TTM to upgrade 3.1M ounce gold, 22M ounce silver resource

Our gold and copper Investment Titan Minerals (ASX: TTM) just released further high grade results from its 3.1M ounce gold, 22M ounce silver Dynasty project in Ecuador.

Today’s drill results are the last batch from the resource drilling TTM’s been doing for over 12 months now.

The key takeaway for us was TTM hitting more mineralisation below the current resource estimate area at the Brecha-Comanche target.

(source)

We still have assay results to look forward to from the “Kaliman Porphyry" target - but it's now all eyes on the JORC resource upgrade TTM expects to deliver this quarter. (source)

Fingers crossed, we get a material upgrade to that 3.1M ounce gold, 22M ounce silver resource.

TTM has previously said its target is to get to 5M ounces for the Dynasty asset and transform the scale of the asset by testing the copper-gold porphyry targets on the project.

Here is a screenshot from a previous presentation showing that target:

(source)

TTM has four assets in southern Ecuador, including:

• The Dynasty Gold Project which is TTM’s most advanced asset and hosts 3.1M ounces of gold and 22M ounces of silver. (The results from today’s announcement came from this project)
• The Linderos copper project, where Gina Rinehart’s Hancock is earning in up to an 80% stake in the project in exchange for US$2M cash plus US$120M in exploration spend. And
• Two earlier stage copper assets where we think TTM could do similar to the deal done with Gina.

We think that the market hasn’t completely got its head around the potential of TTM’s copper assets.

Because of the size/scale of the targets, TTM as a junior explorer, hasn’t really had the capital to drill them out YET (apart from Linderos where Gina Rinehart came in with the funding).

We think that the copper assets could become a big part of the TTM story over the next 12-18 months.

Especially if copper prices keep running the way they are:

(source)

What’s next for TTM?

Update on potential transaction with Lingbao 🔄

TTM recently had Hong Kong listed Lingbao Gold invest US$10M for a major shareholding in TTM.

That was done at ~59c per share back in October.

That deal also came with an exclusivity period (which is likely over now) for Lingbao and TTM to negotiate a potential M&A deal between each other.

Initially discussions were around a deal on TTM’s Dynasty asset alone, then later TTM said:

“The companies continue to advance discussions for a potential corporate transaction that could see Lingbao as the owner of Titan’s gold and copper projects in Ecuador.”

(source)

There was nothing in today’s announcement regarding the Lingbao discussions, but TTM did put it front and centre of its December quarterly report released on January 21.

(source)

Drilling and resource upgrade at the Dynasty project 🔄

TTM currently has assays pending from the porphyry targets at its Dynasty asset - results from those holes could be a few weeks away.

TTM also has a JORC resource upgrade coming for the project this quarter.

More drilling at the Linderos Copper project (Gina JV) 🔄

The JV with Gina completed the second stage of the earn-in agreement AND kicked off exploration under the third phase of the deal:

We are looking forward to results from this stage of works:

(Source)