Tietto Minerals Ltd (ASX:TIE) has shifted focus to drilling outside existing gold resources at the 3.45-million-ounce Abujar Gold Project in Côte d’Ivoire, since its last mineral resource update in April this year.
To date, the company has added 87,469 metres of diamond drilling to the April 2022 resources database, with about 15,000 metres more to be drilled in 2022.
Moving forward, Tietto continues to build its resource potential at Abujar in parallel with the construction of its gold plant, which is fully funded with no debt and no gold hedging and is on track for its first gold in December this year.
‘Drill and Build’ strategy
Tietto managing director Dr Caigen Wang, said: “We are very pleased to see potential for imminent growth in gold resources in the immediate vicinity of the 3.45-million-ounce Abujar gold resource.
“With more than 87,000 metres of diamond drilling completed since the drilling cut‐off date for the April 2022 resource update and approximately 15,000 metres of additional drilling due to be completed by the end of 2022, we can expect a material resource increase.
“The near‐surface feature of recently defined gold mineralisation means that additional shallow open pittable gold resources will potentially grow the 1.7-million-ounce mining inventory estimated in Abujar’s DFS, resulting in a longer life of mine (LOM) and enhanced profitability for all stakeholders.
“Our ‘Drill and Build’ strategy has demonstrated Tietto’s unique capacity for gold resource discovery and growth while also rapidly building the 4.5 million tonnes per annum Abujar processing plant with our first gold pour scheduled before the end of December 2022.
“Tietto has no debt and zero hedging while we are transiting to becoming West Africa’s next gold producer with forecast gold production of 260,000 ounces in CY2023.”
Forward plan
Tietto has no debt with zero gold hedging and is advancing towards first gold production at Abujar by the end of this quarter
The company aims to complete up to 120,000 metres of diamond drilling this year with its fleet of eight rigs in operation at Abujar and it is finalising construction of the process plant and associated infrastructure, which remains on schedule.
The Abujar Project expects its first gold pour prior to the end of this quarter and is on track to become West Africa’s next producing gold mine.