Maiden JORC Resource At Dynasty Of 3.1Moz Gold And 22Moz Silver

Titan Minerals Limited (Titan or the Company) (ASX:TTM) is pleased to announce a first Mineral Resource Estimate (MRE), which is reported in accordance with JORC (2012) on the Company’s 100% owned Dynasty Gold Project (Dynasty), in the Loja Province, southern Ecuador.

Key Highlights

• Indicated and Inferred Mineral Resource Estimate of 43.54 Mt at 2.23 g/t Au & 15.7 g/t Ag for a contained 3.12 million ounces of gold and 21.98 million ounces of silver¹
  
• Mineral Resources reported by area:
  • Cerro Verde: 28.8Mt @ 2.08 g/t Au, 13.00 g/t Ag for 1.92 Moz Au, 12.04 Moz Ag
  • Iguana: 10.9Mt @ 2.02 g/t Au, 13.68 g/t Ag for 0.71 Moz Au, 4.81 Moz Ag
  • Papayal: 2.9Mt @ 3.80 g/t Au, 39.31 g/t Ag for 0.36 Moz Au, 3.71 Moz Ag
  • Trapichillo: 0.9Mt @ 4.54 g/t Au, 50.85 g/t Ag for 0.13 Moz Au, 1.43 Moz Ag
• Significant high-grade component of 17.3Mt @ 3.77 g/t Au, 24.0g/t Ag for a contained 2.09 million ounces of gold and 13.33 million ounces of silver²
  
• Over half of Mineral Resources contained within 100 metres from surface
• 39% Indicated and 61% Inferred Resources, with majority of Indicated resources at Cerro Verde, which is largely credited to the additional drilling and QAQC work completed by Titan over this area and gives confidence that the same classification can be achieved through moderate drilling and geological workstreams at other resource areas.
• Papayal and Trapichillo vein systems exhibit extremely high gold and silver grades, albeit relatively low tonnes, which is largely a function of sparse drilling. These areas will be a focus for resource growth, with drilling set to commence in the coming months.
• Dynasty Gold Project significantly derisked with completion of JORC compliant Mineral Resource, providing a robust 3D model for targeting resource growth and initiating future mine development studies.
• Substantial depth extensions to the epithermal Au-Ag vein system confirmed to 350m in latest drill results at Brecha-Comanche (Cerro Verde), providing the confidence to test, and potentially add substantial resources through delineating depth extensions across the project.
  
• Several high conviction areas for resource additions identified with minimal drilling required. Several significant drill intercepts were excluded from the resource due to uncertainty in geological interpretation in some areas. Minimal drilling required to improve geological understanding in these areas, representing potential near-term future resource additions.
  
• Ongoing discussions with strategic investors for Dynasty and other projects progressing

“The completion of a JORC 2012 compliant Mineral Resource for Dynasty is a fantastic achievement, which represents a significant milestone. It is the culmination of a massive body of work, including validation of historical data, considerable QAQC, and 3D geological modelling. The integration of extensive qualitative and quantitative datasets has been instrumental in generating a robust mineral resource.

“The maiden JORC compliant MRE has not only verified, but substantially grown the previous NI43-101 resource, with 3.12M ounces of gold and 21.98M ounces of silver now contained in JORC resource estimates within the epithermal vein system, and even more impressive is that more than half of the resource sits within 100 metres from surface, with preliminary optimisation studies indicating robust economics for open pit and underground mining.

“Dynasty boasts a 9km epithermal corridor, seeded with porphyry targets, and drilling to date has only tested a portion- less than half- of the system. Titan is in a prime position to rapidly grow the resource, with resource extension drill testing set to commence in the coming month, along with the continuation of exploration work programs across priority targets identified in exploration work currently underway at the Papayal and Trapichillo prospects.

“Titan aspires to emulate the success of Lundin Gold Inc. (TSX:LUG) and their world-class Fruta del Norte Gold Project in southeast Ecuador, an epithermal gold-silver intermediate sulphidation system with many similarities to Dynasty and containing Mineral Resources of 9.81 Moz gold and 15.0 Moz silver. Touted as one of the highest grade, lowest cost mines in the world, Fruta del Norte commenced operation in 2019, and in 2022 total revenue was $841 million.”

Figure 1. Dynasty Gold Project displaying simplified geology and prospect locations

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