Tietto Minerals unearths more bonanza gold as it advances Abujar to production
Tietto Minerals is well funded to deliver project milestones with $60 million in cash at hand.
More bonanza gold has been unearthed at Tietto Minerals’ (ASX: TIE) flagship Abujar gold project in Cote d’Ivoire, as the company advances it towards production.
Infill drilling at the AG Core target returned numerous high-grade hits with notable results of 4m at 33.86 grams per tonne gold from 38m, including 1m at 164.28g/t gold; 2m at 26.07g/t gold from 118m, including 1m at 51.33g/t gold; and 16m at 2.51g/t gold from 105m, including 6m at 5.05g/t gold.
This follows a 1.1m interval last month that graded 2,853g/t gold.
The company now has results from 44 diamond holes for 5,794m completed as part of the infill drilling program.
Resource update due soon
Tietto managing director Dr Caigen Wang said these latest assays are from the 10th batch of results from infill drilling, which is designed to convert AG Core resources from indicated to measured.
“We are incorporating results into the resource model update – due at the end of this quarter.”
Abujar has 3.35 million ounces of contained gold in global resources, with AG Core accounting for 1.65Moz of gold.
Advancing Abujar to production
Dr Wang noted the company was fully funded to first production at Abujar, which has the potential to be one of the largest gold producing mines in Cote d’Ivoire.
Abujar is estimated to produce more than 260,000oz gold in the first year of operation and 1.2Moz over the initial six.
AG Core is scheduled to be mined over the first two years of production at the project.
During the December quarter, Tietto unveiled the definitive feasibility study for Abujar that forecasts US$2.87 billion in life of mine revenue to generate pre-tax cash flow of US$1.28 billion.
The pre-production capital requirement of US$200 million has been secured to develop Abujar, with first gold expected in the December quarter this year.
Abujar currently has an estimated mine life, but the company expects this will be increased with ongoing exploration.