Tietto is focused on fast-tracking the development of the Abujar Gold Project in Côte d’Ivoire, West Africa, targeting first gold in Q4 CY2022.
Following an aggressive drilling campaign, in July 2021 Tietto announced an increase in its Mineral Resource Estimate at the Abujar Project. This included a growth in gold resources to 87.5Mt @ 1.2 g/t Au for 3.35Moz including:
- 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 boost the Abujar Indicated Resources by 49% to 43.4Mt @ 1.3 g/t Au for 1.85Moz of contained gold, representing more than 55% of the Abujar project ounces.
Tietto has a 50,000m diamond drilling program underway targeting de-risk and resource growth using its fleet of six diamond drill rigs. The program 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 an early work program including front end engineering and design (FEED) and site and camp construction underway.
In April 2021, Tietto completed 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 9Mt ROM at 1.5 g/t Au for 1.1Moz2 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.
Tietto expects to deliver a Definitive Feasibility Study (DFS) for Abujar in Q3 CY2021.