ASX-listed West African gold developer and explorer Tietto Minerals has logged visible gold in multiple diamond tails from deep extension drilling at its Abujar project in Cote d’Ivoire, West Africa.
Cote d’Ivoire – Tietto Minerals has drilled more than 3 600 m of an initial 8 000 m reverse circulation (RC) and diamond (DD) drilling programme along an 11 km long gold corridor at its Abujar project.
Tietto Minerals has completed 11 RC and RC/DD holes at Abujar Main to date, with assays to be reported as they are received, commencing in March 2018.
The company plans to aggressively increase drilling at Abujar during 2018 as results are received and evaluated, with up to 40 000 m of RC and DD drilling expected in 2018 to test more than 70 km of substantial artisanal workings and significant gold geochemistry results.
As part of this accelerated work programme, Tietto Minerals will commence extensive geophysical surveys including high resolution aeromagnetic surveys and induced polarisation studies.
“Four deep diamond tails have intercepted visible gold from 2018 drilling, giving us effectively 1 000 m of strike length where visible gold has been logged in core (including two diamond tails from 2016 drilling). This suggests the high‐grade system at Abujar is lengthening and is open at depth,” says Tietto Minerals MD Dr Caigen Wang.
Placement to technical investor
Tietto has entered into an agreement with Hong Kong Ausina Investment (HKAI), an entity controlled by geologist Dr Minlu Fu, to place:
- 33 million ordinary shares at 21 cents per share to raise US$700 000 to be issued immediately; and
- Up to 25.24 million ordinary shares at the higher of (a) 21 cents per share or (b) VWAP for the 20 trading days to 30 April 2018 to raise US$5.3 million.
The second tranche is conditional on HKAI completing due diligence on Tietto Minerals’ Abujar project to HKAI’s satisfaction.
Dr Fu is a highly accomplished geologist who received his PhD from La Trobe University in 1989.
From 1987 to 2000, Dr Fu worked for Western Mining Corporation in Australia and China as a research geologist, senior research geologist, and exploration manager. He assisted in the discovery of the Tampakan copper gold deposit (Philippines), the Ernest Henry copper‐gold deposit (Queensland, Australia) and the West Musgrave nickel deposit (South Australia).
Between 2006 and 2009, he discovered the Huangtupo VSM copper, zinc, gold and silver deposit (Xinjiang, China), one of the most profitable mines in China.
Between 2015 and 2017, Dr Fu discovered and evaluated the Jinhe copper‐gold deposit (Xinjiang, China) and from 2012 to 2016, Dr Fu discovered and evaluated the South copper‐gold deposit (Xinjiang, China).
More recently, Dr Fu discovered the Jinxi‐Yelmand epithermal gold deposit (Xinjiang, China) which has an indicated resources of 6 Moz gold and produces 100 000 ozpa of gold.
In 2017, Dr Fu discovered and evaluated the Huangtan volcanogenic gold deposit (Xinjiang, China) only 3 km from the current Huangtupo mine.
This gold deposit is also a blind deposit in the Gebi Desert, discovered utilising advanced geochemical and geophysical exploration methods. He also discovered and evaluated the Huangtan structurally controlled polymetallic deposit (Xinjiang, China), which is located between 250 m and 400 m below surface.
HKAI is attracted by the structural setting at Abujar and the extensive artisanal workings and geochemistry reported by Tietto Minerals over the Abujar Main and Southern exploration licences.
Dr Fu believes that the application of geological, geochemical and geophysical expertise of HKAI will accelerate the discovery of additional high‐grade mineralisation at Abujar.
“Dr Fu is one of the most celebrated Australian‐Chinese geologists and geophysicists, having been directly responsible for the discovery of a number of multi‐million‐ounce orebodies, several of which are in production. Dr Fu retains significant ownership interests in several of these mines.”
“Tietto will significantly benefit from HKAI’s proven geological and geophysical skills and is delighted that HKAI will have up to a 10% interest in Tietto at the conclusion of the two placements. We look forward to HKAI’s active assistance in Tietto’s exploration programmes,” says Dr Wang.