Tietto Minerals Ltd (ASX:TIE) has fielded further high-grade gold results from infill and step-out drilling recently conducted at AG Core, part of its 3.45-million-ounce Abujar Gold Project in Côte d’Ivoire, West Africa.
The infill drilling has hit high-grade gold, with results including:
- 8 metres at 11.38 g/t gold from 262 metres including 0.50 metres at 174.9 g/t;
- 6 metres at 9.10 g/t from 180 metres including 2.5 metres at 21.5 g/t and 1.5 metres at 14.41 g/t from 235.5 metres; and
- 2 metres at 11.19 g/t from 261 metres.
Below DFS pit
The highest-grade intersection sits 60 metres below the current definitive feasibility study (DFS) pit.
Deeper extensional drilling has confirmed gold mineralisation up to 150 metres below the limits of the current resource.
Results from 19 diamond drill holes across 7,617.5 metres will be included in the company’s next mineral resource update, which is now expected early in the new calendar year.
Vast undertaking
The campaign is a vast exercise. There are assays pending from 66 holes for 13,500 metres with more than half of these from step-out holes as well as infill from AG.
Eight diamond rigs are actively drilling on site and the company has increased the 2022 total forecast to cover some 120,000 metres.
Tietto plans yet more drilling at AG Core to test mineralisation below the pit, which is open at depth.
The DFS has demonstrated robust financials and an estimated first-year gold production of 260,000 ounces and 1.2 million ounces over the first six years of the mine’s 11-year lifespan, with a net present value (NPV5) of $1.3 billion before tax and $0.97 billion after tax.
To calculate this, the gold price assumption is US$1,700 per ounce and an Australian dollar buying 74.1 US cents.
No debt
The gold plant’s construction is fully funded without debt and it’s on target for first gold pour in the current quarter.
Managing director Dr Caigen Wang said: “Our exploration team has again delivered high-grade gold at the AG Core with 0.5 metres at 174.9 g/t gold within 8 metres at 11.38 g/t gold from 262 metres at (hole number) ZDD 1334.
“This intercept sits 60 metres below Abujar’s current DFS pit.”