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Tietto Minerals halted ahead of news on material fundraising finalisation

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.

Tietto Minerals Ltd - Tietto Minerals in trading halt ahead of material fundraising finalisation
The mineral resource estimate update is on track for September 2020

Tietto Minerals Ltd (ASX:TIE) has an announcement pending in relation to the finalisation of a material fundraising and has been granted a trading halt.

The trading halt will remain in place until the beginning of regular ASX trading on Monday, August 3, or when an announcement is released to the market.

Tietto has a market cap of approximately $228.3 million and shares last traded at 64 cents, having risen from 12.5 cents at the close on March 23.

High-grade results

The company recently received further high-grade gold results which have extended the Abujar-Gludehi (AG) deposit at depth and are expected to expand the existing 2.2 million-ounce resource at Abujar Gold Project in Côte d’Ivoire.

Results have been received from the first of five deep diamond holes at AG which have extended the deposit below 500 metres vertical depth.

The best results are 3 metres at 10.78 g/t from 537 metres, including 1-metre at 25.94 g/t, and 6 metres at 4.47 g/t from 553 metres, including 2 metres at 11.64 g/t.

Tietto managing director Dr Caigen Wang said at the time: “I am pleased to report the high-grade gold core at AG is very much open at depth, with assay results from the first hole drilled in our AG Deeps program intersecting multiple levels of high-grade gold mineralisation downhole.”

Quick facts: Tietto Minerals Ltd

Price: 0.505 AUD

ASX:TIE
Market: ASX
Market Cap: $227.18 m
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