logo-loader
viewTietto Minerals Ltd

Tietto Minerals higher after more shallow, high-grade gold hits at Abujar

Results of up to 5 metres at 4.69 g/t have been received from an ongoing 50,000-metre diamond drilling program aimed at growing the 2.2-million-ounce resource.

Tietto Minerals Ltd - Tietto Minerals higher after more shallow, high-grade gold hits at Abujar
Shares are more than 12% higher at 27.5 cents

Tietto Minerals Ltd (ASX:TIE) has hit more shallow high-grade gold mineralisation in diamond drilling within the 2.2 million-ounce Abujar Gold Project in Côte d’Ivoire.

Assays have been received from 23 diamond holes for 4,156.5 metres at APG deposit as well as the AG South and GGL prospects within a 17-kilometre mineralised corridor that includes the high-grade AG deposit.

Best results are 5 metres at 4.69 g/t from 55 metres, including 1-metre at 21.24 g/t, and 2 metres at 9.22 g/t from 5 metres, including 1-metre at 16.50 g/t.

Shares are more than 12% higher to 27.5 cents, up from 12.5 cents at close on March 23.

Driving resource growth

Tietto managing director Dr Caigen Wang said: “We’ve delivered more shallow high-grade mineralisation from multiple deposits and prospects as we continue to drive resource growth from exploration drilling at Abujar.

“These results are all along strike, either north or south of the high-grade AG core, within a 17-kilometre corridor hosting the growing AG and APG deposits and rapidly expanding prospects at AG South and GGL.”

Plan view showing the location of Tietto’s projects.

50,000-metre program

The ongoing 50,000-metre diamond drilling program is designed to grow resource ounces at Abujar as well as identify new prospects within the project’s 70-kilometre system, of which 90% remains to be tested.

Gold mineralisation at the three prospects tested remains open along strike and at depth and Tietto is drilling more extension holes along strike and planning further step back drilling to test the limits.

At the start of this week, approximately, 2,000 samples were at the assay laboratory with results pending.

Potential for more high-grade shoots

Wang said: “At APG, we have reported near-surface high-grade gold mineralisation, outside of the current resource and this bodes well for the potential to discover more high-grade shoots within a broader mineralised zone.

“The drilling results at GGL are a promising first step, however, it wasn’t unexpected given the extent of artisanal workings we have observed there.

“Our exploration program continues and is targeted to grow an inventory of shallow open-pittable gold ounces to complement the potential development of high-grade open-pit  operations at AG.”

The company expects to report more drilling results in coming weeks from extension and step-out drilling at the AG deposit.

Using low-cost company-owned rigs

Tietto continues to utilise its own low-cost diamond drilling rigs and maintains extensive hygiene and self-isolation policies to protect its workforce and mitigate any potential impact from COVID-19 in Côte d’Ivoire.

There have been no cases of COVID-19 infection reported by any of the company's employees and Tietto has imposed strict measures to restrict the movement of people to site to prevent the spread of the virus.

The company continues to benefit from operating with some of the lowest exploration costs in the gold sector and will soon have five company-owned rigs driving this cost efficiency.

This will ensure a steady flow of drill results to be incorporated into an Abujar resource update scheduled for the September quarter of 2020.

Quick facts: Tietto Minerals Ltd

Price: 0.53 AUD

ASX:TIE
Market: ASX
Market Cap: $207.69 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Tietto Minerals Ltd named herein, including the promotion by the Company of Tietto Minerals Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Time to take out some insurance against US stock markets says Alto Capital's...

Tony Locantro, from Alto Capital, says he is telling his clients to take out some insurance against the value of the Dow Jones and S&P too, which he believes are at ‘stupid’ levels. Clients are making massive returns, he says, I am recommending they buy short-side ETFs with the plan to...

9 hours, 20 minutes ago

3 min read