Mining minerals

Tietto Minerals Ltd finds more gold at Abujar project in Ivory Coast as AG South delivers up to 63.85 g/t

Tietto Minerals Ltd (ASX: TIE) has reported more high-grade gold results from infill drilling at AG South, part of the 3.45 million ounce Abujar gold project in Ivory Coast, Africa from West.

The West African gold explorer made the discovery, including up to 1 meter at 63.85 g/t gold, while carrying out infill drilling 25 meters apart on the prospect, which lies on the main Abujar shear.

Extended program

The company drilled 26 diamond drill holes over 5,227.2 meters as part of an expanded program to delineate the measured resources (over 2.9 kilometres) it plans to mine in the first two years of production Golden.

Highlights include:

  • 4 meters at 16.16 g/t gold from 19 meters including 3 meters at 21.36 g/t including 1 meter at 62.27 g/t from 21 meters;
  • 1 meter at 63.85 g/t from 72 meters; and
  • 1 meter at 35.82 g/t from 313 meters.

Assays are pending for 63 diamond drill holes for 8,992.5 meters drilled at AG South and AG Core.

Tietto Managing Director Dr. Caigen Wang said, “These results are from an extensive infill drilling program to define measured resources over 2.9 kilometers between section lines 0 to 29 at AG South and AG Core which should be exploited during the first two years of production.

“Once this program is completed, our drill rigs will move to the Abujar main shear, which remains untested, and undertake further resource definition drilling.

Potential to be one of the greatest

“We are fully funded for production at Abujar, which has the potential to be one of the largest gold producing mines in the Ivory Coast, with an expected first year production of 260,000 ounces of gold and of 1.2 million ounces of gold the first”. six years.

“Tietto has an experienced team to deliver Abujar on time and within budget. We are on track to deliver another mineral resource update this year.

“Shareholders can also expect further updates to our aggressive diamond drilling program as we advance our dual ‘drill and build’ strategy and develop our Abujar project into the next gold mine in the world. West Africa, with first gold by end of Q4 CY22.”

Continuous drilling program

The company has six rotating diamond rigs in Abujar and plans to cover over 100,000 meters during the 2022 drilling 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 in the first six years of the mine life. 11-year-old Abujar mine for a 5% NPV of $1.3 billion, pre-tax, and $97 million, after-tax, using a gold price of US$1,700 per ounce and a value in Australian dollars of 0.74 US cents.

And after?

The company expects to launch its life-of-mine production plan early in the current quarter.

Construction of the mine continues, fully funded without debt, and the mine is on target for first gold in the fourth quarter.