Gold Recovery Prompting Miners To Ramp Up Exploration; Tietto Reports Extension Drilling Results

  • May 09, 2019 AEST
  • Team Kalkine
Gold Recovery Prompting Miners To Ramp Up Exploration; Tietto Reports Extension Drilling Results

Gold prices are soaring amid tension between the United States and China, which in turn is building Macroeconomic pessimism and supporting the gold prices. The recent step by the United States to raise the tariff on China is raising eyebrows of the market participants over the global economy, which is marking a shift of capital from risky assets to the risk-free asset such as gold.

Another factor which is supporting the gold prices is the failure of the summit between the United States and North-Korea for the denuclearisation of the northern peninsula. The failure of the United States president to rein the ambitious nuclear plan of North-Korea dictator- Kim Jong Un is creating uncertainty in the global market, which in turn is supporting the gold prices further.

As per the recent news, North-Korea launched an unidentified projectile at the western part of the county, just after a week which marked testing of several new weapon systems. The ambitious plan of the dictator is creating a global panic and supporting the gold prices.

The gold prices recovered recently in the wake of such events from its recent low of US$ 1266.35 on 2nd May 2019 to the level of US$1291.53 (Day’s high on 8th May 2019). The Gold Spot is trading on a positive territory today and is trading at US$1285.22 (as on 9th May 2019, GMT-4 4:27 am).

The upward movement in gold prices is prompting the miners to explore and increase their production capacity to take advantage of the recovering gold prices which plunged previously over the improved global economic conditions amid progressive trade talks.

An Australian Stock Exchange-listed miner and West African gold explorer- Tietto Minerals Limited (ASX: TIE) conducted one such exploration activity. The company made an announcement on 9th May 2019 in which it mentioned that the shallow drilling undertaken by the company at AG deposit in Cote d’Ivoire intersected 394g/t of gold. The company recently received a firm commitment to raise funds.

The drilling at the AG deposit was undertaken to extend the high-grade core, which hosts 1.06 million ounces of gold at 2.1g/t Au, the drilling aimed to grow the existing 1.7 million ounces of gold.

Tietto received the assay results from three diamond drill holes, and the results are as:

The drill hole identified as ZDD035 resulted in 4m @ 100.73g/t of gold from 76m including 1m @ 394.36g/t of gold from 77m.

The drill hole identified as ZDD036 resulted in:

2m @ 5.13 g/t of gold from 29m including 1m @ 8.73 g/t Au from 30m.

14m @ 1.47 g/t of gold from 51m including 1m @ 13.63 g/t of gold from 64m.

7m @ 4.68 g/t of gold from 87m including 1m @ 13.16 g/t of gold from 87m and 2m @ 8.78 g/t of gold from 92m including 1m @13.2g/t of gold from 93m.

The drill hole identified as ZDD038 resulted in :

5m @ 5.29 g/t of gold from 146m including 1m @ 12.52 g/t of gold from 150m.

4m @ 8.48 g/t of gold from 195m including 1m @ 22.53 g/t of gold from 196m.

The results of a few assays are still pending, and the company is drilling two diamond drilling holes at line 28 and 29 shown in the figure below.

The company recently discovered a broad high-grade intersection of 36m @ 4.40 g/t of gold from 52m including 1m @ 103.17 g/t of gold and 1m @ 33.45 g/t of gold from ZDD027 (Line 29).

The shares of the company closed at A$0.145 (as on 9th May 2019), down by 3.333% as compared to its previous close.


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