Drilling Update, Meseta Gold Prospect, Linderos Project

Titan Minerals Limited (Titan or the Company) (ASX:TTM) is pleased to provide an update on the Company’s maiden drilling campaign at the Meseta Gold prospect at the Linderos Project in southern Ecuador.

• Fourteen diamond holes completed at Meseta Gold prospect
• Multiple narrow high-sulphidation pyrite-sphalerite-arsenopyrite±galena, massive sulphide veins intersected
• Diamond drill rig has been deployed to Copper Ridge prospect to expedite deep diamond drill testing of porphyry targets

Titan’s Executive Director and CEO Matthew Carr commented:

“While awaiting results from initial holes drilled at Meseta, the rig has been deployed to Copper Ridge, so we now have two diamond rigs on site to expedite drill testing of compelling porphyry target at Copper Ridge.”

“We are very pleased with the progress to date, the drilling is running smoothly, and we are approximately two thirds of the way through our initial drilling program at Meseta.”

The Company looks forward to providing further updates as they come to hand.

Meseta Gold Prospect – Progress Update

The Company has now completed fourteen diamond drill holes to an average depth of 90 metres at the Meseta Gold prospect (Figures 1 and 2). Pleasingly, multiple, narrow high-sulphidation pyrite- sphalerite-arsenopyrite±galena, massive sulphide veins have been intersected by Titan’s maiden drilling.

Lithologies observed in drilling include:

• Andesite (Celica Formation): greenish lava flow, porphyritic texture, phenocrystals of plagioclase and hornblende in a microcrystalline groundmass.
• Siltstone (Zapotillo Formation): greyish coloured, parallel lamination
• Granodiorite: as in Copper Ridge this lithology outcrops at Meseta
• Quartz diorite: light grey coloured, medium grained equigranular texture
• Phreatic breccia: polymictic, poorly sorted, angular to subangular fragments, 5 to 100mm fragment size, clast supported breccia
• Hydrothermal injection breccia: monomictic, cement supported, with subangular 3 to 10mm fragments of quartz-diorite cemented by sulphides predominately by pyrite, arsenopyrite and minor galena and sphalerite)

Most of the drilling at Meseta shows pervasive phyllic (quartz-paragonite±pyrite), grading to intermediate argillic (paragonite-illite) alteration. To the east, within the andesites, the intermediate argillic alteration includes chlorite in the alteration mineral assemblage.

Mineralisation in veins occurs as massive pyrite, arsenopyrite, with minor galena and sphalerite. Vein thicknesses range from 30 to 80cm with an average of 60cm observed in drill core. Visual estimates of sulphide minerals in veins range from 2 to 80% pyrite, 5 to 80% arsenopyrite, 0.5 to 10% pyrrhotite, lesser amounts of 0.5 to 2% galena and chalcopyrite.

Wall rock mineralisation includes disseminated sulphides, with visual estimates ranging from 1 to 20% pyrite, 0.5 to 80% arsenopyrite, 1 to 5% sphalerite, several zones of 0.5 to 10% disseminated pyrrhotite, and isolated intervals of 0.5 to 1% galena, and 0.5 to 2% chalcopyrite.

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