Titan Minerals

Quarterly Activities/Appendix 5B Cash Flow Report

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 March 2023. The Company has made significant advances on exploration at its Dynasty, Linderos and Copper Duke Projects in southern Ecuador, where drilling and generative exploration work programs were completed.


Key Highlights

  • Copper Ridge drilling intersected wide intervals of porphyry copper-gold- molybdenum mineralisation from shallow depths, with significant results including:
    • 72m grading 0.4% Cu Eq from 21m, and
    • 51m grading 0.4% Cu Eq from 373m, and
    • 22m grading 0.5% Cu Eq from 524m in hole CRDD22-006
    • 186m grading 0.3% Cu Eq from 196m, including a gold rich zone of 80m grading 0.4% Cu Eq from 286m in CRDD22-004:
    • 88m grading 0.3% Cu Eq from 266m in CRDD22-007
  • Potential for higher copper-gold tenor porphyry mineralisation demonstrated at Copper Ridge in CRDD22-003 (76m grading 0.5% Cu Eq) and CRDD22-006 (22m grading 0.5% Cu Eq)
  • Drilling at Meseta confirmed near-surface intermediate-sulphidation gold system adjacent to Copper Ridge Porphyry system, where several high-grade gold, silver and base metal massive sulphide veins were intersected, with significant results including:
    • 7.22m grading 13.77g/t Au, 12.90g/t Ag, 0.15% Cu, 0.38% Zn from 66.28m, including higher grade intercepts of:
      • 0.92m grading 31.50 g/t Au, 24.30 g/t Ag, 0.25% Cu from 68.28m: and
      • 0.58m grading 99.80 g/t Au, 89.90 g/t Ag, 0.98% Cu, 0.31% Zn in MGDD22- 010
    • 4.88m grading 12.87 g/t Au, 6.04 g/t Ag, 0.11 % Cu, 0.41% Zn from 41.0m, including a higher-grade intercept of:o 0.58m grading 99.80 g/t Au, 89.90 g/t Ag, 0.98% Cu, 0.31% Zn in MGDD22- 010
      • 1.64m grading 33.35 g/t Au, 11.28 g/t Ag, 0.23% Cu, 0.72% Zn from 44.24m in MGDD22-012
    • Drilling commenced to test extensions to Kaliman porphyry gold-copper and Brecha- Comanche epithermal vein hosted gold mineralisation at the Dynasty Project
    • Highly experienced mining and resource sector executive Melanie Leighton appointed as the Company's new Chief Executive Officer
    • Cash on hand and receivables from the sale of assets total US$2.3M
    • Jerusalen Project divested for US$700K. Funds received during quarter
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 extremely encouraged by the potential revealed from exploration work programs completed at the Dynasty Gold, Linderos and Copper Duke Projects over the past 18 months. The assembly of consistent, high quality geological datasets has identified several compelling epithermal gold, and large-scale porphyry copper-gold targets, which are set to feature in drilling campaigns across each of the projects in 2023.

The focus for the Linderos Project during the quarter was the compilation and assessment of drilling results from maiden drilling campaigns completed late in 2022 at the Copper Ridge Porphyry and Meseta Gold prospects, The Company is assessing next steps for phase 2 drilling at Linderos, with a 3D geological model being built to facilitate drill targeting, and the possibility of an Induced Polarisation (IP) geophysical survey being assessed.

At the Dynasty Project the technical team advanced preparations to drill test the Kaliman Porphyry and Brecha-Comanche prospects, with all necessary permits secured and drilling commencing in mid-April 2023. Drilling has been designed to target lateral and depth extensions to significant intersections returned from Titan’s 2021 drilling, with both epithermal and porphyry hosted gold mineralisation being targeted.

The Copper Duke Project continued to undergo systematic exploration, with activities including surface mapping, soil and rock geochemical sampling and channel and trench sampling over priority areas. Preparation for drill testing priority targets at Copper Duke also advanced, with community engagement and socialisation of proposed future drilling activities in local communities.


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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Quimbaya logo (CNW Group/Quimbaya Gold Inc.)

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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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