Titan confirms extra high grade gold-silver at +375koz Iguana target
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Special Report: First results from the ongoing 12,000m drilling campaign at Titan Minerals’ (ASX:TTM) high grade Dynasty gold project in Ecuador hit “significant intercepts“ in 19 of 20 holes.
The main aim of the drilling is to convert a +2.2 million ounce resource to JORC status – a must-have for ASX-list companies — and ‘step out’ along the 9km of mostly untested strike to make it bigger.
4,560m of new drilling at the 375,000oz ‘Iguana’ prospect — a potential future underground development – has now been released.
This old resource estimate was based on 6,521m of historical drilling completed before 2008, and covered only a section of the vein corridor.
Highlights from the first 20 holes include:
– 4.94m at 6.28 g/t gold and 16 g/t silver from 82.22m
– 2.28m at 6.82g/t gold and 88g/t silver from 24.52m
– 2.69m at 7.54 g/t gold and 38 g/t silver from 125.76m
– 3.80m at 6.92 g/t gold and 30 g/t silver from 117.20m, and
– 8.46m at 2.23g/t gold and 11g/t silver from 83.60m
The results “support the interpreted widths and extent of the Iguana vein corridor”, Titan says.
Drilling has provided several intersections on ‘step-outs’ to previous drilling that demonstrates the potential to further extend the mineralised corridor.
“Drilling at Dynasty is progressing well and despite some delays, is moving ahead across each of the prospects,” Titan managing director Laurie Marsland says.
“Importantly, we are pleased to see assay results for Iguana confirm the grade, previous interpreted widths and extent of the Iguana vein corridor.
“Modelling work in support of the planned JORC compliant update to the resource estimate for Dynasty is well advanced.
“The team is looking forward to drilling activity progressing onto our priority target, the Cerro Verde Prospect area. Re-sampling at Cerro Verde has demonstrated the potential for a significant increase in the volume of material that will define the JORC resource at Dynasty.”
At the Papayal Prospect, maiden drilling of outcropping high grade quartz vein zones continues, while logging and sampling of drill core is ongoing.
The ‘Cerro Verde’ prospect, where the bulk of the resource at Dynasty is found, will be drilled last.
Titan is also evaluating ~28,000m of historic drill core which, alongside the current drilling campaign, will provide a better understanding of the size and scale of the Dynasty system.
All samples re-logged to date have been submitted for analysis with results for 2019 drilling anticipated in early February.
This article was developed in collaboration with Titan Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.