Tietto Minerals reports more West Africa huge gold hits including 118.29g/t

Emerging Cote d’Ivoire gold producer Tietto Minerals (ASX: TIE) has produced another bunch of high-grade results from the current 28,000m infill drilling program at its 3.02 million-ounce Abujar gold project.

The company now reports hitting 5m at 25.04 grams per tonne of gold from 203m down hole.

While that grade is impressive, the eye-watering numbers come from two intervals within that 5m intercept — 3m at 41.36g/t including 1m at 118.29g/t gold.

That same hole had a separate zone at a shallower 140m depth, returning 5m at 5.21g/t (and including 1m at 25.1g/t).

Two other hole results are similarly impressive.

Two mineralised zones in one hole

One of these, hole 443, went through two high-grade mineralised zones.

At 234m from surface, 17m at 2.14g/t was intersected, including two intervals — 2m at 8.04g/t and 1m at 10.91g/t.

The drill bit then hit another zone at 272m, returning 4m at 10.25g/t, including 1m at 26.25g/t and 1m at 13.13g/t.

A third hole, 430A, intersected mineralisation from 178m for 7m at 5.30g/t, including 3m at 12.05g/t (with that interval hosting 1m at 33.18g/t).

Results from the 28,000m diamond core drilling program will be included in an updated mineral resource estimate at Abujar which is due for release late into the June quarter.

The project’s pre-feasibility study is on course for delivery before the end of this month, the company confirmed.

Tietto managing director Dr Caigen Wang said these latest results, located at open pit mining depths, demonstrate the system’s potential for continued growth.

Six rigs at work, costs low

Six diamond drill rigs are operating at Abujar, completing 11,000m a month at a cost of US$35 (A$45) per metre.

“This means that, despite having one of the most aggressive exploration diamond drill programs among companies on the ASX, our drilling has a very low draw-down on the company’s cash reserves,” Dr Wang said.

This gives Tietto flexibility to implement mine pre-development at Abujar, such as construction of access roads and the mine camp, along with land acquisition and ordering long-lead items for the processing plant, he added.

Tietto has stated previously it is well-funded with, at the time, $57 million cash in the bank.

The present 3.02Moz resources includes results from three deposits at Abujar — Abujar Gludehi; Abujar Pischon and Golikro; and South Gamina.

Tietto’s board had already approved spending on early site works.

Also, in December, the company obtained the key permit for the Abujar project, the issuing of a mining licence.

It had received environmental approvals for the project in October.

Africa’s next gold mine

The company said it is on track to bring into production West Africa’s next gold mine.

The licence, issued by the Ministry of Mines, Petroleum and Energy, covers an area of 120.36km in central western Cote d’Ivoire.

Tietto’s total landholding is 1,114sq km.

The company’s top five shareholders include Hongkong Ausino Investment (9.87%), 1832 Asset Management, Inner Mongolia Geological and Exploration, and Hong Kong Gondwana Resources.