Titan Minerals Ltd (ASX:TTM, OTC:TTTNF) welcomes the discovery of more high-grade gold, including 2 metres at 32 g/t gold, from surface trenching at the Cerro Verde and Iguana prospects within the company’s 100%-held Dynasty Gold Project in southern Ecuador.
TTM has been exploring new prospective areas outside the project’s current 3.1 million ounce gold and 22 million ounce silver mineral resource.
The company reports that the development of trenches in new, highly prospective target areas is now well advanced, with this latest batch of results confirming further strong gold and silver mineralisation from surface to the east of Cerro Verde and Iguana, in new and extensional areas.
These latest significant trench results provide “proof of concept” over new target areas that are set to be tested as part of 10,000 metres of exploration and resource growth drilling.
That drilling is currently underway, with Titan aiming to deliver a resource update in mid 2025.
Latest trench results
The latest trench results confirm the prospectivity of multiple targets highlighted by high-grade rock chips, mapped veins and coincident soil geochemical anomalies.
At the Cerro Verde east and south prospects, significant new extensional trench results include 2.1 metres at 31.96 g/t gold and 7.4 g/t silver; 2 metres at 7.3 g/t gold and 6.1 g/t silver; and 6 metres at 1.8 g/t gold and 23.6 g/t silver – plus a confirmatory result of 4.7 metres at 3.6 g/t gold and 23.1 g/t silver.
At the Iguana east prospect new extensional trench results include 3.3 metres at 1.5 g/t gold and 3.2 g/t silver; and 5.1 metres at 1.4 g/t gold and 7.4 g/t silver.
Dynasty Gold Project: mineral resources, soil geochemistry (arsenic), exploration and resource extensional targets, significant trench results (gold) and planned trenches over exploration targets.
Titan CEO Melanie Leighton said: “It’s pleasing that trenching in new areas outside current mineral resources has continued to deliver strong results, with the latest result of 2 metres at 31.96 g/t gold, 7.38 g/t silver returned from an extensional area ~40 metres along strike from inferred resources at Cerro Verde.
“Not only will latest results assist in extending the resource along strike, but they will also assist with improving classification given the strong lateral continuity of mineralisation.
“Gold mineralisation at Dynasty outcrops at surface, lending itself to trenching as a rapid and low-cost method for defining the width and tenor of mineralisation in areas."
Channel sample (1.8 metres at 4.5 g/t gold, 10.6 g/t silver) from Iguana east, ~100 metres from currently defined resources.
These latest trench result follow recently announced high grade results at Iguana East and south and Tomahawk prospects:
Read more: Titan Minerals hits 5 metres at 5 g/t gold in new areas at Dynasty Gold Project
Leighton said, “Additional trenches are being developed over priority areas, with a steady flow of results expected in the weeks ahead and several targets set to be tested as part of the ~10,000 metre drilling campaign currently underway at Dynasty.”
10,000 metre drill program underway
Titan is currently undertaking a 10,000 metre resource extension and resource conversion (infill) diamond drill program.
“Resource extensional and infill drilling is progressing well, with three diamond drill rigs currently in operation and several holes now completed with samples sent to the lab for analysis,” added Leighton.
“We expect drill results to be returned within the coming one to two weeks, with results to feed into the Dynasty resource update planned for mid-2025.”
The mineral resource update will in turn be a key input to the Dynasty scoping study to be delivered in the third quarter of 2025.
A strengthened balance sheet
Titan also advises that post quarter end, around 9.5 million 35-cent options have been exercised resulting in cash receipt of over $3.3 million.
The company has also further strengthened its balance sheet by repaying a $1.5 million loan from professional and sophisticated investors.
A further 12,214,979 quoted TTMO options with a 35c exercise price remain unexercised in addition to 4,754,820 unlisted options with a 35c exercise price.
Titan reminds holders of the listed (TTMO) or unlisted options that the expiration date of both options is January 31, 2025.