Cerro Verde Drilling To Underpin Historic Resource
Titan Minerals Limited (ASX: TTM) has reported “excellent” initial assay results from the confirmation drill campaign at the Cerro Verde Prospect in Ecuador.
Managing Director, Laurence Marsland, said assay results typical of the Cerro Verde area have been returned from the first 18 holes totalling 3,390m of diamond drill core.
The current drilling campaign is providing oriented core data for geologic modelling updates within the footprint of known mineralisation.
The drilling programme continues with a further 36 holes completed and pending analysis, and six rigs currently operating.
“Exploration and project development continues to accelerate following the process of building our social license to operate in the region and having resolved many of the legacy issues associated with the takeover of Core Gold Inc,” Mr Marsland said.
“It has been pleasing for the Board of Titan to refocus on its key objectives. Achievement of key objectives should also be significantly enhanced by the appointment of highly experienced key executives Peter Cook, as Titan’s Chairman and Michael Skead, as Executive Vice President of Exploration, to help guide the Company through the next phase of its development and toward production.
“Both these gentlemen have excellent industry reputations and a strong track record of success and creating shareholder wealth. Restructuring of the business, the continued progress developing working relationships with local communities, and the substantive size of the mineralised system at Dynasty, will afford Titan the opportunity to advance the project’s true potential as the foundation for a major gold mining centre.”
JORC Compliant Resource Estimate
The focus of the current drill programme is to augment data compiled from over 1,160 trenches and the initial 201 diamond drill holes that produced 26,733m of core drilled by the previous owners underpinning the previously reported Canadian NI 43-101 compliant (Foreign) resource estimate and other data generated from production drilling information, such that a resource can be estimated in compliance with the JORC Code.
The Dynasty Gold Project is a quartz vein hosted gold system with gold endowed quartz veins interpreted to be higher temperature veins formed in a transition zone proximal to porphyry style mineralisation, later overprinted by epithermal style breccia and vein gold mineralisation.
These multiple mineralising events with varying styles of mineralisation are referred to as telescopic porphyry systems which at Dynasty is associated with several porphyry centres identified across the district. The overlapping events have formed a cluster of ramifying vein sets propagating from a major structural feature in southern Ecuador formed along the margin of the Tangula Batholith.
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