Gold: Tietto ‘ticking all the boxes’ ahead of big resource boost at 1.7moz Abujar project
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Up about 400 per cent so far in 2019, Tietto Minerals (ASX:TIE) has been one of the junior gold sectors big, but relatively low key, success stories.
From 7c to about 33.5c per share since the start of January. That’s a great return by any measure.
In February, Tietto told Stockhead it was aiming to double the 700,000oz Abujar project resource in Cote D’Ivoire, West Africa, in an April resource update.
It exceeded that goal, significantly. Abujar is currently 1.7 million ounces and growing fast.
Since then, over 20,000m of additional diamond drilling has been completed using the company’s three, wholly owned rigs.
Today the explorer unveiled fresh high-grade intercepts from the main AG deposit at Abujar – such as 21m at 13.02 g/t gold from 215m, and 10m at 7.21 g/t from 115m. Anything above 5g/t in generally considered high grade.
This drilling blitz will feed into an updated Mineral Resource estimate for the AG deposit, due this quarter.
“Our drilling at AG continues to deliver cracking drill intercepts that are shallow, wide, and high grade, ticking all the boxes that point to potential for a highly profitable open pit mining operation,” Tietto’s Dr Caigen Wang says.
A fresh 50,000m diamond drilling campaign also kicked off earlier this month.
“Our next 50km of diamond drilling has started, using our own rigs to grow our existing deposits and test the pipeline of new prospects we have identified at the Abujar Gold Project where over 90 per cent of the mineralised shear structures remains to be tested,” Wang says.
You heard that right – 90 per cent.