Abujar, Cote d’Ivoire

Abujar Gold Project, Côte d’Ivoire

The Abujar Gold Project is located approximately 30km from the major regional city of Daloa in central western Côte D’Ivoire. It is close to excellent regional and local infrastructure to facilitate exploration and development being only 15km from nearest tarred road and grid power. The Abujar Gold Project is comprised of three contiguous tenements with a total land area of 1,114km2, of which less than 10% has been explored. It features an NNE‐orientated gold corridor over 70km striking across three tenements.

In April 2021, Tietto announced results of the Abujar Gold Project Pre-Feasibility Study (PFS) for an open-pit 3.5Mtpa operation. Highlights included:

  • Forecast annual production of 200,000 ounces gold in first year of production; more than 168,000 ounces per annum over the first 6 years of project;
  • Maiden Open Pit Probable Reserves of 15.7Mt ROM at 1.7 g/t Au for 860,000oz (over 65% conversion of Indicated Resources)
  • LOM mining inventory inclusive of Ore Reserves of 22.9Mt ROM at 1.5 g/t Au for 1.1Moz at Average All‐in Sustaining Costs (AISC) of $839/oz
  • 2.8-year pay back from commencement of construction on $230 million capex (including pre‐production mining and contingency)
  • Strong economics ‐ pre‐tax NPV  (5%)  of  $363M,  IRR  53%  and  post‐tax  NPV  (5%)  of $266M, IRR 42% based on an average gold price of US$1506/oz.

Full details are available in the Abujar PFS announcement.

In July 2021, Tietto increased its Mineral Resource Estimate for the Abujar Gold Project following a 54,000m diamond drilling campaign. As a result of the campaign, gold resources grew to 87.5Mt @ 1.2g/t Au for 3.35Moz:

  • AG mineral resources total 50.3Mt @ 1.5 g/t Au for 2.45Moz (+7% oz Au)
  • APG mineral resources total 36.7Mt @ 0.7 g/t Au for 0.87Moz (+24% oz Au)

These results are an increase in indicated resources by 49% to 43.4Mt @ 1.3g/t Au for 1.85Moz of contained gold, representing more than 55% of the project ounces.

Full details of the increased Mineral Resource Estimate are available in the ASX announcement dated 12 July 2021.

Plans for 2021

A 50,000m diamond drilling campaign is underway targeting de-risk and resource growth using Tietto’s fleet of six diamond drill rigs. The campaign includes:

  • Infill drilling at AG targeting first two years of production.
  • Resource growth from drill testing of targets located within 10km radius of proposed AG mill.
  • Drill testing high priority regional targets.

Tietto is rapidly advancing Abujar development with early work program including front end engineering and design (FEED), and site and camp construction underway.

Tietto is targeting first gold at Abujar in Q4 CY2022.

Tietto expects to deliver a Definitive Feasibility Study (DFS) for Abujar in Q3 CY2021.

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