West African explorer Tietto Minerals (ASX: TIE) has posted what it calls a substantial upgrade to its Abujar gold resource with the resource now containing 2.15 million ounces of gold.
According to Tietto managing direct Dr Caigen Wang the upgrade moves Abujar into a “select multi-million ounce club”.
Gold resources at the Cote d’Ivoire project have increased 24% to 45.5 million tonnes at 1.5 grams per tonne gold for 2.15Moz.
Within the resource is a higher-grade near surface core of 19.3Mt at 2.2g/t gold for 1.4Moz. Of that, 9.6Mt at 2.5g/t gold for 760,000oz has been classified as indicated.
“This excellent results has been underpinned by rapid and effective drilling at [the AG deposit] since the last resource update in April 2019 that delivered wide high-grade intercepts on section after section,” Dr Wang explained.
He added the company’s discovery costs at the project were the cheapest in the industry.
Tietto has a 50,000m diamond drilling campaign underway at the project with a fourth rig placed on order to accelerate the program.
Diamond drilling costs have been estimated at US$35/m.
According to Tietto, 3,000 samples are awaiting assay and will be included in the next resource update which is scheduled for Q3 2020.
“Gold mineralisation at AG and APG [deposits] remains open and we will continue with our aggressive resource definition drilling as well as testing new targets over the 70km strike of the largely untested Abujar gold corridor,” Dr Wang said.
Better assays from recent drilling at the project have included 82m at 3.14g/t gold from 26m, 20m at 14.8g/t gold from 42m and 21m at 13.02g/t gold from 215m.
Tietto claims the project’s location in Cote D’Ivoire offers it “outstanding infrastructure” in one of Africa’s most well-developed nations.
The project has the added benefit of strong government support and proximity to a number of established gold miners in the region.
In early morning trade, Tietto’s share price was steady at $0.31.