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AFRICA

Tietto’s tin stacked

by Mark Andrews

t is often hard for some juniors to fund themselves from one Having established the
Iexploration campaign to the next, not so for Tietto Minerals company with 2.2 moz gold
Ltd. at Abujar, Tietto is starting
After two resource updates in 2019 and a year-ending 2.2 moz to see a flow of deals
gold resource to show for in Cote d’Ivoire, Tietto locked away come its way and remains
$17 million in a placement (before costs) to shareholders and open to picking up more
global institutions in November. prospective tenure.
“For a junior like Tietto, it means we won’t need to go back to “We were able to pick up
the market for three years,” Tietto non-executive director Mark ground under the noses of
Strizek told GMJ. Perseus and Exore right up
in the triangle near Tongon.
The placement of 65.4 million fully paid ordinary shares at 26c/
We are well connected
share boosts Tietto’s cash backing to $20 million and allows
and have guys looking for
Tietto to continue drilling at the Abujar gold project uninterrupted.
opportunities all the time,”
“It guarantees our future and if you want to be involved in
Strizek said.
Tietto you have to buy on market. The placement allows us to Abujar hosts a resource of
“We have been able to
generate a continuous stream of drill results. We have our own 45.5mt @ 1.5 g/t gold for
spend money through thick
drilling company and we just acquired another rig,” Strizek said. 2.15 moz of contained gold,
and thin and prove we’re
A fourth rig purchased by Tietto, plus other mobile equipment with a high-grade core near
not fair-weather friends.
gives the company capacity to drill 50,000m of diamond holes surface at the northern end
That has meant from local
to grow the existing 2.2 moz gold resource within Abujar of the Abujar Gludehi (AG) of
government, right through
Central, while a further 25,000m (diamond and aircore) will be 1.4 moz @ 2.2 g/t
the different levels they
dedicated to exploration on targets at Abujar South and Abujar
know Tietto is a company
North.
that put its money where its mouth is.”
Adding high-grade ounces to the resource is the aim for Tietto,
Consistently delivering on its expenditure commitments has
with the company expecting to double the amount of drilling at
taken Tietto into an “exclusive 2 moz-plus club”, taking some in
Abujar in the next 10 months, culminating in a resource update
the industry by surprise.
in Q3.
Strizek said results had done the talking for the company at
The metreage completed based on 60,000m drilling per annum
Abujar, with investors now encouraging greater promotion of
will be down at an industry-low $US35/m, essentially saving
Tietto.
Tietto $12 million a year by utilising its 100%-owned equipment.
“I think people are pleasantly surprised and some are kind of
Having its own drill rigs also gives Tietto the advantage of
kicking themselves that they didn’t get in earlier; we definitely
accessing equipment on its own terms, a benefit which may
focus on putting money into the ground,” Strizek said.
become increasingly important as activity in Cote d’Ivoire’s gold
Hartleys Ltd was the lead manager in the latest placement,
mining and exploration sector shifts into over-drive.
with Blackwood Capital Pty Ltd and Euroz Securities Ltd co-
Endeavour Mining Corp’s successful upsizing of the Ity gold
lead managers to the placement which will not only afford
mine CIL plant from 4 mtpa to 5 mtpa was realised recently,
Tietto the chance to buy another rig but also to access long
while Perseus Mining Ltd is targeting first gold production from
lead items associated with a PFS, including environmental and
Yaouré in December 2020, less than two years after bringing its
metallurgical studies plus working capital.
Sissingue mine online in 2018.
“It has been one of those years where people may feel that
Exore Resources Ltd (see page 33) is forging ahead on the
it has not been as good as it actually has been, it has been
exploration front, while Endeavour and Roxgold Inc are also
an absolutely phenomenal year for us. And, if you look at
reporting exploration success at their respective properties.
examples of West African [Resources Ltd] getting away at
“The rewards are going to be quite substantial,” Strizek said. Sandbrado and Bellevue’s [Gold Ltd] continued success, when
“Our drilling [at Abujar] will be focused around Abujar Gludehi you clear the clutter and look at the facts the gold industry has
[AG] deeps and the southern end as well, but also at APG. We developed and gold mining and exploration has been the place
have also got 23 very rich targets, inclusive of those two, to test.” to be,” Strizek said.
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