Mining minerals

Tietto Minerals Ltd remains on track for Abujar’s first gold next quarter

Tietto Minerals Ltd (ASX:TIE) remains on track for the first gold pour during the December quarter at its 3.45 million ounce Abujar gold project in Ivory Coast, East Africa West.

Construction continues to proceed well against schedule, with CIL tanks completed and handed over to contractor SMP to complete structural steel erection.

Notably, all heavy lifting for the SAG factory was completed and gear alignment began this month.

Work on the site continued on several fronts during August, including the advancement of the substation, site buildings, tailings storage facility (ISR) and derivation.

Drill and Build Strategy

Tietto remains very well positioned to advance its dual “Drill and Build” strategy through 2022, which includes:

  • continue to drive rapid resource growth at the 3.45 million ounce Abujar Gold Project; and
  • accelerated development of Abujar to obtain the first gold medal in the December quarter of 2022.

Pitches

Tietto has completed a two-tranche placement of A$130 million to accelerate the development of Abujar, debt-free, to achieve first gold production by Q4 CY22 and produce 260,000 ounces of gold in 2023.

Additionally, the company has entered into a binding placement agreement with Chijin International (HK) Limited, a subsidiary of Chifeng Jilong Gold Mining Co Ltd, to raise $49.3 million through the issuance of 85 million shares.

Milestones

Tietto continues to achieve project milestones with Abujar’s first measured gold resource of 7.7 million tonnes at 1.4 g/t gold for 350,000 ounces.

The company will provide an update on Abujar’s LOM production plan this quarter using the updated mineral resource estimate, increased mill throughput and higher gold prices, targeting a significant increase in existing LOM production.

Tietto aims to complete 100,000 meters of drilling in 2022 with a fleet of eight rigs in operation in Abujar.

It is advancing the construction of the processing plant and associated infrastructure, which is on schedule.

Looking ahead, Abujar Gold Project is progressing towards first gold pour by the end of the December quarter and is on track to become West Africa’s next producing gold mine.