Tietto building momentum

SHARES in gold explorer Tietto Minerals hit an all-time high yesterday as the company continues to build momentum in Cote d’Ivoire.
Tietto building momentum Tietto building momentum Tietto building momentum Tietto building momentum Tietto building momentum

Drilling at Abujar in Cote d'Ivoire

The company's flagship Abujar project already has a resource of 1.7 million ounces at 1.4 grams per tonne gold, including a higher grade component of 1.1Moz at 2.1gpt, released in April.

"Since then, we've seen over 600m of exceptional high-grade gold intersections near surface," Tietto managing director Caigen Wang told the Gold and Alternative Investments Conference last week.

Tietto has completed 20,000m of drilling since the last resource update, receiving some high-grade results, including 76 intersections above 50 gram metres, 13 above 100 and six above 200.

Last week the company hit 21m at 13.02gpt gold, while earlier this month, it hit 20m at 14.8gpt gold, both at the flagship AG deposit.

"There have been significant improvements in grade in this part of the deposit," Wang said.

An updated resource is due in the current quarter.

"We said Q4 which is very much next month," Wang said.

The company has already spent A$20 million on exploration at Abujar, but much of the company's 1114sq.km tenure remains underexplored.

Over a strike length of 70km, less than 10% of the mineralised structures have been explored.

Tietto owns three diamond rigs, which can drill a combined 4500m per month.

A 50,000m drilling campaign has just kicked off, funded via the company's $4.9 million cash balance.

"We're set up for rapid growth in the next few months and coming years," Wang said.

Tietto listed in January 2018 after a $6 million initial public offering priced at 20c per share.

Yesterday the stock hit an all-time high of 42c, and closed at 38c, valuing it at $103.6 million.