Predictive Discovery's (ASX:PDI) over AU$69 million investment from the Lundin Family and Zijin Mining Group shows that the company's Bankan project in Guinea has potential for additional large-scale gold discoveries, according to a Tuesday note by Euroz Hartleys.

On Monday, the company said it received binding commitments from the Lundin Family and Zijin Mining Group to raise roughly AU$69.2 million through a strategic private placement of 261.2 million shares at a price of AU$0.265 apiece to be invested in the Bankan project.

The Lundin Family will subscribe for 170.1 million shares for an investment of AU$45.1 million to obtain a 6.5% shareholding in the company, while Zijin Mining Group will subscribe for 91.1 million shares for an investment of AU$24.1 million to obtain a 3.5% shareholding, the company said.

Euroz Hartleys sees potential for high-grade additions from open, ongoing exploration at the Bankan project, calling it one of the best undeveloped gold projects in Africa.

Euroz Hartleys reaffirmed a speculative buy rating and price target of AU$0.50 on Predictive Discovery.