West African gold explorer company, Tietto Minerals Limited (ASX: TIE) on 9 April 2019 announced the substantial increase in Mineral Resource at its Abujar Gold Project located in the central west Côte D’Ivoire, West Africa.
As per the updated estimate of the JORC 2012 Mineral Resource for Abujar Gludehi (AG) and Abujar Pischon? Golikro (APG) deposits at Tietto’s Abujar Gold Project, there was an increase in the overall contained resource ounces at AG by 114% with a total of 1.38Mn ounces within the 26.4 Mt, including 15.7 Mt at 2.1 g/t of gold for 1.06 million ounces in the sections between L15 and L29.
Towards 5 km towards the South of AG, APG Mineral Resource reported 11.2Mt at 1.0 g/t of gold for 0.35 million ounces.
The total JORC 2012 Inferred Mineral Resources of the AG as well as APG deposits were 37.6Mt at 1.4g/t of gold for 1.73 million ounces.
The Mineral Resources defined by the company covered a small portion of 6.9 km of total 70 km stretch. The company will be completing over 20,000m of diamond drilling through its owned rigs in 2019, with a focus to further Abujar resource upgrade in late 2019. The diamond drilling beneath untested massive artisanal workings that lies immediately to the north and south of AG is under progress. The company has additional drilling scheduled where they will be targeting the 5km strike?length between AG and APG. Since November 2018, the step? back drilling at AG targeted depth extensions of high?grade shoots.
The high?grade AG resource is reported to be more than 4,500 oz per vertical metre.
On 28 March 2019, Tietto-owned diamond rig commenced the drilling at the AG deposit, where more than 20,000 metres of drilling is scheduled to continue the resource growth for the rest of the year. The company also signed a JV term sheet for additional ground near Barrick Gold’s 5Moz Tongon mine and new ground in Boundiali in northern Côte D’Ivoire.
On 19 March 2019, the company reported a high-grade intersection at the AG deposit in shallow drilling.
Previously, Tietto reported an encouraging result of the drilling at AG deposit. The shallow depth of 1meter resulted in 103.17g/t of gold.
For the half year period ended 31 December 2018, Tietto incurred a loss of $4,903,812. The balance sheet of the company reported a fall in the net asset from $6,251,876 in 2H FY2018 to $2,607,479 in 1H FY2019. The total shareholders’ equity for the period was $2,607,479.
There was a fall in the net cash and cash equivalent by $2,629,027. The net cash and cash equivalent by the end of the 1H FY2019 were $3,335,754.
In the last six months, the shares of TIE generated a return of 137.50%. The stock has given an outstanding YTD performance of 192.31%.
By the close of the market on 9 April 2019, the closing price of the stock was A$0.185, down by 2.6% as compared to its previous closing price. Tietto Minerals holds a market capitalization of 43.56 million with approximately 229.24 million outstanding shares.
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