Tietto’s focus is the Abujar Gold Project in central western Côte D’Ivoire, where it is targeting first gold in Q4 CY2022.
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 freecarried 10% interest in the Project on commencement of mining.
Tietto is well placed to grow its resource inventory. It has substantially advanced the project since starting exploration in mid‐2015, defining a Mineral Resources containing 3.02 million ounces of gold.
In October 2020, the Abujar Gold Project Mineral Resource estimates were updated 81.2Mt @ 1.2 g/t Au for 3.02 Moz. As a part of the PFS, Abujar Ore Reserves were declared as a Probable Ore Reserve of 15.7Mt ROM at 1.71 g/t Au for 860,000 ounces.
Following a 54,000m diamond drilling campaign, Tietto increased its Mineral Resources Estimate for the Abujar Gold Project in July 2021. Gold resources increased to 87.85Mt @ 1.2g/t Au for 3.35Moz. These results saw a growth 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.
Tietto completed a PFS for the Abujar Gold Project in April 2021 which indicates the development of Abujar will transform Tietto into a substantial West African gold producer. It forecasts annual production of 200,000 ounces gold in first year of production and more than 168,000 ounces per annum over the first 6 years of the project.
The PFS confirmed Abujar’s potential for a large scale 3.5Mtpa open-pit mining operation that is estimated to pay back its $230 million capital costs in 2.8 years.
Tietto is on track to complete a Definitive Feasibility Study for Abujar by Q3 2021.
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.