Titan Minerals hits gold at Cerro Verde – but shares fall on find’s thickness

Titan Minerals (ASX:TTM) has reported hitting a brief trenching intersection only two metres in width, but from surface and at 32g/t gold.

However, the Aussie market hasn’t immediately liked the news – TTM shares were already down -3.10% in the first hour of trades, probably as retail traders wonder whether the company can’t report a thicker hit.

All results highlighted on Friday were less than 10m width, though they were all pulled from extensional areas on-site its Dynasty Gold Project (DGP).

Trench results were pulled from the Cerro Verde area of interest (east and south), and, Iguana East.

Cerro Verde returned the headline result as well as:

• 2.0m @ 7.3g/t gold
• 6.0m @ 1.8g.t gold
• 4.7m @ 3.6g/t gold

At Iguana East:

• 3.3m @ 1.5g/t gold
• 5.1m @ 1.4g/t gold

The company also highlighted a number of recent drill hits, similarly short in width – adding further weight to the probability shareholders are hoping the company can come up with deeper-penetrating drill data.

“These trench results confirm the prospectivity of multiple targets highlighted by high grade rock chips, mapped veins and coincident soil geochemical anomalies,” Titan wrote on Friday.

At least, with a view towards thicker drill hits, works are underway.

“New significant trench results provide “proof of concept” over new target areas which are set to be tested as part of 10,000m of exploration and resource growth drilling currently underway,” the company added.

Management also offered further commentary.

“Gold mineralisation at Dynasty outcrops at surface, lending itself to trenching as a rapid and low-cost method for defining the width and tenor of mineralisation in areas,” TTM CEO Melanie Leighton said.

“Resource extensional and infill drilling is progressing well, with three diamond drill rigs currently in operation and several holes now completed with samples sent to the lab for analysis.

“We expect drill results to be returned within the coming one to two weeks, with results to feed into the Dynasty resource update planned for mid-2025.”

TTM last traded at 47cps.

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