Titan Minerals Ltd (ASX:TTM, OTC:TTTNF) has inked agreements with the Yaraco and Lucarqui communities at the Dynasty Gold Project in southern Ecuador, securing land access and increasing the project’s exploration footprint.
Importantly, the access agreement covers some of the most prospective areas of the project, which have never been explored for minerals before now.
The agreement also presents a strengthening of community relationships based on mutually beneficial negotiations, a vital step in the exploration and development of the project.
Unlocking Dynasty’s potential
“Execution of land access agreements with the Lucarqui and Yaraco communities represents a significant milestone for the company, unlocking substantial areas of highly prospective land along the Dynasty 9-kilometre epithermal gold corridor,” Titan Minerals CEO Melanie Leighton said.
“The efforts of our CSR team have been rewarded with the execution of these agreements, enabling mutually beneficial outcomes for both the company and the communities.
“We are pleased to be partnering with these communities and are excited about what we might unveil in these large areas that have never been explored before.
“We are wasting no time getting on the ground and collecting foundation datasets including mapping, surface soil and rock chip samples, followed by trench and channel samples, which will enable us to rapidly identify new exploration and resource extensional targets.”
Titan intends to rapidly progress exploration at Dynasty to grow the gold resource as quickly as possible on the tenure – the existing resource inventory sits at 3.12 million ounces of gold and 22 million ounces of silver.
Drilling and performance rights
In addition to the land access agreements, TTM engaged Kluane Drilling Ecuador S.A. to provide drilling services at Dynasty.
The company will pay just over 15 million performance rights in lieu of cash payments of US$500,000 to Kluane in return for the drilling services.
“We are very pleased to have partnered with Kluane and to have them as a Titan shareholder,” Leighton said.
“We have a shared belief in the immense opportunity of our projects in Ecuador, an emerging mining jurisdiction that receives strong government support.
“Kluane has provided an excellent level of service and professionalism, with strong drilling performance across our projects in southern Ecuador over the past several years and we look forward to working together to demonstrate the value of our copper and gold projects through the drill bit.”