Shares in the Aussie gold miner are rocketing higher on Thursday
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The Predictive Discovery Ltd (ASX: PDI) share price has rocketed 23% higher at the start of Thursday’s session after a resources update from the Aussie company.
Predictive Discovery share price surges 23% on resources update
Shares in the ASX small-cap resources company have been on fire this morning. That comes after an update on its Bankan Gold Project in Guinea.
The company reported a maiden mineral resource estimate of 3.65 million ounces at the site. Predictive Discovery announced an inferred mineral resource of 72.8 million tonnes at 1.56 grams per tonne of gold this morning.
The Aussie resources group recently discovered a high-grade zone that “presents significant potential for further growth”. News of the reserve estimate was good enough for investors with the Predictive Discovery share price surging higher on Thursday morning.
Resource discovery cost per ounce came in at A$4 per ounce with the company controlling 356 square kilometres within Guinea’s Siguiri Basin.
The Aussie miner also said scoping study-level metallurgical test work has been “very promising” with no recovery issues identified thus far.
This morning’s surge in the Predictive Discovery share price represents yet another good day for shareholders. Shares in the Aussie resources group previously rocketed 21% higher following solid drill results just a week ago with a 52% gain back in July.
It’s another welcome update from the company despite the share price paring back some gains following the open.
This morning’s share price surge comes amid broader market gains shown by the All Ordinaries Index (ASX: XAO). The broad market index has gained 0.84% at the time of writing and jumped above the 7,500 points mark.
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Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.