Tietto Minerals Ltd (ASX:TIE) has fielded more high‐grade gold results from infill drilling at AG South, part of the 3.45-million-ounce Abujar Gold Project in Côte d’Ivoire, West Africa.
The West African gold explorer made the discovery, including up to 1-metre at 63.85 g/t gold, while conducting 25-metre-spaced infill drilling at the prospect, which is on the main Abujar Shear.
Expanded program
The company drilled 26 diamond drill holes for 5,227.2 metres as part of an expanded program targeting delineation of the measured resources (over 2.9 kilometres) it expects to mine during the first two years of gold production.
Highlights include:
- 4 metres at 16.16 g/t gold from 19 metres including 3 metres at 21.36 g/t which includes 1-metre at 62.27 g/t from 21 metres;
- 1-metre at 63.85 g/t from 72 metres; and
- 1-metre at 35.82 g/t from 313 metres.
Assays are pending for 63 diamond drill holes for 8,992.5 metres drilled at AG South and AG Core.
Tietto managing director Dr Caigen Wang said: “These results are from an expanded infill drilling program aiming to define measured resources over 2.9 kilometres between section lines 0 to 29 at AG South and AG Core expected to be mined during the first two years of production.
“Once this program is completed, our drill rigs will move to the main Abujar Shear, which is still largely untested, and undertake new resource definition drilling.
Potential to be one of the largest
“We are fully funded to production at Abujar, which has potential to be one of the largest gold producing mines in Côte d’Ivoire, with an expected production of 260,000 ounces of gold in the first year and 1.2 million ounces of gold in the first six years.
“Tietto has an experienced team on board to deliver Abujar on time and on budget. We are on track to deliver another mineral resource update this year.
“Shareholders can also expect further updates from our aggressive diamond drilling program as we advance our dual strategy of ‘drill and build’ and develop our Abujar Project into West Africa’s next gold mine, with first gold by the end of Q4 CY22.”
Continuing drill program
The company has six diamond rigs turning at Abujar and expects to cover more than 100,000 metres during the 2022 drill program.
A definitive feasibility study (DFS) demonstrated robust financial results and estimated first‐year gold production of 260,000 ounces and 1.2 million ounces over the first six years of Abujar’s 11‐year mine life for an NPV5% of $1.3 billion, pre‐tax, and $97 million, post‐tax, using a gold price of US$1,700 per ounce and an Aussie dollar value of 0.74 US cents.
What’s next?
The company expects to unleash its life-of-mine production plan early in the current quarter.
Construction at the mine continues, fully funded without debt, and the mine is on target for first gold in the fourth quarter.