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MNN Awards: PDI’s ‘classic’ gold find from which others could learn

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MNN Awards: PDI’s ‘classic’ gold find from which others could learn

And with a hole this month, for instance, that recorded 24m grading 5.5 grammes per tonne about 630m down dip of the initial resource, there will be plenty more ounces to add to the present 65.6 million tonnes grading 1.57 grammes per tonne.

It’s going to be a huge deal.

Some members of the analyst fraternity predict that a fresh estimate will be released this quarter, which might be in the 5–6Moz area.

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The years to follow will reveal what lies beyond that!

The NE Bankan is likewise huge, grades well, is constant, and is geometrically perfect for open-cut mining extraction followed by underground mining extraction.

Argonaut Capital, a capital markets firm, went so far as to say last month that it appeared “textbook… as if developed by a mining engineer who doesn’t desire a really tough job.”

There is a strong argument that the finding of NE Bankan is also a well-known “textbook” case study for geologists and their managers.

When Paul Roberts was the founding managing director of Predictive, they found the promise in 2020.

Roberts spent several years working on modelling technology called Predictore in a research position before leaving Predictive at the end of last month. He had worked there since the firm was privately founded in 2007 or 2008 and undertook an IPO in late 2010.

Software to simulate fluid flow in ore deposits cost about $17 million to create; financing came from the government, academic institutions, and business.

Predictive stated during its initial public offering that the intellectual property used in the Predictore system comprises of two different types of software and related know-how: one for numerical modelling and a second for a particular kind of geophysical data processing.

In conclusion, it involves strategic planning.

Sprott analysts Brock Salier and Brandon Gaspar lavishly praised the discoverer of NE Bankan in a highly positive review of Predictive and its method of operation that was released in April of last year.

In comparison to some of Predictive’s ASX and TSX counterparts, less so.

Once a prospect has been identified, there is a tendency to drill too soon, according to the North American analysts, who also noted that another error is becoming complicated after discovery.

“A knock on the majority of West African ‘explorers’ is (their) sheer lack of exploration,” Sprott continued in his occasionally biting account.

According to Sprott, “Drilling under artisanal sites is not only not exploration—it is also bad at locating substantial dispersed resources. Given that it truly is “not rocket science,” this is even worse.

Predictive analysis always begins with BLEG, then continues on to soils, auger, and trenching. Only after that does the company begin to drill, initially using shallow RC for the greatest return on investment, incorporating scissor holes to establish the geometry, then diamond holes for structural data.

Getting the “drill orientation” down pat, according to Sprott, is essential, and searching for satellite deposits should go on.

There are probably a tonne of counterarguments from ASX types to the Sprott analysis.

One thing to keep in mind is that North American markets often distinguish clearly between miners and developers/explorers, with the former’s role being perceived as finding sizable deposits that are then developed by outside companies with the necessary skills.

The ASX landscape, on the other hand, has been much more flexible, with explorers frequently making the switch and West African Resources’ enormous success serving as an example.

In the meanwhile, there is a catch, as is frequently the case with major discoveries in our century.

NE Bankan is located in a nation without a functioning civilian administration and is close to a national park.

Predictive collected A$55 million in May from investors who, it seems, have confidence in the explorer because it doesn’t think either will be a problem.

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