Australia’s Titan Minerals Limited (ASX: TTM) is moving quickly to further explore the potential of its new Ecuadorian assets after successfully completing the acquisition of Core Gold earlier this week.
Titan is planning an aggressive exploration programme at Core’s Dynasty Project and Copper Duke and the company’s management team is already in country and assuming day-to-day control of Core Gold and its operations.
Managing Director Laurence Marsland said the company is also finalising plans to complete the delisting of Core Gold and acquire all of the remaining Core Gold shares via a second stage transaction.
Mr Marsland said that following the completion of the second stage transaction, Titan will be a Latin American focused gold exploration, development and mining company, with exposure to a portfolio of high-quality assets in Peru and Ecuador.
“The Titan team is now ready to progress the significant program of works it has been working on over the past year, with the acquisition of Core Gold now complete we can focus on an aggressive exploration programme across our key priority Ecuadorian assets which have the potential to unlock significant value for our shareholders. 2020 will provide a significant amount of news flow for the Titan shareholders,” Mr Marsland said.
I look forward to providing investors with regular updates on our exploration activities and other work programs as they progress over the coming year.”
The Dynasty Project consists of five concessions totalling 139 sq. km in Loja Province in southern Ecuador. The project has a partially drilled footprint of gold anomalism at surface yields a mineral resource estimate of 2.1Moz at 4.5g/t gold.
The identified strike is 9kms long, with only a small section of the strike drilled to date. Small-scale production is ongoing, generating cash flow by processing mineralised material to the Portovelo CIP plant, wholly owned by Core Gold.
Titan has received bids for drilling contracts and expects to award those contracts shortly, targeting the commencement of an aggressive 12,000m drilling campaign in Q2 2020. Drilling at the Dynasty Project is planned to include:
- Upcycle to JORC Compliance: In-fill drilling, including optimised drill orientations and validation drilling within the existing resource area planned to upcycle the current foreign resource estimate into a JORC compliant estimate
- Extensions to Mineralisation: Mineralisation defined in the existing foreign mineral resource estimate remains open in all directions, including a >4km gap in drilling between Papayal and Iguana within the 9km long Dynasty vein swarm
- Additional veining and disseminated style mineralisation within the existing resource: Titan will undertake additional drilling and sampling within the existing resource and additional sampling of historical core current mineral resource as Cerro Verde and Papyal both also have multiple vein orientations, and host strong potential for increased volume of mineralised material from the identification of additional veining
- Depth Extensions: Previous drilling is predominantly shallow (within 100m of surface) and substantial potential remains in the down-dip potential of the known quartz vein hosted gold mineralisation at each prospect area
- Testing Identified Targets: Maiden drill tests on high priority surface anomalies outside the existing resource. Additionally, the Company has been awarded a contract for an aeromag programme and is prioritising the survey of identified targets.