The Predictive Discovery Ltd (ASX: PDI) share price is zooming higher again on Wednesday.
In afternoon trade, the gold explorer’s shares are up a further 11% to 15.5 cents.
This means the Predictive Discovery share price is now up 70% in the space of a month.
Why is the Predictive Discovery share price rocketing higher this month?
The catalyst for the rise in the Predictive Discovery share price this month has been the release of several very promising drilling updates from its West African-based Bankan Project.
At the beginning of the month, the company revealed its highest impact gold intercept at the project.
Predictive Discovery’s Managing Director, Paul Roberts, commented: “The intersection of 44m at 8.0g/t Au from around 240m vertical depth is an absolute standout, better than any intercept we have obtained so far in the deposit.”
Less than three weeks later, the company revealed further stellar drilling results, driving the Predictive Discovery share price higher again.
Management advised that it followed up its prior drilling with a significantly broader and higher-grade gold intercept 100m to the north of the previous intercept. Something which management described as “simply remarkable.”
Mr Roberts added: “On the new drill section reported here, we can see a clear progression of both increasing grade and grade consistency as we drill deeper. Furthermore, with these new results, we now have a high-grade gold zone which is 100-200m long, extends down-dip for over 250m and, very promisingly, is open at depth.”
These drilling results have changed the way management is thinking about the project.
Paul Roberts explained: “Until now, NE Bankan has been shaping up as a large gold deposit with excellent geometry for a large-scale open pit mine. These new results have added a whole new dimension to the project as it now appears that the core of the deposit contains consistently higher grades in a zone which is expanding at depth. This offers clear justification for drilling deeper on this deposit.”
The company will now continue to define the new high-grade zone by infill and extension drilling. It has a multipurpose drill rig currently on site that will be focused on further defining and extending this zone over the next few months.
This could make it worth keeping a close eye on the Predictive Discovery share price over the remainder of 2021.