Tietto Minerals Ltd (ASX:TIE) has received bonanza grade gold results from infill drilling at Abujar‐Gludehi (AG) deposit, part of its 3.02-million-ounce Abujar Gold Project in Côte d’Ivoire, West Africa, which is on track to be West Africa’s next gold mine.
The company has hit a project‐best gold intercept at AG South of 5 metres at 109.06 g/t gold from 99 metres including 1-metre at 532.05 g/t.
Results are from 46 diamond holes for 7,499 metres, which is part of a 58-hole, 8,666.5 metres program.
Other strong results include:
- 4 metres at 26.05 g/t from 63 metres including 1-metre at 50.75 g/t;
- 12 metres at 3.31 g/t from 93 metres including 2 metres at 17.31 g/t;
- 3 metres at 8.43 g/t from 159 metres including 1-metre at 24.06 g/t; and
- 3 metres at 6.13 g/t from 37 metres including 1-metre at 17.73 g/t.
The company 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.
Shares have been as much as 12.7% higher to A$0.327 while the company's market cap is approximately A$132.3 million.
“Infill drilling exceeds expectations”
The company has extended its infill diamond drilling program cut‐off to May 24, 2021, with these latest results flagged for inclusion in the next Abujar mineral resource update, due at the end of the current quarter.
Tietto managing director Dr Caigen Wang said: “Our infill drilling program at AG South has again exceeded our expectations with multiple ultra‐high‐grade gold hits, including a project best intercept of just over 1-metre at 0.53 kg/t gold in the holes reported today.
“Infill drilling has defined a continuous zone of shallow ultra‐high‐grade gold (over 100 gold gram metres) striking over 200 metres between sections 4B-6B at AG South.
“All these new results will be fed into the upcoming resource model update.”
Tietto expects recent drilling will underpin a material upgrade to Abujar ore reserves of 15.7 million tonnes at 1.7 g/t gold for 860,000 ounces (maiden open pit).
This is within AG's mining inventory of 22.9 million tonnes at 1.5 g/t gold for 1.12 million ounces and open‐pittable inferred resources identified at APG (8.1 million tonnes at 0.8 g/t gold for 0.2 million ounces).
Drilling to drive resource growth
The company’s fleet of six diamond rigs is drilling around 11,000 metres a month to drive Abujar’s rapid resource growth at a low discovery cost per ounce.
Dr Wang said: “These high impact holes have potential to add material shallow high‐grade ounces early in the mine schedule, which we expect to be positive for our open pit optimisation.
“Once the infill program is completed, we intend to use our diamond drill rigs to test the multitude of exploration targets around our proposed mill at Abujar to drive future resource growth.
“On the development front, our recent initiatives and work program demonstrate our progress towards delivery of our fully funded Abujar DFS in Q3 2021 and more broadly, positioning Abujar as West Africa’s next gold mine.”
The June quarter work program will include front end engineering and design (FEED), and commencement of site and camp construction.
Fast-tracking Abujar development
The company is targeting 100,000 metres of diamond drilling in 2021 using its six company‐owned DD rigs drilling at US$35/metre.
As well as drill testing focusing on 8.5 kilometres of fertile Abujar main shear along strike from the existing AG and APG deposits, the company will drill high priority regional targets.
The company is also on track to release a definitive feasibility study (DFS) for Abujar in Q3 of 2021 and recently announced it had secured a SAG mill for the project and awarded Engineering Design of the Abujar Gold Mine Processing Plant to Primero Group.
The company is currently negotiating the Abujar Mining Convention with the Ivorian Government, being the final regulatory step for the company to achieve, with all mining and environmental approval already secured.
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.