High Grade Gold Intercepts at Bangaba

Transcription

1 20th March 2012 ASX Announcement High Grade Gold Intercepts at Bangaba Level 2, 9 Colin Street West Perth WA 6005 ABN p (08) f (08) w e info@predictivediscovery.com ASX Code: PDI HIGHLIGHTS High grade gold intercepts returned from diamond drilling at Tambiri and Solna Prospects on the Bangaba Gold Project, Burkina Faso, including: o Tambiri Prospect: Drill hole From Interval Au (m) (m) g/t TMBDD Including TMBDD Including TMBDD Including and TMBDD Including o Solna Prospect: Drill hole From Interval Au (m) (m) g/t SOLDD Including SOLDD Including SOLDD SOLDD Earlier high grade RC intercepts from Solna and Tambiri included 2m at 56 g/t Au, 7m at 12.8g/t Au, 6m at 11.9g/t Au and 2m at 16.8g/t Au from Solna and 5m at 17.1g/t Au from Tambiri. Gold mineralisation at Tambiri and Solna is open along strike and at depth. Each Prospect has been drilled over a strike length of 600m to date. The deepest hole yet drilled at Solna (SOLDD003) indicates potential for high grades at depth returning 5.6m at 16.1g/t Au from 205.4m. Infill RC drilling planned to commence at both Tambiri and Solna in early April.

2 Predictive Discovery Limited (ASX: PDI) announces that assays have now been received from diamond drilling at the Solna and Tambiri Prospects in the Bangaba Project area, Burkina Faso. Assays from 15 of the 17 diamond core holes drilled in November and December have revealed high gold grades in a number of holes. These results followed from previous RC drilling undertaken at both prospects that revealed significant gold mineralisation. Geological interpretation of the drill core has also strengthened PDI s understanding of ore continuity in both Prospects. Infill RC drilling will commence in early April. Mr Paul Roberts, PDI s Managing Director commented: We are very encouraged by the continuing flow of high grade gold results from the Bangaba Project. Furthermore, the deepest hole that we have drilled so far at Solna intersected 5.6m at 16.1g/t Au suggesting potential for high gold grades at depth. These results significantly upgrade our understanding of the mineralisation at Bangaba and have led us to plan an infill and extension drilling program there, starting next month. Figure 1: Geological map of eastern Burkina Faso showing PDI s tenements with the location of The Bangaba Project and Tambiri and Solna Prospects highlighted. Bangaba Gold Project (PDI earning 95%) Background The Bangaba project in Eastern Burkina Faso covers areas of extensive artisanal mining. PDI is earning a 95% interest in the 128 km 2 Bangaba exploration permit by making a series of staged payments in cash and shares. Following completion of the second of these payments In late February 2012, PDI s equity now stands at 68%. Significant quantities of gold have been produced at Bangaba for some 27 years with cumulative gold production estimated to be several tonnes. Known workings are located on two complex structures on the north west and south east contacts of a diorite granodiorite body (Figure 2). page 2

3 In April May and November 2011, PDI completed two reconnaissance RC drilling programs at Solna and Tambiri which generated highly encouraging drill results. These included 2m at 56 g/t Au, 7m at 12.8g/t Au, 6m at 11.9g/t Au and 2m at 16.8g/t Au 1 from Solna and 5m at 17.1g/t Au from Tambiri. In addition, a reconnaissance power auger gold geochemical program completed in November identified over 4km of gold bedrock geochemical anomalies around and along strike from the Solna Prospect. Figure 2: Bangaba Project geological map showing location of Solna and Tambiri Prospects. Diamond Drilling Programs In November and December 2011, eight diamond drill holes totalling 1,083m at Solna and nine diamond drill holes totalling 972m at Tambiri were completed. Gold assays have now been received for all but two of the 17 holes and are reported herein. Solna Diamond Drilling The Solna Prospect covers a 600 metre long zone of active artisanal workings where gold is being extracted from quartz veins that occur within sheared sections of a host granodiorite adjacent to a contact with metasedimentary rocks (Figure 2). The shear zones and the quartz veins hosted within them are believed to vary in dip between 40 to 60 degrees to the south east. Assays from the Solna diamond drilling are provided in Table 1. 1 Analysis of individual 1m samples from this hole resulted in a higher grade intercept relative to the previously reported 2m composite analysis of 10g/t Au over 2m. page 3

4 Table 1 Gold intercepts calculated at a 0.5g/t Au cut off, Solna Diamond Drilling program Hole No. Collar coordinates Hole dip (degrees) UTM East UTM North Azimuth (degrees) Down hole depth from (m) Interval (m) SOLDD ,028 1,479, SOLDD ,005 1,479, SOLDD ,005 1,479, Au (g/t) SOLDD ,130 1,479, SOLDD ,985 1,479, SOLDD ,985 1,479, SOLDD ,943 1,479, SOLDD ,830 1,479, SOLDD ,830 1,479, SOLDD ,830 1,479, SOLDD ,669 1,479, Comments 13.7g/t Au 81g/t Au 17g/t Au 11.7g/t Au Interpretation of the Solna drilling results has identified two major lodes, termed the A and B Lodes which, in places, appear to split further into two closely spaced zones. A shallow intercept of 1m at 4.6g/t Au in the easternmost RC hole at Solna appears to represent a third lode position, which may develop more strongly to the north east. Figure 3 illustrates the gold intersections and their interpreted lode designations in plan view. Figure 4 is a cross section through the SOLDD002 and SOLDD003 intersections. Correlations of specific lodes were influenced by oriented core data from the diamond drill holes with the locations of artisanal workings marking the near surface positions of the A and B Lodes. At the south western end of the lode the configuration of the veining becomes less certain and more drilling will be needed to obtain a greater understanding of the geology. page 4

5 Figure 3: Plan view of the PDI s Solna drill results to date. Better intercepts are outlined in red. Gold intercepts are colour coded by lode correlation. The A and B Lode outcrop positions are marked in solid black lines where they are known from artisanal workings and in dashed lines where they are inferred from drilling. Note that a third lode position is observed in the easternmost hole, SOLRC010. Figure 4: Cross section through holes SOLDD002 and SOLDD003. The bracketed notes on dip in core refer to the recorded dip of the mineralised shear zones from oriented core in each diamond drill hole. page 5

6 Tambiri Diamond Drilling At Tambiri the mineralised system consists of a series of quartz veins in sheared and strongly altered mafic volcanics. The highest grades appear to be associated with minor amounts of zinc, lead and copper sulphides. PDI s previous RC drilling program tested the zone over a strike length of 600 metres. The Company s diamond drilling program was planned in an area where previous diamond drilling by High River Gold had obtained four high grade intercepts 16m at 10.6g/t Au, 2m at 56g/t Au, 5m at 16.4g/t Au and 2m at 9.9g/t Au. Assays from PDI s Tambiri diamond drilling are provided in Table 2 and a longitudinal projection of the entire zone is provided in Figure 5. Assays from two holes are still pending (see Figure 5). The purpose of this drilling was to test the area of shallow high grade results recorded by High River Gold and to obtain oriented drill core through the mineralisation. The program successfully achieved both objectives. A south west plunge on the higher grade gold mineralised zone is indicated by these results indicating where future, deeper drilling may be directed (Figure 5). Table 2 Gold intercepts calculated at a 0.5g/t Au cut off, Tambiri Diamond Drilling program Hole No. Collar coordinates Hole dip (degrees) UTM East UTM North Azimuth (degrees) Down hole depth from (m) Interval (m) Au (g/t) TMBDD ,625 1,487, TMBDD ,594 1,487, TMBDD ,572 1,487, TMBDD ,572 1,487, TMBDD ,572 1,487, TMBDD ,552 1,487, TMBDD ,552 1,487, TMBDD ,552 1,487, TMBDD ,494 1,487, TMBDD ,462 1,487, TMBDD ,433 1,487, Comments 51.3g/t Au Includes 2.3m of 17.4g/t Au Also includes 1m at 17.3g/t Au. Overall zone: 28.4m of 1.7g/t from 39m Overall zone: 13.3m of 3.6g/t from 61.0m page 6

7 Figure 5: Longitudinal Projection through the Tambiri gold mineralised zone showing only PDI s drill results. Follow up work program Infill and extension RC drilling at Tambiri and Solna will commence at Bangaba in early April.. In addition, a 1,000 hole power auger drilling program has just commenced in the area around and to the south west of the Solna Prospect where reconnaissance power auger drilling in November revealed over 4km of bedrock gold geochemical anomalies. This work is expected to generate a series of additional RC drill targets, which will be tested later in page 7

8 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 one additional gold project 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 has assembled a substantial regional ground position totalling 1,544km 2 and 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: paul.roberts@predictivediscovery.com Fergus Ross Six Degrees Investor Relations Tel: page 8