Tietto Minerals has taken a vital step forward in the development of its 3.35-million-ounce Abujar gold project in Côte d’Ivoire, West Africa, after completing a number of critical construction items at the site. The company is now moving at speed towards its expected maiden 2022 gold pour after completing bulk earthworks for the processing plant and the camp accommodation.
The advanced gold developer says it has also kicked off the drafting of the structural steel and platework and importantly, the project remains lost time injury or “LTI” free.
Tietto is now awaiting the delivery of its tower steel that will provide the electrical juice to power the project and the sag mill that will help process its Abujar gold. The company looks to be entering the new year at a feverish pace, following a recent run of form that has seen it pepper its Abujar ground with a string of successful drill holes that just kept coming towards the end of 2021.
With completed settlement of the second tranche of our recent capital raise, we are now fully funded to production at Abujar, which has potential to be one of the largest gold producing mines in Côte d’Ivoire, expected to produce more than 260,000 ounces of gold in the first year and 1.2M ounces of gold in the first six years.
Tietto’s Abujar gold project is fully funded after the company recently tied down an oversubscribed $85m placement to partly fund the mine. It intends to use those funds along with a debt facility of up to US$140m to thrust Abujar into production and it will dip into its cash reserves to stump up an additional 30 million to prop up the project.
Tietto is in the enviable position of owning its own fleet of diamond drill rigs that it has used to great effect over the last year or so.
Only about a month ago Tietto polished off its seventh batch of infill drilling that was aimed at upgrading it’s indicated resources up to the higher confidence “measured” category. Tietto’s most recent expedition delivered a suite of high-grade intersections, including a 3 metre hit grading 79.78 grams per tonne gold from 227m that hosted a 1m hit going 152.24 g/t gold.
Other notable results included a 5m intersection grading 14.44 g/t gold from 91m including 2m at just over an ounce to the tonne gold.
Tietto’s systematic delivery of high-grade gold bodes well for the company as it shifts into production.
With its Abujar gold project fully funded, LTI free and hurtling towards an end of year gold pour, things could get interesting quickly for the ASX-listed developer.
