Sampling and Assaying |
The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes The verification of significant intersections by either independent or alternative company personnel. Discuss any adjustment to assay data |
This is not relevant to a BLEG stream sediment program. However field duplicates were submitted with the BLEG samples and gave comparable results to the original samples. |
|---|---|---|
| Location of Data points |
Accuracy and quality of surveysused to locate drill holes (collar and down- hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used Quality and adequacy of topographic control |
Coordinates shown on the locality map for the Nonta and Kankan BLEG stream sediment results is for Universal Transverse Mercator (UTM), Datum WGS 84, Zone 29 - Northern Hemisphere. |
| Data Spacing and Distribution |
Data spacing for reporting of Exploration Results Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied |
The BLEG sampling was designed to test stream catchment areas averaging approximately 5 km2. |
| Orientation of Data in Relation to Geological Structure |
Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. |
This is not relevant to a BLEG stream sediment program. |
| Sample Security | The measures taken to ensure sample security |
Reference BLEG samples from Guinea are stored at PDI’s sample store in Kankan, Guinea |
| SECTION 2 REPORTING OF EXPLORATION RESULTS | ||
| Mineral Tenement and Land Tenure Status |
Type, reference name/number, location and ownership including agreements or material issues with third partiessuch as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operatein the area. |
The Kankan and Nonta permits were granted to Predictive subsidiaries in Guinea in April 2019. They are both 100% owned by Predictive. |
| Exploration Done by Other Parties |
Acknowledgment and appraisal of exploration by other parties. |
Predictive is not aware of any significant gold exploration over either of these permits. There is a record of two gold occurrences recorded on the Kankan permit in a nation-wide database (see Mamedov, V I et al (2010): Banque de Donnees sur les Gisements et Indices des Minéraux Utiles,Volume II) |
| Geology | Deposit type, geological setting and style of mineralisation. |
The geology of the Nonta and Kankan permits consists of metasediments, mafic volcanics and intrusives, and granitic rocks. Felsic volcanics and high-grade metamorphic rocks(gneisses)are also recorded on the Kankanpermit. |
| Drill Hole Information |
A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length |
This is not relevant to a BLEG stream sediment program. |
Page 18 of 31
| • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. |
||
|---|---|---|
| Data Aggregation Methods |
In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated. |
This is not relevant to a BLEG stream sediment program. |
| Relationship Between Mineralisation Widths and Intercept Lengths |
These relationships are particularly important in the reporting of Exploration Results If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). |
This is not relevant to a BLEG stream sediment program. |
| Diagrams | Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. |
Appropriate plans showing the locations of the stream sediment samples, classified by results, are shown in this release. |
| Balanced Reporting |
Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. |
All BLEG stream sediment results have been reported. |
| Other Substantive Exploration Data |
Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious orcontaminating substances. |
Rock chip samples have been collected on Nonta and soil samples on Kankan. Results from both data sets are recorded in this release. |
| Further Work | The nature and scale of planned further work (eg tests for lateral extensions or large scale step out drilling. Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is notcommercially sensitive. |
Follow-up soil sampling is planned on the Nonta and Kankan Permits, as outlined in this release. |
Page 19 of 31
TABLE 3 - TRENCHING RESULTS FROM FERKESSEDOUGOU NORTH
| Trench | UTM | UTM | RL | Azimuth | Length |
From | Interval | Au g/t |
Comments |
|---|---|---|---|---|---|---|---|---|---|
| ID | East | North | |||||||
| FNTR001 | 299284 | 1064960 | 294.4 | 90 | 76 | 16 | 2 | 0.66 | |
| FNTR002 | 299186 | 1065363 | 297.3 | 90 | 192 | 44 | 8 | 0.58 | |
| FNTR002 | 299186 | 1065363 | 297.3 | 90 | 192 | 62 | 14 | 0.38 | |
| FNTR002 | 299186 | 1065363 | 297.3 | 90 | 192 | 92 | 2 | 0.76 | |
| FNTR002 | 299186 | 1065363 | 297.3 | 90 | 192 | 118 | 2 | 0.54 | |
| FNTR002 | 299186 | 1065363 | 297.3 | 90 | 192 | 126 | 10 | 0.31 | |
| FNTR003 | 299072 | 1065561 | 290.0 | 90 | 230 | 84 | 12 | 1.04 | |
| FNTR003 | 299072 | 1065561 | 290.0 | 90 | 230 | 104 | 10 | 0.53 | |
| FNTR003 | 299072 | 1065561 | 290.0 | 90 | 230 | 134 | 4 | 0.42 | |
| FNTR003 | 299072 | 1065561 | 290.0 | 90 | 230 | 142 | 6 | 0.54 | |
| FNTR003 | 299072 | 1065561 | 290.0 | 90 | 230 | 156 | 4 | 0.55 | |
| FNTR003 | 299072 | 1065561 | 290.0 | 90 | 230 | 168 | 16 | 0.45 | |
| FNTR004 | 299197 | 1065962 | 286.6 | 90 | 30 | no significant intersection | |||
| FNTR005 | 299246 | 1066364 | 286.2 | 90 | 166 | 74 | 6 | 0.69 | |
| FNTR005 | 299246 | 1066364 | 286.2 | 90 | 166 | 86 | 8 | 0.32 | |
| FNTR005 | 299246 | 1066364 | 286.2 | 90 | 166 | 158 | 8 | 0.26 | |
| FNTR006 | 300791 | 1069764 | 291.5 | 90 | 120 | 4 | 2 | 0.51 | |
| FNTR007 | 300635 | 1069360 | 280.8 | 90 | 63 | no significant intersection | |||
| FNTR008 | 303040 | 1070363 | 280.0 | 90 | 156 | no significant intersection | |||
| FNTR009 | 304625 | 1071027 | 275.2 | 90 | 54 | 4 | 4 | 0.25 | |
| FNTR010 | 303170 | 1070163 | 280.0 | 90 | 190 | 20 | 16 | 0.93 | |
| FNTR011 | 304930 | 1071960 | 278.1 | 90 | 100 | no significant intersection | |||
| FNTR012 | 304434 | 1072153 | 271.2 | 90 | 176 | 92 | 4 | 0.60 | |
| FNTR012 | 304434 | 1072153 | 271.2 | 90 | 176 | 148 | 10 | 0.47 | |
| FNTR012 | 304434 | 1072153 | 271.2 | 90 | 176 | 164 | 4 | 0.26 | |
| FNTR013 | 304492 | 1072369 | 270.0 | 90 | 168 | 120 | 2 | 0.79 | |
| FNTR014 | 304980 | 1073151 | 270.0 | 90 | 80 | no significant intersection | |||
| FNTR015 | 305202 | 1073386 | 270.0 | 90 | 72 | 42 | 2 | 1.63 | |
| FNTR015 | 305202 | 1073386 | 270.0 | 90 | 72 | 52 | 2 | 0.85 | |
| FNTR016 | 306867 | 1073162 | 279.8 | 90 | 90 | no significant intersection | |||
| FNTR017 | 306959 | 1073361 | 280.0 | 90 | 100 | no significant intersection | |||
| FNTR018 | 302037 | 1071969 | 260.0 | 90 | 172 | no significant intersection | |||
| FNTR019 | 302339 | 1072356 | 260.0 | 90 | 322 | 120 | 4 | 0.65 | |
| FNTR019 | 302339 | 1072356 | 260.0 | 90 | 322 | 288 | 2 | 0.87 | |
| FNTR020 | 301780 | 1070959 | 280.0 | 90 | 126 | no significant intersection | |||
| FNTR021 | 302488 | 1071365 | 260.5 | 90 | 40 | no significant intersection | |||
| FNTR022 | 307190 | 1073960 | 270.0 | 90 | 26 | no significant intersection | |||
| FNTR023 | 305363 | 1075152 | 270.0 | 90 | 96 | no significant intersection | |||
| FNTR024 | 305533 | 1076163 | 248.0 | 90 | 174 | 142 | 14 | 0.58 | |
| FNTR025 | 305238 | 1074765 | 260.0 | 90 | 168 | 50 | 10 | 0.48 |
Page 20 of 31
| FNTR026 | 299180 | 1065661 | 289.7 | 90 | 126 | 36 | 16 | 0.63 | |
|---|---|---|---|---|---|---|---|---|---|
| FNTR026 | 299180 | 1065661 | 289.7 | 90 | 126 | 64 | 6 | 0.66 | |
| FNTR026 | 299180 | 1065661 | 289.7 | 90 | 126 | 78 | 20 | 0.86 | |
| FNTR026 | 299180 | 1065661 | 289.7 | 90 | 126 | 104 | 4 | 0.59 | |
| FNTR027 | 299119 | 1065490 | 292.0 | 90 | 186 | 40 | 18 | 0.34 | |
| FNTR027 | 299119 | 1065490 | 292.0 | 90 | 186 | 120 | 4 | 0.48 | |
| FNTR027 | 299119 | 1065490 | 292.0 | 90 | 186 | 136 | 4 | 0.40 | |
| FNTR028 | 299209 | 1065662 | 290.0 | 160 | 174 | 0 | 38 | 1.27 | includes 2m at 7.03g/ tAu |
| FNTR028 | 299209 | 1065662 | 290.0 | 160 | 174 | 42 | 78 | 1.30 | includes 2m at 7.47 g/t Au, 2m at 5.81g/t Au |
| FNTR028 | 299209 | 1065662 | 290.0 | 160 | 174 | 126 | 22 | 1.60 | includes 2m at 9.65g/t Au |
| FNTR029 | 299245 | 1065659 | 290.5 | 160 | 172 | 0 | 92 | 1.76 | includes 2m at 20.60 g/t Au, [email protected] g/t Au, 2m at 8.04 g/t Au |
| FNTR030 | 299048 | 1065282 | 294.5 | 90 | 142 | 28 | 2 | 0.51 | |
| FNTR031 | 299282 | 1066185 | 288.1 | 90 | 138 | 16 | 4 | 0.75 | |
| FNTR032 | 298753 | 1065569 | 287.7 | 90 | 140 | no significant intersection | |||
| FNTR033 | 298751 | 1065749 | 284.7 | 90 | 170 | no significant intersection | |||
| FNTR034 | 299574 | 1065601 | 298.4 | 90 | 158 | no significant intersection | |||
| FNTR035 | 299121 | 1065610 | 290.0 | 90 | 192 | 60 | 68 | 3.29 | includes 2m at 75.7g/t Au. |
| FNTR035 | 299121 | 1065610 | 290.0 | 90 | 192 | 60 | 10 | 1.53 | |
| FNTR035 | 299121 | 1065610 | 290.0 | 90 | 192 | 60 | 8 | 1.25 | |
| FNTR036 | 299181 | 1065714 | 288.8 | 90 | 178 | 76 | 6 | 1.12 | |
| FNTR036 | 299181 | 1065714 | 288.8 | 90 | 178 | 88 | 6 | 0.47 | |
| FNTR037 | 299116 | 1065525 | 290.8 | 90 | 184 | 82 | 44 | 1.26 | |
| FNTR037 | 299116 | 1065525 | 290.8 | 90 | 184 | 130 | 12 | 0.77 |
Page 21 of 31
| SECTION 1: SAMPLING TECHNIQUES AND DATA | SECTION 1: SAMPLING TECHNIQUES AND DATA | |
|---|---|---|
| Criteria | JORC Code Explanation |
Commentary |
| Sampling Technique |
Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. |
Samples were collected from channels cut in the walls of the trenches on 2m sample intervals. The channel samples are judged to be representative of the exposed weathered rock materials however the orientation of the gold mineralisation where sampled is not clear. |
| Drilling | Drill type (eg core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented andifso, bywhat method, etc). |
This is not relevant to trench channel sampling. |
| Drill Sample Recovery |
Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. |
This is not relevant to trench channel sampling. |
| Logging | Whether core and chip samples have been geologically and geotechnical logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean/Trench, channel, etc) photography. The total length and percentage of the relevant intersections logged. |
Geological logging of the trenches was recorded by Toro Gold. The logging is largely qualitative. |
| Sub-Sampling Technique and Sample Preparation |
If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. |
Trench channel samples were collected for analysis and submitted to the laboratory for the normal processes of crushing, grinding and splitting out a representative sample for analysis. |
Page 22 of 31
| For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of thematerialbeing sampled. |
||
|---|---|---|
| Quality of Assay Data and Laboratory Tests |
The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. |
The assaying and laboratory procedures are considered appropriate for samples of this type. |
| Verification of Sampling and Assaying |
The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes The verification of significant intersections by either independent or alternative company personnel. Discuss any adjustment to assay data |
This is not relevant to trench channel sampling. |
| Location of Data points |
Accuracy and quality of surveysused tolocate drill holes (collar and down- hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used Quality and adequacyof topographic control |
Channel sample locations are recorded using GPS coordinates and elevations for the sampling start location together with information on the azimuth and length of the channel. The datum employed is WGS84, Zone 30N. |
| Data Spacing and Distribution |
Data spacing for reporting of Exploration Results Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied |
2m channel samples were collected for the entire length of the excavated trenches. The information is not suitable for calculation of a mineral resource estimate. |
| Orientation of Data in Relation to Geological Structure |
Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed andreportedif material. |
The trenches were designed to explore the geometry of the granite body, hence the use of two different trench orientations. The exposures show multiple vein orientations in the granite but the geological control on gold grades is not known other than that most but not all of the gold values are restricted to granitic rocks. |
| Sample Security | The measures taken to ensure sample security |
Reject samples are stored securely at Toro gold’s field office in Yamoussoukro. |
Page 23 of 31
| Audits or Reviews |
The results of any audits or reviews of sampling techniques and data |
No audits or reviews of sampling techniques and data have been carried out given the reconnaissance nature of this drill program. |
|---|---|---|
| SECTION 2 REPORTING OF EXPLORATION RESULTS | ||
| Mineral Tenement and Land Tenure Status |
Type, reference name/number, location and ownership including agreements or material issues with third partiessuch asjoint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operatein the area. |
The Ferkessedougou North exploration permit was granted to GIV Minerals SARL in 2015. Predictive Discovery Cote D’Ivoire SARL may earn a 51% interest by spending US$1 million and 85% by completing a DFS. Predictive Discovery Limited holds 30% of Predictive Discovery Cote D’Ivoire SARL. |
| Exploration Done by Other Parties |
Acknowledgment and appraisal of explorationby otherparties. |
Information about previous exploration work has not been found. |
| Geology | Deposit type, geological setting and style of mineralisation. |
The geology of the Ferkessedougou North permit consists of foliated metasediments, granite, granodiorite and lesser amounts of probable mafic volcanics and mafic intrusives. |
| Drill Hole Information |
A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain whythisisthe case. |
The channel results are reported using the standard format for drill results apart from the “dip” which is assumed to be zero (given that the channels are approximately horizontal). See Table 1 and the accompanying notes in these tables. |
| Data Aggregation Methods |
In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated. |
Sampling was in 2m long channel intervals. Mineralised intervals are reported on a weighted average basis. |
| Relationship Between Mineralisation Widths and Intercept Lengths |
These relationships are particularly important in the reporting of Exploration Results If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). |
True widths have not been estimated as there is considerable uncertainty about the orientation of mineralised zones. |
| Diagrams | Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. |
Appropriate plans and sections are included with this document (Figures 1, 2 and 43). |
| Balanced Reporting |
Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. |
Comprehensive reporting of the trench channel results is provided in Table 1. |
Page 24 of 31
Other There is no other known exploration data which is relevant to the results reported Substantive Other exploration data, if meaningful and in this release. Exploration material, should be reported including (but Data not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. Further Work The nature and scale of planned further work Planned follow up work is diamond drilling. (eg tests for lateral extensions or large scale step out drilling. Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.
TABLE 4 – SOIL SAMPLING RESULTS – BOUNDIALI NORTH PERMIT
| Easting | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Sample | Northing | ||||||||
| (WGS84 – | RL | Hole dips | Azimuth | Hole Depth | From | Interval | Au (ppb) | ||
| numbers | (WGS84-29N) | ||||||||
| 29N) | |||||||||
| Toro sample numbers in the range CV08-90038 to 96739. |
Refer to Figure 7 for map locations of all samples |
Refer to Figure 7 for map locations of all samples |
See notes |
Not relevant to the samples described in this report |
Not relevant to the samples described in this report |
Soil samples were collected from 10-50cm depth |
Not relevant to the samples described in this report |
Not relevant to the samples described in this report |
See notes and Figure 7 |
Notes: Soil sampling is a reconnaissance exploration technique. In the sampling and sample preparation method used by Toro, soil samples were collected from shallow holes and dried and sieved to -80 mesh at a local field camp. The prepared samples were then sent to the ALS laboratory in Loughrea in Ireland for fire assay analysis. RL ranges for sampled areas of the Boundiali North permit are approximately 350 to 400m. Individual RLs are not reported in this announcement because they are not relevant to interpreting geochemical data of this type.
SECTION 1: SAMPLING TECHNIQUES AND DATA
Criteria JORC Code Explanation Sampling Technique Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling Include reference to measures taken to ensure sample representativity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. I cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.
Commentary
The sampling described in this report refers samples obtained from the Boundiali North exploration permit in Cote D’Ivoire.
The soil and lag samples were collected from shallow holes with depths between 10 and 50cm.
Page 25 of 31
| Drilling | Drill type (eg core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc). |
This is not relevant to a soil sampling program. |
|---|---|---|
| Drill Sample Recovery | Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. |
This is not relevant to a soil sampling program. |
| Logging | Whether core and chip samples have been geologically and geotechnical logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean/Trench, channel, etc) photography. The total length and percentage of the relevant intersections logged. |
Soil samples are described in terms of soil type, regolith and landscape classification and colour. Descriptions are largely qualitative. |
| Sub-Sampling Technique and Sample Preparation |
If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. |
The sample preparation method is appropriate and standard for soil samples of this type. |
Page 26 of 31
| Quality of Assay Data and Laboratory Tests |
The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. |
The analytical method used has a very low (1ppb Au) detection limit which is appropriate for samples of this type. |
|---|---|---|
| Verification of Sampling and Assaying |
The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes The verification of significant intersections by either independent or alternative company personnel. Discuss any adjustment to assay data |
This is not relevant to a soil sampling program. |
| Location of Data points | Accuracy and quality of surveysused tolocate drill holes (collar and down- hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used Quality and adequacy of topographic control |
Coordinates shown on the locality map (Figure 7) are for Universal Transverse Mercator (UTM), Datum WGS 84, Zone 29 - Northern Hemisphere. |
| Data Spacing and Distribution |
Data spacing for reporting of Exploration Results Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied |
The soil sampling grids of 200 x 50m are considered appropriate for reconnaissance exploration grids of this type. No Mineral Resource can be estimated from these data. |
| Orientation of Data in Relation to Geological Structure |
Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. |
The samples were collected along east-west lines which were designed to cross cut the regional foliation and structure orientations in the permit. |
| Sample Security | The measures taken to ensure sample security | Samples are stored securely at Toro Gold’s field office in Yamoussoukro. |
| Audits or Reviews | The results of any audits or reviews of sampling techniques and data |
No audits or reviews of sampling techniques and data have been carried out given the reconnaissance nature of this soil sampling program. |
| SECTION 2: REPORTING OF EXPLORATION RESULTS | ||
| Mineral Tenement and Land Tenure Status |
Type, reference name/number, location and ownership including agreements or material issues |
The Boundiali North exploration permit was granted to DS Resources SARL in March 2018. Predictive |
Page 27 of 31
| with third partiessuch asjoint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. |
Discovery Cote D’Ivoire SARL in which Predictive holds a 30% stake is earning an 85% interest in the Boundiali North permit by completion of a definitive feasibility study. DS Resources can either fund its 15% share of the joint venture to production or convert its interest into a 1.5% NSR royalty. |
|
|---|---|---|
| Exploration Done by Other Parties |
Acknowledgment and appraisal of exploration by other parties. |
PDI is not aware of any effective gold exploration over the Boundiali North permit however historic records are incomplete at the Cote D’Ivoire government geological agency. |
| Geology | Deposit type, geological setting and style of mineralisation. |
The geology of the Boundiali North permit consists of granite, metasediments, mafic volcanics and intrusives, and conglomerates. |
| Drill Hole Information | A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. |
This is not relevant to a soil sampling program. Sample coordinate information is provided in Table 1 and on the maps included in this release. |
| Data Aggregation Methods |
In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated. |
This is not relevant to a soil sampling program. |
| Relationship Between Mineralisation Widths and Intercept Lengths |
These relationships are particularly important in the reporting of Exploration Results If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). |
This is not relevant to a soil sampling program. |
| Diagrams | Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. |
An appropriate plan showing the locations of the soil samples, and sample assay values classified by grade ranges, is shown in this release. |
Page 28 of 31
| Balanced Reporting | Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. |
Results from all assayed soil samples have been reported. |
|---|---|---|
| Other Substantive Exploration Data |
Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. |
All relevant, new exploration data is reported in this release. |
| Further Work | The nature and scale of planned further work (eg tests for lateral extensions or large scale step out drilling. Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. |
Follow- up trenching and RC drilling is planned on the permit as outlined in this release. |
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 fulltime 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 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. 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.
TENEMENT STATUS – MARCH QUARTER 2019
| Name | Number | Location | Area (sq. km) |
PDI equity | Changes in holding during March Quarter, 2019 |
|---|---|---|---|---|---|
| Kalinga (formerly Fouli) |
Arrêté 2014- 294/MCE/SG/DGMGC |
Burkina Faso | 186 | 49% | None |
| Tantiabongou | Arrêté 2017-054 /MCE/SG/DGMGC |
Burkina Faso | 50 | 49% | None |
| Tambifwanou (formerly Sirba) |
Arrêté 2017- 119/MCE/SG/DGMGC |
Burkina Faso | 136 | 49% | None |
| Bongou (formerly Madyabari) |
Arrêté 2017- 121/MCE/SG/DGMGC |
Burkina Faso | 171 | 49% | None |
Page 29 of 31
| Tamfoagou | Arrêté 2017- 132/MCE/SG/DGMGC |
Burkina Faso | 83 | 49% | None |
|---|---|---|---|---|---|
| Tangagari | Arrêté 2013-37 /MCE/SG/DGMGC |
Burkina Faso | 94 | Earning 46.5%; current equity 0% (until final cash payment is made) |
Renewal in progress. |
| Tambiri (formerly Bangaba) |
Arrêté 2017- 120/MCE/SG/DGMGC |
Burkina Faso | 127 | 46.5% | None |
| Bira | Arrêté 2016- 129/MCE/SG/DGMGC |
Burkina Faso | 12 | 49% | None |
| Basieri | Arrêté 2017- 133/MCE/SG/DGMGC |
Burkina Faso | 73 | 49% | None |
| Kokoumbo | Mining exploration permit No. 307 |
Cote D'Ivoire | 300 | Predictive CI earning 90%. PDI now owns 30% of Predictive CI. |
None |
| Ferkessedougou South |
Mining exploration permit No. 310 |
Cote D'Ivoire | 290 | 30% | None |
| Boundiali | Mining exploration permit No. 414 |
Cote D'Ivoire | 299 | 30% | None |
| Boundiali North | Mining exploration permit – number not allocated |
Cote D'Ivoire | 350 | Predictive CI earning 90%. PDI now owns 30% of Predictive CI |
None. |
| Kounahiri | Mining exploration permit No. 317 |
Cote D'Ivoire | 260 | 30% | None |
| Bassawa | Mining exploration permit No. 570 |
Cote D'Ivoire | 400 | 0% | Interest sold in exchange for $A515,000 payment plus rights to bonus payments at mine production |
| Wendene | Mining exploration permit No. 572 |
Cote D'Ivoire | 400 | 0% | |
| Dabakala | Mining exploration permit application |
Cote D'Ivoire | 400 | 0% | |
| Beriaboukro (Toumodi) |
Mining exploration permit No. 464 |
Cote D'Ivoire | 400 | Predictive CI can earn 85% in the permit. PDI currently owns 35% of Predictive CI. |
None |
| Ferkessedougou North |
Mining exploration permit No. 367 |
Cote D'Ivoire | 400 | Predictive CI can earn 85% in the permit. PDI |
None |
Page 30 of 31
| currently owns 35% of Predictive CI. |
|||||
|---|---|---|---|---|---|
| Nonta | Exploration Permit | Guinea | 100 | Predictive 100% |
Granted (replacing Exploration Authorisation) |
| Souloukou | Exploration Authorisation | Guinea | 100 | Predictive 100% |
None |
| Kankan | Exploration Permit | Guinea | 100 | Predictive 100% |
Granted (replacing Exploration Authorisation) |
| Yomadou | Exploration Authorisation | Guinea | 100 | Predictive 100% |
Granted |
| Boroto | Exploration Authorisation | Guinea | 100 | Predictive 100% |
Granted |
| Cape Clear | EL 5434 | Victoria, Australia |
63 | 25% | None |
- END -
For further information please contact:
Paul Roberts Managing Director Tel: +61 402 857 249 Email: [email protected]
Bruce Waddell
Company Secretary Tel: +61 8 6143 1840
Email: [email protected]
Page 31 of 31
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
+Rule 5.5
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16
Name of entity
PREDICTIVE DISCOVERY LIMITED
| ABN 11 127 171 877 |
Quarter ended (“current quarter”) |
|---|---|
| 11 127 171 877 | 31 MARCH 2019 |
| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (9 months) $A’000 |
|---|---|---|
| 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Research and development refunds 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities |
- (221) (166) 5 - |
- (635) (480) 14 - |
| (382) | (1,101) | |
| *The company’s accounting policy allocates staff costs to activities and are accordingly included in items 1.2 (a) and 1.2 (e). |
||
| 2. Cash flows from investing activities 2.1 Payments to acquire: (a) property, plant and equipment (b) tenements (see item 10) (c) investments |
- | - |
-
- See chapter 19 for defined terms
1 September 2016
Page 1
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (9 months) $A’000 |
|---|---|---|
| (d) other non-current assets 2.2 Proceeds from the disposal of: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities |
- - |
515 - |
| - | 515 | |
| 3. Cash flows from financing activities 3.1 Proceeds from issues of shares 3.2 Proceeds from issue of convertible notes 3.3 Proceeds from exercise of share options 3.4 Transaction costs related to issues of shares, convertible notes or options 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities |
- - |
- - |
| - | - | |
| 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period |
1,480 (382) - - - |
1,684 (1,101) 515 - - |
| 1,098 | 1,098 |
- See chapter 19 for defined terms 1 September 2016
Page 2
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
| 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts |
Current quarter $A’000 |
Previous quarter $A’000 |
|---|---|---|
| 5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) |
598 500 |
680 800 |
| 1,098 | 1,480 | |
| 6. Payments to directors of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to these parties included in item 1.2 69 6.2 Aggregate amount of cash flow from loans to these parties included in item 2.3 - 6.3 Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2 |
||
| Current quarter $A'000 |
||
| 69 | ||
| - | ||
| Fees paid to directors |
| 7. | Payments to related entities of the entity and their | Current quarter | |
|---|---|---|---|
| associates | $A'000 | ||
| 7.1 | Aggregate amount of payments to these parties included in item 1.2 | - | |
| 7.2 | Aggregate amount of cash flow from loans to these parties included | - | |
| in item 2.3 | |||
| 7.3 | Include below any explanation necessary to understand the transactions included in | ||
| items 7.1 and 7.2 |
- See chapter 19 for defined terms 1 September 2016
Page 3
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
| 8. | Financing facilities available | Total facility amount | Amount drawn at |
|---|---|---|---|
| Add notes as necessary for an | at quarter end | quarter end | |
| understanding of the position | $A’000 | $A’000 | |
| 8.1 | Loan facilities | ||
| 8.2 | Credit standby arrangements | ||
| 8.3 | Other (please specify) | ||
| 8.4 | Include below a description of each facility above, including the lender, interest rate and | ||
| whether it is secured or unsecured. If any additional facilities have been entered into or are | |||
| proposed to be entered into after quarter end, include details of those | facilities as well. |
| 9. Estimated cash outflows for next quarter |
$A’000 |
|---|---|
| 9.1 Exploration and evaluation 9.2 Development 9.3 Production 9.4 Staff costs 9.5 Administration and corporate costs 9.6 Other (provide details if material) 9.7 Total estimated cash outflows |
220 220 |
| 440 |
| 10. Changes in tenements (items 2.1(b) and 2.2(b) above) |
Tenement reference and location |
Nature of interest | Interest at beginning of quarter |
Interest at end of quarter |
|---|---|---|---|---|
| 10.1 Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced |
||||
| 10.2 Interests in mining tenements and petroleum tenements acquired or increased |
Boroto exploration authorisation (EA), Guinea Yomadou EA, Guinea Kankan exploration permit, Guinea (formerly exploration authorisation) Nonta exploration permit, Guinea (formerly exploration authorisation) Moribala EA, Mali Bolle exploration permit, Burkina Faso Laro exploration permit, Burkina Faso |
100% ownership 100% ownership 100% ownership 100% ownership 100% ownership 100% ownership 100% ownership |
0% 0% 100% (formerly an EA) 100% (formerly an EA) 0% 0% 0% |
100% 100% 100% 100% 100% 100% 100% |
- See chapter 19 for defined terms
1 September 2016
Page 4
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
Compliance statement
-
1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
-
2 This statement gives a true and fair view of the matters disclosed.
==> picture [135 x 31] intentionally omitted <==
Sign here:
Date: 24 April 2019
(Company secretary)
Print name: Bruce Waddell
Notes
-
The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.
-
If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
-
Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
-
See chapter 19 for defined terms 1 September 2016
Page 5