Titan Minerals Ltd (ASX:TTM) has confirmed a “substantial” new gold vein system at Papayal Prospect within the Dynasty Gold Project in southern Ecuador.
The ‘Julia’ vein system, discovered by the company’s mapping and surface geochemistry program at Papayal was confirmed by drilling with two holes intersecting wide zones of epithermal vein-hosted mineralisation from shallow depths.
Papyal resource growth drilling is underway with four diamond holes for 394 metres completed and a further nine holes for 1,005 metres remaining of the initial resource drilling program.
“Realise Papayal’s full potential”
Titan CEO Melanie Leighton said: “We are excited to have drill confirmed Julia - a substantial new gold vein system, discovered by Titan through recent surface mapping and geochemistry at the Papayal prospect.
“Discovery of this vein system has been made possible by the strong relationship established with the Papayal community, who have granted access and are assisting with exploration work programs, enabling Titan to undertake drilling and realise Papayal’s full potential.
“The Julia vein system is the first of many that are set to be discovered and drill tested in the company’s efforts to grow the already established 3.1-million-ounce gold and 22-million-ounce silver resource at the Dynasty Gold Project.”
Drill hole PPDD23-002 displaying typical vein styles observed in diamond core between 22 metres and 39 metres at the Julia target
Resource growth drilling program
In total nine diamond holes for 970 metres have been completed for the Cerro Verde prospect, while four diamond holes have been completed for 394 metres at the Papayal prospect.
The Julia target represents the first of several high-priority extensional targets that are set to be tested in resource growth drilling at the Papayal prospect.
The first two drill holes completed at Julia have successfully intersected wide zones of mineralisation in quartz ± carbonate ± base metal veins with halos of phyllic-argillic alteration from shallow depths.
Successful drill confirmation of wide zones of mineralised veining and associated alteration from shallow depths at the Julia target represent potential high-grade resource additions, further validating the Company’s strategy of targeting shallow high-grade, high-margin ounces.
Forward plan
Titan has experienced some slight delays with earthworks required for drill access and drill platforms.
Subsequently, the current resource growth drilling campaign is expected to be completed in the March quarter, with a resource update to follow in the June quarter.
Assays from drilling at Cerro Verde and the first holes from Papayal are expected to be returned in the coming 2-3 weeks.