Secures Additional Rigs To Advance Drilling
Titan Minerals (ASX:TTM) has entered negotiations are underway for an additional two diamond drill rigs to mobilise to site at the Dynasty Gold Project located in southern Ecuador.
The company is looking to accelerate the drilling programme at Dynasty over the next two months.
To achieve the current 12,000m drill programme at Dynasty, through July, the company will incrementally progress from three to six diamond drill rigs operating at the Cerro Verde Prospect area at the Dynasty Gold Project.
A fourth diamond rig arrived on site in the first week of July, and the further two diamond drill rigs are expected to arrive in the next 10 days.
Additional drill sites are ready for further drill testing. The drill programme for Cerro Verde is designed to provide oriented structural data sets amongst the more than 50 mineralised veins previously modelled at a 2g/t gold cut-off
The current drilling campaign on the Cerro Verde Prospect has completed 24 holes with an additional four holes in progress and over 5,215m completed towards the proposed 12,000m campaign.
The campaign is focused on adding oriented core intercepts across known mineralisation to better define the geometry of the mineralised zones in a vein swarm that is demonstrating to have higher vein density in a more complex structural setting than previously modelled.
In the process of acquiring the first oriented core drilling into previously modelled mineralised veins at Cerro Verde, a planned 120m drillhole, CVD011, has been extended to a depth of 605.85m.
The extension of hole CVD011 resulted from the intersection of additional zones of interest that are down-dip extensions to several vein corridors in close proximity to each other in the northern extent of the 1.6km by 1.6km footprint of veining at Cerro Verde.
Titan remains focused on predominantly shallow drill tests in the upper 200m of the extensive Dynasty gold system to define key structural controls on mineralisation. H
owever, CVD011 being oriented and well positioned to cross cut a number of mineralised vein zones has provided a cost effective opportunity to place the first deep drill test across a portion of the Cerro Verde system.
The hole has intersected multiple vein zones and represents the deepest drill test on the Dynasty project to date. CVD011 is currently being logged and sampled for reporting in context of assay results in the coming weeks.
Laboratory turn around time is an industry wide issue, particularly in Latin America with the current up-tick in exploration by both junior and major mining companies in the Andes.
Titan has reviewed the options with its current assay provider ALS Chemex, and has elected to send samples outside the region to an alternate lab facility, that is able to provide a markedly improved turn-around time.
Results for samples already in the regional system are anticipated over the coming weeks. Samples shipped outside the region are anticipated to follow soon after.
Titan’s flagship, Dynasty Gold Project is located 25km north of the Peruvian border and hosts a foreign resource estimate totalling 2.1Moz Au averaging 4.5g/t gold1 where diamond drilling is ongoing to support a planned JORC Compliant upgrade.
For further information please visit: https://www.titanminerals.com.au/
