Tietto Minerals hits more bonanza gold at Abujar, as project advances towards becoming West Africa’s next gold mine
Tietto Minerals intercepted 2m at 102.39g/t gold during infill drilling at the AG Core.
Following a robust definitive feasibility study, drilling at Tietto Minerals’ (ASX: TIE) advanced 3.35 million ounce Abujar gold project in Côte d’Ivoire is continuing to build confidence with latest assays returning bonanza hits.
An intercept from the AG Core unearthed 7m at 30.67 grams per tonne gold, including a bonanza 2m at 102.39g/t gold.
Other highlight results were 8m at 5.95g/t gold from 79m, including 6 at 7.82g/t gold; and 7m at 2.13g/t gold from 48m, including 3m at 4.5g/t.
The results are from the fourth batch of the current infill program that aims to convert a portion of the indicated resource, which stands at 35Mt grading 1.5g/t gold for 1.65Moz, to measured status.
Tietto is still awaiting assays from 80 holes drilled for 15,684m, with the final 1,287m of infill drilling scheduled to be completed by the end of the month.
“Our fourth batch of results from our infill drilling program at Abujar is delivering up more high-grade gold intercepts that continue to de-risk open pit mining at the project,” Tietto managing director Dr Caigen Wang said.
“We are confident the Abujar gold project will continue to enjoy growth in both resources and reserves through our continued large-scale drilling program.”
He added once converted to measured status, the resources are scheduled to be mined within the first two years of production at Abujar, which it targeted for 12 months’ time.
Robust definitive feasibility study
Earlier this month, Tietto unveiled a “robust” and “compelling” definitive feasibility study for Abujar.
The study is based on open pit probable ore reserves of 34.4Mt at 1.3g/t gold for 1.45Moz, which are expected to shore up an initial 11-year mine-life.
It is forecast 260,000oz of gold will be produced in the first year with about 1.2Moz expected over the initial six years of mining – equating to about 200,000ozpa.
Capital expenditure has been estimated at US$200 million, with a forecast life of mine revenue of US$2.87 billion.
This is expected to generate post tax cash flow of US$970 million.
The economics assume a gold price of US$1,700/oz (A$2,313/oz) and average all-in-sustaining costs at US$832/oz (A$1,132/oz).
“We are focused on advancing the Abujar gold project towards becoming West Africa’s next gold mine,” Dr Wang said.