Tietto Minerals (ASX: TIE) records another stellar hit at Abujar

West African gold explorer and developer Tietto Minerals has struck gold as high as  21.94 g/t gold over 19 metres during infill and step‐out drilling at AG Core, part of its 3.45Moz Abujar Gold Project in Côte d’Ivoire, West Africa.

The latest high‐grade intercept of 19m @ 21.94 g/t Au from 270m (ZDD1388) is the third-highest gold intercept hit at AG Core and the fourth-highest gold intercept for the Abujar Gold Project.

Abuja Highlight Intercepts

Tietto’s Projects

Tietto is finalising an update on Abujar’s LOM production plan using the current Mineral Resource Estimate, increased mill throughput and higher gold prices (spot price is +20% greater than US$1407/oz used in the DFS8), targeting a material increase to existing LOM production.

“We now have 17 intervals greater than 200 gold gram metres at AG Core, including the Project best intercept of 8m @ 393.59 g/t Au from 38m inc. 1.1m @ 2,853 g/t Au which was drilled earlier this year,” Managing Director  Dr Caigen Wang said.

“Owning our diamond drill rigs will allow us to drill around 120,000m of core this calendar year at the same time as our build team executes the build at Abujar.

“These drill results demonstrate the potential of the high‐grade shoots prevalent at AG Core to continue delivering spectacular high‐grade gold intercepts.

“We will incorporate all drilling intercepts reported into the next resource update, expected early in CY23, to allow the inclusion of all results from our expanded program.

“We have no debt with zero hedging and are fully funded to production at Abujar, which has the potential to be one of the largest gold-producing mines in Côte d’Ivoire, with an expected production of more than 260,000 ounces of gold in the first year and 1.2M ounces of gold in the first six years.

“Tietto has an experienced team on board to deliver Abujar on time and on budget.

“Shareholders can expect further updates from our aggressive diamond drilling program as we advance our dual strategy of ‘Drill and Build’ and develop our Abujar Project into West Africa’s next gold mine, with first gold by the end of Q4 CY22.”

Price Action

The Company’s ASX-listed shares are 80c at Market Open

About Tietto Minerals

Tietto Minerals is focused on developing its Abujar Gold Project in Côte d’Ivoire as West Africa’s next gold mine, targeting first gold in Q4 CY2022. The Company’s Definitive Feasibility Study (DFS) for Abujar demonstrated the project can produce 260,000 ounces of gold in its first year of production at an all-in-sustaining-cost (AISC) of US$651/oz and 1.2 million ounces of gold over the first six years of production – averaging 200,000 ounces per year at an AISC of US$804/oz. With estimated Life of Mine revenue of US$2.87 billion at a US$1,700/oz gold price, Abujar can deliver pre-tax cashflow of US$1.28B and achieve payback within a year of first production. Abujar has a current mine life of 11 years, with scope for Tietto to extend this with further near-mine and regional exploration success.

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