Company
ASX:TIE
Tietto Minerals Ltd (ASX:TIE) is producing gold from its Abujar Project in Côte d’Ivoire.
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Tietto has extended the infill diamond drilling program cut‐off to May 24, 2021, and expects to deliver a resource update for Abujar by end of the current quarter.
Tietto’s strong cash position of around $52 million at the end of the March quarter has allowed it to advance the Abujar Gold Project development activities.
NCPI International will refurbish the unused SAG mill for Tietto’s Abujar Gold Project and this work is targeted for completion within 28 weeks.
The latest results were highlighted by 17 metres at 2.84 g/t from 21 metres, including 9 metres at 4.55 g/t.
The project valuation is based on the PFS which covers a high-grade starter pit, producing 200,000 ounces in Year 1 and averaging 182,000 ounces per annum in Years 1-3.
The 40,000-metre infill drilling program is ongoing, targeting the upgrade of inferred resources outside the recently declared AG ore reserve of 15.7 million tonnes at 1.7 g/t gold for 860,000 ounces.
The PFS is targeting 200,000 ounces of gold in the first year of production and is estimated to produce more than 168,000 ounces of gold annually for the first six years.
Tietto is forecasting the production of more than 168,000 ounces per annum over the first six years of the project in Cote d’Ivoire.
The Abujar PFS is investigating a potential 3.5 million tonnes per annum open pit operation and will include a maiden reserve.
The company continues with regional and step-out drilling at Abujar Gold Project in Côte d’Ivoire, with some high-grade results reported outside of current resources.
The company expects to deliver a pre-feasibility study this quarter and will include results from more than 28,000 metres of additional diamond core drilling in a mineral resource update late next quarter.
The results are from a portion of Tietto’s 70,000-metre drill program and demonstrate the potential for continued resource growth at the 3.02-million-ounce project.
The PFS is expected to examine a nine-year open-pit operation producing 150,000 ounces per annum on average through a 3.5 million tonne per annum CIL plant.
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Infill drilling is targeting inferred material in the resource model, which is on track for an update in May 2021 and this will be used to underpin the DFS, which is due in the third quarter of 2021.
The company has signed a deal to increase its interest in the mining licence to follow the guidelines of the Ivorian mining code, which requires the local government to have 10% interest in the licence.
Wilcox has a strong track record of developing and delivering mines and the company is confident he can replicate milestones achieved while with West African Resources at the Sanbrado Mine.
The company will work with the Ivoirian Government to agree on terms and conditions for the Abujar Gold Project Mining Convention early in the first half of 2021.
Abujar’s pre‐feasibility study is on track for delivery in the first quarter of 2021. Environmental approval has been granted and the mining licence approval process is well advanced.
The higher-grade core of the AG deposit has grown to 1.6 million ounces at 2.18 g/t gold which will underpin the pre-feasibility study (PFS) in the March quarter of 2021.
