Tietto Minerals secures key environmental approval for 3.2-million-ounce Abujar Gold Project
The company expects to secure two remaining major government approvals required for the Abujar Gold Project early in the first half of 2021.
Company
ASX:TIE
Tietto Minerals Ltd (ASX:TIE) is producing gold from its Abujar Project in Côte d’Ivoire.
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The company expects to secure two remaining major government approvals required for the Abujar Gold Project early in the first half of 2021.
The West African gold explorer's overall JORC 2012 resource at the Abujar project now stands at 3.02 million ounces, at an all-in exploration cost of US$5.20 per additional ounce.
The company is making progress in upgrading the mineral resource estimate at the project and is finalising the release of a pre-feasibility study.
The company is planning aggressive drilling programs into 2021 using its own fleet of diamond rigs to deliver rapid resource growth at low discovery costs per ounce.
The company’s diamond drill rigs have delivered more than 61,000 metres of drilling with some of the gold sector’s lowest costs since October 2019.
Tranche two placement shares were issued following shareholder approval at a general meeting of members held on September 10, 2020.
Tietto has completed more than 60,000 metres of diamond drilling and continues with additional programs until the cut‐off date of mid‐September for the next mineral resource update expected by mid‐October.
The company has reported nearly 40 high-grade gold intersections over 50 gold grams metres within the high-grade core at Abujar-Gludehi.
Proceeds will be used to continue delivering growth in resources through resource and exploration drilling at the Abujar Gold Project in in Côte d'Ivoire, West Africa.
Recent drilling results, together with numerous strong intersections from outside the existing AG mineral resource, are expected to result in a positive uplift in the Abujar mineral resource estimate.
The new results, together with numerous strong intersections from outside the existing AG mineral resource, are expected to result in a positive uplift in the next Abujar mineral resource estimate.
Tietto is currently in the middle of a drilling campaign at the Abujar Gold Project which should result in a resource upgrade sometime during the current quarter.
In its latest quarterly report, the company highlighted outstanding metallurgical test-work results which demonstrate the strong economic potential for a low-cost operation at Abujar.
The new results, together with strong intersections recently reported from outside the existing AG mineral resource are expected to result in a positive uplift in the next resource estimate on track for September 2020.
Through its 90% subsidiary Tiebaya Gold Sarl, the company applied for a gold mining licence within the Abujar Middle Tenement.
Euroz believes Tietto’s shares are trading at a substantial discount to its domestic peers.
The company believes the Abujar Gold Project has the potential to be a sizeable, standalone open-pit mining operation within close proximity to major infrastructure in a supportive mining jurisdiction.
To date, Tietto has defined a resource that has a large amount of contained gold (2.15 million ounces) which is expected to grow in the near-term.
The 50,000‐metre drill program aims to increase the resource inventory of existing deposits as well as identifying new prospects within the Abujar project’s 70-kilometre long gold corridor, of which 90% remains to be tested.
The results and recent intersections from outside the existing resource area add to the potential for a positive uplift in the mineral resource estimate.