Abujar is the company’s flagship project
The Abujar Gludehi deposit at the project features 15.7 million tonnes grading 2.1 g/t gold for 1.06 million ounces
A 30,000-metre drilling campaign is underway at the project with a resource upgrade due by year’s end
Tietto attracts attention
There has been considerable recent interest in the activities of the company, given the significant growth in our resource base and an aggressive drilling program underpinned by our own fleet of diamond drill rigs.
Managing director Dr Caigen Wang
What does Tietto Minerals do?
Tietto Minerals Ltd (ASX:TIE) is an explorer focused on a gold project in Côte d’Ivoire, West Africa.
It is led by managing director Dr Caigen Wang.
What does Tietto Minerals own?
The key asset is the Abujar Gold Project in Côte d’Ivoire.
Tietto’s project Abujar features a higher grading deposit known as Abujar Gludehi (AG) deposit.
Abujar Gludehi features 15.7 million tonnes grading 2.1 g/t gold for 1.06 million ounces.
A resource update is expected in the December 2019 financial quarter to follow ongoing drilling campaign at the project expected to take in 30,000 metres.
Tietto will tour resource analysts through the project in early September 2019, with MD Wang noting today “There has been considerable recent interest in the activities of the company, given the significant growth in our resource base and an aggressive drilling program underpinned by our own fleet of diamond drill rigs.”
The corporate leader tipped the company was “well placed” to deliver significant news flow to the market over the next 12 months from its drilling efforts.
Today the company announced a number of high-grading intersections from diamond drilling of the deposit, such as 7 metres at 4.09 g/t gold from 308 metres and 18 metres at 1.97 g/t gold from 321 metres.
One high-grading intersection of 4 metres at 9.21 g/t gold from 325 metres included 1 metre at 29.22 g/t gold from 328 metres.
Tietto’s drilling results were an encouraging trend for the company as it encountered high-grade gold mineralisation, with Wang reporting they had extended mineralisation by up to 130 metres in places.
The company had discovered a gold-rich Abujar Potoco Prospect (APP) zone at the project in July 2019, parallel to the Abujar resource.
A fresh rock sample from APP returned a 50.8 g/t gold grade from an elevated gold zone.
Tietto had $4.86 million cash at the end of June 2019 and was expected to bank $600,000 from a placement and $1.39 million from a Hong Kong Ausino Investment Ltd subscription facility after financial year end.
The proposed funds injection followed an announcement of a capital raising this year that was approved by shareholders as $7.6 million in July 2019.
Previous commercial partner Ausino had agreed to cover costs of up to $2 million in exchange for shares.
Inflection points
- Further drilling successes from the field
- Resource upgrade in the December quarter
- Scoping and feasibility study progress
- Financing milestones
- Mergers and acquisitions activity
- Significant transactions