Predictive Discovery Ltd (ASX:PDI) has signed an earn-in and joint venture agreement with Glomin Services Limited to explore the companys Bocanda permit and Issia and Tieningboue applications in Cote dIvoire.
The new JV will advance exploration on these permits and applications with Predictive free-carried at 20% until a mining lease is granted
Predictive managing director Paul Roberts said: “One of Predictives strengths in recent years has been its ability to acquire large tracts of highly gold prospective ground in the Birimian Terranes, which we believe is the best region globally for greenfields gold discovery.
“Now that we are firmly focused on our Guinea projects, especially the NE Bankan gold discovery, this new joint venture in Cote dIvoire provides ongoing exposure to exploration success on these prospective properties at no cost to Predictive with our partners managing the exploration activities.”
“Adding value to the portfolio”
Roberts said greenfields gold exploration was in Predictives DNA.
He said: “Now, however, in recognition of the companys focus on Guinea, it is important for us to maximise the value of our other West African projects whilst minimising ongoing expenditure wherever possible.
“This joint venture with Glomin will add value to the portfolio while strengthening our focus on Guinea.
“We wish our new partners well in their exploration activities and look forward to the results they will generate from these prospective gold exploration properties.”
Glomin will obtain an 80% equity interest in Predictives Cote dIvoire subsidiary (Ivoirian Resources SARL) by managing and funding exploration activities in two stages:
- Stage one: Earn an 80% interest by spending at least EUR 200,000 on the Bocanda Permit within the 12 months from agreement signature, and;
- Stage two: Exploration activities including, in the event that a successful discovery is made, ore resource estimation and completion of a prefeasibility study together with grant of a mining lease while maintaining the properties in good stead through completion of statutory expenditure and reporting on the three properties.
If a discovery is made and stage two is successfully completed, Predictive has the option Read More – Source