Special Report: A strong supported raising will fast track Titan Minerals’ exploration programs at two exciting projects in Ecuador – Dynasty and Copper Duke.
Titan (ASX:TTM) says $12 million will be raised in a “strongly supported” institutional placement, while shareholders will be able to participate in a share purchase plan to raise another $2m.
Titan directors will also tip in $500,000.
The explorer is spring-loaded for a +12,000m drilling campaign at the 2.1moz Dynasty – initially to convert it to a JORC-compliant resource, before ‘stepping out’ along the 9km of mostly untested strike to make it bigger.
Titan is ready to commence this high impact drilling campaign on the “as soon as possible”, managing director Laurie Marsland says.
“Coupled with our ongoing logging and sampling program this drilling should enable us to quickly convert the substantial NI 43-101 Resource to a JORC Code compliant resource,” he says.
“We also intend to deploy funds raised to commence exploration activities at the exciting Copper Duke project, including airborne geophysical surveys for high resolution magnetic coverage and surface sampling programs.
Copper Duke is an early stage porphyry copper-gold/epithermal gold project 18km east of Dynasty.
Outstanding historic exploration results has defined at least six major targets, including a major copper-gold porphyry complex at El Huato.
“We continue to believe we have two very exciting projects in Ecuador and are confident the funds raised will enable further exploration that will result in these projects quickly emerging as substantial assets,” Marsland says.