Tietto Minerals Limited (ASX:TIE) has expanded its mineral resource estimate to 3.35 million ounces at the Abujar Gold Project in Côte d’Ivoire.
An aggressive drilling campaign has increased the gold resources to 87.5 million tonnes at 1.2 g/t gold for 3.35 million ounces which includes:
- Abujar Gludehi (AG) deposit: 50.3 million tonnes at 1.5 g/t gold for 2.45 million ounces; and
- Abujar Pischon and Golikaro (APG) deposit: 36.7 million tonnes at 0.7 g/t for 870,000 ounces.
Importantly, indicated resources have increased by 49% to 43.4 million tonnes at 1.3 g/t gold for 1.85 million ounces of contained gold, representing more than 55% of the resource.
Tietto is rapidly advancing Abujar development with an early work program including front end engineering and design (FEED), and site and camp construction underway targeting first gold at Abujar in the fourth quarter of 2022.
“Further de-risk resource base”
Tietto managing director Dr Caigen Wang said: “Our diamond drilling teams delivered more than 53,000 metres of diamond core for this update and the results further de-risk our Abujar resource base.
“We have substantially increased indicated resources to 1.65 million ounces for AG and delivered a maiden indicated resource [200,000 ounces] at APG [for a total of 1.85 million ounces].
“Our resource base has increased at both deposits and we have done this whilst maintaining the grade of these resources.”
Shares have been as much as 6% higher intra-day to A$0.36 while the company’s market cap pre-open was approximately A$155.1 million.
Systematic diamond drilling
Tietto has been systematically diamond drill testing inferred mineral resources at the AG and APG deposits in the north‐eastern part of the Zoukougbeu permit since October 2020.
The company’s 54,000-metre diamond drilling program is underway targeting further de‐risk and resource growth using a fleet of six diamond drill rigs.
Drilling to date has targeted seven areas within the project, including AG, APG and South Gamina (SG) deposits within the Zoukougbeu licence and the Gamina set of deposits within the Zahibo licence.
Gold mineralisation
Abujar’s gold mineralisation is interpreted to be related to the deformed granodiorite, in shear zones, with sulphides associated with visible gold.
In addition, the mineralisation seems to be located within the granodiorite at the boundary between two different intensities of deformation ie, weakly deformed and highly strained.
Notably, the mineralisation is typically found in linear domains with the contacts showing evidence of shearing with free gold frequently observed.
“Increase in confidence”
Tietto’s definitive feasibility study (DFS) will deliver funding estimate accuracy for a large‐scale 4 million tonnes per annum open‐pit mining operation built on robust indicated resources and this is due at the end of the current quarter.
Dr Wang adds: “The updated resource model has reported an increase in confidence driven by our diamond drilling program.
“We expect this will support a material increase in our ore reserves as mining engineers complete the mine optimisation phase of the DFS this quarter.
“We have a target of first gold in Q4 2022 from Abujar, to be West Africa’s next gold mine.
“We are funded to complete our twin strategy of maintaining our aggressive exploration program while developing a gold mine at Abujar.”
- Ephrems Joseph