Project Area 1200km² |
Deal Type Cash and mine development payments |
Current PDI Equity 0% |
Permit
The
Predictive has recently converted its equity of the project to free carry. Progress paid Predictive AUD$515,000 in cash and took ownership of the Company’s former equity.
Predictive will also receive payments on future mine development, including:
- On the first development of a commercial mining operation on each of the three permit areas, Progress will pay US$4.30/ore reserve ounce of gold as defined in a bankable feasibility study.
- Payments will be made in proportion to the ratio between Predictive and WAVI’s equities in the JV (respectively 43%:57%).
- The first mine development will generate a minimum payment to Predictive and WAVI of US$2.15 million.
- Up to three payments may be made i.e. one for each permit.
Previous Exploration Activity
2018
In October, Progress Minerals commenced a 7,500m RC drilling program, results can be viewed on the Progress Website – http://www.progressminerals.com/
2017
A partner funded RC drilling program
- 56m @ 1.58g/t Au from 47m including 3m at 6.10g/t Au
- 18m at 2.05g/t Au from 9m including 4m at 5.59g/t Au
- 8m at 1.95g/t Au from 31m
- 8m at 1.73g/t Au from 19m
- 8m at 1.58g/t Au from 98m
- 1m at 15.53g/t Au from 61m
- 4m at 3.05g/t Au from 23m
- 11m at 4.9g/t Au from 5m including 1m at 41.33g/t Au
- 28m at 2.18g/t Au from 5m including 1m at 14.16g/t Au
- 18m at 2.05 g/t Au from 9m including 4m at 5.59g/t Au
- 19m at 1.28g/t Au from 73m
- 19m at 2.13g/t Au from 3m
- 21m at 1.59g/t Au from 61m
- 1m at 15.53g/t Au from 61m
- 19m at 1.00g/t Au from 23m
A diamond drill program totalling 1,657m with 17 holes drilled demonstrated good evidence of gold mineralisation continuity along east-west to
- 8.7m at 3.3g/t Au from 39.6m including 1.2m at 14.3g/t Au
- 17m at 1.47g/t Au from 41m including 2m at 6.95g/t Au
- 28m at 1.00 g/t Au from 0m including 16m at 1.32g/t Au
- 13.5m at 1.36g/t Au from 77m
- 9.3m at 1.72g/t Au from 0m
- 2m at 4.64g/t Au from 54m, including 1m at 7.63g/t Au