Western African gold explorer, Tietto Minerals Limited (ASX: TIE) today reported a new high-grade gold intersection at its Abujar-Gludehi deposit.
The company hits 103g/t gold at shallow depth at its AG deposit. The company stated that the gold mineralisation at AG remains open in all directions. The latest intercept is 100m north along strike of existing inferred mineral resource of 10.4Mt @ 2.1 g/t Au for 703,600 ounces. The company reported a continued growth of a coherent near-surface +3.5 g/t Au zone at AG.
Reporting on the results, Dr. Caigen Wang, the Managing Director of the company stated that the results were quite encouraging considering that they could intersect thick, high-grade gold mineralisation of 36m @ 4.4 g/t Au at shallow depts in diamond hole ZDD027. He considered this result to be a high impact result and stated that this result would be incorporated into the pending resource update and build on their existing Mineral resource of more than 700,000 ounces of gold.
The MD also believes the growth of a coherent near-surface +3.5 g/t Au zone to be very attractive for a future open pit development. He also informed that the drilling operations are continuing the site as they test, strike and depth extensions with a potential to significantly grow the gold resources at Abujar, where a major portion of the 70km of fertile gold structures are to be tested.
The company, in its release, also highlighted that of the 240.3m depth of ZDD027, only the 42m section from 49m to 91m had been assayed with the rest of the core yet to be assayed. In addition to ZDD027, the company recently drilled two step-back DD holes on line 28B and 27B, with the assay results pending. The independent review and resources modelling work for Tietto’s Abujar project is on track for completion by the end of March.
Finally, the company informed the exchange that it would continue to report drilling results over the coming weeks and months as the company works to deliver a material update to its JORC mineral resources estimates for both the AG deposit and the APG deposit before the end of Q1CY2019 and another resource update towards late 2019.
Todays’ announcement is on back of the company’s announcement on 26 February 2019, and TIE reported that it hit 2m at 51 g/t at AG deposit.
The company has recently released its Quarterly Activities Report (period ended 31 December 2018). The company appointed Senior Geologist Dr. Mathieu Ageneau as its Exploration Manager. The company issued 7,279,181 shares to Hong Kong Ausino Investment Ltd at an average price of $0.074 per share in return for expenditure on the company’s behalf of A$539,000. The company’s cash reserves stood at A$ 3.3 million and additional ~A$0.96 million from the Hong Kong Ausino Investment Ltd equity facility and ~A$0.5 million equity payment election right in return for drilling services.
The stock has been in an up-trend in the recent past. The stock has delivered a healthy return of 46.15%, and 17.28%, in the past three months and one month respectively (As on 11 February 2019).
The shares of TIE were trading at A$ 0.105 up by 10.53% on the ASX (as at Tue 12 Mar 19).
Tietto Minerals Limited’s (ASX: TIE) market capitalization stands at circa $21.78 million, with ~229.24 million shares outstanding. The Stock has noted the 52-week high price of A$ 0.205 and a 52-week low price of A$ 0.055.
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.