Tietto’s focus is the Abujar Gold Project in central western Côte d’Ivoire, where it is targeting first gold in Q4 CY2022.
Tietto is well placed to grow its resource inventory. It has substantially advanced the project since starting exploration in mid‐2015, and now has Mineral Resources containing 3.35 million ounces of gold, following a 54,000m diamond drilling campaign in 2021 which saw a 49% increase in Indicated resources to 43.4Mt @ 1.3g/t Au for 1.85Moz of contained gold, representing more than 55% of the project ounces.
Tietto completed a Definitive Feasibility Study for Abujar in October 2021. Underpinned by Ore Reserves of 1.45Moz, the DFS demonstrated that Abujar can deliver annual average gold production of more than 200,000 ounces of gold per annum over the first six years of production (20% increase over the PFS) at an average AISC of US$804/oz. The project has a payback period post-tax of less than 1 year from first production.
In October 2020, Tietto received environmental approval, and was granted a gold exploitation (mining) licence within the Abujar Middle tenement in December 2020. The mining tenement covers an area of 120.36km2. Tietto has an 88% interest in the Abujar Gold Project with its local partners having a two percent interest. The Government of Côte d’Ivoire is entitled to a free-carried 10% interest in the Project on commencement of mining.
Abujar is ~30km from the major regional city of Daloa. 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, Abujar South, Abujar Middle and Abujar North, with a total land area of 1,114km², of which less than 10% has been explored. It features a north-northeast ‐orientated gold corridor over 70km striking across the three tenements.