By Abdul Rahman Bangura–
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– Tietto Minerals has embarked on an enormous, partly underwritten $62.5m capital lifting up to launch its 2.2Moz African Gold project in West Africa’s Cote d’Ivoire through the Definitive Feasibility Study stage and beyond.
Incline toward numerous aspiring Perth-based gold developers absorbing cash during the recent gold price surge, Tietto has clocked its run perfectly, pitching its recent success with the drill bit to a swag of new and existing investors. The sequence was led together by local broker – Hartleys and the Australian Arm of Global Wealth Management Group, Canaccord. The capital raise was made up of a healthy $45 million that was underwritten, an additional $12.5million placement which is not underwritten and a $5 million share purchase plan.
The Management of Tietto Minerals Limited announced, local and overseas attention was extremely tough from both existing and new institutional investors. The company schedules to utilize the new allotment to proceed its prosperous movement to broaden Abujar below 500m in-depth and along strike. One of the satisfactory new deep intercepts was three meters at 10.78 g/t gold comprising a remarkable one meter at 25.94 g/t gold from 537m down-hole.
The current big drill outcomes will nurture into an updated mineral resource measure, the company asserted; is anticipated to be published in September 2020, with its pre‐feasibility study due to hit the streets in early 2021.
Dr. Caigen Wang – Tietto Minerals Managing Director stated “Most significantly, this Placement means Tietto is now fully funded to deliver its Pre‐Feasibility Study and Definitive Feasibility Study next year, and have great flexibility to commit to some long lead time items related to mine development. This is an enviable position to be in given Tietto only listed on the ASX in 2018”.
The 2.15 million-ounce Abujar project is comprised of three bordering tenements encircling more than 1100 square kilometers of prime gold ground. The titles cover the 70km strike of the mineralized AG fault zone with less than 10% of its forthcoming stance assessed to date according to Tietto.
Whilst the company is nonetheless in the depth of its considerable diamond drilling program using four drill rigs day and night, with a fifth rig on stand-by, Tietto will be targeting an uplift to its outstanding 2019 objective endowment of 45.5 million tones at 1.5 g/t gold containing 2.15 million ounces of the precious metal.
The revenue of the ordering, will fund the recent drill program which was initially establish at a stunning 50kms worth but has now thrived to was initially established resource definition and exploration drilling.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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