Tietto Minerals Ltd (ASX:TIE) remains on track for the first gold pour during the December quarter at its 3.45-million-ounce Abujar Gold Project in Côte d’Ivoire, West Africa.
Construction continues to track well against schedule, with CIL tanks completed and handed over to the SMP contractor to complete structural steel erection.
Notably, all heavy lifts for the SAG mill have been completed and gear alignment began this month.
Site works continued on multiple fronts during August, including progress on the substation, site buildings, tailings storage facility (TSF) and diversion channel.
Drill and Build strategy
Tietto remains very well positioned to advance its dual strategy of ‘Drill and Build’ throughout 2022 which includes:
- continuing to drive rapid resource growth at the 3.45 million-ounce Abujar Gold Project; and
- fast‐track development of Abujar to achieve first gold in December quarter of 2022.
Tietto has completed a A$130 million two-tranche placement to accelerate the development of Abujar, with no debt, to realise first gold production by Q4 CY22 and produce 260,000 ounces of gold in 2023.
In addition, the company has entered a binding placement agreement with Chifeng Jilong Gold Mining Co Ltd subsidiary Chijin International (HK) Limited to raise $49.3 million via the issue of 85 million shares.
Milestones
Tietto continues to deliver project milestones with Abujar’s maiden measured gold resources of 7.7 million tonnes at 1.4 g/t gold for 350,000 ounces.
The company will deliver an update on Abujar’s LOM production plan this quarter using the updated mineral resource estimate, increased mill throughput and higher gold prices, targeting a material increase to existing LOM production.
Tietto aims to complete 100,000 metres of drilling in 2022 with a fleet of eight rigs in operation at Abujar.
It is advancing the construction of the process plant and associated infrastructure, which remains on schedule.
Looking ahead, Abujar Gold Project is progressing towards the first gold pour by the end of the December quarter and is on track to become West Africa’s next producing gold mine.