Titan Minerals Ltd (ASX:TTM) shares have been as much as 9.2% higher after the company discovered broad and shallow zones of copper-molybdenum-gold mineralisation during drilling at Copper Ridge Porphyry prospect with the Linderos Project in southern Ecuador.
The company completed eight diamond drill holes for a total of 3,700 metres in its maiden campaign at Copper Ridge.
Assays for two of the drill holes have been received, confirming the extension of the porphyry mineralisation from surface to a vertical depth of 400 metres.
This drilling has also confirmed the large-scale porphyry potential at Copper Ridge, with considerable scope for both lateral and depth extensions.
Some of the significant intersections include:
- 308 metres grading 0.4% copper equivalent from 54 metres downhole, including a higher-grade interval of 76 metres grading 0.5% copper equivalent from 132 metres downhole;
- 91 metres grading 0.4% copper equivalent from 484 metres downhole, with mineralisation remaining open and extending to the end of hole; and
- 52 metres grading 0.3% copper equivalent from 82 metres downhole.
Examples of sulphide mineralisation - chalcopyrite (cpy), pyrite (py), molybdenite (mo), pyrrhotite (pyrr).
Start of significant discovery
Titan’s executive director and chief executive officer Matthew Carr said: “We are very pleased to have met with such success on our maiden drilling campaign at Copper Ridge, with results now confirming the presence of wide intervals of mineralised porphyry, with significant copper, molybdenum, gold and silver returned from shallow depths and extending to the end of hole in CRDD22-003.
“Once all assay results have been received, we will be well positioned to target additional porphyry mineralisation, with foundation geochemical and geological datasets being established to support future exploration programs at Copper Ridge. We believe that this is the beginning of what could be a significant discovery.
“2022 was a monumental year for our company in Ecuador. We’ve had dedicated teams working on each project collecting important geological layers and building our understanding, which has resulted in the identification of key targets that will drive size, scale, and potential new discoveries at Linderos, Dynasty and Copper Duke in 2023.
“The level of interest we’ve had from large corporates and strategic investors in our projects this year is something we haven’t experienced to date, with multiple site visits hosted in recent months and advanced discussions held.
“After undertaking site visits, walking the ground and visualising outcropping porphyry mineralisation for themselves, strategic investors are clearly excited about the potential opportunity of all three projects, which puts Titan in an enviable position.
“As a board we will review our position and make strategic decisions in the best interest of our shareholders in what we expect to be a very busy and exciting 2023.”
Shares have risen as much as 9.2% intra-day to A$0.095 while the company's market cap is approximately A$122.8 million.
Copper Ridge plan view displaying interpreted geology, drilling, new results and selected channel sample and historical drilling results annotated.
Next steps
Once all assays have been received, grade iso-surfaces will be generated for copper-gold-silver-molybdenum and pathfinder elements typically found in porphyry deposits.
As well, Titan’s technical team is assessing the suitability of an Induced Polarisation (IP) geophysical survey for mapping sub-surface mineralisation at Copper Ridge. If so, the survey will commence in the first quarter.
Meanwhile, the company’s geologists are conducting further surface mapping and sampling to consolidate their understanding of the porphyry mineralisation and to align surface mapping with logging of recently completed diamond drilling.
Titan will provide further updates as assay results are received for the Copper Ridge and Meseta prospects at its Linderos Project, and as other exploration work programs are completed.
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