Titan Minerals Limited (ASX:TTM) has now received all assays from its maiden 2021 drill campaign of the high-grade, epithermal gold veining at Cerro Verde Prospect within its Dynasty Gold Project in Southern Ecuador.
The Dynasty gold project has a “foreign resource estimate” of 14.5Mt @ 4.53 g/gold + 36g/t silver for a total contained resource of 2.1Moz gold + 16.8Moz silver.
The drilling and trenching results confirm extension of mineralisation at depth and along the length of the foreign resource.
The latest assays are from 12 diamond drill holes for approximately 3,510 metres of diamond drilling from the Cerro Verde prospect.
These diamond holes primarily targeted the extension and infill of the known epithermal veins and secondly intercept the structural ore shoots in the Cerro Verde prospect located on the western part of the Dynasty Gold Project.
TTM also reported that assay results have been received for twelve trenches totalling 398.18m This is part of the total length of 1,797.06m of trench sample that has been conducted in 51 trenches.
This channel sampling was completed in conjunction with geological mapping to better define the surface projection of mineralised veins for the resource evaluation.
This latest infill drilling at Cerro Verde is only a portion of the overall Dynasty resource as estimated in the previous foreign resource estimate by Core Gold Inc. in 2019. The project’s nine kilometres of the strike is split into three main prospects: Papayal, Iguana, and Cerro Verde.
The results include further indications for potential increases in resource volume that wasn’t included in the previous resource estimation.
However, assay turn-around time has been very slow for the final batches of assays submitted for the 2021 drill campaign.
TTM had expected to complete the reclassification of its foreign resource to a JORC resource estimate by the end of 2021, but the company says that this was not possible due to the additional time taken to complete the drilling and receive assays.
This was our primary objective that we wanted to see TTM achieve this year, so while disappointed in the delay, will be watching closely for further updates on this.
As indicated in the announcement today, once TTM completes the geological works on the old drill holes and the re-modelling of wireframes incorporating the new data, it will be able to provide a direct comparison of a JORC 2012 standard resource for this subset of the Dynasty ore system.
Assay results from a final six drill holes at the Iguana prospect in the second drilling campaign are expected in the coming weeks.
Further insight into why we invested in TTM and what we expect the company to achieve in 2022 can be found in our TTM Investment Memo.