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Predictive Discovery to cut stake in Toro Gold JV to 30%, narrow project focus

Predictive Discovery Ltd. will reduce its stake in the Ivory Coast gold joint venture with Toro Gold Ltd. to 30% from 35%.

The company said Jan. 16 that it will not contribute its share of exploration expenditure for the six months to December 2018 in a bid to restrict cash outflows as it faces difficulties raising capital. The company's cash holdings at the end of December 2018 totaled A$1.5 million.

The joint venture will carry out about 10,000 meters of reverse circulation and diamond drilling at the Boundiali project in the March quarter.

Drilling at the Ferkessedougou North project, where an induced polarization survey identified a 1.5-kilometer-long chargeable trend, is expected to start later in the field season.

Predictive Discovery said further work on noncore joint venture properties will be limited, and some ground may be surrendered to focus on the Boundiali and Ferkessedougou North projects.