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Tietto Minerals higher on hitting bonanza grade gold up to 180.86 g/t at Abujar Gold Project

Last updated: 12:38 08 Apr 2021 AEST, First published: 11:24 08 Apr 2021 AEST

Tietto Minerals Ltd - Tietto Minerals hits 180.86 g/t bonanza gold grades at Abujar Gold Project
These latest results from AG South will be included in the next Abujar mineral resource update, which is due late on Q2 of 2021.

Tietto Minerals Ltd (ASX:TIE) has hit 180.86 g/t gold within 7 metres at 51.56 g/t gold during infill drilling at the Abujar‐Gludehi (AG) deposit, part of its 3.02-million-ounce Abujar Gold Project in Côte d’Ivoire, West Africa.

The latest results from the 40,000-metre infill drilling program include ZDD491 at AG South on Section Line 6B:

  • 7 metres at 51.56 g/t from 53 metres including 1-metre at 21.15 g/t from 53 metres, 1-metre at 152.70 g/t from 56 metres and 1-metre at 180.86 g/t from 57 metres. 

Results from ZDD483 at AG South on Section Line 4B include:

  • 3 metres at 52.95 g/t from 71 metres including 1-metre at 121 g/t from 71 metres and 1-metre at 36.01 g/t from 72 metres. 

Shares have been as much as 11.7% higher to 33.5 cents with the company's market cap at approximately $136.5 million.

Results to be included in update

The company will include these latest results from AG South in the next Abujar mineral resource update, which is due later this quarter. 

Tietto managing director Dr Caigen Wang said: “Our infill drilling program continues to exceed our expectations with multiple ultra‐high grade gold hits in the holes reported today.

“These results sit outside of the recently announced maiden ore reserve and will upgrade the inferred material making up the mining inventory. 

“We have many more results to come from our 40,000 metres of infill drilling, and high impact holes like these will be going into the mineral resource update due in late May. 

“This updated model will then be used for new optimisation and mine scheduling studies using improvements identified during our PFS work.”

DFS on track for Q3

The mineral resource update will drive mine mill optimisation and ore reserve studies for the Abujar DFS, which is on track for delivery in the third quarter of 2021.

Dr Wang said: “As we combine the updated resource with the enhancements identified in the PFS, I expect to see an uplift in our ore reserves at AG even before the inclusion of infill drilling at APG and drilling below the PFS pit at AG.” 

“Our diamond drilling rigs will soon move onto drill testing the multitude of exploration targets around our proposed mill at Abujar to drive future resource growth.

“On the development front, we have mapped out a clear path to delivery for our fully funded Abujar DFS in Q3 2021 as we move towards Abujar becoming West Africa’s next gold mine.” 

Oblique cross section (6B) showing latest drill results at AG South 

Infill drilling continues

The infill drilling program is ongoing, targeting the upgrade of inferred resources outside recently declared AG ore reserve of 15.7 million tonnes at 1.7 g/t gold for 0.86 million ounces (maiden open pit) within the 22.9 million tonnes at 1.5 g/t gold for 1.12 million ounces mining inventory.

Assay results from more than 6,000 Abujar core samples expected throughout April, with the company’s fleet of six diamond rigs now drilling at a rate of ~11,000 metres a month to drive Abujar’s rapid resource growth at low discovery cost per ounce in 2021. 

Tietto also plans to drill additional holes along strike at AG South, as well as further step‐back drilling to test the depth limits of this large high‐grade gold system. 

Next steps 

With over $52 million cash at the end of March, Tietto remains very well positioned to advance its dual strategy of continuing to drive rapid resource growth and fast-tracking project development.

The company is negotiating the Abujar Mining Convention with the Ivorian Government, which is the final regulatory step with all mining and environmental approvals already secured. 

In addition, Tietto’s recently appointed COO Matt Wilcox is focused on value enhancement areas identified by the PFS and is finalising plans for the commencement of long-lead activities to ensure an expedited route to commencement of production.

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