Aussie exploration company Predictive Discovery has announced that it has secured $55 million in funding for the development of its Bankan gold project in Guinea.
The company’s flagship project is located within Guinea’s Siguiri Basin where the company has identified two key deposits, NE Bankan and Bankan Creek, both of which are located 3 kilometres from the initial discovery hole at NE Bankan.
The Company has also successfully identified a high-grade zone in the core of NE Bankan and has identified a number of higher priority prospects within the broader Bankan permit that have already produced highly encouraging results.
According to the ASX Announcement, the first tranche of the placement will be finalized on June 6th, while the second will be issued subject to shareholder approval at the beginning of July.
The company will use the funding to grow the 3.65Moz (inferred) resource at Bankan with a fully funded 60,000-meter drill program underway, doubling historic drilling to date; deliver a comprehensive Scoping Study to the Government of Guinea by end of 2023; complete baseline environmental studies including a best-practice biodiversity management program; and continue to grow a world-class management team capable of developing a tier-1 gold asset.
“The significant demand from investors to take part in the Placement underpins the quality of the Bankan Project. The funds raised will allow Predictive to accelerate its comprehensive drilling programme and build further on the 3.65Moz already discovered, as well as deliver a scoping study which will include our baseline and environmental study results in late 2023,” said Managing Director Andrew Pardey.
“Bankan is potentially one of many significant gold deposits and marks the beginning of our journey in developing Guinea’s Siguiri basin into one of the most exciting new gold addresses in West Africa.”
