Titan Minerals

Quarterly Activities Report For The Period Ending 31 December 2022

Titan Minerals Limited (Titan or the Company) (ASX:TTM) is pleased to provide a summary of its activities for the three month period ending 31 December 2022. The Company has made significant advances on exploration work programs at its Dynasty, Linderos and Copper Duke Projects in southern Ecuador, where several high priority targets have been identified and are being prioritised for drill testing in 2023.

Key Highlights

  • Maiden drilling campaign at Copper Ridge Porphyry prospect intersected significant wide intervals of mineralised porphyry from shallow depths, with significant intersections including:
    • 308m grading 0.4% Copper Eq from 54m downhole in CRDD22-003,
      • including a higher-grade intercept of 76m grading 0.5% Copper Eq from 132m downhole; and
    • 91m grading 0.3% Copper Eq from 484m downhole in CRDD22-003- mineralised to end of hole, and remains open
    • 52m grading 0.3% Copper Eq from 82m downhole in CRDD22-001
  • Significant stockwork veining, and disseminated and vein hosted chalcopyrite- molybdenite-pyrite±pyrrhotite mineralisation observed in all eight diamond holes drilled at Copper Ridge Porphyry prospect
  • Regional exploration work programs continued across the Dynasty and Copper Duke Projects, with several high priority epithermal and porphyry style targets identified and set to be drill tested in 2023
  • Cash on hand, investments and receivables from the sale of assets total A$5.5m
EXECUTIVE SUMMARY

Titan holds several projects which exhibit characteristics of both high-grade epithermal gold and large-scale copper-gold porphyry mineral systems. The projects are located within a Tier 1 jurisdiction, in southern Ecuador’s metallogenic belts (Figure 1).

The Company is very encouraged by the potential revealed from exploration work programs completed at the Dynasty Gold, Linderos and Copper Duke Projects over the past 12 months. The assembly of consistent, high quality geological datasets has successfully identified several compelling epithermal gold, and large-scale porphyry copper-gold targets, which are set to feature in drilling campaigns planned for 2023.

The Company’s focus during the quarter was the completion of its maiden drilling campaigns at the Copper Ridge and Meseta prospects at the Linderos Project, with drilling designed to test significant gold and copper recorded from shallow depths in historical drilling and surface geochemistry.

Fourteen diamond holes for 1,270 metres were completed at the Meseta Gold prospect, with multiple, narrow high-sulphidation pyrite-sphalerite-arsenopyrite±galena, massive sulphide veins intersected.

Eight diamond holes for 3,702 metres were completed at the Copper Ridge prospect, with assay results for the first two diamond drill holes confirming the presence of wide intervals of copper-molybdenum±gold±silver from shallow depths.

Copper Ridge significant intersections include:

  • 308m grading 0.4% Copper Eq from 54m downhole in CRDD22-003
    • including a higher-grade interval of 76m grading 0.5% Copper Eq from 132m downhole; and
  • 91m grading 0.3% Copper Eq from 484m downhole in CRDD22-003, with mineralisation remaining open and extending to the end of hole
  • 52m grading 0.3% Copper Eq from 82m downhole in CRDD22-001

Titan’s drilling has confirmed the large-scale porphyry potential at Copper Ridge and gives further confidence to continue targeting porphyry mineralisation at the project, with considerable scope for both lateral and depth extensions evident.

Generative work programs also continued across the Dynasty and Copper Duke Projects with the Company now well positioned to test identified targets at each project in drilling programs planned for 2023.


Click here for the full ASX Release

This article includes content from Titan Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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Cautionary Statements

This press release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including without limitation, statements regarding the completion of the Offering and the timing thereof, and the anticipated use of proceeds of the Offering are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "should" or "would" or occur. Forward-looking statements are based on certain material assumptions and analyses made by the Company and the opinions and estimates of management as of the date of this press release, including, but not limited to, that the Company will complete the Offering on the terms disclosed, that the Company will receive all necessary regulatory approvals for the Offering, that the Company will use the proceeds of the Offering as currently anticipated; and assumptions relating to the state of the financial markets for the Company's securities. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation, that the Company may not be able to raise funds under the Offering, as currently anticipated, that the Company may fail to receive any required regulatory approvals for the Offering, that the Company will not use the proceeds of the Offering as anticipated, market volatility, unanticipated costs, changes in applicable regulations, and changes in the Company's business plans. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.

SOURCE Quimbaya Gold Inc.

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