The Tietto Minerals Ltd (ASX: TIE) share price is up 8% today on the back of good news from its Abujar Gold Project.
Since the announcement, the Tietto Minerals share price has jumped up 3 cents. It's currently trading for 33 cents per share.
Let's look closer at the gold miner's announcement.
Striking gold
Tietto has announced drilling results found up to 180.86 grams of gold per tonne at its Abujar Project.
The results are from 27 diamond drill holes at the Project, located in Côte d'Ivoire, West Africa. The drilling program is intended to increase confidence in its mineral resource estimates. Additionally, Tietto also plans to deliver a Definitive Study (DFS) for Abujar. This is expected in the third quarter of the 2021 financial year.
Consequently, Tietto is currently negotiating the Abujar Mining Convention with the Ivorian Government. The Government's approval is the final regulatory step left to achieve for the Tietto. All mining and environmental approval has already been secured for the Project.
Tietto claims it has $52 million in cash to fund the continuation of the mines' development.
Comments from management
Tietto's managing director, Caigen Wang, said the drilling program has continued to exceed the company's expectations.
We have many more results to come from our 40,000 metres of infill drilling, and high impact holes like these will be going into the Mineral Resource update due in late May. This updated model will then be used for new optimisation and mine scheduling studies using improvements identified during our PFS work.
Our diamond drilling rigs will soon move onto drill testing the multitude of exploration targets around our proposed mill at Abujar to drive future resource growth.
On the development front, we have mapped out a clear path to delivery for our fully funded Abujar DFS in Q3 2021 as we move towards Abujar becoming West Africa's next gold mine.
Tietto Minerals share price snapshot
The gain brought by today's news is much needed. In particular, because the Tietto Minerals share price has had a poor run in 2021 on the ASX.
Even with the boost, it's down 15.38% year to date. Although, it is up by 65% over the last 12 months.
The company also has a market capitalisation of around $136 million, with approximately 454 million shares outstanding.
